REG - Law Debenture Corp - Net Asset Value(s)
02/01/2026 14:45
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RNS Number : 5255N Law Debenture Corp PLC 02 January 2026
The Law Debenture Corporation p.l.c.
Net Asset Value as at 31 December 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 December 2025 was 1,043.16 pence per share (cum income). With the
Corporation's long term debt stated at fair value, the NAV was 1,078.41 pence
per share (cum income). The mid-market price at the close of business on 31
December 2025 was 1,054.00 pence per share.
Net Asset Value Excluding Income (pence) Including Income (pence)
NAV with debt at par 1,044.51 1,043.16
NAV with debt at fair value 1,079.76 1,078.41
Performance
YTD 1 year 3 years 5 years 10 years
% % % % %
NAV total return (with debt at par)(2) 28.8 28.8 58.2 78.3 183.7
NAV total return (with debt at fair value)(2) 28.1 28.1 58.6 96.0 199.9
FTSE Actuaries All-Share Index Total Return(3) 24.0 24.0 46.5 73.9 123.4
Share price total return(3) 22.2 22.2 53.1 85.0 212.4
Change in Retail Price Index(4) 3.4 3.4 13.2 37.3 55.6
(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,
November 2025.
Geographical Split of investment portfolio
Region % of portfolio % of portfolio
31 December 2025 31 December 2024
UK 89.9 87.6
Europe 4.5 5.5
North America 4.3 5.6
Japan 1.0 1.3
Other 0.3 0
TOTAL 100 100
Full Portfolio Listing
As at 31 December 2025 the full holdings of the portfolio comprised of the
following:
Holding Name Location Sector Industry £000 %
Barclays UK Financials Banks 55,199 4.07
HSBC UK Financials Banks 50,860 3.75
Shell UK Oil & Gas Oil & gas producers 34,244 2.52
Rio Tinto UK Basic Materials Mining 31,463 2.32
GlaxoSmithKline UK Health Care Pharmaceuticals & biotechnology 29,922 2.20
Standard Chartered UK Financials Banks 27,965 2.06
BP UK Oil & Gas Oil & gas producers 24,667 1.82
Flutter Entertainment UK Consumer Services Travel & leisure 22,582 1.66
Balfour Beatty UK Industrials Construction & materials 19,599 1.44
National Grid UK Utilities Gas, water & multiutilities 19,303 1.42
Rolls Royce UK Industrials Aerospace & defence 18,679 1.38
Lloyds Banking Group UK Financials Banks 18,666 1.37
NatWest UK Financials Banks 18,576 1.37
Cummins USA Industrials Industrial engineering 17,802 1.31
Aviva UK Financials Life insurance/assurance 17,607 1.30
Senior UK Industrials Aerospace & defence 17,594 1.30
Prudential UK Financials Life insurance/assurance 17,557 1.29
J Sainsbury UK Consumer Services General retailers 17,388 1.28
Kingfisher UK Consumer Goods Household goods & home construction 17,342 1.28
M & G UK Financials Financial services 17,184 1.27
IMI UK Industrials Industrial engineering 17,105 1.26
Kier UK Industrials Construction & materials 16,927 1.25
Boku UK Industrials Support services 16,467 1.21
Tesco UK Consumer Goods Food & Drug Retailers 16,358 1.20
Marks & Spencer UK Consumer Services General retailers 15,816 1.16
Anglo American UK Basic Materials Mining 14,934 1.10
BT Group UK Telecommunications Fixed Line Telecommunications 14,724 1.08
Herald Investment Trust UK Financials Equity investment instruments 14,430 1.06
International Consolidated Airlines UK Consumer Services Travel & leisure 14,238 1.05
Hill & Smith UK Industrials Industrial engineering 14,211 1.05
Johnson Matthey UK Other Sustainable Energy 13,845 1.02
Irish Continental Group Ireland Consumer Services Travel & leisure 13,712 1.01
Schroders UK Financials Financial services 13,635 1.00
