Something special

In 2025, The Law Debenture Corporation (LWDB) built on its long-term record of outperformance versus its broad UK equity market benchmark and peers. We believe LWDB’s unique combination of a UK investment trust and a cash-generative professional services operating business (IPS) are core to this performance. The 2025 fair value NAV total return of 28% was 4.4pp ahead of the benchmark, driven by strong stock selection, an eighth successive year of mid- to high-single-digit earnings growth and increased fair value for IPS, and a positive gearing impact. DPS increased by 6.0%.