1st Apr 2026 16:58
The Law Debenture Corporation p.l.c.
Net Asset Value as at 31 March 2026
The Law Debenture Corporation p.l.c. announces that its Net Asset Value ("NAV") with borrowings at par and including the fair value of IPS business1 on 31 March 2026 was 1,041.35 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 1,081.39 pence per share (cum income). The mid-market price at the close of business on 31 March 2026 was 1,056.00 pence per share.
Net Asset Value | Excluding Income (pence) | Including Income (pence) |
NAV with debt at par | 1,031.48 | 1,041.35 |
NAV with debt at fair value | 1,071.52 | 1,081.39 |
Performance
YTD % | 1 year % | 3 years % | 5 years % | 10 years % | |
NAV total return (with debt at par)2 | 0.5 | 29.6 | 53.1 | 69.6 | 181.2 |
NAV total return (with debt at fair value)2 | 1.0 | 29.0 | 53.6 | 83.4 | 200.8 |
FTSE Actuaries All-Share Index Total Return3 | 2.4 | 21.5 | 45.6 | 69.3 | 129.8 |
Share price total return3 | 1.2 | 24.3 | 47.4 | 76.1 | 236.4 |
Change in Retail Price Index4 | -0.1 | 3.3 | 11.2 | 37.5 | 56.3 |
1 The fair value of the IPS business has been calculated as at 31 December 2025.
2 NAV is calculated in accordance with the Association of Investment Companies (AIC) methodology, based on performance data held by Law Debenture including fair value of IPS business and long-term borrowings. NAV is shown with debt measured at par and with debt measured at fair value.
3 Share Price source: LSEG, London Stock Exchange Group.
4 Source: Office for National Statistics, subject to latest published RPI, February 2026.
Geographical Split of investment portfolio
Region | % of portfolio 31 March 2026 | % of portfolio 31 December 2025 |
UK | 90.3 | 89.9 |
Europe | 5.0 | 4.5 |
North America | 3.5 | 4.3 |
Japan | 0.9 | 1.0 |
Other | 0.3 | 0.3 |
Other Pacific | 0 | 0 |
TOTAL | 100 | 100 |
Full Portfolio Listing
As at 31 March 2026 the full holdings of the portfolio comprised of the following:
Holding Name | Location | Sector | Industry | £000 | % |
HSBC | UK | Financials | Banks | 52,967 | 4.01 |
Barclays | UK | Financials | Banks | 45,170 | 3.42 |
Shell | UK | Oil & Gas | Oil & gas producers | 44,781 | 3.39 |
Rio Tinto | UK | Basic Materials | Mining | 36,451 | 2.76 |
BP | UK | Oil & Gas | Oil & gas producers | 34,559 | 2.61 |
GlaxoSmithKline | UK | Health Care | Pharmaceuticals & biotechnology | 33,850 | 2.56 |
Senior | UK | Industrials | Aerospace & defence | 25,831 | 1.95 |
Standard Chartered | UK | Financials | Banks | 23,873 | 1.81 |
National Grid | UK | Utilities | Gas, water & multiutilities | 21,459 | 1.62 |
Balfour Beatty | UK | Industrials | Construction & materials | 20,898 | 1.58 |
Ceres Power | UK | Oil & Gas | Oil equipment services & distribution | 20,152 | 1.52 |
Relx | UK | Consumer Services | Media | 18,818 | 1.42 |
Flutter Entertainment | UK | Consumer Services | Travel & leisure | 18,490 | 1.40 |
Rolls Royce | UK | Industrials | Aerospace & defence | 18,387 | 1.39 |
J Sainsbury | UK | Consumer Services | General retailers | 18,126 | 1.37 |
Lloyds Banking Group | UK | Financials | Banks | 17,545 | 1.33 |
IMI | UK | Industrials | Industrial engineering | 17,380 | 1.31 |
BT Group | UK | Telecommunications | Fixed Line Telecommunications | 16,840 | 1.27 |
BAE Systems | UK | Industrials | Aerospace & defence | 16,500 | 1.25 |
M & G | UK | Financials | Financial services | 16,320 | 1.23 |
Marks & Spencer | UK | Consumer Services | General retailers | 16,277 | 1.23 |
Prudential | UK | Financials | Life insurance/assurance | 15,923 | 1.20 |
Kingfisher | UK | Consumer Goods | Household goods & home construction | 15,744 | 1.19 |
NatWest | UK | Financials | Banks | 15,738 | 1.19 |
Aviva | UK | Financials | Life insurance/assurance | 15,446 | 1.17 |
Anglo American | UK | Basic Materials | Mining | 15,394 | 1.16 |
Irish Continental Group | Ireland | Consumer Services | Travel & leisure | 14,521 | 1.10 |
Kier | UK | Industrials | Construction & materials | 14,518 | 1.10 |
Herald Investment Trust | UK | Financials | Equity investment instruments | 14,490 | 1.10 |
Hill & Smith | UK | Industrials | Industrial engineering | 14,011 | 1.06 |
Hiscox | UK | Financials | Nonlife insurance | 13,668 | 1.03 |
