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1 Jun 2026 13:58
The Law Debenture Corporation p.l.c.
Net Asset Value as at 29 May 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 29 May 2026 was 1,164.76 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 1,203.22 pence per share (cum income). The mid-market price at the close of business on 29 May 2026 was 1,220.00 pence per share.
Net Asset Value | Excluding Income (pence) | Including Income (pence) |
NAV with debt at par | 1,145.95 | 1,164.76 |
NAV with debt at fair value | 1,184.41 | 1,203.22 |
Performance
YTD % | 1 year % | 3 years % | 5 years % | 10 years % | |
NAV total return (with debt at par)2 | 12.4 | 32.7 | 74.9 | 79.3 | 212.9 |
NAV total return (with debt at fair value)2 | 12.3 | 31.6 | 72.3 | 92.6 | 235.0 |
FTSE Actuaries All-Share Index Total Return3 | 6.5 | 21.6 | 53.6 | 67.0 | 134.6 |
Share price total return3 | 16.9 | 31.2 | 73.1 | 92.6 | 270.1 |
Change in Retail Price Index4 | 1.4 | 3.0 | 10.4 | 37.6 | 58.1 |
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, April 2026.
Geographical Split of investment portfolio
Region | % of portfolio 29 May 2026 | % of portfolio 31 December 2025 |
UK | 90.0 | 89.9 |
Europe | 5.4 | 4.5 |
North America | 3.6 | 4.3 |
Japan | 0.8 | 1.0 |
Other | 0.2 | 0.3 |
Other Pacific | 0 | 0 |
TOTAL | 100 | 100 |
Full Portfolio Listing
As at 29 May 2026 the full holdings of the portfolio comprised of the following:
Holding Name | Location | Sector | Industry | £000 | % |
HSBC | UK | Financials | Banks | 60,426 | 4.04 |
Barclays | UK | Financials | Banks | 53,122 | 3.55 |
Ceres Power | UK | Oil & Gas | Oil equipment services & distribution | 51,580 | 3.44 |
Rio Tinto | UK | Basic Materials | Mining | 41,832 | 2.80 |
Shell | UK | Oil & Gas | Oil & gas producers | 38,975 | 2.61 |
GlaxoSmithKline | UK | Health Care | Pharmaceuticals & biotechnology | 30,857 | 2.07 |
Standard Chartered | UK | Financials | Banks | 30,607 | 2.05 |
BP | UK | Oil & Gas | Oil & gas producers | 29,680 | 1.99 |
Infineon Technologies | Germany | Industrials | Electronic & electrical equipment | 25,017 | 1.67 |
ITM Power | UK | Oil & Gas | Oil equipment services & distribution | 22,054 | 1.48 |
Balfour Beatty | UK | Industrials | Construction & materials | 22,004 | 1.47 |
Rolls Royce | UK | Industrials | Aerospace & defence | 21,729 | 1.45 |
National Grid | UK | Utilities | Gas, water & multiutilities | 20,208 | 1.35 |
Lloyds Banking Group | UK | Financials | Banks | 19,333 | 1.29 |
Herald Investment Trust | UK | Financials | Equity investment instruments | 19,320 | 1.29 |
Anglo American | UK | Basic Materials | Mining | 19,318 | 1.29 |
IMI | UK | Industrials | Industrial engineering | 19,113 | 1.28 |
M & G | UK | Financials | Financial services | 18,948 | 1.27 |
Relx | UK | Consumer Services | Media | 18,620 | 1.25 |
Hill & Smith | UK | Industrials | Industrial engineering | 18,404 | 1.23 |
Flutter Entertainment | UK | Consumer Services | Travel & leisure | 17,357 | 1.16 |
Marks & Spencer | UK | Consumer Services | General retailers | 17,083 | 1.14 |
NatWest | UK | Financials | Banks | 17,077 | 1.14 |
BT Group | UK | Telecommunications | Fixed Line Telecommunications | 16,704 | 1.12 |
Prudential | UK | Financials | Life insurance/assurance | 16,437 | 1.10 |
Kingfisher | UK | Consumer Goods | Household goods & home construction | 15,955 | 1.07 |
J Sainsbury | UK | Consumer Services | General retailers | 15,852 | 1.06 |
Hiscox | UK | Financials | Nonlife insurance | 15,812 | 1.06 |
H-Power | UK | Oil & Gas | Alternative Energy | 15,786 | 1.06 |
Kier | UK | Industrials | Construction & materials | 15,784 | 1.06 |
Aviva | UK | Financials | Life insurance/assurance | 15,775 | 1.06 |
