REG - Law Debenture Corp - Net Asset Value(s)
01/04/2025 15:15
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RNS Number : 2002D Law Debenture Corp PLC 01 April 2025
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 business(1)
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 Return(3) 4.5 10.5 23.3 76.5 81.7
Share price total return(3) -0.5 14.8 22.7 131.9 149.5
Change in Retail Price Index(4) 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 % of portfolio
31 March 2025 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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