Boku | UK | Industrials | Support services | 13,597 | 1.03 |
Severn Trent | UK | Utilities | Gas, water & multiutilities | 13,407 | 1.01 |
Cranswick | UK | Consumer Goods | Food producers | 12,498 | 0.95 |
Vodafone | UK | Telecommunications | Mobile telecommunications | 12,458 | 0.94 |
Toyota Motor Corporation | Japan | Consumer Goods | Automobiles & parts | 12,423 | 0.94 |
Johnson Matthey | UK | Other | Sustainable Energy | 12,324 | 0.93 |
International Consolidated Airlines | UK | Consumer Services | Travel & leisure | 12,024 | 0.91 |
Land Securities | UK | Financials | Real estate investment trusts | 12,020 | 0.91 |
Segro | UK | Financials | Real estate investment trusts | 11,910 | 0.90 |
Infineon Technologies | Germany | Industrials | Electronic & electrical equipment | 11,795 | 0.89 |
Shaftesbury Capital | UK | Financials | Real estate investment trusts | 11,794 | 0.89 |
Babcock | UK | Industrials | Aerospace & defence | 11,602 | 0.88 |
IP Group | UK | Financials | Financial services | 11,263 | 0.85 |
London Stock Exchange Group | UK | Financials | Financial services | 11,080 | 0.84 |
General Motors | USA | Consumer Goods | Automobiles & parts | 10,703 | 0.81 |
British Land Company | UK | Financials | Real estate investment trusts | 10,662 | 0.81 |
SSE | UK | Utilities | Electricity | 10,376 | 0.78 |
ITV | UK | Consumer Services | Media | 10,125 | 0.77 |
Morgan Advanced Materials | UK | Industrials | Electronic & electrical equipment | 10,025 | 0.76 |
VH Global Energy Infrastructure | UK | Other | Sustainable Energy | 10,024 | 0.76 |
Associated British Foods | UK | Consumer Goods | Food producers | 9,849 | 0.75 |
Smith & Nephew | UK | Health Care | Health care equipment & services | 9,717 | 0.74 |
Greencoat UK Wind | UK | Utilities | Electricity | 9,665 | 0.73 |
Chesnara | UK | Financials | Life insurance/assurance | 9,572 | 0.72 |
Standard Life | UK | Financials | Life insurance/assurance | 9,492 | 0.72 |
Hammerson | UK | Financials | Real estate investment trusts | 9,394 | 0.71 |
AFC Energy | UK | Oil & Gas | Alternative Energy | 9,241 | 0.70 |
Standard Life Aberdeen | UK | Financials | Financial services | 9,011 | 0.68 |
Sabre Insurance Group | UK | Financials | Nonlife insurance | 8,982 | 0.68 |
Freeport-McMoran | USA | Basic Materials | Mining | 8,889 | 0.67 |
Johnson Service Group | UK | Industrials | Support services | 8,727 | 0.66 |
Weir Group | UK | Industrials | Industrial engineering | 8,388 | 0.63 |
HICL Infrastructure | UK | Financials | Equity investment instruments | 8,302 | 0.63 |
Ibstock | UK | Industrials | Construction & materials | 7,975 | 0.60 |
Scottish Oriental Smaller Companies Trust | UK | Financials | Equity investment instruments | 7,775 | 0.59 |
Sanofi | France | Health Care | Pharmaceuticals & biotechnology | 7,622 | 0.58 |
Bristol-Myers Squibb | USA | Health Care | Pharmaceuticals & biotechnology | 7,565 | 0.57 |
Vanquis Banking Group | UK | Financials | Financial services | 7,540 | 0.57 |
Inchcape | UK | Industrials | Support services | 7,500 | 0.57 |
Gibson Energy | Canada | Oil & Gas | Oil & gas producers | 7,495 | 0.57 |
Haleon | UK | Health Care | Pharmaceuticals & biotechnology | 7,474 | 0.57 |
Marshalls | UK | Industrials | Construction & materials | 7,438 | 0.56 |
SigmaRoc | UK | Industrials | Construction & materials | 7,424 | 0.56 |
Oxford Nanopore Technologies | UK | Technology | Advanced Medical Equipment & Technology | 7,407 | 0.56 |
Workspace Group | UK | Financials | Real estate investment trusts | 7,406 | 0.56 |
ITM Power | UK | Oil & Gas | Oil equipment services & distribution | 7,208 | 0.55 |
Whitbread | UK | Consumer Services | Travel & leisure | 7,115 | 0.54 |
Dunelm | UK | Consumer Services | General retailers | 6,899 | 0.52 |
Elementis | UK | Basic Materials | Chemicals | 6,821 | 0.52 |
Accsys Technologies | UK | Industrials | Construction & materials | 6,379 | 0.48 |
Zigup | UK | Industrials | Support services | 6,369 | 0.48 |
Mondi | UK | Basic Materials | Forestry & paper | 6,327 | 0.48 |
Serica Energy | UK | Oil & Gas | Oil & gas producers | 5,870 | 0.44 |
Roche Holding | Switzerland | Health Care | Pharmaceuticals & biotechnology | 5,773 | 0.44 |
Air Products and Chemicals | Canada | Oil & Gas | Oil & gas producers | 5,489 | 0.42 |
