The Law Debenture Corporation p.l.c.
Net Asset Value as at 30 May 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 May 2025 was 909.66 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 946.44 pence per share (cum income). The mid-market price at the close of business on 30 May 2025 was 962.00 pence per share.
| Net Asset Value | Excluding Income (pence) | Including Income (pence) |
| NAV with debt at par | 891.69 | 909.66 |
| NAV with debt at fair value | 928.47 | 946.44 |
Performance
| | YTD % | 1 year % | 3 years % | 5 years % | 10 years % |
| NAV total return (with debt at par)2 | 9.5 | 10.8 | 27.0 | 93.9 | 122.1 |
| NAV total return (with debt at fair value)2 | 9.7 | 11.2 | 33.3 | 115.7 | 136.9 |
| FTSE Actuaries All-Share Index Total Return3 | 8.6 | 9.4 | 26.8 | 69.0 | 80.7 |
| Share price total return3 | 8.9 | 13.0 | 33.4 | 136.2 | 164.6 |
| Change in Retail Price Index4 | 2.6 | 4.1 | 19.3 | 37.6 | 55.6 |
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, April 2025.
Geographical Split of investment portfolio
| Region | % of portfolio 30 May 2025 | % of portfolio 31 December 2024 |
| UK | 89.1 | 87.6 |
| Europe | 5.4 | 5.5 |
| North America | 4.5 | 5.6 |
| Japan | 1.0 | 1.3 |
| Other | 0 | 0 |
| Other Pacific | 0 | 0 |
| TOTAL | 100 | 100 |
Full Portfolio Listing
As at 30 May 2025 the full holdings of the portfolio comprised of the following:
| Holding Name | Location | Sector | Industry | £000 | % |
| Barclays | UK | Financials | Banks | 37,984 | 3.27 |
| HSBC | UK | Financials | Banks | 37,867 | 3.26 |
| Shell | UK | Oil & Gas | Oil & gas producers | 30,613 | 2.64 |
| Rolls Royce | UK | Industrials | Aerospace & defence | 28,119 | 2.42 |
| Flutter Entertainment | UK | Consumer Services | Travel & leisure | 26,243 | 2.27 |
| GlaxoSmithKline | UK | Health Care | Pharmaceuticals & biotechnology | 24,707 | 2.14 |
| BP | UK | Oil & Gas | Oil & gas producers | 20,503 | 1.77 |
| Tesco | UK | Consumer Goods | Food & Drug Retailers | 19,604 | 1.69 |
| Standard Chartered | UK | Financials | Banks | 17,784 | 1.54 |
| National Grid | UK | Utilities | Gas, water & multiutilities | 17,688 | 1.53 |
| Rio Tinto | UK | Basic Materials | Mining | 16,508 | 1.43 |
| Aviva | UK | Financials | Life insurance/assurance | 15,708 | 1.36 |
| BT Group | UK | Telecommunications | Fixed Line Telecommunications | 15,698 | 1.36 |
| Kingfisher | UK | Consumer Goods | Household goods & home construction | 15,405 | 1.33 |
| Senior | UK | Industrials | Aerospace & defence | 15,318 | 1.32 |
| J Sainsbury | UK | Consumer Services | General retailers | 15,269 | 1.32 |
| Boku | UK | Industrials | Support services | 14,969 | 1.29 |
| NatWest | UK | Financials | Banks | 14,928 | 1.29 |
| Lloyds Banking Group | UK | Financials | Banks | 14,668 | 1.27 |
| Kier | UK | Industrials | Construction & materials | 14,542 | 1.26 |
| BAE Systems | UK | Industrials | Aerospace & defence | 14,261 | 1.23 |
| M & G | UK | Financials | Financial services | 14,196 | 1.23 |
| Balfour Beatty | UK | Industrials | Construction & materials | 13,816 | 1.19 |
| Land Securities | UK | Financials | Real estate investment trusts | 13,748 | 1.19 |
