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Net Asset Value(s)

1st Oct 2025 15:57

RNS Number : 6948B
Law Debenture Corp PLC
01 October 2025
 

The Law Debenture Corporation p.l.c.

Net Asset Value as at 30 September 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 30 September 2025 was 1,007.30 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 1,045.82 pence per share (cum income). The mid-market price at the close of business on 30 September 2025 was 1,068.00 pence per share.

Net Asset Value

Excluding Income (pence)

Including Income (pence)

NAV with debt at par

999.26

1,007.30

NAV with debt at fair value

1,037.77

1,045.82

Performance

YTD

%

1 year

%

3 years

%

5 years

%

10 years

%

NAV total return (with debt at par)2

22.3

21.8

67.5

114.7

174.1

NAV total return (with debt at fair value)2

22.3

22.4

67.5

139.7

190.9

FTSE Actuaries All-Share Index Total Return3

16.6

16.2

50.0

84.1

118.3

Share price total return3

21.9

23.6

78.2

155.5

213.1

Change in Retail Price Index4

4.0

4.9

17.3

38.5

57.0

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, August 2025.

Geographical Split of investment portfolio

Region

% of portfolio

30 September 2025

% of portfolio

31 December 2024

UK

90.3

87.6

Europe

4.4

5.5

North America

4.2

5.6

Japan

0.9

1.3

Other

0.2

0

Other Pacific

0

0

TOTAL

100

100

Full Portfolio Listing

As at 30 September 2025 the full holdings of the portfolio comprised of the following:

