2nd Jan 2026 14:30
The Law Debenture Corporation p.l.c.
Net Asset Value as at 31 December 2025
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 December 2025 was 1,043.16 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 1,078.41 pence per share (cum income). The mid-market price at the close of business on 31 December 2025 was 1,054.00 pence per share.
Net Asset Value | Excluding Income (pence) | Including Income (pence) |
NAV with debt at par | 1,044.51 | 1,043.16 |
NAV with debt at fair value | 1,079.76 | 1,078.41 |
Performance
YTD % | 1 year % | 3 years % | 5 years % | 10 years % | |
NAV total return (with debt at par)2 | 28.8 | 28.8 | 58.2 | 78.3 | 183.7 |
NAV total return (with debt at fair value)2 | 28.1 | 28.1 | 58.6 | 96.0 | 199.9 |
FTSE Actuaries All-Share Index Total Return3 | 24.0 | 24.0 | 46.5 | 73.9 | 123.4 |
Share price total return3 | 22.2 | 22.2 | 53.1 | 85.0 | 212.4 |
Change in Retail Price Index4 | 3.4 | 3.4 | 13.2 | 37.3 | 55.6 |
1 The fair value of the IPS business has been calculated as at 30 June 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: Refinitiv.
4 Source: Office for National Statistics, subject to latest published RPI, November 2025.
Geographical Split of investment portfolio
Region | % of portfolio 31 December 2025 | % of portfolio 31 December 2024 |
UK | 89.9 | 87.6 |
Europe | 4.5 | 5.5 |
North America | 4.3 | 5.6 |
Japan | 1.0 | 1.3 |
Other | 0.3 | 0 |
TOTAL | 100 | 100 |
Full Portfolio Listing
As at 31 December 2025 the full holdings of the portfolio comprised of the following:
Holding Name | Location | Sector | Industry | £000 | % |
Barclays | UK | Financials | Banks | 55,199 | 4.07 |
HSBC | UK | Financials | Banks | 50,860 | 3.75 |
Shell | UK | Oil & Gas | Oil & gas producers | 34,244 | 2.52 |
Rio Tinto | UK | Basic Materials | Mining | 31,463 | 2.32 |
GlaxoSmithKline | UK | Health Care | Pharmaceuticals & biotechnology | 29,922 | 2.20 |
Standard Chartered | UK | Financials | Banks | 27,965 | 2.06 |
BP | UK | Oil & Gas | Oil & gas producers | 24,667 | 1.82 |
Flutter Entertainment | UK | Consumer Services | Travel & leisure | 22,582 | 1.66 |
Balfour Beatty | UK | Industrials | Construction & materials | 19,599 | 1.44 |
National Grid | UK | Utilities | Gas, water & multiutilities | 19,303 | 1.42 |
Rolls Royce | UK | Industrials | Aerospace & defence | 18,679 | 1.38 |
Lloyds Banking Group | UK | Financials | Banks | 18,666 | 1.37 |
NatWest | UK | Financials | Banks | 18,576 | 1.37 |
Cummins | USA | Industrials | Industrial engineering | 17,802 | 1.31 |
Aviva | UK | Financials | Life insurance/assurance | 17,607 | 1.30 |
Senior | UK | Industrials | Aerospace & defence | 17,594 | 1.30 |
Prudential | UK | Financials | Life insurance/assurance | 17,557 | 1.29 |
J Sainsbury | UK | Consumer Services | General retailers | 17,388 | 1.28 |
Kingfisher | UK | Consumer Goods | Household goods & home construction | 17,342 | 1.28 |
M & G | UK | Financials | Financial services | 17,184 | 1.27 |
IMI | UK | Industrials | Industrial engineering | 17,105 | 1.26 |
Kier | UK | Industrials | Construction & materials | 16,927 | 1.25 |
Boku | UK | Industrials | Support services | 16,467 | 1.21 |
Tesco | UK | Consumer Goods | Food & Drug Retailers | 16,358 | 1.20 |
Marks & Spencer | UK | Consumer Services | General retailers | 15,816 | 1.16 |
Anglo American | UK | Basic Materials | Mining | 14,934 | 1.10 |
BT Group | UK | Telecommunications | Fixed Line Telecommunications | 14,724 | 1.08 |
Herald Investment Trust | UK | Financials | Equity investment instruments | 14,430 | 1.06 |
International Consolidated Airlines | UK | Consumer Services | Travel & leisure | 14,238 | 1.05 |
Hill & Smith | UK | Industrials | Industrial engineering | 14,211 | 1.05 |
Johnson Matthey | UK | Other | Sustainable Energy | 13,845 | 1.02 |
Irish Continental Group | Ireland | Consumer Services | Travel & leisure | 13,712 | 1.01 |
Schroders | UK | Financials | Financial services | 13,635 | 1.00 |
Ceres Power | UK | Oil & Gas | Oil equipment services & distribution | 13,545 | 1.00 |
Land Securities | UK | Financials | Real estate investment trusts | 13,509 | 1.00 |
