REG - Law Debenture Corp - Net Asset Value(s)
01/07/2025 17:15
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RNS Number : 2926P Law Debenture Corp PLC 01 July 2025
The Law Debenture Corporation p.l.c.
Net Asset Value as at 30 June 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 June 2025 was 942.65 pence per share (cum income). With the
Corporation's long term debt stated at fair value, the NAV was 977.24 pence
per share (cum income). The mid-market price at the close of business on 30
June 2025 was 1,000.00 pence per share.
Net Asset Value Excluding Income (pence) Including Income (pence)
NAV with debt at par 930.74 942.65
NAV with debt at fair value 965.33 977.24
Performance
YTD 1 year 3 years 5 years 10 years
% % % % %
NAV total return (with debt at par)(2) 14.5 18.3 45.8 96.7 144.1
NAV total return (with debt at fair value)(2) 14.2 18.3 51.2 118.9 158.7
FTSE Actuaries All-Share Index Total Return(3) 9.1 11.2 35.5 67.3 92.7
Share price total return(3) 14.2 22.8 48.0 135.9 187.5
Change in Retail Price Index(4) 2.8 4.3 18.5 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,
May 2025.
Geographical Split of investment portfolio
Region % of portfolio % of portfolio
30 June 2025 31 December 2024
UK 89.4 87.6
Europe 5.0 5.5
North America 4.5 5.6
Japan 0.9 1.3
Other 0.2 0
Other Pacific 0 0
TOTAL 100 100
Full Portfolio Listing
As at 30 June 2025 the full holdings of the portfolio comprised of the
following:
Holding Name Location Sector Industry £000 %
Barclays UK Financials Banks 39,121 3.23
HSBC UK Financials Banks 38,236 3.16
Shell UK Oil & Gas Oil & gas producers 31,919 2.63
Rolls Royce UK Industrials Aerospace & defence 29,264 2.41
Flutter Entertainment UK Consumer Services Travel & leisure 28,896 2.38
GlaxoSmithKline UK Health Care Pharmaceuticals & biotechnology 22,788 1.88
BP UK Oil & Gas Oil & gas producers 20,845 1.72
Tesco UK Consumer Goods Food & Drug Retailers 20,271 1.68
Standard Chartered UK Financials Banks 18,536 1.54
Kier UK Industrials Construction & materials 17,983 1.49
National Grid UK Utilities Gas, water & multiutilities 17,950 1.49
Boku UK Industrials Support services 16,992 1.41
BT Group UK Telecommunications Fixed Line Telecommunications 16,953 1.40
Senior UK Industrials Aerospace & defence 16,600 1.37
Kingfisher UK Consumer Goods Household goods & home construction 16,132 1.34
Aviva UK Financials Life insurance/assurance 15,924 1.32
Rio Tinto UK Basic Materials Mining 15,919 1.32
J Sainsbury UK Consumer Services General retailers 15,483 1.28
M & G UK Financials Financial services 15,420 1.28
NatWest UK Financials Banks 14,575 1.21
Lloyds Banking Group UK Financials Banks 14,569 1.21
Shaftesbury Capital UK Financials Real estate investment trusts 14,439 1.20
Balfour Beatty UK Industrials Construction & materials 14,430 1.20
IMI UK Industrials Industrial engineering 14,396 1.19
BAE Systems UK Industrials Aerospace & defence 14,145 1.17
Babcock UK Industrials Aerospace & defence 14,073 1.17
Prudential UK Financials Life insurance/assurance 13,999 1.16
Herald Investment Trust UK Financials Equity investment instruments 13,860 1.15
Land Securities UK Financials Real estate investment trusts 13,705 1.14
Cranswick UK Consumer Goods Food producers 12,785 1.06
Marks & Spencer UK Consumer Services General retailers 12,404 1.03
Irish Continental Group Ireland Consumer Services Travel & leisure 12,376 1.03
ITV UK Consumer Services Media 12,154 1.01
Greencoat UK Wind UK Utilities Electricity 12,050 1.00
Hill & Smith UK Industrials Industrial engineering 11,928 0.99
