3rd Aug 2026 14:45
The Law Debenture Corporation p.l.c.
Net Asset Value as at 31 July 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 July 2026 was 1,180.27 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 1,220.52 pence per share (cum income). The mid-market price at the close of business on 31 July 2026 was 1,242.00 pence per share.
Net Asset Value | Excluding Income (pence) | Including Income (pence) |
NAV with debt at par | 1,179.36 | 1,180.27 |
NAV with debt at fair value | 1,219.62 | 1,220.52 |
Performance
YTD % | 1 year % | 3 years % | 5 years % | 10 years % | |
NAV total return (with debt at par)2 | 14.8 | 24.9 | 72.4 | 79.5 | 199.9 |
NAV total return (with debt at fair value)2 | 14.8 | 24.4 | 70.6 | 93.3 | 228.9 |
FTSE Actuaries All-Share Index Total Return3 | 11.2 | 21.6 | 54.7 | 73.1 | 129.0 |
Share price total return3 | 19.9 | 26.1 | 70.2 | 98.3 | 268.0 |
Change in Retail Price Index4 | 2.0 | 2.5 | 11.3 | 37.0 | 58.1 |
1 The fair value of the IPS business has been calculated as at 30 June 2026.
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, June 2026.
Geographical Split of investment portfolio
Region | % of portfolio 31 July 2026 | % of portfolio 31 December 2025 |
UK | 90.5 | 89.9 |
Europe | 4.9 | 4.5 |
North America | 3.6 | 4.3 |
Japan | 0.8 | 1.0 |
Other | 0.2 | 0.3 |
Other Pacific | 0 | 0 |
TOTAL | 100 | 100 |
Full Portfolio Listing
As at 31 July 2026 the full holdings of the portfolio comprised of the following:
Holding Name | Location | Sector | Industry | £000 | % |
HSBC | UK | Financials | Banks | 68,345 | 4.49 |
Barclays | UK | Financials | Banks | 59,009 | 3.88 |
Shell | UK | Oil & Gas | Oil & gas producers | 42,288 | 2.77 |
GlaxoSmithKline | UK | Health Care | Pharmaceuticals & biotechnology | 39,392 | 2.58 |
Rio Tinto | UK | Basic Materials | Mining | 37,653 | 2.47 |
BP | UK | Oil & Gas | Oil & gas producers | 37,011 | 2.43 |
Standard Chartered | UK | Financials | Banks | 33,601 | 2.20 |
Relx | UK | Consumer Services | Media | 26,331 | 1.73 |
Rolls Royce | UK | Industrials | Aerospace & defence | 23,852 | 1.56 |
Lloyds Banking Group | UK | Financials | Banks | 21,793 | 1.43 |
Balfour Beatty | UK | Industrials | Construction & materials | 21,686 | 1.42 |
M & G | UK | Financials | Financial services | 21,444 | 1.41 |
IMI | UK | Industrials | Industrial engineering | 20,171 | 1.32 |
National Grid | UK | Utilities | Gas, water & multiutilities | 20,123 | 1.32 |
NatWest | UK | Financials | Banks | 20,110 | 1.32 |
Flutter Entertainment | UK | Consumer Services | Travel & leisure | 20,108 | 1.32 |
Marks & Spencer | UK | Consumer Services | General retailers | 19,445 | 1.28 |
J Sainsbury | UK | Consumer Services | General retailers | 19,228 | 1.26 |
Babcock | UK | Industrials | Aerospace & defence | 19,079 | 1.25 |
Hill & Smith | UK | Industrials | Industrial engineering | 18,936 | 1.24 |
Kier | UK | Industrials | Construction & materials | 18,269 | 1.20 |
Anglo American | UK | Basic Materials | Mining | 18,078 | 1.19 |
Aviva | UK | Financials | Life insurance/assurance | 17,838 | 1.17 |
Irish Continental Group | Ireland | Consumer Services | Travel & leisure | 17,712 | 1.16 |
Herald Investment Trust | UK | Financials | Equity investment instruments | 17,700 | 1.16 |
Land Securities | UK | Financials | Real estate investment trusts | 17,451 | 1.14 |
Kingfisher | UK | Consumer Goods | Household goods & home construction | 17,126 | 1.12 |
Prudential | UK | Financials | Life insurance/assurance | 17,119 | 1.12 |
Hiscox | UK | Financials | Nonlife insurance | 16,363 | 1.07 |
Ceres Power | UK | Oil & Gas | Oil equipment services & distribution | 16,224 | 1.06 |
BT Group | UK | Telecommunications | Fixed Line Telecommunications | 16,104 | 1.06 |
BAE Systems | UK | Industrials | Aerospace & defence | 15,705 | 1.03 |
International Consolidated Airlines | UK | Consumer Services | Travel & leisure | 14,847 | 0.97 |