Holding Name

Location

Sector

Industry

£000

%

HSBC

UK

Financials

Banks

45,318

3.54

Barclays

UK

Financials

Banks

44,034

3.44

Shell

UK

Oil & Gas

Oil & gas producers

33,075

2.59

Flutter Entertainment

UK

Consumer Services

Travel & leisure

27,076

2.12

GlaxoSmithKline

UK

Health Care

Pharmaceuticals & biotechnology

25,814

2.01

Rio Tinto

UK

Basic Materials

Mining

25,659

2.00

Rolls Royce

UK

Industrials

Aerospace & defence

25,277

1.97

BP

UK

Oil & Gas

Oil & gas producers

24,265

1.89

Standard Chartered

UK

Financials

Banks

22,045

1.72

Kier

UK

Industrials

Construction & materials

18,932

1.47

National Grid

UK

Utilities

Gas, water & multiutilities

18,051

1.41

Boku

UK

Industrials

Support services

18,044

1.41

Senior

UK

Industrials

Aerospace & defence

17,883

1.39

Balfour Beatty

UK

Industrials

Construction & materials

17,871

1.39

J Sainsbury

UK

Consumer Services

General retailers

17,869

1.39

Aviva

UK

Financials

Life insurance/assurance

17,638

1.37

Tesco

UK

Consumer Goods

Food & Drug Retailers

17,609

1.37

Kingfisher

UK

Consumer Goods

Household goods & home construction

17,126

1.33

Prudential

UK

Financials

Life insurance/assurance

15,969

1.24

Lloyds Banking Group

UK

Financials

Banks

15,922

1.24

IMI

UK

Industrials

Industrial engineering

15,716

1.22

BAE Systems

UK

Industrials

Aerospace & defence

15,435

1.20

BT Group

UK

Telecommunications

Fixed Line Telecommunications

15,292

1.19

M & G

UK

Financials

Financial services

15,180

1.18

NatWest

UK

Financials

Banks

14,860

1.16

Cummins

USA

Industrials

Industrial engineering

14,765

1.15

Herald Investment Trust

UK

Financials

Equity investment instruments

14,730

1.15

Marks & Spencer

UK

Consumer Services

General retailers

14,580

1.14

Babcock

UK

Industrials

Aerospace & defence

14,312

1.11

Hill & Smith

UK

Industrials

Industrial engineering

13,578

1.06

Anglo American

UK

Basic Materials

Mining

13,486

1.05

International Consolidated Airlines

UK

Consumer Services

Travel & leisure

13,272

1.03

Shaftesbury Capital

UK

Financials

Real estate investment trusts

13,126

1.02

Johnson Matthey

UK

Other

Sustainable Energy

13,065

1.02

Irish Continental Group

Ireland

Consumer Services

Travel & leisure

13,043

1.02

Land Securities

UK

Financials

Real estate investment trusts

12,640

0.98

Hiscox

UK

Financials

Nonlife insurance

12,383

0.96

Cranswick

UK

Consumer Goods

Food producers

11,996

0.93

Toyota Motor Corporation

Japan

Consumer Goods

Automobiles & parts

11,818

0.92

ITV

UK

Consumer Services

Media

11,793

0.92

Schroders

UK

Financials

Financial services

11,656

0.91

Severn Trent

UK

Utilities

Gas, water & multiutilities

11,258

0.88

IP Group

UK

Financials

Financial services

11,208

0.87

Greencoat UK Wind

UK

Utilities

Electricity

11,160

0.87

International Personal Finance

UK

Financials

Financial services

11,073

0.86

Morgan Advanced Materials

UK

Industrials

Electronic & electrical equipment

11,000

0.86

Smith & Nephew

UK

Health Care

Health care equipment & services

10,963

0.85

Associated British Foods

UK

Consumer Goods

Food producers

10,763

0.84

Infineon Technologies

Germany

Industrials

Electronic & electrical equipment

10,311

0.80

Ibstock

UK

Industrials

Construction & materials

10,296

0.80

Johnson Service Group

UK

Industrials

Support services

10,245

0.80

Reckitt Benckiser Group

UK

Health Care

Health care equipment & services

10,003

0.78

VH Global Energy Infrastructure

UK

Other

Sustainable Energy

9,604

0.75

Vodafone

UK

Telecommunications

Mobile telecommunications

9,475

0.74

Oxford Nanopore Technologies

UK

Technology

Advanced Medical Equipment & Technology

9,422

0.73

Dunelm

UK

Consumer Services

General retailers

9,321

0.73

Hammerson

UK

Financials

Real estate investment trusts

9,260

0.72

Phoenix Group Holdings

UK

Financials

Life insurance/assurance

9,009

0.70

Ceres Power

UK

Oil & Gas

Oil equipment services & distribution

8,949

0.70

AFC Energy

UK

Oil & Gas

Alternative Energy

8,804

0.69

Chesnara

UK

Financials

Life insurance/assurance

8,791

0.68

Scottish Oriental Smaller Companies Trust

UK

Financials

Equity investment instruments

8,782

0.68

General Motors

USA

Consumer Goods

Automobiles & parts

8,613

0.67

Marshalls

UK

Industrials

Construction & materials

8,594

0.67

HICL Infrastructure

UK

Financials

Equity investment instruments

8,540

0.67

Whitbread

UK

Consumer Services

Travel & leisure

8,372

0.65

Sabre Insurance Group

UK

Financials

Nonlife insurance

8,349

0.65

ITM Power

UK

Oil & Gas

Oil equipment services & distribution

8,297

0.65

Vanquis Banking Group

UK

Financials

Financial services

8,251

0.64

Weir Group

UK

Industrials

Industrial engineering

8,196

0.64

