REG - Law Debenture Corp - Net Asset Value(s)
02/06/2025 13:31
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RNS Number : 0567L Law Debenture Corp PLC 02 June 2025
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 business(1)
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 Return(3) 8.6 9.4 26.8 69.0 80.7
Share price total return(3) 8.9 13.0 33.4 136.2 164.6
Change in Retail Price Index(4) 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 % of portfolio
30 May 2025 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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