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Net Asset Value(s)

1st Aug 2025 17:16

RNS Number : 7102T
Law Debenture Corp PLC
01 August 2025
 

The Law Debenture Corporation p.l.c.

Net Asset Value as at 31 July 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 July 2025 was 977.49 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 1,014.28 pence per share (cum income). The mid-market price at the close of business on 31 July 2025 was 1,018.00 pence per share.

Net Asset Value

Excluding Income (pence)

Including Income (pence)

NAV with debt at par

975.75

977.49

NAV with debt at fair value

1,012.54

1,014.28

Performance

YTD

%

1 year

%

3 years

%

5 years

%

10 years

%

NAV total return (with debt at par)2

18.7

17.5

43.6

113.0

151.4

NAV total return (with debt at fair value)2

18.6

18.0

48.8

139.0

167.1

FTSE Actuaries All-Share Index Total Return3

13.4

12.1

35.0

80.4

95.6

Share price total return3

16.2

15.2

47.5

135.1

181.6

Change in Retail Price Index4

3.2

4.4

19.0

37.5

56.4

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, June 2025.

Geographical Split of investment portfolio

Region

% of portfolio

31 July 2025

% of portfolio

31 December 2024

UK

90.1

87.6

Europe

4.8

5.5

North America

4.0

5.6

Japan

0.9

1.3

Other

0.2

0

Other Pacific

0

0

TOTAL

100

100

Full Portfolio Listing

As at 31 July 2025 the full holdings of the portfolio comprised of the following:

