REG - Law Debenture Corp - Net Asset Value(s)
01/10/2025 16:00
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RNS Number : 6948B Law Debenture Corp PLC 01 October 2025
The Law Debenture Corporation p.l.c.
Net Asset Value as at 30 September 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 September 2025 was 1,007.30 pence per share (cum income). With the
Corporation's long term debt stated at fair value, the NAV was 1,045.82 pence
per share (cum income). The mid-market price at the close of business on 30
September 2025 was 1,068.00 pence per share.
Net Asset Value Excluding Income (pence) Including Income (pence)
NAV with debt at par 999.26 1,007.30
NAV with debt at fair value 1,037.77 1,045.82
Performance
YTD 1 year 3 years 5 years 10 years
% % % % %
NAV total return (with debt at par)(2) 22.3 21.8 67.5 114.7 174.1
NAV total return (with debt at fair value)(2) 22.3 22.4 67.5 139.7 190.9
FTSE Actuaries All-Share Index Total Return(3) 16.6 16.2 50.0 84.1 118.3
Share price total return(3) 21.9 23.6 78.2 155.5 213.1
Change in Retail Price Index(4) 4.0 4.9 17.3 38.5 57.0
(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,
August 2025.
Geographical Split of investment portfolio
Region % of portfolio % of portfolio
30 September 2025 31 December 2024
UK 90.3 87.6
Europe 4.4 5.5
North America 4.2 5.6
Japan 0.9 1.3
Other 0.2 0
Other Pacific 0 0
TOTAL 100 100
Full Portfolio Listing
As at 30 September 2025 the full holdings of the portfolio comprised of the
following:
Holding Name Location Sector Industry £000 %
HSBC UK Financials Banks 45,318 3.54
Barclays UK Financials Banks 44,034 3.44
Shell UK Oil & Gas Oil & gas producers 33,075 2.59
Flutter Entertainment UK Consumer Services Travel & leisure 27,076 2.12
GlaxoSmithKline UK Health Care Pharmaceuticals & biotechnology 25,814 2.01
Rio Tinto UK Basic Materials Mining 25,659 2.00
Rolls Royce UK Industrials Aerospace & defence 25,277 1.97
BP UK Oil & Gas Oil & gas producers 24,265 1.89
Standard Chartered UK Financials Banks 22,045 1.72
Kier UK Industrials Construction & materials 18,932 1.47
National Grid UK Utilities Gas, water & multiutilities 18,051 1.41
Boku UK Industrials Support services 18,044 1.41
Senior UK Industrials Aerospace & defence 17,883 1.39
Balfour Beatty UK Industrials Construction & materials 17,871 1.39
J Sainsbury UK Consumer Services General retailers 17,869 1.39
Aviva UK Financials Life insurance/assurance 17,638 1.37
Tesco UK Consumer Goods Food & Drug Retailers 17,609 1.37
Kingfisher UK Consumer Goods Household goods & home construction 17,126 1.33
Prudential UK Financials Life insurance/assurance 15,969 1.24
Lloyds Banking Group UK Financials Banks 15,922 1.24
IMI UK Industrials Industrial engineering 15,716 1.22
BAE Systems UK Industrials Aerospace & defence 15,435 1.20
BT Group UK Telecommunications Fixed Line Telecommunications 15,292 1.19
M & G UK Financials Financial services 15,180 1.18
NatWest UK Financials Banks 14,860 1.16
Cummins USA Industrials Industrial engineering 14,765 1.15
Herald Investment Trust UK Financials Equity investment instruments 14,730 1.15
Marks & Spencer UK Consumer Services General retailers 14,580 1.14
Babcock UK Industrials Aerospace & defence 14,312 1.11
Hill & Smith UK Industrials Industrial engineering 13,578 1.06
Anglo American UK Basic Materials Mining 13,486 1.05
International Consolidated Airlines UK Consumer Services Travel & leisure 13,272 1.03
Shaftesbury Capital UK Financials Real estate investment trusts 13,126 1.02
