1st Oct 2025 15:57
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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