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The Law Debenture Corporation p.l.c.
Net Asset Value as at 30 June 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 business1 on 30 June 2026 was 1,143.95 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 1,182.30 pence per share (cum income). The mid-market price at the close of business on 30 June 2026 was 1,204.00 pence per share.
Net Asset Value | Excluding Income (pence) | Including Income (pence) |
NAV with debt at par | 1,131.04 | 1,143.95 |
NAV with debt at fair value | 1,169.38 | 1,182.30 |
Performance
YTD % | 1 year % | 3 years % | 5 years % | 10 years % | |
NAV total return (with debt at par)2 | 11.3 | 25.0 | 72.7 | 73.1 | 205.2 |
NAV total return (with debt at fair value)2 | 11.2 | 24.2 | 70.2 | 86.1 | 230.9 |
FTSE Actuaries All-Share Index Total Return3 | 7.2 | 21.9 | 53.1 | 67.9 | 129.8 |
Share price total return3 | 16.2 | 24.4 | 75.3 | 93.8 | 263.0 |
Change in Retail Price Index4 | 1.7 | 2.7 | 10.3 | 36.6 | 57.8 |
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, May 2026.
Geographical Split of investment portfolio
Region | % of portfolio 30 June 2026 | % of portfolio 31 December 2025 |
UK | 90.5 | 89.9 |
Europe | 5.0 | 4.5 |
North America | 3.6 | 4.3 |
Japan | 0.7 | 1.0 |
Other | 0.2 | 0.3 |
Other Pacific | 0 | 0 |
TOTAL | 100 | 100 |
Full Portfolio Listing
As at 30 June 2026 the full holdings of the portfolio comprised of the following:
Holding Name | Location | Sector | Industry | £000 | % |
HSBC | UK | Financials | Banks | 62,048 | 4.21 |
Barclays | UK | Financials | Banks | 58,766 | 3.99 |
Rio Tinto | UK | Basic Materials | Mining | 37,391 | 2.54 |
Shell | UK | Oil & Gas | Oil & gas producers | 36,650 | 2.49 |
GlaxoSmithKline | UK | Health Care | Pharmaceuticals & biotechnology | 32,480 | 2.21 |
Standard Chartered | UK | Financials | Banks | 31,344 | 2.13 |
BP | UK | Oil & Gas | Oil & gas producers | 31,292 | 2.12 |
Balfour Beatty | UK | Industrials | Construction & materials | 23,980 | 1.62 |
Ceres Power | UK | Oil & Gas | Oil equipment services & distribution | 23,812 | 1.61 |
Rolls Royce | UK | Industrials | Aerospace & defence | 23,475 | 1.59 |
Lloyds Banking Group | UK | Financials | Banks | 21,109 | 1.43 |
National Grid | UK | Utilities | Gas, water & multiutilities | 21,104 | 1.43 |
IMI | UK | Industrials | Industrial engineering | 20,364 | 1.38 |
M & G | UK | Financials | Financial services | 20,166 | 1.37 |
Flutter Entertainment | UK | Consumer Services | Travel & leisure | 20,098 | 1.36 |
NatWest | UK | Financials | Banks | 19,004 | 1.29 |
Herald Investment Trust | UK | Financials | Equity investment instruments | 18,360 | 1.24 |
Hill & Smith | UK | Industrials | Industrial engineering | 18,271 | 1.24 |
Relx | UK | Consumer Services | Media | 17,982 | 1.22 |
Infineon Technologies | Germany | Industrials | Electronic & electrical equipment | 17,916 | 1.21 |
Anglo American | UK | Basic Materials | Mining | 17,908 | 1.21 |
Marks & Spencer | UK | Consumer Services | General retailers | 17,856 | 1.21 |
J Sainsbury | UK | Consumer Services | General retailers | 17,109 | 1.16 |
Aviva | UK | Financials | Life insurance/assurance | 16,727 | 1.13 |
Hiscox | UK | Financials | Nonlife insurance | 16,698 | 1.13 |
Kier | UK | Industrials | Construction & materials | 16,638 | 1.13 |
International Consolidated Airlines | UK | Consumer Services | Travel & leisure | 16,411 | 1.11 |
Segro | UK | Financials | Real estate investment trusts | 16,191 | 1.10 |
Land Securities | UK | Financials | Real estate investment trusts | 16,091 | 1.09 |
Kingfisher | UK | Consumer Goods | Household goods & home construction | 15,716 | 1.06 |
Prudential | UK | Financials | Life insurance/assurance | 15,386 | 1.04 |
BT Group | UK | Telecommunications | Fixed Line Telecommunications | 15,204 | 1.03 |
London Stock Exchange Group | UK | Financials | Financial services | 14,284 | 0.97 |
Babcock | UK | Industrials | Aerospace & defence | 14,268 | 0.97 |