Severn Trent UK Utilities Gas, water & multiutilities 11,889 0.98
International Consolidated Airlines UK Consumer Services Travel & leisure 11,712 0.97
Marshalls UK Industrials Construction & materials 11,420 0.95
Hiscox UK Financials Nonlife insurance 11,352 0.94
Johnson Matthey UK Other Sustainable Energy 11,271 0.93
Cummins USA Industrials Industrial engineering 11,206 0.93
Schroders UK Financials Financial services 11,203 0.93
Anglo American UK Basic Materials Mining 10,415 0.86
Toyota Motor Corporation Japan Consumer Goods Automobiles & parts 10,394 0.86
AFC Energy UK Oil & Gas Alternative Energy 10,234 0.85
VH Global Energy Infrastructure UK Other Sustainable Energy 10,164 0.84
Ibstock UK Industrials Construction & materials 10,083 0.84
Johnson Service Group UK Industrials Support services 10,015 0.83
Dunelm UK Consumer Services General retailers 9,836 0.81
IP Group UK Financials Financial services 9,813 0.81
Morgan Advanced Materials UK Industrials Electronic & electrical equipment 9,790 0.81
Hammerson UK Financials Real estate investment trusts 9,534 0.79
Phoenix Group Holdings UK Financials Life insurance/assurance 9,205 0.76
Scottish Oriental Smaller Companies Trust UK Financials Equity investment instruments 9,128 0.76
Smith & Nephew UK Health Care Health care equipment & services 9,127 0.76
Spectris UK Industrials Electronic & electrical equipment 9,111 0.75
International Personal Finance UK Financials Financial services 8,745 0.72
Associated British Foods UK Consumer Goods Food producers 8,742 0.72
Reckitt Benckiser Group UK Health Care Health care equipment & services 8,671 0.72
Vodafone UK Telecommunications Mobile telecommunications 8,556 0.71
Sabre Insurance Group UK Financials Nonlife insurance 8,487 0.70
Oxford Nanopore Technologies UK Technology Advanced Medical Equipment & Technology 8,450 0.70
ITM Power UK Oil & Gas Oil equipment services & distribution 8,229 0.68
HICL Infrastructure UK Financials Equity investment instruments 8,204 0.68
Beazley UK Financials Nonlife insurance 7,948 0.66
Haleon UK Health Care Pharmaceuticals & biotechnology 7,486 0.62
Weir Group UK Industrials Industrial engineering 7,470 0.62
Whitbread Canada Consumer Services Travel & leisure 7,332 0.61
SSE UK Utilities Electricity 7,322 0.61
Renold UK Industrials Industrial engineering 7,221 0.60
Elementis UK Basic Materials Chemicals 7,215 0.60
SigmaRoc UK Industrials Construction & materials 6,850 0.57
General Motors USA Consumer Goods Automobiles & parts 6,805 0.56
Vanquis Banking Group UK Financials Financial services 6,708 0.56
Standard Life Aberdeen UK Financials Financial services 6,552 0.54
Accsys Technologies UK Industrials Construction & materials 6,319 0.52
Freeport-McMoran USA Basic Materials Mining 6,309 0.52
Infineon Technologies Germany Industrials Electronic & electrical equipment 6,291 0.52
Great Portland Estates UK Financials Real estate investments & services 6,265 0.52
Chesnara UK Financials Life insurance/assurance 6,240 0.52
Invinity Energy Systems UK Oil & Gas Alternative Energy 6,025 0.50
Gibson Energy Canada Oil & Gas Oil & gas producers 5,945 0.49
Workspace Group UK Financials Real estate investment trusts 5,677 0.47
Bristol-Myers Squibb USA Health Care Pharmaceuticals & biotechnology 5,560 0.46
Epwin Group UK Consumer Goods Household goods & home construction 5,528 0.46
Inchcape UK Industrials Support services 5,445 0.45
Ceres Power UK Oil & Gas Oil equipment services & distribution 5,292 0.44
Ondine Biomedical Canada Health Care Pharmaceuticals & biotechnology 5,136 0.43