London Stock Exchange Group | UK | Financials | Financial services | 14,697 | 0.96 |
Convatec Group | UK | Health Care | Health care equipment & services | 14,560 | 0.96 |
Unilever | UK | Consumer Goods | Personal goods | 14,228 | 0.93 |
Johnson Matthey | UK | Other | Sustainable Energy | 13,944 | 0.91 |
Standard Life Aberdeen | UK | Financials | Financial services | 13,835 | 0.91 |
Shaftesbury Capital | UK | Financials | Real estate investment trusts | 13,805 | 0.91 |
Infineon Technologies | Germany | Industrials | Electronic & electrical equipment | 13,570 | 0.89 |
IP Group | UK | Financials | Financial services | 13,314 | 0.87 |
British Land Company | UK | Financials | Real estate investment trusts | 13,254 | 0.87 |
Severn Trent | UK | Utilities | Gas, water & multiutilities | 13,128 | 0.86 |
Segro | UK | Financials | Real estate investment trusts | 13,028 | 0.85 |
Vodafone | UK | Telecommunications | Mobile telecommunications | 12,964 | 0.85 |
Standard Life | UK | Financials | Life insurance/assurance | 12,922 | 0.85 |
General Motors | USA | Consumer Goods | Automobiles & parts | 12,523 | 0.82 |
Reckitt Benckiser Group | UK | Consumer Goods | Household goods & home construction | 12,309 | 0.81 |
Hammerson | UK | Financials | Real estate investment trusts | 12,181 | 0.80 |
Toyota Motor Corporation | Japan | Consumer Goods | Automobiles & parts | 11,906 | 0.78 |
Morgan Advanced Materials | UK | Industrials | Electronic & electrical equipment | 11,275 | 0.74 |
Greencoat UK Wind | UK | Utilities | Electricity | 11,180 | 0.73 |
Chesnara | UK | Financials | Life insurance/assurance | 10,957 | 0.72 |
Associated British Foods | UK | Consumer Goods | Food producers | 10,957 | 0.72 |
Marshalls | UK | Industrials | Construction & materials | 10,927 | 0.72 |
Johnson Service Group | UK | Industrials | Support services | 10,655 | 0.70 |
ITM Power | UK | Oil & Gas | Oil equipment services & distribution | 10,558 | 0.69 |
Sabre Insurance Group | UK | Financials | Nonlife insurance | 10,488 | 0.69 |
ITV | UK | Consumer Services | Media | 10,388 | 0.68 |
H-Power | UK | Oil & Gas | Alternative Energy | 9,939 | 0.65 |
SigmaRoc | UK | Industrials | Construction & materials | 9,698 | 0.64 |
HICL Infrastructure | UK | Financials | Equity investment instruments | 9,506 | 0.62 |
Smith & Nephew | UK | Health Care | Health care equipment & services | 9,496 | 0.62 |
SSE | UK | Utilities | Electricity | 9,380 | 0.62 |
Freeport-McMoran | USA | Basic Materials | Mining | 9,288 | 0.61 |
Weir Group | UK | Industrials | Industrial engineering | 9,219 | 0.60 |
Boku | UK | Industrials | Support services | 9,155 | 0.60 |
Zigup | UK | Industrials | Support services | 8,867 | 0.58 |
Elementis | UK | Basic Materials | Chemicals | 8,654 | 0.57 |
Dunelm | UK | Consumer Services | General retailers | 8,516 | 0.56 |
Inchcape | UK | Industrials | Support services | 8,385 | 0.55 |
VH Global Energy Infrastructure | UK | Other | Sustainable Energy | 8,184 | 0.54 |
Scottish Oriental Smaller Companies Trust | UK | Financials | Equity investment instruments | 8,058 | 0.53 |
Bristol-Myers Squibb | USA | Health Care | Pharmaceuticals & biotechnology | 7,992 | 0.52 |
Accsys Technologies | UK | Industrials | Construction & materials | 7,948 | 0.52 |
Gibson Energy | Canada | Oil & Gas | Oil & gas producers | 7,918 | 0.52 |
Halfords | UK | Consumer Services | General retailers | 7,896 | 0.52 |
Whitbread | UK | Consumer Services | Travel & leisure | 7,781 | 0.51 |
Centrica | UK | Utilities | Gas, water & multiutilities | 7,750 | 0.51 |
Workspace Group | UK | Financials | Real estate investment trusts | 7,626 | 0.50 |
Oxford Nanopore Technologies | UK | Technology | Advanced Medical Equipment & Technology | 7,547 | 0.50 |
Ibstock | UK | Industrials | Construction & materials | 7,352 | 0.48 |
Greencore Group | Ireland | Consumer Goods | Beverages | 7,306 | 0.48 |