Ceres Power UK Oil & Gas Oil equipment services & distribution 13,545 1.00
Land Securities UK Financials Real estate investment trusts 13,509 1.00
Shaftesbury Capital UK Financials Real estate investment trusts 13,394 0.99
Toyota Motor Corporation Japan Consumer Goods Automobiles & parts 13,111 0.97
Hiscox UK Financials Nonlife insurance 12,872 0.95
BAE Systems UK Industrials Aerospace & defence 12,855 0.95
IP Group UK Financials Financial services 12,502 0.92
Babcock UK Industrials Aerospace & defence 12,444 0.92
Severn Trent UK Utilities Gas, water & multiutilities 12,132 0.89
British Land Company UK Financials Real estate investment trusts 12,078 0.89
International Personal Finance UK Financials Financial services 12,051 0.89
Cranswick UK Consumer Goods Food producers 11,829 0.87
Infineon Technologies Germany Industrials Electronic & electrical equipment 11,673 0.86
General Motors USA Consumer Goods Automobiles & parts 11,468 0.84
Associated British Foods UK Consumer Goods Food producers 11,167 0.82
Ibstock UK Industrials Construction & materials 11,023 0.81
Morgan Advanced Materials UK Industrials Electronic & electrical equipment 10,900 0.80
Vodafone UK Telecommunications Mobile telecommunications 10,877 0.80
Reckitt Benckiser Group UK Health Care Health care equipment & services 10,504 0.77
Hammerson UK Financials Real estate investment trusts 10,491 0.77
Phoenix Group Holdings UK Financials Life insurance/assurance 10,311 0.76
Smith & Nephew UK Health Care Health care equipment & services 10,152 0.75
ITV UK Consumer Services Media 10,088 0.74
Greencoat UK Wind UK Utilities Electricity 9,800 0.72
Chesnara UK Financials Life insurance/assurance 9,524 0.70
Dunelm UK Consumer Services General retailers 9,362 0.69
Johnson Service Group UK Industrials Support services 9,219 0.68
VH Global Energy Infrastructure UK Other Sustainable Energy 9,184 0.68
AFC Energy UK Oil & Gas Alternative Energy 9,120 0.67
Segro UK Financials Real estate investment trusts 9,003 0.66
Marshalls UK Industrials Construction & materials 8,765 0.65
SSE UK Utilities Electricity 8,716 0.64
Workspace Group UK Financials Real estate investment trusts 8,657 0.64
Scottish Oriental Smaller Companies Trust UK Financials Equity investment instruments 8,656 0.64
Weir Group UK Industrials Industrial engineering 8,538 0.63
Oxford Nanopore Technologies UK Technology Advanced Medical Equipment & Technology 8,450 0.62
HICL Infrastructure UK Financials Equity investment instruments 8,134 0.60
SigmaRoc UK Industrials Construction & materials 8,126 0.60
Vanquis Banking Group UK Financials Financial services 7,916 0.58
Whitbread UK Consumer Services Travel & leisure 7,899 0.58
Standard Life Aberdeen UK Financials Financial services 7,703 0.57
Freeport-McMoran USA Basic Materials Mining 7,537 0.56
Haleon UK Health Care Pharmaceuticals & biotechnology 7,488 0.55
Elementis UK Basic Materials Chemicals 7,486 0.55
Sabre Insurance Group UK Financials Nonlife insurance 7,475 0.55
Beazley UK Financials Nonlife insurance 7,072 0.52
ITM Power UK Oil & Gas Oil equipment services & distribution 7,072 0.52
Mondi UK Basic Materials Forestry & paper 6,812 0.50
Accsys Technologies UK Industrials Construction & materials 6,617 0.49
Bristol-Myers Squibb USA Health Care Pharmaceuticals & biotechnology 6,606 0.49
Zigup UK Industrials Support services 6,386 0.47
Gibson Energy Canada Oil & Gas Oil & gas producers 6,334 0.47
Roche Switzerland Health Care Pharmaceuticals & biotechnology 5,960 0.44
Inchcape UK Industrials Support services 5,764 0.42