Johnson Matthey UK Other Sustainable Energy 13,065 1.02
Irish Continental Group Ireland Consumer Services Travel & leisure 13,043 1.02
Land Securities UK Financials Real estate investment trusts 12,640 0.98
Hiscox UK Financials Nonlife insurance 12,383 0.96
Cranswick UK Consumer Goods Food producers 11,996 0.93
Toyota Motor Corporation Japan Consumer Goods Automobiles & parts 11,818 0.92
ITV UK Consumer Services Media 11,793 0.92
Schroders UK Financials Financial services 11,656 0.91
Severn Trent UK Utilities Gas, water & multiutilities 11,258 0.88
IP Group UK Financials Financial services 11,208 0.87
Greencoat UK Wind UK Utilities Electricity 11,160 0.87
International Personal Finance UK Financials Financial services 11,073 0.86
Morgan Advanced Materials UK Industrials Electronic & electrical equipment 11,000 0.86
Smith & Nephew UK Health Care Health care equipment & services 10,963 0.85
Associated British Foods UK Consumer Goods Food producers 10,763 0.84
Infineon Technologies Germany Industrials Electronic & electrical equipment 10,311 0.80
Ibstock UK Industrials Construction & materials 10,296 0.80
Johnson Service Group UK Industrials Support services 10,245 0.80
Reckitt Benckiser Group UK Health Care Health care equipment & services 10,003 0.78
VH Global Energy Infrastructure UK Other Sustainable Energy 9,604 0.75
Vodafone UK Telecommunications Mobile telecommunications 9,475 0.74
Oxford Nanopore Technologies UK Technology Advanced Medical Equipment & Technology 9,422 0.73
Dunelm UK Consumer Services General retailers 9,321 0.73
Hammerson UK Financials Real estate investment trusts 9,260 0.72
Phoenix Group Holdings UK Financials Life insurance/assurance 9,009 0.70
Ceres Power UK Oil & Gas Oil equipment services & distribution 8,949 0.70
AFC Energy UK Oil & Gas Alternative Energy 8,804 0.69
Chesnara UK Financials Life insurance/assurance 8,791 0.68
Scottish Oriental Smaller Companies Trust UK Financials Equity investment instruments 8,782 0.68
General Motors USA Consumer Goods Automobiles & parts 8,613 0.67
Marshalls UK Industrials Construction & materials 8,594 0.67
HICL Infrastructure UK Financials Equity investment instruments 8,540 0.67
Whitbread UK Consumer Services Travel & leisure 8,372 0.65
Sabre Insurance Group UK Financials Nonlife insurance 8,349 0.65
ITM Power UK Oil & Gas Oil equipment services & distribution 8,297 0.65
Vanquis Banking Group UK Financials Financial services 8,251 0.64
Weir Group UK Industrials Industrial engineering 8,196 0.64
British Land Company UK Financials Real estate investment trusts 7,830 0.61
Beazley UK Financials Nonlife insurance 7,710 0.60
SigmaRoc UK Industrials Construction & materials 7,679 0.60
Standard Life Aberdeen UK Financials Financial services 7,403 0.58
Elementis UK Basic Materials Chemicals 7,323 0.57
Renold UK Industrials Industrial engineering 7,293 0.57
Ondine Biomedical Canada Health Care Pharmaceuticals & biotechnology 7,006 0.55
SSE UK Utilities Electricity 6,964 0.54
Accsys Technologies UK Industrials Construction & materials 6,920 0.54
Haleon UK Health Care Pharmaceuticals & biotechnology 6,646 0.52
Gibson Energy Canada Oil & Gas Oil & gas producers 6,438 0.50
Freeport-McMoran USA Basic Materials Mining 5,832 0.45
Great Portland Estates UK Financials Real estate investments & services 5,574 0.43
Bristol-Myers Squibb USA Health Care Pharmaceuticals & biotechnology 5,532 0.43
Invinity Energy Systems UK Oil & Gas Alternative Energy 5,501 0.43