Haleon | UK | Health Care | Pharmaceuticals & biotechnology | 7,266 | 0.48 |
Berkeley Group Holdings | UK | Consumer Goods | Household goods & home construction | 7,000 | 0.46 |
Sanofi | France | Health Care | Pharmaceuticals & biotechnology | 6,720 | 0.44 |
Rathbones Group | UK | Financials | Equity investment instruments | 6,664 | 0.44 |
3I INFRASTRUCTURE | UK | Financials | Equity investment instruments | 6,650 | 0.44 |
Roche Holding | Switzerland | Health Care | Pharmaceuticals & biotechnology | 6,298 | 0.41 |
Ondine Biomedical | Canada | Health Care | Pharmaceuticals & biotechnology | 6,246 | 0.41 |
Becton Dickinson | USA | Health Care | Health care equipment & services | 6,144 | 0.40 |
Great Portland Estates | UK | Financials | Real estate investments & services | 6,108 | 0.40 |
Safran | France | Industrials | Aerospace & defence | 5,877 | 0.39 |
Oxford Sciences Innovation | UKULM | Financials | Financial services | 5,633 | 0.37 |
Breedon Group | UK | Basic Materials | Building Materials | 5,627 | 0.37 |
Croda | UK | Basic Materials | Chemicals | 5,609 | 0.37 |
Vertu Motors | UK | Consumer Services | General retailers | 5,568 | 0.37 |
Castings | UK | Industrials | Construction & materials | 5,518 | 0.36 |
Air Products and Chemicals | Canada | Oil & Gas | Oil & gas producers | 5,469 | 0.36 |
Invinity Energy Systems | UK | Oil & Gas | Alternative Energy | 5,417 | 0.36 |
Derwent London | UK | Financials | Real estate investment trusts | 5,260 | 0.35 |
Vanquis Banking Group | UK | Financials | Financial services | 5,219 | 0.34 |
Serica Energy | UK | Oil & Gas | Oil & gas producers | 4,704 | 0.31 |
XP Power | UK | Technology | Technology hardware & equipment | 4,404 | 0.29 |
TT Electronics | UK | Industrials | Electronic & electrical equipment | 4,399 | 0.29 |
Bellway | UK | Consumer Goods | Household goods & home construction | 4,274 | 0.28 |
Gelion | UK | Other | Sustainable Energy | 4,106 | 0.27 |
Marstons | UK | Consumer Services | Travel & leisure | 4,044 | 0.27 |
ASML | Netherlands | Technology | Technology hardware & equipment | 3,963 | 0.26 |
Siemens | Germany | Technology | Software & computer services | 3,825 | 0.25 |
Valterra Platinum | Other | Basic Materials | Mining | 3,123 | 0.20 |
Munchener Rueckver | Germany | Financials | Nonlife insurance | 2,981 | 0.20 |
Ilika | UK | Oil & Gas | Alternative Energy | 2,967 | 0.19 |
Next Fifteen Communications Group | UK | Consumer Services | Media | 2,935 | 0.19 |
Princes Group | UK | Consumer Goods | Food & Drug Retailers | 2,700 | 0.18 |
Reach | UK | Consumer Services | Media | 2,575 | 0.17 |
Renishaw | UK | Technology | Technology hardware & equipment | 2,473 | 0.16 |
Jubilee Metals Group | UK | Basic Materials | Mining | 2,339 | 0.15 |
Hercules Site Services | UK | Industrials | Construction & materials | 2,067 | 0.14 |
SAP | Germany | Technology | Software & computer services | 1,990 | 0.13 |
Grit Real Estate Income Group | Guernsey | Financials | Real estate investment trusts | 1,752 | 0.11 |
Seascape Energy Asia | UK | Oil & Gas | Oil & gas producers | 1,683 | 0.11 |
ASM International | Netherlands | Industrials | Electronic & electrical equipment | 1,512 | 0.10 |
Arbuthnot Banking Group | UK | Financials | Financial services | 1,404 | 0.09 |
Kistos | UK | Oil & Gas | Oil & gas producers | 1,215 | 0.08 |
First Tin | UK | Basic Materials | Mining | 1,140 | 0.07 |
Watkin Jones | UK | Consumer Goods | Household goods & home construction | 1,116 | 0.07 |
Logistics Development Group | UK | Industrials | Industrial transportation | 1,007 | 0.07 |
Kone | Finland | Industrials | Electronic & electrical equipment | 959 | 0.06 |
Carclo | UK | Basic Materials | Chemicals | 836 | 0.05 |
Ampeak Energy | UK | Utilities | Electricity | 397 | 0.03 |
Deltic Energy | UK | Oil & Gas | Oil & gas producers | 111 | 0.01 |
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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