Shaftesbury Capital | UK | Financials | Real estate investment trusts | 13,394 | 0.99 |
Toyota Motor Corporation | Japan | Consumer Goods | Automobiles & parts | 13,111 | 0.97 |
Hiscox | UK | Financials | Nonlife insurance | 12,872 | 0.95 |
BAE Systems | UK | Industrials | Aerospace & defence | 12,855 | 0.95 |
IP Group | UK | Financials | Financial services | 12,502 | 0.92 |
Babcock | UK | Industrials | Aerospace & defence | 12,444 | 0.92 |
Severn Trent | UK | Utilities | Gas, water & multiutilities | 12,132 | 0.89 |
British Land Company | UK | Financials | Real estate investment trusts | 12,078 | 0.89 |
International Personal Finance | UK | Financials | Financial services | 12,051 | 0.89 |
Cranswick | UK | Consumer Goods | Food producers | 11,829 | 0.87 |
Infineon Technologies | Germany | Industrials | Electronic & electrical equipment | 11,673 | 0.86 |
General Motors | USA | Consumer Goods | Automobiles & parts | 11,468 | 0.84 |
Associated British Foods | UK | Consumer Goods | Food producers | 11,167 | 0.82 |
Ibstock | UK | Industrials | Construction & materials | 11,023 | 0.81 |
Morgan Advanced Materials | UK | Industrials | Electronic & electrical equipment | 10,900 | 0.80 |
Vodafone | UK | Telecommunications | Mobile telecommunications | 10,877 | 0.80 |
Reckitt Benckiser Group | UK | Health Care | Health care equipment & services | 10,504 | 0.77 |
Hammerson | UK | Financials | Real estate investment trusts | 10,491 | 0.77 |
Phoenix Group Holdings | UK | Financials | Life insurance/assurance | 10,311 | 0.76 |
Smith & Nephew | UK | Health Care | Health care equipment & services | 10,152 | 0.75 |
ITV | UK | Consumer Services | Media | 10,088 | 0.74 |
Greencoat UK Wind | UK | Utilities | Electricity | 9,800 | 0.72 |
Chesnara | UK | Financials | Life insurance/assurance | 9,524 | 0.70 |
Dunelm | UK | Consumer Services | General retailers | 9,362 | 0.69 |
Johnson Service Group | UK | Industrials | Support services | 9,219 | 0.68 |
VH Global Energy Infrastructure | UK | Other | Sustainable Energy | 9,184 | 0.68 |
AFC Energy | UK | Oil & Gas | Alternative Energy | 9,120 | 0.67 |
Segro | UK | Financials | Real estate investment trusts | 9,003 | 0.66 |
Marshalls | UK | Industrials | Construction & materials | 8,765 | 0.65 |
SSE | UK | Utilities | Electricity | 8,716 | 0.64 |
Workspace Group | UK | Financials | Real estate investment trusts | 8,657 | 0.64 |
Scottish Oriental Smaller Companies Trust | UK | Financials | Equity investment instruments | 8,656 | 0.64 |
Weir Group | UK | Industrials | Industrial engineering | 8,538 | 0.63 |
Oxford Nanopore Technologies | UK | Technology | Advanced Medical Equipment & Technology | 8,450 | 0.62 |
HICL Infrastructure | UK | Financials | Equity investment instruments | 8,134 | 0.60 |
SigmaRoc | UK | Industrials | Construction & materials | 8,126 | 0.60 |
Vanquis Banking Group | UK | Financials | Financial services | 7,916 | 0.58 |
Whitbread | UK | Consumer Services | Travel & leisure | 7,899 | 0.58 |
Standard Life Aberdeen | UK | Financials | Financial services | 7,703 | 0.57 |
Freeport-McMoran | USA | Basic Materials | Mining | 7,537 | 0.56 |
Haleon | UK | Health Care | Pharmaceuticals & biotechnology | 7,488 | 0.55 |
Elementis | UK | Basic Materials | Chemicals | 7,486 | 0.55 |
Sabre Insurance Group | UK | Financials | Nonlife insurance | 7,475 | 0.55 |
Beazley | UK | Financials | Nonlife insurance | 7,072 | 0.52 |
ITM Power | UK | Oil & Gas | Oil equipment services & distribution | 7,072 | 0.52 |
Mondi | UK | Basic Materials | Forestry & paper | 6,812 | 0.50 |
Accsys Technologies | UK | Industrials | Construction & materials | 6,617 | 0.49 |
Bristol-Myers Squibb | USA | Health Care | Pharmaceuticals & biotechnology | 6,606 | 0.49 |
Zigup | UK | Industrials | Support services | 6,386 | 0.47 |
Gibson Energy | Canada | Oil & Gas | Oil & gas producers | 6,334 | 0.47 |
Roche | Switzerland | Health Care | Pharmaceuticals & biotechnology | 5,960 | 0.44 |
Inchcape | UK | Industrials | Support services | 5,764 | 0.42 |
Invinity Energy Systems | UK | Oil & Gas | Alternative Energy | 5,586 | 0.41 |