| IMI | UK | Industrials | Industrial engineering | 13,668 | 1.18 |
| Shaftesbury Capital | UK | Financials | Real estate investment trusts | 13,607 | 1.18 |
| Marks & Spencer | UK | Consumer Services | General retailers | 13,097 | 1.13 |
| Herald Investment Trust | UK | Financials | Equity investment instruments | 12,960 | 1.12 |
| Prudential | UK | Financials | Life insurance/assurance | 12,959 | 1.12 |
| Cranswick | UK | Consumer Goods | Food producers | 12,689 | 1.10 |
| Hill & Smith | UK | Industrials | Industrial engineering | 12,314 | 1.06 |
| Anglo American | UK | Basic Materials | Mining | 12,128 | 1.05 |
| Babcock | UK | Industrials | Aerospace & defence | 11,952 | 1.03 |
| Marshalls | UK | Industrials | Construction & materials | 11,888 | 1.03 |
| Severn Trent | UK | Utilities | Gas, water & multiutilities | 11,758 | 1.02 |
| Toyota Motor Corporation | Japan | Consumer Goods | Automobiles & parts | 11,743 | 1.02 |
| ITV | UK | Consumer Services | Media | 11,498 | 0.99 |
| Irish Continental Group | Ireland | Consumer Services | Travel & leisure | 11,450 | 0.99 |
| Hiscox | UK | Financials | Nonlife insurance | 11,406 | 0.99 |
| Greencoat UK Wind | UK | Utilities | Electricity | 11,320 | 0.98 |
| International Consolidated Airlines | UK | Consumer Services | Travel & leisure | 11,210 | 0.97 |
| Cummins | USA | Industrials | Industrial engineering | 11,209 | 0.97 |
| Johnson Matthey | UK | Other | Sustainable Energy | 11,161 | 0.96 |
| Ibstock | UK | Industrials | Construction & materials | 11,056 | 0.96 |
| Schroders | UK | Financials | Financial services | 11,011 | 0.95 |
| Dunelm | UK | Consumer Services | General retailers | 9,894 | 0.86 |
| Johnson Service Group | UK | Industrials | Support services | 9,791 | 0.85 |
| VH Global Energy Infrastructure | UK | Other | Sustainable Energy | 9,436 | 0.82 |
| Morgan Advanced Materials | UK | Industrials | Electronic & electrical equipment | 9,434 | 0.82 |
| Scottish Oriental Smaller Companies Trust | UK | Financials | Equity investment instruments | 9,097 | 0.79 |
| Hammerson | UK | Financials | Real estate investment trusts | 9,018 | 0.78 |
| Phoenix Group Holdings | UK | Financials | Life insurance/assurance | 8,876 | 0.77 |
| Associated British Foods | UK | Consumer Goods | Food producers | 8,853 | 0.77 |
| Smith & Nephew | UK | Health Care | Health care equipment & services | 8,811 | 0.76 |
| Reckitt Benckiser Group | UK | Health Care | Health care equipment & services | 8,803 | 0.76 |
| Vodafone | UK | Telecommunications | Mobile telecommunications | 8,455 | 0.73 |
| IP Group | UK | Financials | Financial services | 8,426 | 0.73 |
| International Personal Finance | UK | Financials | Financial services | 8,312 | 0.72 |
| Haleon | UK | Health Care | Pharmaceuticals & biotechnology | 8,278 | 0.72 |
| HICL Infrastructure | UK | Financials | Equity investment instruments | 8,120 | 0.70 |
| Beazley | UK | Financials | Nonlife insurance | 8,016 | 0.69 |
| Oxford Nanopore Technologies | UK | Technology | Advanced Medical Equipment & Technology | 7,639 | 0.66 |
| Sabre Insurance Group | UK | Financials | Nonlife insurance | 7,579 | 0.66 |