Irish Continental Group | Ireland | Consumer Services | Travel & leisure | 14,044 | 0.95 |
IP Group | UK | Financials | Financial services | 13,998 | 0.95 |
Convatec Group | UK | Health Care | Health care equipment & services | 13,975 | 0.95 |
BAE Systems | UK | Industrials | Aerospace & defence | 13,823 | 0.94 |
Standard Life Aberdeen | UK | Financials | Financial services | 13,697 | 0.93 |
ITM Power | UK | Oil & Gas | Oil equipment services & distribution | 13,642 | 0.92 |
Unilever | UK | Consumer Goods | Personal goods | 13,581 | 0.92 |
Shaftesbury Capital | UK | Financials | Real estate investment trusts | 13,258 | 0.90 |
Severn Trent | UK | Utilities | Gas, water & multiutilities | 12,859 | 0.87 |
British Land Company | UK | Financials | Real estate investment trusts | 12,408 | 0.84 |
Johnson Matthey | UK | Other | Sustainable Energy | 12,298 | 0.83 |
Boku | UK | Industrials | Support services | 12,262 | 0.83 |
Hammerson | UK | Financials | Real estate investment trusts | 11,792 | 0.80 |
Standard Life | UK | Financials | Life insurance/assurance | 11,648 | 0.79 |
Reckitt Benckiser Group | UK | Consumer Goods | Household goods & home construction | 11,539 | 0.78 |
ITV | UK | Consumer Services | Media | 11,284 | 0.76 |
Johnson Service Group | UK | Industrials | Support services | 11,271 | 0.76 |
General Motors | USA | Consumer Goods | Automobiles & parts | 11,040 | 0.75 |
H-Power | UK | Oil & Gas | Alternative Energy | 10,977 | 0.74 |
Vodafone | UK | Telecommunications | Mobile telecommunications | 10,954 | 0.74 |
Morgan Advanced Materials | UK | Industrials | Electronic & electrical equipment | 10,625 | 0.72 |
Chesnara | UK | Financials | Life insurance/assurance | 10,543 | 0.71 |
Associated British Foods | UK | Consumer Goods | Food producers | 10,427 | 0.71 |
Toyota Motor Corporation | Japan | Consumer Goods | Automobiles & parts | 10,425 | 0.71 |
Greencoat UK Wind | UK | Utilities | Electricity | 10,150 | 0.69 |
VH Global Energy Infrastructure | UK | Other | Sustainable Energy | 10,108 | 0.68 |
Sabre Insurance Group | UK | Financials | Nonlife insurance | 9,994 | 0.68 |
Marshalls | UK | Industrials | Construction & materials | 9,755 | 0.66 |
SSE | UK | Utilities | Electricity | 9,740 | 0.66 |
Freeport-McMoran | USA | Basic Materials | Mining | 9,481 | 0.64 |
HICL Infrastructure | UK | Financials | Equity investment instruments | 9,240 | 0.63 |
Smith & Nephew | UK | Health Care | Health care equipment & services | 8,938 | 0.61 |
Scottish Oriental Smaller Companies Trust | UK | Financials | Equity investment instruments | 8,593 | 0.58 |
Oxford Nanopore Technologies | UK | Technology | Advanced Medical Equipment & Technology | 8,303 | 0.56 |
Accsys Technologies | UK | Industrials | Construction & materials | 8,193 | 0.56 |
SigmaRoc | UK | Industrials | Construction & materials | 8,151 | 0.55 |
Vanquis Banking Group | UK | Financials | Financial services | 7,822 | 0.53 |
Inchcape | UK | Industrials | Support services | 7,705 | 0.52 |
Zigup | UK | Industrials | Support services | 7,569 | 0.51 |
Workspace Group | UK | Financials | Real estate investment trusts | 7,534 | 0.51 |
Elementis | UK | Basic Materials | Chemicals | 7,520 | 0.51 |
Halfords | UK | Consumer Services | General retailers | 7,505 | 0.51 |
Whitbread | UK | Consumer Services | Travel & leisure | 7,409 | 0.50 |
Ibstock | UK | Industrials | Construction & materials | 7,253 | 0.49 |
Weir Group | UK | Industrials | Industrial engineering | 7,206 | 0.49 |
Invinity Energy Systems | UK | Oil & Gas | Alternative Energy | 7,181 | 0.49 |
Bristol-Myers Squibb | USA | Health Care | Pharmaceuticals & biotechnology | 7,166 | 0.49 |
Ondine Biomedical | Canada | Health Care | Pharmaceuticals & biotechnology | 7,119 | 0.48 |
Gibson Energy | Canada | Oil & Gas | Oil & gas producers | 7,114 | 0.48 |
Berkeley Group Holdings | UK | Consumer Goods | Household goods & home construction | 6,996 | 0.47 |
