REG - Law Debenture Corp - Net Asset Value(s)
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RNS Number : 7102T Law Debenture Corp PLC 01 August 2025
The Law Debenture Corporation p.l.c.
Net Asset Value as at 31 July 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 July 2025 was 977.49 pence per share (cum income). With the
Corporation's long term debt stated at fair value, the NAV was 1,014.28 pence
per share (cum income). The mid-market price at the close of business on 31
July 2025 was 1,018.00 pence per share.
Net Asset Value Excluding Income (pence) Including Income (pence)
NAV with debt at par 975.75 977.49
NAV with debt at fair value 1,012.54 1,014.28
Performance
YTD 1 year 3 years 5 years 10 years
% % % % %
NAV total return (with debt at par)(2) 18.7 17.5 43.6 113.0 151.4
NAV total return (with debt at fair value)(2) 18.6 18.0 48.8 139.0 167.1
FTSE Actuaries All-Share Index Total Return(3) 13.4 12.1 35.0 80.4 95.6
Share price total return(3) 16.2 15.2 47.5 135.1 181.6
Change in Retail Price Index(4) 3.2 4.4 19.0 37.5 56.4
(1) The fair value of the IPS business has been calculated as at 30 June 2025.
(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,
June 2025.
Geographical Split of investment portfolio
Region % of portfolio % of portfolio
31 July 2025 31 December 2024
UK 90.1 87.6
Europe 4.8 5.5
North America 4.0 5.6
Japan 0.9 1.3
Other 0.2 0
Other Pacific 0 0
TOTAL 100 100
Full Portfolio Listing
As at 31 July 2025 the full holdings of the portfolio comprised of the
following:
Holding Name Location Sector Industry £000 %
Barclays UK Financials Banks 43,071 3.45
HSBC UK Financials Banks 40,014 3.21
Shell UK Oil & Gas Oil & gas producers 33,881 2.71
Flutter Entertainment UK Consumer Services Travel & leisure 32,340 2.59
Rio Tinto UK Basic Materials Mining 23,641 1.89
GlaxoSmithKline UK Health Care Pharmaceuticals & biotechnology 23,247 1.86
BP UK Oil & Gas Oil & gas producers 23,071 1.84
Rolls Royce UK Industrials Aerospace & defence 22,759 1.83
Standard Chartered UK Financials Banks 20,893 1.68
Boku UK Industrials Support services 19,096 1.54
Tesco UK Consumer Goods Food & Drug Retailers 18,941 1.52
Senior UK Industrials Aerospace & defence 18,244 1.47
National Grid UK Utilities Gas, water & multiutilities 17,916 1.44
Kier UK Industrials Construction & materials 17,077 1.37
Aviva UK Financials Life insurance/assurance 16,686 1.34
BT Group UK Telecommunications Fixed Line Telecommunications 16,560 1.33
J Sainsbury UK Consumer Services General retailers 16,211 1.30
M & G UK Financials Financial services 15,696 1.26
IMI UK Industrials Industrial engineering 15,276 1.23
NatWest UK Financials Banks 15,020 1.21
Balfour Beatty UK Industrials Construction & materials 15,010 1.21
Kingfisher UK Consumer Goods Household goods & home construction 15,006 1.21
Prudential UK Financials Life insurance/assurance 14,785 1.19
Lloyds Banking Group UK Financials Banks 14,782 1.19
Herald Investment Trust UK Financials Equity investment instruments 14,670 1.18
Shaftesbury Capital UK Financials Real estate investment trusts 14,624 1.18
Hill & Smith UK Industrials Industrial engineering 13,612 1.09
BAE Systems UK Industrials Aerospace & defence 13,530 1.09
Cummins USA Industrials Industrial engineering 13,086 1.05
International Consolidated Airlines UK Consumer Services Travel & leisure 13,073 1.05
Cranswick UK Consumer Goods Food producers 12,665 1.02
Oxford Nanopore Technologies UK Technology Advanced Medical Equipment & Technology 12,629 1.02
Land Securities UK Financials Real estate investment trusts 12,553 1.01