| Whitbread | Canada | Consumer Services | Travel & leisure | 7,522 | 0.65 |
| Weir Group | UK | Industrials | Industrial engineering | 7,278 | 0.63 |
| SSE | UK | Utilities | Electricity | 7,044 | 0.61 |
| General Motors | USA | Consumer Goods | Automobiles & parts | 6,998 | 0.61 |
| SigmaRoc | UK | Industrials | Construction & materials | 6,850 | 0.59 |
| Renold | UK | Industrials | Industrial engineering | 6,676 | 0.58 |
| Elementis | UK | Basic Materials | Chemicals | 6,439 | 0.56 |
| Standard Life Aberdeen | UK | Financials | Financial services | 6,073 | 0.53 |
| Great Portland Estates | UK | Financials | Real estate investments & services | 5,924 | 0.51 |
| Bristol-Myers Squibb | USA | Health Care | Pharmaceuticals & biotechnology | 5,916 | 0.51 |
| Vanquis Banking Group | UK | Financials | Financial services | 5,897 | 0.51 |
| Infineon Technologies | Germany | Industrials | Electronic & electrical equipment | 5,896 | 0.51 |
| Chesnara | UK | Financials | Life insurance/assurance | 5,885 | 0.51 |
| Accsys Technologies | UK | Industrials | Construction & materials | 5,809 | 0.50 |
| Freeport-McMoran | USA | Basic Materials | Mining | 5,716 | 0.49 |
| Gibson Energy | Canada | Oil & Gas | Oil & gas producers | 5,702 | 0.49 |
| AFC Energy | UK | Oil & Gas | Alternative Energy | 5,620 | 0.49 |
| Halfords | UK | Consumer Services | General retailers | 5,457 | 0.47 |
| ITM Power | UK | Oil & Gas | Oil equipment services & distribution | 5,311 | 0.46 |
| Segro | UK | Financials | Real estate investment trusts | 5,225 | 0.45 |
| Air Products and Chemicals | Canada | Oil & Gas | Oil & gas producers | 5,176 | 0.45 |
| Inchcape | UK | Industrials | Support services | 5,104 | 0.44 |
| Epwin Group | UK | Consumer Goods | Household goods & home construction | 4,954 | 0.43 |
| Zigup | UK | Industrials | Support services | 4,925 | 0.43 |
| Workspace Group | UK | Financials | Real estate investment trusts | 4,799 | 0.41 |
| Spectris | UK | Industrials | Electronic & electrical equipment | 4,760 | 0.41 |
| Roche | Switzerland | Health Care | Pharmaceuticals & biotechnology | 4,649 | 0.40 |
| Oxford Sciences Innovation | UKULM | Financials | Financial services | 4,533 | 0.39 |
| Bellway | UK | Consumer Goods | Household goods & home construction | 4,472 | 0.39 |
| Vertu Motors | UK | Consumer Services | General retailers | 4,402 | 0.38 |
| Reach | UK | Consumer Services | Media | 4,381 | 0.38 |
| Convatec Group | UK | Health Care | Health care equipment & services | 4,344 | 0.38 |
| Castings | UK | Industrials | Construction & materials | 4,132 | 0.36 |
| Rathbones Group | UK | Financials | Equity investment instruments | 4,120 | 0.36 |
| Sanofi | France | Health Care | Pharmaceuticals & biotechnology | 4,097 | 0.35 |
| Invinity Energy Systems | UK | Oil & Gas | Alternative Energy | 4,060 | 0.35 |
| Ceres Power | UK | Oil & Gas | Oil equipment services & distribution | 3,900 | 0.34 |
| Ilika | UK | Oil & Gas | Alternative Energy | 3,419 | 0.30 |
| SAP | Germany | Technology | Software & computer services | 3,286 | 0.28 |
| Munchener Rueckver | Germany | Financials | Nonlife insurance | 3,220 | 0.28 |
| TT Electronics | UK | Industrials | Electronic & electrical equipment | 3,163 | 0.27 |