Holding Name

Location

Sector

Industry

£000

%

Barclays

UK

Financials

Banks

43,071

3.45

HSBC

UK

Financials

Banks

40,014

3.21

Shell

UK

Oil & Gas

Oil & gas producers

33,881

2.71

Flutter Entertainment

UK

Consumer Services

Travel & leisure

32,340

2.59

Rio Tinto

UK

Basic Materials

Mining

23,641

1.89

GlaxoSmithKline

UK

Health Care

Pharmaceuticals & biotechnology

23,247

1.86

BP

UK

Oil & Gas

Oil & gas producers

23,071

1.84

Rolls Royce

UK

Industrials

Aerospace & defence

22,759

1.83

Standard Chartered

UK

Financials

Banks

20,893

1.68

Boku

UK

Industrials

Support services

19,096

1.54

Tesco

UK

Consumer Goods

Food & Drug Retailers

18,941

1.52

Senior

UK

Industrials

Aerospace & defence

18,244

1.47

National Grid

UK

Utilities

Gas, water & multiutilities

17,916

1.44

Kier

UK

Industrials

Construction & materials

17,077

1.37

Aviva

UK

Financials

Life insurance/assurance

16,686

1.34

BT Group

UK

Telecommunications

Fixed Line Telecommunications

16,560

1.33

J Sainsbury

UK

Consumer Services

General retailers

16,211

1.30

M & G

UK

Financials

Financial services

15,696

1.26

IMI

UK

Industrials

Industrial engineering

15,276

1.23

NatWest

UK

Financials

Banks

15,020

1.21

Balfour Beatty

UK

Industrials

Construction & materials

15,010

1.21

Kingfisher

UK

Consumer Goods

Household goods & home construction

15,006

1.21

Prudential

UK

Financials

Life insurance/assurance

14,785

1.19

Lloyds Banking Group

UK

Financials

Banks

14,782

1.19

Herald Investment Trust

UK

Financials

Equity investment instruments

14,670

1.18

Shaftesbury Capital

UK

Financials

Real estate investment trusts

14,624

1.18

Hill & Smith

UK

Industrials

Industrial engineering

13,612

1.09

BAE Systems

UK

Industrials

Aerospace & defence

13,530

1.09

Cummins

USA

Industrials

Industrial engineering

13,086

1.05

International Consolidated Airlines

UK

Consumer Services

Travel & leisure

13,073

1.05

Cranswick

UK

Consumer Goods

Food producers

12,665

1.02

Oxford Nanopore Technologies

UK

Technology

Advanced Medical Equipment & Technology

12,629

1.02

Land Securities

UK

Financials

Real estate investment trusts

12,553

1.01

Irish Continental Group

Ireland

Consumer Services

Travel & leisure

12,464

1.00

Marks & Spencer

UK

Consumer Services

General retailers

12,180

0.98

ITV

UK

Consumer Services

Media

12,132

0.98

Schroders

UK

Financials

Financial services

12,115

0.97

Greencoat UK Wind

UK

Utilities

Electricity

11,970

0.96

Hiscox

UK

Financials

Nonlife insurance

11,687

0.94

Severn Trent

UK

Utilities

Gas, water & multiutilities

11,519

0.93

Johnson Matthey

UK

Other

Sustainable Energy

11,492

0.92

Babcock

UK

Industrials

Aerospace & defence

11,178

0.90

Toyota Motor Corporation

Japan

Consumer Goods

Automobiles & parts

11,173

0.90

International Personal Finance

UK

Financials

Financial services

10,892

0.88

IP Group

UK

Financials

Financial services

10,530

0.85

Anglo American

UK

Basic Materials

Mining

10,405

0.84

Ibstock

UK

Industrials

Construction & materials

10,345

0.83

Morgan Advanced Materials

UK

Industrials

Electronic & electrical equipment

10,302

0.83

Dunelm

UK

Consumer Services

General retailers

10,085

0.81

Reckitt Benckiser Group

UK

Health Care

Health care equipment & services

9,923

0.80

VH Global Energy Infrastructure

UK

Other

Sustainable Energy

9,716

0.78

Johnson Service Group

UK

Industrials

Support services

9,643

0.78

Smith & Nephew

UK

Health Care

Health care equipment & services

9,533

0.77

Hammerson

UK

Financials

Real estate investment trusts

9,471

0.76

Associated British Foods

UK

Consumer Goods

Food producers

9,342

0.75

Phoenix Group Holdings

UK

Financials

Life insurance/assurance

9,289

0.75

Scottish Oriental Smaller Companies Trust

UK

Financials

Equity investment instruments

9,286

0.75

Vodafone

UK

Telecommunications

Mobile telecommunications

9,020

0.73

Marshalls

UK

Industrials

Construction & materials

8,804

0.71

Sabre Insurance Group

UK

Financials

Nonlife insurance

8,786

0.71

HICL Infrastructure

UK

Financials

Equity investment instruments

8,428

0.68

Chesnara

UK

Financials

Life insurance/assurance

8,377

0.67

Weir Group

UK

Industrials

Industrial engineering

7,998

0.64

Whitbread

UK

Consumer Services

Travel & leisure

7,935

0.64

Ceres Power

UK

Oil & Gas

Oil equipment services & distribution

7,912

0.64

Elementis

UK

Basic Materials

Chemicals

7,837

0.63

General Motors

USA

Consumer Goods

Automobiles & parts

7,672

0.62

Beazley

UK

Financials

Nonlife insurance

7,603

0.61

SSE

UK

Utilities

Electricity

7,394

0.59

SigmaRoc

UK

Industrials

Construction & materials

7,360

0.59

AFC Energy

UK

Oil & Gas

Alternative Energy

7,328

0.59

Renold

UK

Industrials

Industrial engineering

7,239

0.58

Haleon

UK

Health Care

Pharmaceuticals & biotechnology

7,188

0.58

Standard Life Aberdeen

UK

Financials

Financial services

7,021

0.56

Vanquis Banking Group

UK

Financials

Financial services