British Land Company

UK

Financials

Real estate investment trusts

7,830

0.61

Beazley

UK

Financials

Nonlife insurance

7,710

0.60

SigmaRoc

UK

Industrials

Construction & materials

7,679

0.60

Standard Life Aberdeen

UK

Financials

Financial services

7,403

0.58

Elementis

UK

Basic Materials

Chemicals

7,323

0.57

Renold

UK

Industrials

Industrial engineering

7,293

0.57

Ondine Biomedical

Canada

Health Care

Pharmaceuticals & biotechnology

7,006

0.55

SSE

UK

Utilities

Electricity

6,964

0.54

Accsys Technologies

UK

Industrials

Construction & materials

6,920

0.54

Haleon

UK

Health Care

Pharmaceuticals & biotechnology

6,646

0.52

Gibson Energy

Canada

Oil & Gas

Oil & gas producers

6,438

0.50

Freeport-McMoran

USA

Basic Materials

Mining

5,832

0.45

Great Portland Estates

UK

Financials

Real estate investments & services

5,574

0.43

Bristol-Myers Squibb

USA

Health Care

Pharmaceuticals & biotechnology

5,532

0.43

Invinity Energy Systems

UK

Oil & Gas

Alternative Energy

5,501

0.43

Zigup

UK

Industrials

Support services

5,427

0.42

Workspace Group

UK

Financials

Real estate investment trusts

5,346

0.42

Inchcape

UK

Industrials

Support services

5,194

0.40

Mondi

UK

Basic Materials

Forestry & paper

5,118

0.40

Air Products and Chemicals

Canada

Oil & Gas

Oil & gas producers

5,068

0.39

Ilika

UK

Oil & Gas

Alternative Energy

5,021

0.39

Oxford Sciences Innovation

UKULM

Financials

Financial services

5,000

0.39

Segro

UK

Financials

Real estate investment trusts

4,916

0.38

Croda

UK

Basic Materials

Chemicals

4,730

0.37

Roche

Switzerland

Health Care

Pharmaceuticals & biotechnology

4,707

0.37

Halfords

UK

Consumer Services

General retailers

4,656

0.36

Easyjet

UK

Industrials

Aerospace & defence

4,639

0.36

Rathbones Group

UK

Financials

Equity investment instruments

4,560

0.36

Castings

UK

Industrials

Construction & materials

4,148

0.32

Vertu Motors

UK

Consumer Services

General retailers

4,103

0.32

Bellway

UK

Consumer Goods

Household goods & home construction

4,049

0.32

TT Electronics

UK

Industrials

Electronic & electrical equipment

3,864

0.30

Reach

UK

Consumer Services

Media

3,838

0.30

Sanofi

France

Health Care

Pharmaceuticals & biotechnology

3,807

0.30

Serica Energy

UK

Oil & Gas

Oil & gas producers

3,455

0.27

Tate & Lyle

UK

Consumer Goods

Food producers

3,372

0.26

Gelion

UK

Other

Sustainable Energy

3,372

0.26

Next Fifteen Communications Group

UK

Consumer Services

Media

3,265

0.25

Safran

France

Industrials

Aerospace & defence

3,213

0.25

Munchener Rueckver

Germany

Financials

Nonlife insurance

3,181

0.25

Siemens

Germany

Technology

Software & computer services

3,173

0.25

Valterra Platinum

Other

Basic Materials

Mining

2,984

0.23

SAP

Germany

Technology

Software & computer services

2,909

0.23

XP Power

UK

Technology

Technology hardware & equipment

2,571

0.20

Seascape Energy Asia

UK

Oil & Gas

Oil & gas producers

2,370

0.18

Deutsche Boerse

Germany

Financials

Financial services

2,338

0.18

ASML

Netherlands

Technology

Technology hardware & equipment

2,331

0.18

Jubilee Metals Group

UK

Basic Materials

Mining

2,300

0.18

Surface Transforms

UK

Consumer Goods

Automobiles & parts

2,114

0.16

Watkin Jones

UK

Consumer Goods

Household goods & home construction

2,108

0.16

Windar Photonics

UK

Industrials

Waste & Environ Svcs & Equip

2,030

0.16

SGS

Switzerland

Industrials

Support services

1,789

0.14

Renishaw

UK

Technology

Technology hardware & equipment

1,785

0.14

Grit Real Estate Income Group

Guernsey

Financials

Real estate investment trusts

1,510

0.12

Marstons

UK

Consumer Services

Travel & leisure

1,444

0.11

Hercules Site Services

UK

Industrials

Construction & materials

1,414

0.11

Nestle

Switzerland

Consumer Goods

Food producers

1,343

0.10

Kone

Finland

Industrials

Electronic & electrical equipment

1,131

0.09

Arbuthnot Banking Group

UK

Financials

Financial services

1,094

0.09

ASM International

Netherlands

Industrials

Electronic & electrical equipment

984

0.08

DSM-Firmenich

Netherlands

Basic Materials

Chemicals

949

0.07

Logistics Development Group

UK

Industrials

Industrial transportation

889

0.07

First Tin

UK

Basic Materials

Mining

780

0.06

Carclo

UK

Basic Materials

Chemicals

722

0.06

Kistos

UK

Oil & Gas

Oil & gas producers

698

0.05

Gran Tierra Energy

Canada

Oil & Gas

Oil & gas producers

475

0.04

Ampeak Energy

UK

Utilities

Electricity

416

0.03

Indus Gas

UK

Oil & Gas

Oil & gas producers

167

0.01

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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END
 
 
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Related Shares:

Law Debenture
FTSE 100 Latest
Value9,479.14
Change-12.11