1st Aug 2025 17:16
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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