Haleon | UK | Health Care | Pharmaceuticals & biotechnology | 6,954 | 0.47 |
Dunelm | UK | Consumer Services | General retailers | 6,921 | 0.47 |
Sanofi | France | Health Care | Pharmaceuticals & biotechnology | 6,824 | 0.46 |
3I INFRASTRUCTURE | UK | Financials | Equity investment instruments | 6,615 | 0.45 |
Rathbones Group | UK | Financials | Equity investment instruments | 6,408 | 0.43 |
Castings | UK | Industrials | Construction & materials | 6,102 | 0.41 |
Safran | France | Industrials | Aerospace & defence | 6,032 | 0.41 |
Roche Holding | Switzerland | Health Care | Pharmaceuticals & biotechnology | 6,019 | 0.41 |
Great Portland Estates | UK | Financials | Real estate investments & services | 5,810 | 0.39 |
Becton Dickinson | USA | Health Care | Health care equipment & services | 5,703 | 0.39 |
Oxford Sciences Innovation | UKULM | Financials | Financial services | 5,633 | 0.38 |
Easyjet | UK | Industrials | Aerospace & defence | 5,584 | 0.38 |
Air Products and Chemicals | Canada | Oil & Gas | Oil & gas producers | 5,521 | 0.37 |
XP Power | UK | Technology | Technology hardware & equipment | 5,294 | 0.36 |
Croda | UK | Basic Materials | Chemicals | 5,292 | 0.36 |
Mondi | UK | Basic Materials | Forestry & paper | 5,130 | 0.35 |
Greencore Group | Ireland | Consumer Goods | Beverages | 5,088 | 0.34 |
Vertu Motors | UK | Consumer Services | General retailers | 5,043 | 0.34 |
Breedon Group | UK | Basic Materials | Building Materials | 5,025 | 0.34 |
Derwent London | UK | Financials | Real estate investment trusts | 4,848 | 0.33 |
ASML | Netherlands | Technology | Technology hardware & equipment | 4,790 | 0.32 |
Rotork | UK | Industrials | Construction & materials | 4,431 | 0.30 |
Serica Energy | UK | Oil & Gas | Oil & gas producers | 4,340 | 0.29 |
Bellway | UK | Consumer Goods | Household goods & home construction | 4,167 | 0.28 |
TT Electronics | UK | Industrials | Electronic & electrical equipment | 3,990 | 0.27 |
Marstons | UK | Consumer Services | Travel & leisure | 3,909 | 0.26 |
Siemens | Germany | Technology | Software & computer services | 3,842 | 0.26 |
Gelion | UK | Other | Sustainable Energy | 3,673 | 0.25 |
Ilika | UK | Oil & Gas | Alternative Energy | 3,195 | 0.22 |
Reach | UK | Consumer Services | Media | 3,023 | 0.20 |
Valterra Platinum | Other | Basic Materials | Mining | 2,857 | 0.19 |
Munchener Rueckver | Germany | Financials | Nonlife insurance | 2,811 | 0.19 |
Renishaw | UK | Technology | Technology hardware & equipment | 2,560 | 0.17 |
Next Fifteen Communications Group | UK | Consumer Services | Media | 2,540 | 0.17 |
Princes Group | UK | Consumer Goods | Food & Drug Retailers | 2,480 | 0.17 |
Jubilee Metals Group | UK | Basic Materials | Mining | 2,440 | 0.17 |
Seascape Energy Asia | UK | Oil & Gas | Oil & gas producers | 2,223 | 0.15 |
ASM International | Netherlands | Industrials | Electronic & electrical equipment | 1,902 | 0.13 |
Grit Real Estate Income Group | Guernsey | Financials | Real estate investment trusts | 1,752 | 0.12 |
SAP | Germany | Technology | Software & computer services | 1,701 | 0.12 |
Arbuthnot Banking Group | UK | Financials | Financial services | 1,404 | 0.10 |
Hercules Site Services | UK | Industrials | Construction & materials | 1,285 | 0.09 |
First Tin | UK | Basic Materials | Mining | 1,200 | 0.08 |
Watkin Jones | UK | Consumer Goods | Household goods & home construction | 1,147 | 0.08 |
Kistos | UK | Oil & Gas | Oil & gas producers | 1,080 | 0.07 |
Kone | Finland | Industrials | Electronic & electrical equipment
| 959 | 0.06 |
Logistics Development Group | UK | Industrials | Industrial transportation | 830 | 0.06 |
Carclo | UK | Basic Materials | Chemicals | 768 | 0.05 |
Ampeak Energy | UK | Utilities | Electricity | 470 | 0.03 |
Deltic Energy | UK | Oil & Gas | Oil & gas producers | 103 | 0.01 |
Surface Transforms | UK | Consumer Goods | Automobiles & parts | 0 | 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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