The Law Debenture Corporation p.l.c.
Net Asset Value as at 31 March 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 March 2025 was 832.89 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 867.88 pence per share (cum income). The mid-market price at the close of business on 31 March 2025 was 879.00 pence per share.
| Net Asset Value | Excluding Income (pence) | Including Income (pence) |
| NAV with debt at par | 824.50 | 832.89 |
| NAV with debt at fair value | 859.49 | 867.88 |
Performance
| | YTD % | 1 year % | 3 years % | 5 years % | 10 years % |
| NAV total return (with debt at par)2 | 0.2 | 7.9 | 15.4 | 97.3 | 108.7 |
| NAV total return (with debt at fair value)2 | 0.6 | 8.6 | 23.1 | 116.5 | 123.8 |
| FTSE Actuaries All-Share Index Total Return3 | 4.5 | 10.5 | 23.3 | 76.5 | 81.7 |
| Share price total return3 | -0.5 | 14.8 | 22.7 | 131.9 | 149.5 |
| Change in Retail Price Index4 | 0.5 | 3.4 | 21.8 | 34.7 | 53.2 |
1 The fair value of the IPS business has been calculated as at 31 December 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, February 2025.
Geographical Split of investment portfolio
| Region | % of portfolio 31 March 2025 | % of portfolio 31 December 2024 |
| UK | 88.4 | 87.6 |
| Europe | 5.4 | 5.5 |
| North America | 5.1 | 5.6 |
| Japan | 1.1 | 1.3 |
| Other | 0 | 0 |
| Other Pacific | 0 | 0 |
| TOTAL | 100 | 100 |
Full Portfolio Listing
As at 31 March 2025 the full holdings of the portfolio comprised of the following:
| Holding Name | Location | Sector | Industry | £000 | % |
| HSBC | UK | Financials | Banks | 37,898 | 3.61 |
| Shell | UK | Oil & Gas | Oil & gas producers | 35,294 | 3.36 |
| Barclays | UK | Financials | Banks | 33,385 | 3.19 |
| Rolls Royce | UK | Industrials | Aerospace & defence | 26,589 | 2.54 |
| BP | UK | Oil & Gas | Oil & gas producers | 24,858 | 2.37 |
| GlaxoSmithKline | UK | Health Care | Pharmaceuticals & biotechnology | 23,977 | 2.29 |
| Flutter Entertainment | UK | Consumer Services | Travel & leisure | 23,730 | 2.27 |
| Standard Chartered | UK | Financials | Banks | 21,478 | 2.05 |
| Rio Tinto | UK | Basic Materials | Mining | 17,199 | 1.64 |
| National Grid | UK | Utilities | Gas, water & multiutilities | 17,062 | 1.63 |
| Tesco | UK | Consumer Goods | Food & Drug Retailers | 16,790 | 1.60 |
| BT Group | UK | Telecommunications | Fixed Line Telecommunications | 16,151 | 1.54 |
| BAE Systems | UK | Industrials | Aerospace & defence | 14,815 | 1.42 |
| Aviva | UK | Financials | Life insurance/assurance | 14,278 | 1.36 |
| Marks & Spencer | UK | Consumer Services | General retailers | 14,208 | 1.36 |
| Kingfisher | UK | Consumer Goods | Household goods & home construction | 14,051 | 1.34 |
| Babcock | UK | Industrials | Aerospace & defence | 13,951 | 1.33 |
| Senior | UK | Industrials | Aerospace & defence | 13,421 | 1.28 |
| IMI | UK | Industrials | Industrial engineering | 12,973 | 1.24 |
| NatWest | UK | Financials | Banks | 12,876 | 1.23 |
| Boku | UK | Industrials | Support services | 12,786 | 1.22 |
| Prudential | UK | Financials | Life insurance/assurance | 12,674 | 1.21 |
| J Sainsbury | UK | Consumer Services | General retailers | 12,573 | 1.20 |
