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Last checked at 
3 Feb 2025 17:26
The Law Debenture Corporation p.l.c.
Net Asset Value as at 31 January 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 business1 on 31 January 2025 was 865.70 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 896.62 pence per share (cum income). The mid-market price at the close of business on 31 January 2025 was 913.00 pence per share.
Net Asset Value | Excluding Income (pence) | Including Income (pence) |
NAV with debt at par | 864.59 | 865.70 |
NAV with debt at fair value | 895.51 | 896.62 |
Performance
YTD % | 1 year % | 3 years % | 5 years % | 10 years % | |
NAV total return (with debt at par)2 | 2.8 | 17.8 | 20.0 | 52.2 | 121.7 |
NAV total return (with debt at fair value)2 | 2.6 | 17.3 | 29.2 | 66.6 | 137.1 |
FTSE Actuaries All-Share Index Total Return3 | 5.5 | 17.1 | 25.5 | 37.9 | 87.1 |
Share price total return3 | 2.2 | 20.9 | 28.3 | 86.6 | 158.7 |
Change in Retail Price Index4 | 0.0 | 3.7 | 23.4 | 34.9 | 53.5 |
1 The fair value of the IPS business has been calculated as at 30 June 2024.
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, December 2024.
Geographical Split of investment portfolio
Region | % of portfolio 31 January 2025 | % of portfolio 31 December 2024 |
UK | 87.6 | 87.6 |
Europe | 5.6 | 5.5 |
North America | 5.6 | 5.6 |
Japan | 1.2 | 1.3 |
Other | 0 | 0 |
Other Pacific | 0 | 0 |
TOTAL | 100 | 100 |
Full Portfolio Listing
As at 31 January 2025 the full holdings of the portfolio comprised of the following:
Holding Name | Location | Sector | Industry | £000 | % |
HSBC | UK | Financials | Banks | 36,675 | 3.38 |
Flutter Entertainment | UK | Consumer Services | Travel & leisure | 35,987 | 3.32 |
Barclays | UK | Financials | Banks | 34,452 | 3.18 |
Shell | UK | Oil & Gas | Oil & gas producers | 33,475 | 3.09 |
Rolls Royce | UK | Industrials | Aerospace & defence | 25,452 | 2.35 |
BP | UK | Oil & Gas | Oil & gas producers | 24,083 | 2.23 |
GlaxoSmithKline | UK | Health Care | Pharmaceuticals & biotechnology | 23,042 | 2.13 |
Standard Chartered | UK | Financials | Banks | 20,592 | 1.90 |
Tesco | UK | Consumer Goods | Food & Drug Retailers | 18,806 | 1.74 |
Rio Tinto | UK | Basic Materials | Mining | 18,341 | 1.70 |
National Grid | UK | Utilities | Gas, water & multiutilities | 16,568 | 1.53 |
Senior | UK | Industrials | Aerospace & defence | 14,902 | 1.38 |
Herald Investment Trust | UK | Financials | Equity investment instruments | 14,100 | 1.30 |
NatWest | UK | Financials | Banks | 14,073 | 1.30 |
BT Group | UK | Telecommunications | Fixed Line Telecommunications | 13,830 | 1.28 |
IMI | UK | Industrials | Industrial engineering | 13,819 | 1.28 |
J Sainsbury plc | UK | Consumer Services | General retailers | 13,610 | 1.26 |
Cummins | USA | Industrials | Industrial engineering | 13,517 | 1.25 |
Marks & Spencer | UK | Consumer Services | General retailers | 13,428 | 1.24 |
Hill & Smith | UK | Industrials | Industrial engineering | 13,259 | 1.23 |
Aviva | UK | Financials | Life insurance/assurance | 13,223 | 1.22 |
Anglo American | UK | Basic Materials | Mining | 13,087 | 1.21 |
Kier | UK | Industrials | Construction & materials | 12,920 | 1.19 |