Air Products and Chemicals Canada Oil & Gas Oil & gas producers 5,133 0.43
Segro UK Financials Real estate investment trusts 5,097 0.42
Halfords UK Consumer Services General retailers 5,040 0.42
Zigup UK Industrials Support services 5,024 0.42
Easyjet UK Industrials Aerospace & defence 4,790 0.40
Bellway UK Consumer Goods Household goods & home construction 4,759 0.39
Roche Switzerland Health Care Pharmaceuticals & biotechnology 4,601 0.38
Oxford Sciences Innovation UKULM Financials Financial services 4,533 0.38
Castings UK Industrials Construction & materials 4,354 0.36
Rathbones Group UK Financials Equity investment instruments 4,340 0.36
Ilika UK Oil & Gas Alternative Energy 4,298 0.36
Vertu Motors UK Consumer Services General retailers 4,293 0.36
Reach UK Consumer Services Media 4,231 0.35
Sanofi France Health Care Pharmaceuticals & biotechnology 3,918 0.32
TT Electronics UK Industrials Electronic & electrical equipment 3,830 0.32
Gelion UK Other Sustainable Energy 3,797 0.31
SAP Germany Technology Software & computer services 3,241 0.27
Munchener Rueckver Germany Financials Nonlife insurance 3,158 0.26
Siemens Germany Technology Software & computer services 2,983 0.25
Croda UK Basic Materials Chemicals 2,924 0.24
Safran France Industrials Aerospace & defence 2,914 0.24
Serica Energy UK Oil & Gas Oil & gas producers 2,790 0.23
Deutsche Boerse Germany Financials Financial services 2,782 0.23
Jubilee Metals Group UK Basic Materials Mining 2,607 0.22
XP Power UK Technology Technology hardware & equipment 2,524 0.21
DVS Denmark Industrials Industrial transportation 2,464 0.20
Next Fifteen Communications Group UK Consumer Services Media 2,405 0.20
Grit Real Estate Income Group Guernsey Financials Real estate investment trusts 1,963 0.16
ASML Netherlands Technology Technology hardware & equipment 1,880 0.16
Valterra Platinum Other Basic Materials Mining 1,823 0.15
Hercules Site Services UK Industrials Construction & materials 1,802 0.15
Anheuser-Busch InBev Belgium Consumer Goods Beverages 1,784 0.15
Watkin Jones UK Consumer Goods Household goods & home construction 1,739 0.14
SGS Switzerland Industrials Support services 1,717 0.14
Windar Photonics UK Industrials Waste & Environ Svcs & Equip 1,697 0.14
Marstons UK Consumer Services Travel & leisure 1,531 0.13
Seascape Energy Asia UK Oil & Gas Oil & gas producers 1,530 0.13
Danone France Consumer Goods Food producers 1,462 0.12
Renishaw UK Technology Technology hardware & equipment 1,430 0.12
Nestle Switzerland Consumer Goods Food producers 1,424 0.12
Aena Spain Consumer Services Travel & leisure 1,253 0.10
DSM-Firmenich Netherlands Basic Materials Chemicals 1,168 0.10
Arbuthnot Banking Group UK Financials Financial services 1,118 0.09
LVMH France Consumer Goods Leisure Goods 1,079 0.09
Kone Finland Industrials Electronic & electrical equipment 1,072 0.09
ASM International Netherlands Industrials Electronic & electrical equipment 1,029 0.09
Logistics Development Group UK Industrials Industrial transportation 889 0.07
Surface Transforms UK Consumer Goods Automobiles & parts 803 0.07
Kistos UK Oil & Gas Oil & gas producers 765 0.06
First Tin UK Basic Materials Mining 684 0.06
Carclo UK Basic Materials Chemicals 599 0.05
Gran Tierra Energy Canada Oil & Gas Oil & gas producers 515 0.04
SIMEC Atlantis Energy UK Utilities Electricity 416 0.03
Indus Gas UK Oil & Gas Oil & gas producers 131 0.01
Deltic Energy UK Oil & Gas Oil & gas producers 95 0.01
LDIC Investments UK Financials Financial services 88 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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