Oxford Sciences Innovation | UKULM | Financials | Financial services | 5,367 | 0.41 |
Ondine Biomedical | Canada | Health Care | Pharmaceuticals & biotechnology | 5,255 | 0.40 |
Rathbones Group | UK | Financials | Equity investment instruments | 4,970 | 0.38 |
Safran | France | Industrials | Aerospace & defence | 4,955 | 0.37 |
Great Portland Estates | UK | Financials | Real estate investments & services | 4,953 | 0.37 |
Croda | UK | Basic Materials | Chemicals | 4,926 | 0.37 |
Invinity Energy Systems | UK | Oil & Gas | Alternative Energy | 4,831 | 0.37 |
Halfords | UK | Consumer Services | General retailers | 4,200 | 0.32 |
3I INFRASTRUCTURE | UK | Financials | Equity investment instruments | 4,163 | 0.31 |
Marstons | UK | Consumer Services | Travel & leisure | 4,009 | 0.30 |
TT Electronics | UK | Industrials | Electronic & electrical equipment | 3,989 | 0.30 |
Bellway | UK | Consumer Goods | Household goods & home construction | 3,962 | 0.30 |
Vertu Motors | UK | Consumer Services | General retailers | 3,919 | 0.30 |
Derwent London | UK | Financials | Real estate investment trusts | 3,915 | 0.30 |
Castings | UK | Industrials | Construction & materials | 3,756 | 0.28 |
Valterra Platinum | Other | Basic Materials | Mining | 3,514 | 0.27 |
Reach | UK | Consumer Services | Media | 3,479 | 0.26 |
Easyjet | UK | Industrials | Aerospace & defence | 3,471 | 0.26 |
XP Power | UK | Technology | Technology hardware & equipment | 3,351 | 0.25 |
Greencore Group | Ireland | Consumer Goods | Beverages | 3,293 | 0.25 |
Munchener Rueckver | Germany | Financials | Nonlife insurance | 3,175 | 0.24 |
ASML | Netherlands | Technology | Technology hardware & equipment | 3,156 | 0.24 |
Jubilee Metals Group | UK | Basic Materials | Mining | 3,152 | 0.24 |
Siemens | Germany | Technology | Software & computer services | 2,845 | 0.22 |
Ilika | UK | Oil & Gas | Alternative Energy | 2,738 | 0.21 |
Tate & Lyle | UK | Consumer Goods | Food producers | 2,715 | 0.21 |
Gelion | UK | Other | Sustainable Energy | 2,593 | 0.20 |
Deutsche Boerse | Germany | Financials | Financial services | 2,572 | 0.19 |
Next Fifteen Communications Group | UK | Consumer Services | Media | 2,260 | 0.17 |
Seascape Energy Asia | UK | Oil & Gas | Oil & gas producers | 2,220 | 0.17 |
Grit Real Estate Income Group | Guernsey | Financials | Real estate investment trusts | 1,963 | 0.15 |
SAP | Germany | Technology | Software & computer services | 1,891 | 0.14 |
Renishaw | UK | Technology | Technology hardware & equipment | 1,765 | 0.13 |
Hercules Site Services | UK | Industrials | Construction & materials | 1,714 | 0.13 |
Watkin Jones | UK | Consumer Goods | Household goods & home construction | 1,553 | 0.12 |
Arbuthnot Banking Group | UK | Financials | Financial services | 1,446 | 0.11 |
First Tin | UK | Basic Materials | Mining | 1,320 | 0.10 |
ASM International | Netherlands | Industrials | Electronic & electrical equipment | 1,228 | 0.09 |
Kistos | UK | Oil & Gas | Oil & gas producers | 1,148 | 0.09 |
Kone | Finland | Industrials | Electronic & electrical equipment | 1,070 | 0.08 |
Gran Tierra Energy | Canada | Oil & Gas | Oil & gas producers | 1,005 | 0.08 |
Windar Photonics | UK | Industrials | Waste & Environ Svcs & Equip | 932 | 0.07 |
DSM-Firmenich | Netherlands | Basic Materials | Chemicals | 810 | 0.06 |
Logistics Development Group | UK | Industrials | Industrial transportation | 800 | 0.06 |
Carclo | UK | Basic Materials | Chemicals | 547 | 0.04 |
Ampeak Energy | UK | Utilities | Electricity | 470 | 0.04 |
Surface Transforms | UK | Consumer Goods | Automobiles & parts | 85 | 0.01 |
Deltic Energy | UK | Oil & Gas | Oil & gas producers | 48 |
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In accordance with UK listing rule 11.7.8, The Law Debenture Corporation p.l.c. announces that it has no investments in other UK listed closed-ended investment funds that require to be disclosed.
Released by The Law Debenture Corporation p.l.c., 8th Floor, 100 Bishopsgate, London, EC2N 4AG (contact Nicola Lambourne, Company Secretariat, 020 7606 5451).
The Law Debenture Corporation p.l.c. LEI number - 2138006E39QX7XV6PP21
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