REG - Law Debenture Corp - Net Asset Value(s)
01/05/2026 15:00
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RNS Number : 8662C Law Debenture Corp PLC 01 May 2026
The Law Debenture Corporation p.l.c.
Net Asset Value as at 30 April 2026
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 April 2026 was 1,115.91 pence per share (cum income). With the
Corporation's long term debt stated at fair value, the NAV was 1,156.81 pence
per share (cum income). The mid-market price at the close of business on 30
April 2026 was 1,158.00 pence per share.
Net Asset Value Excluding Income (pence) Including Income (pence)
NAV with debt at par 1,101.51 1,115.91
NAV with debt at fair value 1,142.42 1,156.81
Performance
YTD 1 year 3 years 5 years 10 years
% % % % %
NAV total return (with debt at par)(2) 7.7 36.6 59.9 75.4 199.2
NAV total return (with debt at fair value)(2) 8.0 35.9 59.7 89.4 220.0
FTSE Actuaries All-Share Index Total Return(3) 5.2 25.2 44.7 66.9 133.5
Share price total return(3) 10.9 34.2 57.3 86.9 250.5
Change in Retail Price Index(4) 0.7 2.3 12.0 36.6 57.4
(1) The fair value of the IPS business has been calculated as at 31 December
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: LSEG, London Stock Exchange Group.
(4) Source: Office for National Statistics, subject to latest published RPI,
March 2026.
Geographical Split of investment portfolio
Region % of portfolio % of portfolio
30 April 2026 31 December 2025
UK 90.6 89.9
Europe 5.1 4.5
North America 3.3 4.3
Japan 0.8 1.0
Other 0.2 0.3
Other Pacific 0 0
TOTAL 100 100
Full Portfolio Listing
As at 30 April 2026 the full holdings of the portfolio comprised of the
following:
Holding Name Location Sector Industry £000 %
HSBC UK Financials Banks 58,492 4.11
Barclays UK Financials Banks 50,042 3.51
Shell UK Oil & Gas Oil & gas producers 41,563 2.92
Ceres Power UK Oil & Gas Oil equipment services & distribution 39,368 2.76
Rio Tinto UK Basic Materials Mining 38,577 2.71
BP UK Oil & Gas Oil & gas producers 33,277 2.33
GlaxoSmithKline UK Health Care Pharmaceuticals & biotechnology 31,627 2.22
Standard Chartered UK Financials Banks 28,601 2.00
Balfour Beatty UK Industrials Construction & materials 22,557 1.58
National Grid UK Utilities Gas, water & multiutilities 22,186 1.55
Relx UK Consumer Services Media 20,383 1.44
Rolls Royce UK Industrials Aerospace & defence 19,204 1.35
IMI UK Industrials Industrial engineering 19,195 1.35
Flutter Entertainment UK Consumer Services Travel & leisure 19,032 1.34
Lloyds Banking Group UK Financials Banks 18,941 1.33
M & G UK Financials Financial services 18,156 1.28
ITM Power UK Oil & Gas Oil equipment services & distribution 18,014 1.27
Infineon Technologies Germany Industrials Electronic & electrical equipment 17,601 1.24
J Sainsbury UK Consumer Services General retailers 17,591 1.24
Anglo American UK Basic Materials Mining 17,373 1.22
BT Group UK Telecommunications Fixed Line Telecommunications 17,320 1.22
Hill & Smith UK Industrials Industrial engineering 17,106 1.20
Herald Investment Trust UK Financials Equity investment instruments 16,890 1.19
Prudential UK Financials Life insurance/assurance 16,843 1.19
NatWest UK Financials Banks 16,673 1.17
Aviva UK Financials Life insurance/assurance 16,040 1.13
Kingfisher UK Consumer Goods Household goods & home construction 15,894 1.12
Marks & Spencer UK Consumer Services General retailers 15,845 1.12
Kier UK Industrials Construction & materials 15,479 1.09
BAE Systems UK Industrials Aerospace & defence 15,319 1.08
