The Law Debenture Corporation p.l.c.
Net Asset Value as at 31 December 2024
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 December 2024 was 842.00 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 874.14 pence per share (cum income). The mid-market price at the close of business on 31 December 2024 was 893.00 pence per share.
| Net Asset Value | Excluding Income (pence) | Including Income (pence) |
| NAV with debt at par | 841.81 | 842.00 |
| NAV with debt at fair value | 873.96 | 874.14 |
Performance
| | YTD % | 1 year % | 3 years % | 5 years % | 10 years % |
| NAV total return (with debt at par)2 | 13.5 | 13.5 | 14.7 | 43.8 | 119.1 |
| NAV total return (with debt at fair value)2 | 13.8 | 13.8 | 24.8 | 56.4 | 133.6 |
| FTSE Actuaries All-Share Index Total Return3 | 9.5 | 9.5 | 18.5 | 26.5 | 81.9 |
| Share price total return3 | 15.9 | 15.9 | 25.8 | 72.4 | 147.5 |
| Change in Retail Price Index4 | 3.1 | 3.6 | 23.0 | 33.9 | 51.8 |
1 The fair value of the IPS business has been calculated as at 30 June 2024.
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, November 2024.
Geographical Split of investment portfolio
| Region | % of portfolio 31 December 2024 | % of portfolio 31 December 2023 |
| UK | 87.6 | 88.2 |
| Europe | 5.5 | 7.4 |
| North America | 5.6 | 3.2 |
| Japan | 1.3 | 1.2 |
| Other | 0 | 0 |
| Other Pacific | 0 | 0 |
| TOTAL | 100 | 100 |
Full Portfolio Listing
As at 31 December 2024 the full holdings of the portfolio comprised of the following:
| Holding Name | Location | Sector | Industry | £000 | % |
| Flutter Entertainment | UK | Consumer Services | Travel & leisure | 39,368 | 3.77 |
| HSBC | UK | Financials | Banks | 34,055 | 3.26 |
| Barclays | UK | Financials | Banks | 31,105 | 2.98 |
| Shell | UK | Oil & Gas | Oil & gas producers | 30,950 | 2.96 |
| Rolls Royce | UK | Industrials | Aerospace & defence | 23,881 | 2.28 |
| BP | UK | Oil & Gas | Oil & gas producers | 22,398 | 2.14 |
| GlaxoSmithKline | UK | Health Care | Pharmaceuticals & biotechnology | 22,074 | 2.12 |
| Standard Chartered | UK | Financials | Banks | 18,642 | 1.79 |
| Tesco | UK | Consumer Goods | Food & Drug Retailers | 18,609 | 1.79 |
| Rio Tinto | UK | Basic Materials | Mining | 17,711 | 1.70 |
| National Grid | UK | Utilities | Gas, water & multiutilities | 16,051 | 1.54 |
| Marks & Spencer | UK | Consumer Services | General retailers | 15,020 | 1.44 |
| J Sainsbury plc | UK | Consumer Services | General retailers | 14,638 | 1.40 |
| Herald Investment Trust | UK | Financials | Equity investment instruments | 14,550 | 1.40 |
| Senior | UK | Industrials | Aerospace & defence | 14,415 | 1.38 |
| BT Group | UK | Telecommunications | Fixed Line Telecommunications | 14,045 | 1.35 |
| Toyota Motor Corporation | Japan | Consumer Goods | Automobiles & parts | 13,190 | 1.27 |
| Cummins | USA | Industrials | Industrial engineering | 13,093 | 1.26 |
| NatWest | UK | Financials | Banks | 13,068 | 1.25 |
| Anglo American | UK | Basic Materials | Mining | 13,002 | 1.25 |
| Kier | UK | Industrials | Construction & materials | 12,799 | 1.23 |
| Boku | UK | Industrials | Support services | 12,585 | 1.21 |
| Balfour Beatty | UK | Industrials | Construction & materials | 12,572 | 1.21 |
| IMI | UK | Industrials | Industrial engineering | 12,519 | 1.20 |