Irish Continental Group Ireland Consumer Services Travel & leisure 12,464 1.00
Marks & Spencer UK Consumer Services General retailers 12,180 0.98
ITV UK Consumer Services Media 12,132 0.98
Schroders UK Financials Financial services 12,115 0.97
Greencoat UK Wind UK Utilities Electricity 11,970 0.96
Hiscox UK Financials Nonlife insurance 11,687 0.94
Severn Trent UK Utilities Gas, water & multiutilities 11,519 0.93
Johnson Matthey UK Other Sustainable Energy 11,492 0.92
Babcock UK Industrials Aerospace & defence 11,178 0.90
Toyota Motor Corporation Japan Consumer Goods Automobiles & parts 11,173 0.90
International Personal Finance UK Financials Financial services 10,892 0.88
IP Group UK Financials Financial services 10,530 0.85
Anglo American UK Basic Materials Mining 10,405 0.84
Ibstock UK Industrials Construction & materials 10,345 0.83
Morgan Advanced Materials UK Industrials Electronic & electrical equipment 10,302 0.83
Dunelm UK Consumer Services General retailers 10,085 0.81
Reckitt Benckiser Group UK Health Care Health care equipment & services 9,923 0.80
VH Global Energy Infrastructure UK Other Sustainable Energy 9,716 0.78
Johnson Service Group UK Industrials Support services 9,643 0.78
Smith & Nephew UK Health Care Health care equipment & services 9,533 0.77
Hammerson UK Financials Real estate investment trusts 9,471 0.76
Associated British Foods UK Consumer Goods Food producers 9,342 0.75
Phoenix Group Holdings UK Financials Life insurance/assurance 9,289 0.75
Scottish Oriental Smaller Companies Trust UK Financials Equity investment instruments 9,286 0.75
Vodafone UK Telecommunications Mobile telecommunications 9,020 0.73
Marshalls UK Industrials Construction & materials 8,804 0.71
Sabre Insurance Group UK Financials Nonlife insurance 8,786 0.71
HICL Infrastructure UK Financials Equity investment instruments 8,428 0.68
Chesnara UK Financials Life insurance/assurance 8,377 0.67
Weir Group UK Industrials Industrial engineering 7,998 0.64
Whitbread UK Consumer Services Travel & leisure 7,935 0.64
Ceres Power UK Oil & Gas Oil equipment services & distribution 7,912 0.64
Elementis UK Basic Materials Chemicals 7,837 0.63
General Motors USA Consumer Goods Automobiles & parts 7,672 0.62
Beazley UK Financials Nonlife insurance 7,603 0.61
SSE UK Utilities Electricity 7,394 0.59
SigmaRoc UK Industrials Construction & materials 7,360 0.59
AFC Energy UK Oil & Gas Alternative Energy 7,328 0.59
Renold UK Industrials Industrial engineering 7,239 0.58
Haleon UK Health Care Pharmaceuticals & biotechnology 7,188 0.58
Standard Life Aberdeen UK Financials Financial services 7,021 0.56
Vanquis Banking Group UK Financials Financial services 6,608 0.53
Accsys Technologies UK Industrials Construction & materials 6,531 0.53
Gibson Energy Canada Oil & Gas Oil & gas producers 6,348 0.51
ITM Power UK Oil & Gas Oil equipment services & distribution 6,293 0.51
British Land Company UK Financials Real estate investment trusts 6,118 0.49
Freeport-McMoran USA Basic Materials Mining 6,103 0.49
Infineon Technologies Germany Industrials Electronic & electrical equipment 6,094 0.49
Great Portland Estates UK Financials Real estate investments & services 5,933 0.48
Zigup UK Industrials Support services 5,585 0.45
Air Products and Chemicals Canada Oil & Gas Oil & gas producers 5,450 0.44
Bristol-Myers Squibb USA Health Care Pharmaceuticals & biotechnology 5,413 0.44
Invinity Energy Systems UK Oil & Gas Alternative Energy 5,370 0.43
Workspace Group UK Financials Real estate investment trusts 5,360 0.43
Inchcape UK Industrials Support services 5,261 0.42
Ondine Biomedical Canada Health Care Pharmaceuticals & biotechnology 4,946 0.40