Balfour Beatty | UK | Industrials | Construction & materials | 12,859 | 1.19 |
Toyota Motor Corporation | Japan | Consumer Goods | Automobiles & parts | 12,752 | 1.18 |
Land Securities | UK | Financials | Real estate investment trusts | 12,672 | 1.17 |
M & G | UK | Financials | Financial services | 12,510 | 1.16 |
Boku | UK | Industrials | Support services | 12,375 | 1.14 |
Cranswick | UK | Consumer Goods | Food producers | 12,020 | 1.11 |
Morgan Advanced Materials | UK | Industrials | Electronic & electrical equipment | 11,624 | 1.07 |
BAE Systems | UK | Industrials | Aerospace & defence | 11,623 | 1.07 |
International Consolidated Airlines | UK | Consumer Services | Travel & leisure | 11,612 | 1.07 |
Irish Continental Group | Ireland | Consumer Services | Travel & leisure | 11,226 | 1.04 |
Kingfisher | UK | Consumer Goods | Household goods & home construction | 11,201 | 1.04 |
Shaftesbury Capital PLC | UK | Financials | Real estate investment trusts | 11,178 | 1.03 |
Marshalls | UK | Industrials | Construction & materials | 11,101 | 1.03 |
Severn Trent | UK | Utilities | Gas, water & multiutilities | 10,988 | 1.02 |
ITV | UK | Consumer Services | Media | 10,930 | 1.01 |
Lloyds Banking Group | UK | Financials | Banks | 10,594 | 0.98 |
Prudential Corp | UK | Financials | Life insurance/assurance | 10,401 | 0.96 |
Babcock | UK | Industrials | Aerospace & defence | 10,357 | 0.96 |
Schroders PLC | UK | Financials | Equity investment instruments | 10,083 | 0.93 |
Hiscox | UK | Financials | Nonlife insurance | 9,878 | 0.91 |
Ibstock | UK | Industrials | Construction & materials | 9,486 | 0.88 |
Scottish Oriental Small Co | UK | Financials | Equity investment instruments | 9,223 | 0.85 |
Oxford Nanopore Technologies | UK | Technology | Advanced Medical Equipment & Technology | 9,008 | 0.83 |
Johnson Service Group | UK | Industrials | Support services | 8,961 | 0.83 |
Smith & Nephew | UK | Health Care | Health care equipment & services | 8,462 | 0.78 |
IP Group | UK | Financials | Financial services | 8,285 | 0.77 |
Dunelm | UK | Consumer Services | General retailers | 8,200 | 0.76 |
Bristol-Myers Squibb | USA | Health Care | Pharmaceuticals & biotechnology | 7,846 | 0.73 |
Hammerson | UK | Financials | Real estate investment trusts | 7,668 | 0.71 |
General Motors | USA | Consumer Goods | Automobiles & parts | 7,583 | 0.70 |
Ceres Power | UK | Oil & Gas | Oil equipment services & distribution | 7,575 | 0.70 |
Dowlais Group plc | UK | Consumer Goods | Automobiles & parts | 7,560 | 0.70 |
Vodafone | UK | Telecommunications | Mobile telecommunications | 7,553 | 0.70 |
Haleon | UK | Health Care | Pharmaceuticals & biotechnology | 7,492 | 0.69 |
Phoenix Group Holdings | UK | Financials | Life insurance/assurance | 7,315 | 0.68 |
Whitbread PLC | Canada | Consumer Services | Travel & leisure | 7,314 | 0.68 |
Weir Group | UK | Industrials | Industrial engineering | 7,272 | 0.67 |
Spectris | UK | Industrials | Electronic & electrical equipment | 7,211 | 0.67 |
Johnson Matthey | UK | Other | Sustainable Energy | 7,155 | 0.66 |
Beazley PLC (UK) | UK | Financials | Nonlife insurance | 7,123 | 0.66 |