| Marshalls | UK | Industrials | Construction & materials | 12,483 | 1.20 |
| Hill & Smith | UK | Industrials | Industrial engineering | 12,420 | 1.19 |
| Aviva | UK | Financials | Life insurance/assurance | 12,058 | 1.16 |
| M & G | UK | Financials | Financial services | 11,859 | 1.14 |
| Cranswick | UK | Consumer Goods | Food producers | 11,590 | 1.11 |
| Morgan Advanced Materials | UK | Industrials | Electronic & electrical equipment | 11,560 | 1.11 |
| Land Securities | UK | Financials | Real estate investment trusts | 11,526 | 1.11 |
| Kingfisher | UK | Consumer Goods | Household goods & home construction | 11,310 | 1.09 |
| Shaftesbury Capital PLC | UK | Financials | Real estate investment trusts | 11,295 | 1.08 |
| Irish Continental Group | Ireland | Consumer Services | Travel & leisure | 11,151 | 1.07 |
| Severn Trent | UK | Utilities | Gas, water & multiutilities | 10,910 | 1.05 |
| BAE Systems | UK | Industrials | Aerospace & defence | 10,906 | 1.05 |
| ITV | UK | Consumer Services | Media | 10,856 | 1.04 |
| International Consolidated Airlines | UK | Consumer Services | Travel & leisure | 10,378 | 1.00 |
| Ibstock | UK | Industrials | Construction & materials | 9,938 | 0.95 |
| Hiscox | UK | Financials | Nonlife insurance | 9,778 | 0.94 |
| Prudential Corp | UK | Financials | Life insurance/assurance | 9,769 | 0.94 |
| Babcock | UK | Industrials | Aerospace & defence | 9,635 | 0.92 |
| Scottish Oriental Small Co | UK | Financials | Equity investment instruments | 9,443 | 0.91 |
| Schroders PLC | UK | Financials | Equity investment instruments | 9,194 | 0.88 |
| Johnson Service Group | UK | Industrials | Support services | 8,922 | 0.86 |
| Dunelm | UK | Consumer Services | General retailers | 8,848 | 0.85 |
| Dowlais Group plc | UK | Consumer Goods | Automobiles & parts | 8,762 | 0.84 |
| IP Group | UK | Financials | Financial services | 8,539 | 0.82 |
| Ceres Power | UK | Oil & Gas | Oil equipment services & distribution | 8,319 | 0.80 |
| Smith & Nephew | UK | Health Care | Health care equipment & services | 8,126 | 0.78 |
| General Motors | USA | Consumer Goods | Automobiles & parts | 8,088 | 0.78 |
| Oxford Nanopore Technologies | UK | Technology | Advanced Medical Equipment & Technology | 7,943 | 0.76 |
| Whitbread PLC | Canada | Consumer Services | Travel & leisure | 7,660 | 0.74 |
| Haleon | UK | Health Care | Pharmaceuticals & biotechnology | 7,548 | 0.72 |
| Hammerson | UK | Financials | Real estate investment trusts | 7,518 | 0.72 |
| Vodafone | UK | Telecommunications | Mobile telecommunications | 7,511 | 0.72 |
| Bristol-Myers Squibb | USA | Health Care | Pharmaceuticals & biotechnology | 7,462 | 0.72 |
| Phoenix Group Holdings | UK | Financials | Life insurance/assurance | 7,126 | 0.68 |
| AFC Energy | UK | Oil & Gas | Alternative Energy | 7,120 | 0.68 |
| WPP LLP | UK | Consumer Services | Media | 7,033 | 0.67 |
| Beazley PLC (UK) | UK | Financials | Nonlife insurance | 6,940 | 0.67 |
| VH Global Sustainable Energy Opportunities | UK | Other | Sustainable Energy | 6,760 | 0.65 |
| Johnson Matthey | UK | Other | Sustainable Energy | 6,700 | 0.64 |
| International Personal Finance | UK | Financials | Financial services | 6,695 | 0.64 |
| Weir Group | UK | Industrials | Industrial engineering | 6,552 | 0.63 |