Easyjet UK Industrials Aerospace & defence 4,936 0.40
Epwin Group UK Consumer Goods Household goods & home construction 4,923 0.40
Segro UK Financials Real estate investment trusts 4,854 0.39
Ilika UK Oil & Gas Alternative Energy 4,792 0.39
Rathbones Group UK Financials Equity investment instruments 4,790 0.39
Halfords UK Consumer Services General retailers 4,682 0.38
Roche Switzerland Health Care Pharmaceuticals & biotechnology 4,648 0.37
Croda UK Basic Materials Chemicals 4,569 0.37
Oxford Sciences Innovation UKULM Financials Financial services 4,533 0.36
Castings UK Industrials Construction & materials 4,496 0.36
Vertu Motors UK Consumer Services General retailers 4,130 0.33
Bellway UK Consumer Goods Household goods & home construction 4,109 0.33
Reach UK Consumer Services Media 4,023 0.32
Tate & Lyle UK Consumer Goods Food producers 4,016 0.32
Sanofi France Health Care Pharmaceuticals & biotechnology 3,785 0.30
Gelion UK Other Sustainable Energy 3,372 0.27
Munchener Rueckver Germany Financials Nonlife insurance 3,326 0.27
TT Electronics UK Industrials Electronic & electrical equipment 3,296 0.27
SAP Germany Technology Software & computer services 3,182 0.26
Siemens Germany Technology Software & computer services 3,094 0.25
Safran France Industrials Aerospace & defence 3,078 0.25
Serica Energy UK Oil & Gas Oil & gas producers 2,940 0.24
Next Fifteen Communications Group UK Consumer Services Media 2,815 0.23
Deutsche Boerse Germany Financials Financial services 2,567 0.21
DVS Denmark Industrials Industrial transportation 2,401 0.19
Jubilee Metals Group UK Basic Materials Mining 2,377 0.19
XP Power UK Technology Technology hardware & equipment 2,319 0.19
Seascape Energy Asia UK Oil & Gas Oil & gas producers 2,040 0.16
Grit Real Estate Income Group Guernsey Financials Real estate investment trusts 1,963 0.16
Valterra Platinum Other Basic Materials Mining 1,922 0.15
Windar Photonics UK Industrials Waste & Environ Svcs & Equip 1,863 0.15
SGS Switzerland Industrials Support services 1,793 0.14
ASML Netherlands Technology Technology hardware & equipment 1,713 0.14
Hercules Site Services UK Industrials Construction & materials 1,697 0.14
Watkin Jones UK Consumer Goods Household goods & home construction 1,609 0.13
Anheuser-Busch InBev Belgium Consumer Goods Beverages 1,585 0.13
Marstons UK Consumer Services Travel & leisure 1,573 0.13
Danone France Consumer Goods Food producers 1,535 0.12
Renishaw UK Technology Technology hardware & equipment 1,488 0.12
Aena Spain Consumer Services Travel & leisure 1,314 0.11
Nestle Switzerland Consumer Goods Food producers 1,304 0.10
Arbuthnot Banking Group UK Financials Financial services 1,202 0.10
LVMH France Consumer Goods Leisure Goods 1,154 0.09
DSM-Firmenich Netherlands Basic Materials Chemicals 1,102 0.09
Surface Transforms UK Consumer Goods Automobiles & parts 1,057 0.09
Kone Finland Industrials Electronic & electrical equipment 1,046 0.08
Logistics Development Group UK Industrials Industrial transportation 978 0.08
ASM International Netherlands Industrials Electronic & electrical equipment 815 0.07
Kistos UK Oil & Gas Oil & gas producers 788 0.06
First Tin UK Basic Materials Mining 684 0.05
Carclo UK Basic Materials Chemicals 591 0.05
Gran Tierra Energy Canada Oil & Gas Oil & gas producers 500 0.04
SIMEC Atlantis Energy UK Utilities Electricity 325 0.03
Indus Gas UK Oil & Gas Oil & gas producers 173 0.01
Deltic Energy UK Oil & Gas Oil & gas producers 109 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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