Boku UK Industrials Support services 14,931 1.05
Irish Continental Group Ireland Consumer Services Travel & leisure 14,471 1.02
Severn Trent UK Utilities Gas, water & multiutilities 14,220 1.00
AFC Energy UK Oil & Gas Alternative Energy 14,183 1.00
Hiscox UK Financials Nonlife insurance 14,002 0.99
Johnson Matthey UK Other Sustainable Energy 13,494 0.95
IP Group UK Financials Financial services 13,101 0.92
Vodafone UK Telecommunications Mobile telecommunications 12,892 0.91
Cranswick UK Consumer Goods Food producers 12,856 0.91
Land Securities UK Financials Real estate investment trusts 12,835 0.90
Segro UK Financials Real estate investment trusts 12,821 0.90
International Consolidated Airlines UK Consumer Services Travel & leisure 12,798 0.90
Shaftesbury Capital UK Financials Real estate investment trusts 12,797 0.90
Standard Life Aberdeen UK Financials Financial services 11,966 0.84
London Stock Exchange Group UK Financials Financial services 11,938 0.84
Toyota Motor Corporation Japan Consumer Goods Automobiles & parts 11,706 0.82
British Land Company UK Financials Real estate investment trusts 11,598 0.82
Babcock UK Industrials Aerospace & defence 11,051 0.78
Morgan Advanced Materials UK Industrials Electronic & electrical equipment 10,900 0.77
ITV UK Consumer Services Media 10,800 0.76
General Motors USA Consumer Goods Automobiles & parts 10,740 0.76
Standard Life UK Financials Life insurance/assurance 10,576 0.74
SSE UK Utilities Electricity 10,564 0.74
Hammerson UK Financials Real estate investment trusts 10,472 0.74
VH Global Energy Infrastructure UK Other Sustainable Energy 10,304 0.73
Greencoat UK Wind UK Utilities Electricity 9,984 0.70
Chesnara UK Financials Life insurance/assurance 9,747 0.69
Associated British Foods UK Consumer Goods Food producers 9,592 0.68
Reckitt Benckiser Group UK Consumer Goods Household goods & home construction 9,356 0.66
Smith & Nephew UK Health Care Health care equipment & services 9,319 0.66
HICL Infrastructure UK Financials Equity investment instruments 8,918 0.63
Johnson Service Group UK Industrials Support services 8,819 0.62
Sabre Insurance Group UK Financials Nonlife insurance 8,706 0.61
Unilever UK Consumer Goods Personal goods 8,593 0.60
Freeport-McMoran USA Basic Materials Mining 8,493 0.60
Scottish Oriental Smaller Companies Trust UK Financials Equity investment instruments 8,467 0.60
Inchcape UK Industrials Support services 8,262 0.58
Ibstock UK Industrials Construction & materials 8,094 0.57
Weir Group UK Industrials Industrial engineering 7,956 0.56
Marshalls UK Industrials Construction & materials 7,864 0.55
SigmaRoc UK Industrials Construction & materials 7,864 0.55
Oxford Nanopore Technologies UK Technology Advanced Medical Equipment & Technology 7,514 0.53
Gibson Energy Canada Oil & Gas Oil & gas producers 7,476 0.53
Vanquis Banking Group UK Financials Financial services 7,419 0.52
Bristol-Myers Squibb USA Health Care Pharmaceuticals & biotechnology 7,342 0.52
Workspace Group UK Financials Real estate investment trusts 7,321 0.52
Sanofi France Health Care Pharmaceuticals & biotechnology 7,260 0.51
Accsys Technologies UK Industrials Construction & materials 7,181 0.51
Whitbread UK Consumer Services Travel & leisure 6,925 0.49
Haleon UK Health Care Pharmaceuticals & biotechnology 6,800 0.48
Elementis UK Basic Materials Chemicals 6,748 0.48
Zigup UK Industrials Support services 6,694 0.47
Dunelm UK Consumer Services General retailers 6,613 0.47
Berkeley Group Holdings UK Consumer Goods Household goods & home construction 6,396 0.45