| Elementis | UK | Basic Materials | Chemicals | 6,539 | 0.63 |
| Gibson Energy | Canada | Oil & Gas | Oil & gas producers | 6,329 | 0.61 |
| Sabre Insurance Group PLC | UK | Financials | Nonlife insurance | 6,210 | 0.60 |
| Freeport-McMoran Inc | USA | Basic Materials | Mining | 6,089 | 0.58 |
| Spectris | UK | Industrials | Electronic & electrical equipment | 5,952 | 0.57 |
| Air Products and Chemicals | Canada | Oil & Gas | Oil & gas producers | 5,797 | 0.56 |
| Chesnara | UK | Financials | Life insurance/assurance | 5,520 | 0.53 |
| Lloyds Banking Group | UK | Financials | Banks | 5,478 | 0.53 |
| Inchcape | UK | Industrials | Support services | 5,002 | 0.48 |
| Workspace Group PLC | UK | Financials | Real estate investment trusts | 4,910 | 0.47 |
| Reach | UK | Consumer Services | Media | 4,814 | 0.46 |
| SSE | UK | Utilities | Electricity | 4,812 | 0.46 |
| Oxford Sciences Innovation | UKULM | Financials | Financial services | 4,767 | 0.46 |
| Epwin Group | UK | Consumer Goods | Household goods & home construction | 4,717 | 0.45 |
| SigmaRoc | UK | Industrials | Construction & materials | 4,592 | 0.44 |
| Centrica | UK | Utilities | Gas, water & multiutilities | 4,409 | 0.42 |
| Accsys Technologies | UK | Industrials | Construction & materials | 4,327 | 0.42 |
| Halfords | UK | Consumer Services | General retailers | 4,265 | 0.41 |
| Castings | UK | Industrials | Construction & materials | 4,021 | 0.39 |
| Vertu Motors | UK | Consumer Services | General retailers | 3,977 | 0.38 |
| Next Fifteen Communications Group | UK | Consumer Services | Media | 3,930 | 0.38 |
| Zigup | UK | Industrials | Support services | 3,753 | 0.36 |
| Bellway | UK | Consumer Goods | Household goods & home construction | 3,738 | 0.36 |
| TT Electronics | UK | Industrials | Electronic & electrical equipment | 3,556 | 0.34 |
| XP Power Ltd | UK | Technology | Technology hardware & equipment | 3,520 | 0.34 |
| Ricardo | UK | Industrials | Support services | 3,503 | 0.34 |
| Croda | UK | Basic Materials | Chemicals | 3,384 | 0.32 |
| Convatec Group | UK | Health Care | Health care equipment & services | 3,318 | 0.32 |
| Ondine Biomedical Inc. | Canada | Health Care | Pharmaceuticals & biotechnology | 3,234 | 0.31 |
| Grit Real Estate Income Group | Guernsey | Financials | Real estate investment trusts | 3,020 | 0.29 |
| Vanquis Banking Group | UK | Financials | Financial services | 2,985 | 0.29 |
| ITM Power | UK | Oil & Gas | Oil equipment services & distribution | 2,944 | 0.28 |
| Renold | UK | Industrials | Industrial engineering | 2,924 | 0.28 |
| SAP | Germany | Technology | Software & computer services | 2,857 | 0.27 |
| Munchener Rueckver | Germany | Financials | Nonlife insurance | 2,699 | 0.26 |
| Novo Nordisk | Denmark | Health Care | Pharmaceuticals & biotechnology | 2,561 | 0.25 |
| UniCredit | Italy | Financials | Banks | 2,560 | 0.25 |
| Invinity Energy Systems | UK | Oil & Gas | Alternative Energy | 2,510 | 0.24 |
| Siemens AG | Germany | Technology | Software & computer services | 2,479 | 0.24 |
| DVS A/S | Denmark | Industrials | Industrial transportation | 2,375 | 0.23 |
| Serica Energy | UK | Oil & Gas | Oil & gas producers | 2,366 | 0.23 |
| Sanofi | France | Health Care | Pharmaceuticals & biotechnology | 2,359 | 0.23 |
