REG - Law Debenture Corp - Net Asset Value(s)
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RNS Number : 1288H Law Debenture Corp PLC 01 May 2025
The Law Debenture Corporation p.l.c.
Net Asset Value as at 30 April 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 30 April 2025 was 846.72 pence per share (cum income). With the
Corporation's long term debt stated at fair value, the NAV was 881.14 pence
per share (cum income). The mid-market price at the close of business on 30
April 2025 was 893.00 pence per share.
Net Asset Value Excluding Income (pence) Including Income (pence)
NAV with debt at par 833.19 846.72
NAV with debt at fair value 867.61 881.14
Performance
YTD 1 year 3 years 5 years 10 years
% % % % %
NAV total return (with debt at par)(2) 1.9 8.6 18.7 87.0 110.9
NAV total return (with debt at fair value)(2) 2.1 8.8 25.8 108.2 125.2
FTSE Actuaries All-Share Index Total Return(3) 4.2 7.5 22.6 67.9 75.9
Share price total return(3) 1.1 8.7 26.2 119.9 158.8
Change in Retail Price Index(4) 0.8 2.7 22.2 35.1 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,
March 2025.
Geographical Split of investment portfolio
Region % of portfolio % of portfolio
30 April 2025 31 December 2024
UK 88.7 87.6
Europe 5.6 5.5
North America 4.6 5.6
Japan 1.1 1.3
Other 0 0
Other Pacific 0 0
TOTAL 100 100
Full Portfolio Listing
As at 30 April 2025 the full holdings of the portfolio comprised of the
following:
Holding Name Location Sector Industry £000 %
HSBC UK Financials Banks 36,050 3.37
Barclays UK Financials Banks 34,411 3.22
Shell UK Oil & Gas Oil & gas producers 30,500 2.86
Rolls Royce UK Industrials Aerospace & defence 26,774 2.51
Flutter Entertainment UK Consumer Services Travel & leisure 25,130 2.35
GlaxoSmithKline UK Health Care Pharmaceuticals & biotechnology 24,329 2.27
BP UK Oil & Gas Oil & gas producers 19,967 1.86
Tesco UK Consumer Goods Food & Drug Retailers 18,725 1.75
National Grid UK Utilities Gas, water & multiutilities 18,314 1.71
Rio Tinto UK Basic Materials Mining 16,673 1.56
Standard Chartered UK Financials Banks 16,517 1.54
Kingfisher UK Consumer Goods Household goods & home construction 15,905 1.48
Marks & Spencer UK Consumer Services General retailers 15,552 1.45
Babcock UK Industrials Aerospace & defence 15,483 1.44
BT Group UK Telecommunications Fixed Line Telecommunications 15,177 1.42
Aviva UK Financials Life insurance/assurance 14,386 1.34
J Sainsbury UK Consumer Services General retailers 14,252 1.33
Lloyds Banking Group UK Financials Banks 13,919 1.30
NatWest UK Financials Banks 13,623 1.27
BAE Systems UK Industrials Aerospace & defence 13,009 1.21
Boku UK Industrials Support services 12,946 1.21
Land Securities UK Financials Real estate investment trusts 12,868 1.20
Balfour Beatty UK Industrials Construction & materials 12,644 1.18
Shaftesbury Capital UK Financials Real estate investment trusts 12,543 1.17
Kier UK Industrials Construction & materials 12,523 1.17
Senior UK Industrials Aerospace & defence 12,500 1.17
M & G UK Financials Financial services 12,438 1.16
Cranswick UK Consumer Goods Food producers 12,354 1.15
IMI UK Industrials Industrial engineering 12,148 1.13
Prudential UK Financials Life insurance/assurance 12,143 1.13
Severn Trent UK Utilities Gas, water & multiutilities 12,137 1.13
Herald Investment Trust UK Financials Equity investment instruments 12,000 1.12
Marshalls UK Industrials Construction & materials 11,930 1.11
Hill & Smith UK Industrials Industrial engineering 11,901 1.11
Toyota Motor Corporation Japan Consumer Goods Automobiles & parts 11,802 1.10