Great Portland Estates | UK | Financials | Real estate investments & services | 5,565 | 0.41 |
Easyjet | UK | Industrials | Aerospace & defence | 5,104 | 0.38 |
Oxford Sciences Innovation | UKULM | Financials | Financial services | 5,000 | 0.37 |
Rathbones Group | UK | Financials | Equity investment instruments | 4,820 | 0.36 |
Croda | UK | Basic Materials | Chemicals | 4,715 | 0.35 |
3I INFRASTRUCTURE | UK | Financials | Equity investment instruments | 4,675 | 0.34 |
Air Products and Chemicals | Canada | Oil & Gas | Oil & gas producers | 4,584 | 0.34 |
Halfords | UK | Consumer Services | General retailers | 4,578 | 0.34 |
Bellway | UK | Consumer Goods | Household goods & home construction | 4,528 | 0.33 |
Castings | UK | Industrials | Construction & materials | 4,431 | 0.33 |
Derwent London | UK | Financials | Real estate investment trusts | 4,345 | 0.32 |
Marstons | UK | Consumer Services | Travel & leisure | 4,329 | 0.32 |
Ondine Biomedical | Canada | Health Care | Pharmaceuticals & biotechnology | 4,254 | 0.31 |
Ilika | UK | Oil & Gas | Alternative Energy | 4,222 | 0.31 |
Vertu Motors | UK | Consumer Services | General retailers | 4,218 | 0.31 |
Sanofi | France | Health Care | Pharmaceuticals & biotechnology | 4,005 | 0.29 |
TT Electronics | UK | Industrials | Electronic & electrical equipment | 3,912 | 0.29 |
Gelion | UK | Other | Sustainable Energy | 3,890 | 0.29 |
Valterra Platinum | Other | Basic Materials | Mining | 3,553 | 0.26 |
Serica Energy | UK | Oil & Gas | Oil & gas producers | 3,492 | 0.26 |
Jubilee Metals Group | UK | Basic Materials | Mining | 3,355 | 0.25 |
Siemens | Germany | Technology | Software & computer services | 3,307 | 0.24 |
Munchener Rueckver | Germany | Financials | Nonlife insurance | 3,272 | 0.24 |
Reach | UK | Consumer Services | Media | 3,185 | 0.23 |
Safran | France | Industrials | Aerospace & defence | 3,184 | 0.23 |
Next Fifteen Communications Group | UK | Consumer Services | Media | 3,180 | 0.23 |
Tate & Lyle | UK | Consumer Goods | Food producers | 2,810 | 0.21 |
SAP | Germany | Technology | Software & computer services | 2,659 | 0.20 |
Hercules Site Services | UK | Industrials | Construction & materials | 2,621 | 0.19 |
ASML | Netherlands | Technology | Technology hardware & equipment | 2,591 | 0.19 |
XP Power | UK | Technology | Technology hardware & equipment | 2,456 | 0.18 |
Deutsche Boerse | Germany | Financials | Financial services | 2,282 | 0.17 |
SGS | Switzerland | Industrials | Support services | 1,976 | 0.15 |
Seascape Energy Asia | UK | Oil & Gas | Oil & gas producers | 1,950 | 0.14 |
Watkin Jones | UK | Consumer Goods | Household goods & home construction | 1,823 | 0.13 |
Grit Real Estate Income Group | Guernsey | Financials | Real estate investment trusts | 1,812 | 0.13 |
Renishaw | UK | Technology | Technology hardware & equipment | 1,753 | 0.13 |
Nestle | Switzerland | Consumer Goods | Food producers | 1,451 | 0.11 |
Windar Photonics | UK | Industrials | Waste & Environ Svcs & Equip | 1,364 | 0.10 |
Surface Transforms | UK | Consumer Goods | Automobiles & parts | 1,311 | 0.10 |
Kone | Finland | Industrials | Electronic & electrical equipment | 1,184 | 0.09 |
First Tin | UK | Basic Materials | Mining | 1,116 | 0.08 |
Arbuthnot Banking Group | UK | Financials | Financial services | 1,045 | 0.08 |
ASM International | Netherlands | Industrials | Electronic & electrical equipment | 996 | 0.07 |
DSM-Firmenich | Netherlands | Basic Materials | Chemicals | 904 | 0.07 |
Logistics Development Group | UK | Industrials | Industrial transportation | 800 | 0.06 |
Kistos | UK | Oil & Gas | Oil & gas producers | 788 | 0.06 |
Carclo | UK | Basic Materials | Chemicals | 632 | 0.05 |
Ampeak Energy | UK | Utilities | Electricity | 524 | 0.04 |
Gran Tierra Energy | Canada | Oil & Gas | Oil & gas producers | 465 | 0.03 |
Indus Gas | UK | Oil & Gas | Oil & gas producers | 48 | 0.00 |
Deltic Energy | UK | Oil & Gas | Oil & gas producers | 48 | 0.00 |
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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