Elementis | UK | Basic Materials | Chemicals | 7,107 | 0.66 |
Air Products and Chemicals | Canada | Oil & Gas | Oil & gas producers | 6,766 | 0.63 |
VH Global Sustainable Energy Opportunities | UK | Other | Sustainable Energy | 6,760 | 0.62 |
International Personal Finance | UK | Financials | Financial services | 6,592 | 0.61 |
WPP LLP | UK | Consumer Services | Media | 6,574 | 0.61 |
Gibson Energy | Canada | Oil & Gas | Oil & gas producers | 6,351 | 0.59 |
AFC Energy | UK | Oil & Gas | Alternative Energy | 6,111 | 0.56 |
Sabre Insurance Group PLC | UK | Financials | Nonlife insurance | 5,958 | 0.55 |
Freeport-McMoran Inc | USA | Basic Materials | Mining | 5,784 | 0.53 |
Chesnara | UK | Financials | Life insurance/assurance | 5,489 | 0.51 |
Segro PLC | UK | Financials | Real estate investment trusts | 5,379 | 0.50 |
Reach | UK | Consumer Services | Media | 5,069 | 0.47 |
Inchcape | UK | Industrials | Support services | 5,063 | 0.47 |
SSE | UK | Utilities | Electricity | 4,893 | 0.45 |
Oxford Sciences Innovation | UKULM | Financials | Financial services | 4,767 | 0.44 |
Associated British Foods Plc | UK | Consumer Goods | Food producers | 4,755 | 0.44 |
Workspace Group PLC | UK | Financials | Real estate investment trusts | 4,690 | 0.43 |
SigmaRoc | UK | Industrials | Construction & materials | 4,650 | 0.43 |
Halfords | UK | Consumer Services | General retailers | 4,604 | 0.43 |
Epwin Group | UK | Consumer Goods | Household goods & home construction | 4,568 | 0.42 |
Ondine Biomedical Inc. | Canada | Health Care | Pharmaceuticals & biotechnology | 4,565 | 0.42 |
Zigup | UK | Industrials | Support services | 4,358 | 0.40 |
Standard Life Aberdeen | UK | Financials | Financial services | 4,254 | 0.39 |
Accsys Technologies | UK | Industrials | Construction & materials | 4,229 | 0.39 |
Castings | UK | Industrials | Construction & materials | 4,116 | 0.38 |
Bellway | UK | Consumer Goods | Household goods & home construction | 3,930 | 0.36 |
Convatec Group | UK | Health Care | Health care equipment & services | 3,702 | 0.34 |
Vertu Motors | UK | Consumer Services | General retailers | 3,559 | 0.33 |
Vanquis Banking Group | UK | Financials | Financial services | 3,508 | 0.32 |
ITM Power | UK | Oil & Gas | Oil equipment services & distribution | 3,435 | 0.32 |
Next Fifteen Communications Group | UK | Consumer Services | Media | 3,390 | 0.31 |
XP Power Ltd | UK | Technology | Technology hardware & equipment | 3,389 | 0.31 |
Croda | UK | Basic Materials | Chemicals | 3,344 | 0.31 |
SAP | Germany | Technology | Software & computer services | 3,260 | 0.30 |
Renold | UK | Industrials | Industrial engineering | 3,260 | 0.30 |
TT Electronics | UK | Industrials | Electronic & electrical equipment | 3,105 | 0.29 |
Grit Real Estate Income Group | Guernsey | Financials | Real estate investment trusts | 3,020 | 0.28 |
UniCredit | Italy | Financials | Banks | 3,000 | 0.28 |
Munchener Rueckver | Germany | Financials | Nonlife insurance | 2,917 | 0.27 |
Siemens AG | Germany | Technology | Software & computer services | 2,741 | 0.25 |
Sanofi | France | Health Care | Pharmaceuticals & biotechnology | 2,666 | 0.25 |
Novo Nordisk | Denmark | Health Care | Pharmaceuticals & biotechnology | 2,545 | 0.24 |