ITV UK Consumer Services Media 11,793 1.10
Greencoat UK Wind UK Utilities Electricity 11,500 1.07
Irish Continental Group Ireland Consumer Services Travel & leisure 11,408 1.06
Anglo American UK Basic Materials Mining 11,160 1.04
Cummins USA Industrials Industrial engineering 10,357 0.97
Schroders UK Financials Equity investment instruments 10,174 0.95
Ibstock UK Industrials Construction & materials 10,152 0.95
Hiscox UK Financials Nonlife insurance 9,932 0.93
Johnson Service Group UK Industrials Support services 9,225 0.86
Dunelm UK Consumer Services General retailers 9,130 0.85
Scottish Oriental Smaller Companies Trust UK Financials Equity investment instruments 9,066 0.85
International Consolidated Airlines UK Consumer Services Travel & leisure 8,938 0.83
Morgan Advanced Materials UK Industrials Electronic & electrical equipment 8,758 0.82
Smith & Nephew UK Health Care Health care equipment & services 8,635 0.81
Reckitt Benckiser Group UK Health Care Health care equipment & services 8,449 0.79
Phoenix Group Holdings UK Financials Life insurance/assurance 8,358 0.78
HICL Infrastructure UK Financials Equity investment instruments 8,092 0.76
Vodafone UK Telecommunications Mobile telecommunications 8,052 0.75
IP Group UK Financials Financial services 7,964 0.74
Haleon UK Health Care Pharmaceuticals & biotechnology 7,524 0.70
Beazley UK Financials Nonlife insurance 7,510 0.70
VH Global Energy Infrastructure UK Other Sustainable Energy 7,476 0.70
Oxford Nanopore Technologies UK Technology Advanced Medical Equipment & Technology 7,361 0.69
Sabre Insurance Group UK Financials Nonlife insurance 7,234 0.67
Associated British Foods UK Consumer Goods Food producers 7,224 0.67
International Personal Finance UK Financials Financial services 7,179 0.67
Hammerson UK Financials Real estate investment trusts 6,786 0.63
SSE UK Utilities Electricity 6,768 0.63
Whitbread Canada Consumer Services Travel & leisure 6,739 0.63
Weir Group UK Industrials Industrial engineering 6,738 0.63
General Motors USA Consumer Goods Automobiles & parts 6,442 0.60
Johnson Matthey UK Other Sustainable Energy 6,425 0.60
Bristol-Myers Squibb USA Health Care Pharmaceuticals & biotechnology 6,209 0.58
SigmaRoc UK Industrials Construction & materials 5,772 0.54
Elementis UK Basic Materials Chemicals 5,646 0.53
Gibson Energy Canada Oil & Gas Oil & gas producers 5,475 0.51
Freeport-McMoran USA Basic Materials Mining 5,400 0.50
Chesnara UK Financials Life insurance/assurance 5,363 0.50
Standard Life Aberdeen UK Financials Financial services 5,159 0.48
Segro UK Financials Real estate investment trusts 5,105 0.48
Air Products and Chemicals Canada Oil & Gas Oil & gas producers 5,078 0.47
AFC Energy UK Oil & Gas Alternative Energy 5,048 0.47
Inchcape UK Industrials Support services 5,036 0.47
Halfords UK Consumer Services General retailers 5,034 0.47
Infineon Technologies Germany Industrials Electronic & electrical equipment 4,959 0.46
Epwin Group UK Consumer Goods Household goods & home construction 4,798 0.45
Spectris UK Industrials Electronic & electrical equipment 4,748 0.44
Oxford Sciences Innovation UKULM Financials Financial services 4,600 0.43
Workspace Group UK Financials Real estate investment trusts 4,440 0.41
Bellway UK Consumer Goods Household goods & home construction 4,425 0.41
Zigup UK Industrials Support services 4,422 0.41
Reach UK Consumer Services Media 4,387 0.41
Renold UK Industrials Industrial engineering 4,297 0.40
Vanquis Banking Group UK Financials Financial services 4,287 0.40