| Deutsche Boerse | Germany | Financials | Financial services | 2,157 | 0.21 |
| Safran SA | France | Industrials | Aerospace & defence | 2,152 | 0.21 |
| Roche | Switzerland | Health Care | Pharmaceuticals & biotechnology | 2,113 | 0.20 |
| Jubilee Metals Group | UK | Basic Materials | Mining | 2,040 | 0.20 |
| Windar Photonics Plc | UK | Industrials | Waste & Environ Svcs & Equip | 1,996 | 0.19 |
| Gelion | UK | Other | Sustainable Energy | 1,985 | 0.19 |
| SGS SA | Switzerland | Industrials | Support services | 1,859 | 0.18 |
| ASML | Netherlands | Technology | Technology hardware & equipment | 1,813 | 0.17 |
| Great Portland Estates | UK | Financials | Real estate investments & services | 1,722 | 0.17 |
| Bawag | Austria | Financials | Banks | 1,711 | 0.16 |
| Cellnex Telecom | Spain | Telecommunications | Mobile telecommunications | 1,664 | 0.16 |
| Marstons | UK | Consumer Services | Travel & leisure | 1,619 | 0.16 |
| Hercules Site Services Plc | UK | Industrials | Construction & materials | 1,576 | 0.15 |
| LVMH | France | Consumer Goods | Leisure Goods | 1,486 | 0.14 |
| Anheuser-Busch InBev | Belgium | Consumer Goods | Beverages | 1,422 | 0.14 |
| Infineon Technologies AG | Germany | Industrials | Electronic & electrical equipment | 1,389 | 0.13 |
| Danone SA | France | Consumer Goods | Food producers | 1,316 | 0.13 |
| Nestle | Switzerland | Consumer Goods | Food producers | 1,297 | 0.12 |
| Watkin Jones | UK | Consumer Goods | Household goods & home construction | 1,225 | 0.12 |
| DSM-Firmenich AG | Netherlands | Basic Materials | Chemicals | 1,214 | 0.12 |
| Aena SME | Spain | Consumer Services | Travel & leisure | 1,051 | 0.10 |
| Arbuthnot Banking Group | UK | Financials | Financial services | 1,039 | 0.10 |
| ASM International NV | Netherlands | Industrials | Electronic & electrical equipment | 1,020 | 0.10 |
| Ilika | UK | Oil & Gas | Alternative Energy | 963 | 0.09 |
| Logistics Development Group | UK | Industrials | Industrial transportation | 956 | 0.09 |
| Syensqo SA | Belgium | Basic Materials | Chemicals | 876 | 0.08 |
| Kone Oyj | Finland | Industrials | Electronic & electrical equipment | 870 | 0.08 |
| Gran Tierra Energy Inc | Canada | Oil & Gas | Oil & gas producers | 861 | 0.08 |
| First Tin | UK | Basic Materials | Mining | 660 | 0.06 |
| Longboat Energy | UK | Oil & Gas | Oil & gas producers | 510 | 0.05 |
| Kistos | UK | Oil & Gas | Oil & gas producers | 468 | 0.04 |
| Surface Transforms | UK | Consumer Goods | Automobiles & parts | 381 | 0.04 |
| SIMEC Atlantis Energy | UK | Utilities | Electricity | 307 | 0.03 |
| Carclo | UK | Basic Materials | Chemicals | 294 | 0.03 |
| Indus Gas | UK | Oil & Gas | Oil & gas producers | 144 | 0.01 |
| LDIC Investments | UK | Financials | Financial services | 100 | 0.01 |
| Deltic Energy | UK | Oil & Gas | Oil & gas producers | 82 | 0.01 |
| Better Cap | UK | Financials | Equity investment instruments | 25 |
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| Allied Minds | UK | Financials | Financial services |
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| Saietta Group | UK | Consumer Goods | Automobiles & parts |
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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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