Safran SA | France | Industrials | Aerospace & defence | 2,461 | 0.23 |
Serica Energy | UK | Oil & Gas | Oil & gas producers | 2,459 | 0.23 |
Roche | Switzerland | Health Care | Pharmaceuticals & biotechnology | 2,380 | 0.22 |
Deutsche Boerse | Germany | Financials | Financial services | 2,332 | 0.22 |
Jubilee Metals Group | UK | Basic Materials | Mining | 2,267 | 0.21 |
DVS A/S | Denmark | Industrials | Industrial transportation | 2,260 | 0.21 |
Invinity Energy Systems | UK | Oil & Gas | Alternative Energy | 2,105 | 0.19 |
Hercules Site Services Plc | UK | Industrials | Construction & materials | 1,980 | 0.18 |
Watkin Jones | UK | Consumer Goods | Household goods & home construction | 1,962 | 0.18 |
ASML | Netherlands | Technology | Technology hardware & equipment | 1,952 | 0.18 |
Bawag | Austria | Financials | Banks | 1,873 | 0.17 |
Ricardo | UK | Industrials | Support services | 1,872 | 0.17 |
Gelion | UK | Other | Sustainable Energy | 1,852 | 0.17 |
SGS SA | Switzerland | Industrials | Support services | 1,821 | 0.17 |
Cellnex Telecom | Spain | Telecommunications | Mobile telecommunications | 1,809 | 0.17 |
Windar Photonics Plc | UK | Industrials | Waste & Environ Svcs & Equip | 1,797 | 0.17 |
Great Portland Estates | UK | Financials | Real estate investments & services | 1,731 | 0.16 |
LVMH | France | Consumer Goods | Leisure Goods | 1,663 | 0.15 |
Marstons | UK | Consumer Services | Travel & leisure | 1,499 | 0.14 |
Anheuser-Busch InBev | Belgium | Consumer Goods | Beverages | 1,424 | 0.13 |
Infineon Technologies AG | Germany | Industrials | Electronic & electrical equipment | 1,422 | 0.13 |
Danone SA | France | Consumer Goods | Food producers | 1,385 | 0.13 |
Nestle | Switzerland | Consumer Goods | Food producers | 1,350 | 0.12 |
Ilika | UK | Oil & Gas | Alternative Energy | 1,284 | 0.12 |
DSM-Firmenich AG | Netherlands | Basic Materials | Chemicals | 1,245 | 0.12 |
Aena SME | Spain | Consumer Services | Travel & leisure | 1,123 | 0.10 |
Logistics Development Group | UK | Industrials | Industrial transportation | 1,109 | 0.10 |
Arbuthnot Banking Group | UK | Financials | Financial services | 1,087 | 0.10 |
ASM International NV | Netherlands | Industrials | Electronic & electrical equipment | 1,046 | 0.10 |
Syensqo SA | Belgium | Basic Materials | Chemicals | 965 | 0.09 |
Kone Oyj | Finland | Industrials | Electronic & electrical equipment | 936 | 0.09 |
Gran Tierra Energy Inc | Canada | Oil & Gas | Oil & gas producers | 679 | 0.06 |
First Tin | UK | Basic Materials | Mining | 600 | 0.06 |
Kistos | UK | Oil & Gas | Oil & gas producers | 576 | 0.05 |
Longboat Energy | UK | Oil & Gas | Oil & gas producers | 510 | 0.05 |
SIMEC Atlantis Energy | UK | Utilities | Electricity | 379 | 0.04 |
Surface Transforms | UK | Consumer Goods | Automobiles & parts | 338 | 0.03 |
Carclo | UK | Basic Materials | Chemicals | 289 | 0.03 |
Indus Gas | UK | Oil & Gas | Oil & gas producers | 129 | 0.01 |
LDIC Investments | UK | Financials | Financial services | 88 | 0.01 |
Deltic Energy | UK | Oil & Gas | Oil & gas producers | 71 | 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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