Invinity Energy Systems UK Oil & Gas Alternative Energy 5,586 0.41
Great Portland Estates UK Financials Real estate investments & services 5,565 0.41
Easyjet UK Industrials Aerospace & defence 5,104 0.38
Oxford Sciences Innovation UKULM Financials Financial services 5,000 0.37
Rathbones Group UK Financials Equity investment instruments 4,820 0.36
Croda UK Basic Materials Chemicals 4,715 0.35
3I INFRASTRUCTURE UK Financials Equity investment instruments 4,675 0.34
Air Products and Chemicals Canada Oil & Gas Oil & gas producers 4,584 0.34
Halfords UK Consumer Services General retailers 4,578 0.34
Bellway UK Consumer Goods Household goods & home construction 4,528 0.33
Castings UK Industrials Construction & materials 4,431 0.33
Derwent London UK Financials Real estate investment trusts 4,345 0.32
Marstons UK Consumer Services Travel & leisure 4,329 0.32
Ondine Biomedical Canada Health Care Pharmaceuticals & biotechnology 4,254 0.31
Ilika UK Oil & Gas Alternative Energy 4,222 0.31
Vertu Motors UK Consumer Services General retailers 4,218 0.31
Sanofi France Health Care Pharmaceuticals & biotechnology 4,005 0.29
TT Electronics UK Industrials Electronic & electrical equipment 3,912 0.29
Gelion UK Other Sustainable Energy 3,890 0.29
Valterra Platinum Other Basic Materials Mining 3,553 0.26
Serica Energy UK Oil & Gas Oil & gas producers 3,492 0.26
Jubilee Metals Group UK Basic Materials Mining 3,355 0.25
Siemens Germany Technology Software & computer services 3,307 0.24
Munchener Rueckver Germany Financials Nonlife insurance 3,272 0.24
Reach UK Consumer Services Media 3,185 0.23
Safran France Industrials Aerospace & defence 3,184 0.23
Next Fifteen Communications Group UK Consumer Services Media 3,180 0.23
Tate & Lyle UK Consumer Goods Food producers 2,810 0.21
SAP Germany Technology Software & computer services 2,659 0.20
Hercules Site Services UK Industrials Construction & materials 2,621 0.19
ASML Netherlands Technology Technology hardware & equipment 2,591 0.19
XP Power UK Technology Technology hardware & equipment 2,456 0.18
Deutsche Boerse Germany Financials Financial services 2,282 0.17
SGS Switzerland Industrials Support services 1,976 0.15
Seascape Energy Asia UK Oil & Gas Oil & gas producers 1,950 0.14
Watkin Jones UK Consumer Goods Household goods & home construction 1,823 0.13
Grit Real Estate Income Group Guernsey Financials Real estate investment trusts 1,812 0.13
Renishaw UK Technology Technology hardware & equipment 1,753 0.13
Nestle Switzerland Consumer Goods Food producers 1,451 0.11
Windar Photonics UK Industrials Waste & Environ Svcs & Equip 1,364 0.10
Surface Transforms UK Consumer Goods Automobiles & parts 1,311 0.10
Kone Finland Industrials Electronic & electrical equipment 1,184 0.09
First Tin UK Basic Materials Mining 1,116 0.08
Arbuthnot Banking Group UK Financials Financial services 1,045 0.08
ASM International Netherlands Industrials Electronic & electrical equipment 996 0.07
DSM-Firmenich Netherlands Basic Materials Chemicals 904 0.07
Logistics Development Group UK Industrials Industrial transportation 800 0.06
Kistos UK Oil & Gas Oil & gas producers 788 0.06
Carclo UK Basic Materials Chemicals 632 0.05
Ampeak Energy UK Utilities Electricity 524 0.04
Gran Tierra Energy Canada Oil & Gas Oil & gas producers 465 0.03
Indus Gas UK Oil & Gas Oil & gas producers 48 0.00
Deltic Energy UK Oil & Gas Oil & gas producers 48 0.00
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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