Accsys Technologies UK Industrials Construction & materials 4,229 0.39
Vertu Motors UK Consumer Services General retailers 4,225 0.39
Castings UK Industrials Construction & materials 3,926 0.37
Convatec Group UK Health Care Health care equipment & services 3,894 0.36
Munchener Rueckver Germany Financials Nonlife insurance 3,429 0.32
Ondine Biomedical Canada Health Care Pharmaceuticals & biotechnology 3,234 0.30
SAP Germany Technology Software & computer services 3,200 0.30
Invinity Energy Systems UK Oil & Gas Alternative Energy 3,145 0.29
Ceres Power UK Oil & Gas Oil equipment services & distribution 3,106 0.29
Great Portland Estates UK Financials Real estate investments & services 3,095 0.29
Croda UK Basic Materials Chemicals 2,951 0.28
ITM Power UK Oil & Gas Oil equipment services & distribution 2,885 0.27
Deutsche Boerse Germany Financials Financial services 2,816 0.26
Siemens Germany Technology Software & computer services 2,725 0.25
Next Fifteen Communications Group UK Consumer Services Media 2,585 0.24
Ilika UK Oil & Gas Alternative Energy 2,576 0.24
TT Electronics UK Industrials Electronic & electrical equipment 2,496 0.23
Sanofi France Health Care Pharmaceuticals & biotechnology 2,489 0.23
Safran France Industrials Aerospace & defence 2,430 0.23
Jubilee Metals Group UK Basic Materials Mining 2,377 0.22
Roche Switzerland Health Care Pharmaceuticals & biotechnology 2,297 0.21
DVS Denmark Industrials Industrial transportation 2,229 0.21
Serica Energy UK Oil & Gas Oil & gas producers 2,223 0.21
Bawag Austria Financials Banks 2,095 0.20
Cellnex Telecom Spain Telecommunications Mobile telecommunications 2,023 0.19
Grit Real Estate Income Group Guernsey Financials Real estate investment trusts 1,963 0.18
XP Power UK Technology Technology hardware & equipment 1,910 0.18
Watkin Jones UK Consumer Goods Household goods & home construction 1,910 0.18
Hercules Site Services UK Industrials Construction & materials 1,859 0.17
Novo Nordisk Denmark Health Care Pharmaceuticals & biotechnology 1,842 0.17
Anheuser-Busch InBev Belgium Consumer Goods Beverages 1,747 0.16
SGS Switzerland Industrials Support services 1,702 0.16
ASML Netherlands Technology Technology hardware & equipment 1,600 0.15
Danone France Consumer Goods Food producers 1,588 0.15
Nestle Switzerland Consumer Goods Food producers 1,565 0.15
Windar Photonics UK Industrials Waste & Environ Svcs & Equip 1,397 0.13
Gelion UK Other Sustainable Energy 1,389 0.13
Marstons UK Consumer Services Travel & leisure 1,330 0.12
DSM-Firmenich Netherlands Basic Materials Chemicals 1,220 0.11
Aena Spain Consumer Services Travel & leisure 1,211 0.11
LVMH France Consumer Goods Leisure Goods 1,172 0.11
Arbuthnot Banking Group UK Financials Financial services 1,094 0.10
Kone Finland Industrials Electronic & electrical equipment 1,032 0.10
Logistics Development Group UK Industrials Industrial transportation 995 0.09
Seascape Energy Asia UK Oil & Gas Oil & gas producers 870 0.08
ASM International Netherlands Industrials Electronic & electrical equipment 794 0.07
First Tin UK Basic Materials Mining 660 0.06
Kistos UK Oil & Gas Oil & gas producers 576 0.05
Gran Tierra Energy Canada Oil & Gas Oil & gas producers 487 0.05
Carclo UK Basic Materials Chemicals 427 0.04
SIMEC Atlantis Energy UK Utilities Electricity 397 0.04
Surface Transforms UK Consumer Goods Automobiles & parts 304 0.03
Indus Gas UK Oil & Gas Oil & gas producers 91 0.01
LDIC Investments UK Financials Financial services 88 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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