Roche Holding Switzerland Health Care Pharmaceuticals & biotechnology 5,808 0.41
Serica Energy UK Oil & Gas Oil & gas producers 5,760 0.41
Ondine Biomedical Canada Health Care Pharmaceuticals & biotechnology 5,755 0.41
Mondi UK Basic Materials Forestry & paper 5,685 0.40
Air Products and Chemicals Canada Oil & Gas Oil & gas producers 5,514 0.39
Great Portland Estates UK Financials Real estate investments & services 5,408 0.38
Oxford Sciences Innovation UKULM Financials Financial services 5,367 0.38
3I INFRASTRUCTURE UK Financials Equity investment instruments 5,201 0.37
Invinity Energy Systems UK Oil & Gas Alternative Energy 5,133 0.36
Croda UK Basic Materials Chemicals 4,986 0.35
Rathbones Group UK Financials Equity investment instruments 4,925 0.35
Safran France Industrials Aerospace & defence 4,781 0.34
XP Power UK Technology Technology hardware & equipment 4,775 0.34
Halfords UK Consumer Services General retailers 4,734 0.33
Castings UK Industrials Construction & materials 4,361 0.31
Vertu Motors UK Consumer Services General retailers 4,328 0.30
Derwent London UK Financials Real estate investment trusts 4,283 0.30
Bellway UK Consumer Goods Household goods & home construction 4,081 0.29
TT Electronics UK Industrials Electronic & electrical equipment 4,080 0.29
Marstons UK Consumer Services Travel & leisure 3,962 0.28
Ilika UK Oil & Gas Alternative Energy 3,765 0.27
Easyjet UK Industrials Aerospace & defence 3,516 0.25
Siemens Germany Technology Software & computer services 3,447 0.24
Greencore Group Ireland Consumer Goods Beverages 3,414 0.24
ASML Netherlands Technology Technology hardware & equipment 3,406 0.24
Reach UK Consumer Services Media 3,341 0.24
Valterra Platinum Other Basic Materials Mining 3,313 0.23
Gelion UK Other Sustainable Energy 3,241 0.23
Munchener Rueckver Germany Financials Nonlife insurance 2,955 0.21
Jubilee Metals Group UK Basic Materials Mining 2,796 0.20
Tate & Lyle UK Consumer Goods Food producers 2,752 0.19
Deutsche Boerse Germany Financials Financial services 2,645 0.19
Seascape Energy Asia UK Oil & Gas Oil & gas producers 2,520 0.18
Next Fifteen Communications Group UK Consumer Services Media 2,380 0.17
Renishaw UK Technology Technology hardware & equipment 2,366 0.17
Breedon Group UK Basic Materials Building Materials 1,965 0.14
SAP Germany Technology Software & computer services 1,821 0.13
Grit Real Estate Income Group Guernsey Financials Real estate investment trusts 1,752 0.12
Hercules Site Services UK Industrials Construction & materials 1,714 0.12
ASM International Netherlands Industrials Electronic & electrical equipment 1,581 0.11
First Tin UK Basic Materials Mining 1,500 0.11
Arbuthnot Banking Group UK Financials Financial services 1,429 0.10
Kistos UK Oil & Gas Oil & gas producers 1,418 0.10
Watkin Jones UK Consumer Goods Household goods & home construction 1,392 0.10
Kone Finland Industrials Electronic & electrical equipment 1,046 0.07
Gran Tierra Energy Canada Oil & Gas Oil & gas producers 1,006 0.07
Windar Photonics UK Industrials Waste & Environ Svcs & Equip 965 0.07
Carclo UK Basic Materials Chemicals 847 0.06
DSM-Firmenich Netherlands Basic Materials Chemicals 827 0.06
Logistics Development Group UK Industrials Industrial transportation 800 0.06
Ampeak Energy UK Utilities Electricity 470 0.03
Surface Transforms UK Consumer Goods Automobiles & parts 85 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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