| Lloyds Banking Group | UK | Financials | Banks | 12,254 | 1.17 |
| Balfour Beatty | UK | Industrials | Construction & materials | 11,997 | 1.15 |
| Land Securities | UK | Financials | Real estate investment trusts | 11,955 | 1.14 |
| M & G | UK | Financials | Financial services | 11,910 | 1.14 |
| Anglo American | UK | Basic Materials | Mining | 11,795 | 1.13 |
| Cranswick | UK | Consumer Goods | Food producers | 11,721 | 1.12 |
| Herald Investment Trust | UK | Financials | Equity investment instruments | 11,712 | 1.12 |
| ITV | UK | Consumer Services | Media | 11,630 | 1.11 |
| Hill & Smith | UK | Industrials | Industrial engineering | 11,621 | 1.11 |
| Irish Continental Group | Ireland | Consumer Services | Travel & leisure | 11,592 | 1.11 |
| Cummins | USA | Industrials | Industrial engineering | 11,404 | 1.09 |
| Shaftesbury Capital | UK | Financials | Real estate investment trusts | 11,232 | 1.07 |
| Toyota Motor Corporation | Japan | Consumer Goods | Automobiles & parts | 11,138 | 1.06 |
| Severn Trent | UK | Utilities | Gas, water & multiutilities | 11,010 | 1.05 |
| Kier | UK | Industrials | Construction & materials | 10,781 | 1.03 |
| Schroders | UK | Financials | Equity investment instruments | 10,776 | 1.03 |
| Hiscox | UK | Financials | Nonlife insurance | 10,628 | 1.02 |
| Marshalls | UK | Industrials | Construction & materials | 10,421 | 1.00 |
| Ibstock | UK | Industrials | Construction & materials | 9,610 | 0.92 |
| Morgan Advanced Materials | UK | Industrials | Electronic & electrical equipment | 9,034 | 0.86 |
| International Consolidated Airlines | UK | Consumer Services | Travel & leisure | 8,965 | 0.86 |
| Smith & Nephew | UK | Health Care | Health care equipment & services | 8,893 | 0.85 |
| Scottish Oriental Smaller Companies Trust | UK | Financials | Equity investment instruments | 8,814 | 0.84 |
| Johnson Service Group | UK | Industrials | Support services | 8,763 | 0.84 |
| Greencoat UK Wind | UK | Utilities | Electricity | 8,584 | 0.82 |
| Vodafone | UK | Telecommunications | Mobile telecommunications | 8,017 | 0.77 |
| Phoenix Group Holdings | UK | Financials | Life insurance/assurance | 7,994 | 0.76 |
| VH Global Energy Infrastructure | UK | Other | Sustainable Energy | 7,952 | 0.76 |
| Beazley | UK | Financials | Nonlife insurance | 7,880 | 0.75 |
| Haleon | UK | Health Care | Pharmaceuticals & biotechnology | 7,822 | 0.75 |
| Bristol-Myers Squibb | USA | Health Care | Pharmaceuticals & biotechnology | 7,794 | 0.74 |
| International Personal Finance | UK | Financials | Financial services | 7,699 | 0.74 |
| IP Group | UK | Financials | Financial services | 7,662 | 0.73 |
| Dunelm | UK | Consumer Services | General retailers | 7,375 | 0.70 |
| Sabre Insurance Group | UK | Financials | Nonlife insurance | 7,084 | 0.68 |
| Weir Group | UK | Industrials | Industrial engineering | 6,954 | 0.66 |
| General Motors | USA | Consumer Goods | Automobiles & parts | 6,914 | 0.66 |
| Hammerson | UK | Financials | Real estate investment trusts | 6,636 | 0.63 |
| Johnson Matthey | UK | Other | Sustainable Energy | 6,620 | 0.63 |
| Whitbread | Canada | Consumer Services | Travel & leisure | 6,365 | 0.61 |