Zigup UK Industrials Support services 5,427 0.42
Workspace Group UK Financials Real estate investment trusts 5,346 0.42
Inchcape UK Industrials Support services 5,194 0.40
Mondi UK Basic Materials Forestry & paper 5,118 0.40
Air Products and Chemicals Canada Oil & Gas Oil & gas producers 5,068 0.39
Ilika UK Oil & Gas Alternative Energy 5,021 0.39
Oxford Sciences Innovation UKULM Financials Financial services 5,000 0.39
Segro UK Financials Real estate investment trusts 4,916 0.38
Croda UK Basic Materials Chemicals 4,730 0.37
Roche Switzerland Health Care Pharmaceuticals & biotechnology 4,707 0.37
Halfords UK Consumer Services General retailers 4,656 0.36
Easyjet UK Industrials Aerospace & defence 4,639 0.36
Rathbones Group UK Financials Equity investment instruments 4,560 0.36
Castings UK Industrials Construction & materials 4,148 0.32
Vertu Motors UK Consumer Services General retailers 4,103 0.32
Bellway UK Consumer Goods Household goods & home construction 4,049 0.32
TT Electronics UK Industrials Electronic & electrical equipment 3,864 0.30
Reach UK Consumer Services Media 3,838 0.30
Sanofi France Health Care Pharmaceuticals & biotechnology 3,807 0.30
Serica Energy UK Oil & Gas Oil & gas producers 3,455 0.27
Tate & Lyle UK Consumer Goods Food producers 3,372 0.26
Gelion UK Other Sustainable Energy 3,372 0.26
Next Fifteen Communications Group UK Consumer Services Media 3,265 0.25
Safran France Industrials Aerospace & defence 3,213 0.25
Munchener Rueckver Germany Financials Nonlife insurance 3,181 0.25
Siemens Germany Technology Software & computer services 3,173 0.25
Valterra Platinum Other Basic Materials Mining 2,984 0.23
SAP Germany Technology Software & computer services 2,909 0.23
XP Power UK Technology Technology hardware & equipment 2,571 0.20
Seascape Energy Asia UK Oil & Gas Oil & gas producers 2,370 0.18
Deutsche Boerse Germany Financials Financial services 2,338 0.18
ASML Netherlands Technology Technology hardware & equipment 2,331 0.18
Jubilee Metals Group UK Basic Materials Mining 2,300 0.18
Surface Transforms UK Consumer Goods Automobiles & parts 2,114 0.16
Watkin Jones UK Consumer Goods Household goods & home construction 2,108 0.16
Windar Photonics UK Industrials Waste & Environ Svcs & Equip 2,030 0.16
SGS Switzerland Industrials Support services 1,789 0.14
Renishaw UK Technology Technology hardware & equipment 1,785 0.14
Grit Real Estate Income Group Guernsey Financials Real estate investment trusts 1,510 0.12
Marstons UK Consumer Services Travel & leisure 1,444 0.11
Hercules Site Services UK Industrials Construction & materials 1,414 0.11
Nestle Switzerland Consumer Goods Food producers 1,343 0.10
Kone Finland Industrials Electronic & electrical equipment 1,131 0.09
Arbuthnot Banking Group UK Financials Financial services 1,094 0.09
ASM International Netherlands Industrials Electronic & electrical equipment 984 0.08
DSM-Firmenich Netherlands Basic Materials Chemicals 949 0.07
Logistics Development Group UK Industrials Industrial transportation 889 0.07
First Tin UK Basic Materials Mining 780 0.06
Carclo UK Basic Materials Chemicals 722 0.06
Kistos UK Oil & Gas Oil & gas producers 698 0.05
Gran Tierra Energy Canada Oil & Gas Oil & gas producers 475 0.04
Ampeak Energy UK Utilities Electricity 416 0.03
Indus Gas UK Oil & Gas Oil & gas producers 167 0.01
Deltic Energy UK Oil & Gas Oil & gas producers 111 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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