6,608

0.53

Accsys Technologies

UK

Industrials

Construction & materials

6,531

0.53

Gibson Energy

Canada

Oil & Gas

Oil & gas producers

6,348

0.51

ITM Power

UK

Oil & Gas

Oil equipment services & distribution

6,293

0.51

British Land Company

UK

Financials

Real estate investment trusts

6,118

0.49

Freeport-McMoran

USA

Basic Materials

Mining

6,103

0.49

Infineon Technologies

Germany

Industrials

Electronic & electrical equipment

6,094

0.49

Great Portland Estates

UK

Financials

Real estate investments & services

5,933

0.48

Zigup

UK

Industrials

Support services

5,585

0.45

Air Products and Chemicals

Canada

Oil & Gas

Oil & gas producers

5,450

0.44

Bristol-Myers Squibb

USA

Health Care

Pharmaceuticals & biotechnology

5,413

0.44

Invinity Energy Systems

UK

Oil & Gas

Alternative Energy

5,370

0.43

Workspace Group

UK

Financials

Real estate investment trusts

5,360

0.43

Inchcape

UK

Industrials

Support services

5,261

0.42

Ondine Biomedical

Canada

Health Care

Pharmaceuticals & biotechnology

4,946

0.40

Easyjet

UK

Industrials

Aerospace & defence

4,936

0.40

Epwin Group

UK

Consumer Goods

Household goods & home construction

4,923

0.40

Segro

UK

Financials

Real estate investment trusts

4,854

0.39

Ilika

UK

Oil & Gas

Alternative Energy

4,792

0.39

Rathbones Group

UK

Financials

Equity investment instruments

4,790

0.39

Halfords

UK

Consumer Services

General retailers

4,682

0.38

Roche

Switzerland

Health Care

Pharmaceuticals & biotechnology

4,648

0.37

Croda

UK

Basic Materials

Chemicals

4,569

0.37

Oxford Sciences Innovation

UKULM

Financials

Financial services

4,533

0.36

Castings

UK

Industrials

Construction & materials

4,496

0.36

Vertu Motors

UK

Consumer Services

General retailers

4,130

0.33

Bellway

UK

Consumer Goods

Household goods & home construction

4,109

0.33

Reach

UK

Consumer Services

Media

4,023

0.32

Tate & Lyle

UK

Consumer Goods

Food producers

4,016

0.32

Sanofi

France

Health Care

Pharmaceuticals & biotechnology

3,785

0.30

Gelion

UK

Other

Sustainable Energy

3,372

0.27

Munchener Rueckver

Germany

Financials

Nonlife insurance

3,326

0.27

TT Electronics

UK

Industrials

Electronic & electrical equipment

3,296

0.27

SAP

Germany

Technology

Software & computer services

3,182

0.26

Siemens

Germany

Technology

Software & computer services

3,094

0.25

Safran

France

Industrials

Aerospace & defence

3,078

0.25

Serica Energy

UK

Oil & Gas

Oil & gas producers

2,940

0.24

Next Fifteen Communications Group

UK

Consumer Services

Media

2,815

0.23

Deutsche Boerse

Germany

Financials

Financial services

2,567

0.21

DVS

Denmark

Industrials

Industrial transportation

2,401

0.19

Jubilee Metals Group

UK

Basic Materials

Mining

2,377

0.19

XP Power

UK

Technology

Technology hardware & equipment

2,319

0.19

Seascape Energy Asia

UK

Oil & Gas

Oil & gas producers

2,040

0.16

Grit Real Estate Income Group

Guernsey

Financials

Real estate investment trusts

1,963

0.16

Valterra Platinum

Other

Basic Materials

Mining

1,922

0.15

Windar Photonics

UK

Industrials

Waste & Environ Svcs & Equip

1,863

0.15

SGS

Switzerland

Industrials

Support services

1,793

0.14

ASML

Netherlands

Technology

Technology hardware & equipment

1,713

0.14

Hercules Site Services

UK

Industrials

Construction & materials

1,697

0.14

Watkin Jones

UK

Consumer Goods

Household goods & home construction

1,609

0.13

Anheuser-Busch InBev

Belgium

Consumer Goods

Beverages

1,585

0.13

Marstons

UK

Consumer Services

Travel & leisure

1,573

0.13

Danone

France

Consumer Goods

Food producers

1,535

0.12

Renishaw

UK

Technology

Technology hardware & equipment

1,488

0.12

Aena

Spain

Consumer Services

Travel & leisure

1,314

0.11

Nestle

Switzerland

Consumer Goods

Food producers

1,304

0.10

Arbuthnot Banking Group

UK

Financials

Financial services

1,202

0.10

LVMH

France

Consumer Goods

Leisure Goods

1,154

0.09

DSM-Firmenich

Netherlands

Basic Materials

Chemicals

1,102

0.09

Surface Transforms

UK

Consumer Goods

Automobiles & parts

1,057

0.09

Kone

Finland

Industrials

Electronic & electrical equipment

1,046

0.08

Logistics Development Group

UK

Industrials

Industrial transportation

978

0.08

ASM International

Netherlands

Industrials

Electronic & electrical equipment

815

0.07

Kistos

UK

Oil & Gas

Oil & gas producers

788

0.06

First Tin

UK

Basic Materials

Mining

684

0.05

Carclo

UK

Basic Materials

Chemicals

591

0.05

Gran Tierra Energy

Canada

Oil & Gas

Oil & gas producers

500

0.04

SIMEC Atlantis Energy

UK

Utilities

Electricity

325

0.03

Indus Gas

UK

Oil & Gas

Oil & gas producers

173

0.01

Deltic Energy

UK

Oil & Gas

Oil & gas producers

109

0.01

LDIC Investments

UK

Financials

Financial services

88

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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END
 
 
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Related Shares:

Law Debenture
FTSE 100 Latest
Value9,097.03
Change-3.74