| Croda | UK | Basic Materials | Chemicals | 3,068 | 0.27 |
| Ondine Biomedical | Canada | Health Care | Pharmaceuticals & biotechnology | 3,043 | 0.26 |
| Easyjet | UK | Industrials | Aerospace & defence | 2,879 | 0.25 |
| Siemens | Germany | Technology | Software & computer services | 2,850 | 0.25 |
| Deutsche Boerse | Germany | Financials | Financial services | 2,802 | 0.24 |
| Jubilee Metals Group | UK | Basic Materials | Mining | 2,760 | 0.24 |
| Next Fifteen Communications Group | UK | Consumer Services | Media | 2,740 | 0.24 |
| Safran | France | Industrials | Aerospace & defence | 2,711 | 0.23 |
| Serica Energy | UK | Oil & Gas | Oil & gas producers | 2,681 | 0.23 |
| DVS | Denmark | Industrials | Industrial transportation | 2,462 | 0.21 |
| Bawag | Austria | Financials | Banks | 2,368 | 0.20 |
| Gelion | UK | Other | Sustainable Energy | 2,146 | 0.19 |
| XP Power | UK | Technology | Technology hardware & equipment | 2,128 | 0.18 |
| Grit Real Estate Income Group | Guernsey | Financials | Real estate investment trusts | 1,963 | 0.17 |
| Hercules Site Services | UK | Industrials | Construction & materials | 1,899 | 0.16 |
| Anheuser-Busch InBev | Belgium | Consumer Goods | Beverages | 1,863 | 0.16 |
| SGS | Switzerland | Industrials | Support services | 1,800 | 0.16 |
| ASML | Netherlands | Technology | Technology hardware & equipment | 1,782 | 0.15 |
| Watkin Jones | UK | Consumer Goods | Household goods & home construction | 1,755 | 0.15 |
| Windar Photonics | UK | Industrials | Waste & Environ Svcs & Equip | 1,570 | 0.14 |
| Danone | France | Consumer Goods | Food producers | 1,562 | 0.14 |
| Nestle | Switzerland | Consumer Goods | Food producers | 1,559 | 0.13 |
| Marstons | UK | Consumer Services | Travel & leisure | 1,542 | 0.13 |
| Aena | Spain | Consumer Services | Travel & leisure | 1,287 | 0.11 |
| DSM-Firmenich | Netherlands | Basic Materials | Chemicals | 1,247 | 0.11 |
| LVMH | France | Consumer Goods | Leisure Goods | 1,140 | 0.10 |
| Arbuthnot Banking Group | UK | Financials | Financial services | 1,100 | 0.10 |
| Seascape Energy Asia | UK | Oil & Gas | Oil & gas producers | 1,080 | 0.09 |
| Kone | Finland | Industrials | Electronic & electrical equipment | 1,035 | 0.09 |
| ASM International | Netherlands | Industrials | Electronic & electrical equipment | 892 | 0.08 |
| Logistics Development Group | UK | Industrials | Industrial transportation | 859 | 0.07 |
| Surface Transforms | UK | Consumer Goods | Automobiles & parts | 846 | 0.07 |
| First Tin | UK | Basic Materials | Mining | 696 | 0.06 |
| Kistos | UK | Oil & Gas | Oil & gas producers | 675 | 0.06 |
| Gran Tierra Energy | Canada | Oil & Gas | Oil & gas producers | 522 | 0.05 |
| Carclo | UK | Basic Materials | Chemicals | 486 | 0.04 |
| SIMEC Atlantis Energy | UK | Utilities | Electricity | 397 | 0.03 |
| LDIC Investments | UK | Financials | Financial services | 88 | 0.01 |
| Indus Gas | UK | Oil & Gas | Oil & gas producers | 81 | 0.01 |
| Deltic Energy | UK | Oil & Gas | Oil & gas producers | 79 | 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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