| Oxford Nanopore Technologies | UK | Technology | Advanced Medical Equipment & Technology | 6,327 | 0.60 |
| Freeport-McMoran | USA | Basic Materials | Mining | 5,860 | 0.56 |
| Elementis | UK | Basic Materials | Chemicals | 5,826 | 0.56 |
| SigmaRoc | UK | Industrials | Construction & materials | 5,747 | 0.55 |
| Chesnara | UK | Financials | Life insurance/assurance | 5,708 | 0.55 |
| Air Products and Chemicals | Canada | Oil & Gas | Oil & gas producers | 5,703 | 0.54 |
| HICL Infrastructure | UK | Financials | Equity investment instruments | 5,610 | 0.54 |
| Gibson Energy | Canada | Oil & Gas | Oil & gas producers | 5,584 | 0.53 |
| Spectris | UK | Industrials | Electronic & electrical equipment | 5,505 | 0.53 |
| Segro | UK | Financials | Real estate investment trusts | 5,180 | 0.49 |
| Inchcape | UK | Industrials | Support services | 5,025 | 0.48 |
| WPP LLP | UK | Consumer Services | Media | 4,939 | 0.47 |
| SSE | UK | Utilities | Electricity | 4,781 | 0.46 |
| Associated British Foods | UK | Consumer Goods | Food producers | 4,774 | 0.46 |
| Oxford Sciences Innovation | UKULM | Financials | Financial services | 4,600 | 0.44 |
| Epwin Group | UK | Consumer Goods | Household goods & home construction | 4,568 | 0.44 |
| Standard Life Aberdeen | UK | Financials | Financial services | 4,253 | 0.41 |
| Accsys Technologies | UK | Industrials | Construction & materials | 4,219 | 0.40 |
| Halfords | UK | Consumer Services | General retailers | 4,168 | 0.40 |
| Zigup | UK | Industrials | Support services | 4,167 | 0.40 |
| Workspace Group | UK | Financials | Real estate investment trusts | 4,150 | 0.40 |
| Reach | UK | Consumer Services | Media | 4,109 | 0.39 |
| Vanquis Banking Group | UK | Financials | Financial services | 3,904 | 0.37 |
| Castings | UK | Industrials | Construction & materials | 3,863 | 0.37 |
| Convatec Group | UK | Health Care | Health care equipment & services | 3,858 | 0.37 |
| AFC Energy | UK | Oil & Gas | Alternative Energy | 3,702 | 0.35 |
| Ondine Biomedical | Canada | Health Care | Pharmaceuticals & biotechnology | 3,614 | 0.35 |
| Vertu Motors | UK | Consumer Services | General retailers | 3,559 | 0.34 |
| Bellway | UK | Consumer Goods | Household goods & home construction | 3,546 | 0.34 |
| Renold | UK | Industrials | Industrial engineering | 3,525 | 0.34 |
| Munchener Rueckver | Germany | Financials | Nonlife insurance | 3,271 | 0.31 |
| SAP | Germany | Technology | Software & computer services | 3,034 | 0.29 |
| Croda | UK | Basic Materials | Chemicals | 2,920 | 0.28 |
| Next Fifteen Communications Group | UK | Consumer Services | Media | 2,875 | 0.27 |
| Siemens | Germany | Technology | Software & computer services | 2,819 | 0.27 |
| TT Electronics | UK | Industrials | Electronic & electrical equipment | 2,742 | 0.26 |
| Deutsche Boerse | Germany | Financials | Financial services | 2,680 | 0.26 |
| Ceres Power | UK | Oil & Gas | Oil equipment services & distribution | 2,617 | 0.25 |
| Sanofi | France | Health Care | Pharmaceuticals & biotechnology | 2,606 | 0.25 |
| Ilika | UK | Oil & Gas | Alternative Energy | 2,526 | 0.24 |
| ITM Power | UK | Oil & Gas | Oil equipment services & distribution | 2,523 | 0.24 |
| Safran | France | Industrials | Aerospace & defence | 2,493 | 0.24 |
| Grit Real Estate Income Group | Guernsey | Financials | Real estate investment trusts | 2,416 | 0.23 |
| Roche | Switzerland | Health Care | Pharmaceuticals & biotechnology | 2,388 | 0.23 |
| Serica Energy | UK | Oil & Gas | Oil & gas producers | 2,343 | 0.22 |
| DVS | Denmark | Industrials | Industrial transportation | 2,093 | 0.20 |
| XP Power | UK | Technology | Technology hardware & equipment | 2,090 | 0.20 |
| Bawag | Austria | Financials | Banks | 2,043 | 0.20 |
| Hercules Site Services | UK | Industrials | Construction & materials | 2,020 | 0.19 |
| Novo Nordisk | Denmark | Health Care | Pharmaceuticals & biotechnology | 1,959 | 0.19 |
| Watkin Jones | UK | Consumer Goods | Household goods & home construction | 1,863 | 0.18 |
| Cellnex Telecom | Spain | Telecommunications | Mobile telecommunications | 1,836 | 0.18 |
| Jubilee Metals Group | UK | Basic Materials | Mining | 1,814 | 0.17 |
| SGS | Switzerland | Industrials | Support services | 1,788 | 0.17 |
| Great Portland Estates | UK | Financials | Real estate investments & services | 1,782 | 0.17 |
| Invinity Energy Systems | UK | Oil & Gas | Alternative Energy | 1,720 | 0.16 |
| Anheuser-Busch InBev | Belgium | Consumer Goods | Beverages | 1,701 | 0.16 |
| ASML | Netherlands | Technology | Technology hardware & equipment | 1,640 | 0.16 |
| Nestle | Switzerland | Consumer Goods | Food producers | 1,539 | 0.15 |
| Danone | France | Consumer Goods | Food producers | 1,457 | 0.14 |
| LVMH | France | Consumer Goods | Leisure Goods | 1,353 | 0.13 |
| Infineon Technologies | Germany | Industrials | Electronic & electrical equipment | 1,350 | 0.13 |
| Windar Photonics | UK | Industrials | Waste & Environ Svcs & Equip | 1,331 | 0.13 |
| Gelion | UK | Other | Sustainable Energy | 1,323 | 0.13 |
| Marstons | UK | Consumer Services | Travel & leisure | 1,253 | 0.12 |
| Aena | Spain | Consumer Services | Travel & leisure | 1,169 | 0.11 |
| DSM-Firmenich | Netherlands | Basic Materials | Chemicals | 1,152 | 0.11 |
| Logistics Development Group | UK | Industrials | Industrial transportation | 1,109 | 0.11 |
| Arbuthnot Banking Group | UK | Financials | Financial services | 1,021 | 0.10 |
| Kone | Finland | Industrials | Electronic & electrical equipment | 951 | 0.09 |
| Seascape Energy Asia | UK | Oil & Gas | Oil & gas producers | 900 | 0.09 |
| ASM International | Netherlands | Industrials | Electronic & electrical equipment | 767 | 0.07 |
| First Tin | UK | Basic Materials | Mining | 690 | 0.07 |
| Kistos | UK | Oil & Gas | Oil & gas producers | 630 | 0.06 |
| Gran Tierra Energy | Canada | Oil & Gas | Oil & gas producers | 559 | 0.05 |
| SIMEC Atlantis Energy | UK | Utilities | Electricity | 379 | 0.04 |
| Carclo | UK | Basic Materials | Chemicals | 289 | 0.03 |
| Surface Transforms | UK | Consumer Goods | Automobiles & parts | 254 | 0.02 |
| LDIC Investments | UK | Financials | Financial services | 88 | 0.01 |
| Indus Gas | UK | Oil & Gas | Oil & gas producers | 87 | 0.01 |
| Deltic Energy | UK | Oil & Gas | Oil & gas producers | 56 | 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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