Land Securities | UK | Financials | Real estate investment trusts | 15,559 | 1.04 |
BAE Systems | UK | Industrials | Aerospace & defence | 15,165 | 1.02 |
International Consolidated Airlines | UK | Consumer Services | Travel & leisure | 14,785 | 0.99 |
IP Group | UK | Financials | Financial services | 14,746 | 0.99 |
Standard Life Aberdeen | UK | Financials | Financial services | 14,272 | 0.96 |
Irish Continental Group | Ireland | Consumer Services | Travel & leisure | 14,082 | 0.94 |
Johnson Matthey | UK | Other | Sustainable Energy | 13,780 | 0.92 |
Segro | UK | Financials | Real estate investment trusts | 13,364 | 0.89 |
Boku | UK | Industrials | Support services | 13,179 | 0.88 |
Shaftesbury Capital | UK | Financials | Real estate investment trusts | 13,008 | 0.87 |
Severn Trent | UK | Utilities | Gas, water & multiutilities | 12,911 | 0.86 |
Vodafone | UK | Telecommunications | Mobile telecommunications | 12,249 | 0.82 |
British Land Company | UK | Financials | Real estate investment trusts | 12,150 | 0.81 |
General Motors | USA | Consumer Goods | Automobiles & parts | 11,757 | 0.79 |
Toyota Motor Corporation | Japan | Consumer Goods | Automobiles & parts | 11,702 | 0.78 |
ITV | UK | Consumer Services | Media | 11,501 | 0.77 |
Morgan Advanced Materials | UK | Industrials | Electronic & electrical equipment | 11,500 | 0.77 |
London Stock Exchange Group | UK | Financials | Financial services | 11,275 | 0.75 |
Hammerson | UK | Financials | Real estate investment trusts | 10,988 | 0.74 |
Babcock | UK | Industrials | Aerospace & defence | 10,981 | 0.74 |
Standard Life | UK | Financials | Life insurance/assurance | 10,864 | 0.73 |
Reckitt Benckiser Group | UK | Consumer Goods | Household goods & home construction | 10,789 | 0.72 |
Johnson Service Group | UK | Industrials | Support services | 10,450 | 0.70 |
VH Global Energy Infrastructure | UK | Other | Sustainable Energy | 10,416 | 0.70 |
Chesnara | UK | Financials | Life insurance/assurance | 10,272 | 0.69 |
Invinity Energy Systems | UK | Oil & Gas | Alternative Energy | 10,116 | 0.68 |
Greencoat UK Wind | UK | Utilities | Electricity | 10,080 | 0.67 |
Freeport-McMoran | USA | Basic Materials | Mining | 9,762 | 0.65 |
Oxford Nanopore Technologies | UK | Technology | Advanced Medical Equipment & Technology | 9,581 | 0.64 |
Associated British Foods | UK | Consumer Goods | Food producers | 9,563 | 0.64 |
HICL Infrastructure | UK | Financials | Equity investment instruments | 9,366 | 0.63 |
SSE | UK | Utilities | Electricity | 9,320 | 0.62 |
Smith & Nephew | UK | Health Care | Health care equipment & services | 9,110 | 0.61 |
Convatec Group | UK | Health Care | Health care equipment & services | 9,090 | 0.61 |
Marshalls | UK | Industrials | Construction & materials | 8,817 | 0.59 |
Sabre Insurance Group | UK | Financials | Nonlife insurance | 8,717 | 0.58 |
Scottish Oriental Smaller Companies Trust | UK | Financials | Equity investment instruments | 8,562 | 0.57 |
Accsys Technologies | UK | Industrials | Construction & materials | 8,561 | 0.57 |
Inchcape | UK | Industrials | Support services | 8,455 | 0.57 |
Unilever | UK | Consumer Goods | Personal goods | 8,410 | 0.56 |
Ibstock | UK | Industrials | Construction & materials | 8,189 | 0.55 |
SigmaRoc | UK | Industrials | Construction & materials | 7,947 | 0.53 |
Zigup | UK | Industrials | Support services | 7,819 | 0.52 |
Workspace Group | UK | Financials | Real estate investment trusts | 7,626 | 0.51 |
Elementis | UK | Basic Materials | Chemicals | 7,510 | 0.50 |
Weir Group | UK | Industrials | Industrial engineering | 7,338 | 0.49 |
Vanquis Banking Group | UK | Financials | Financial services | 7,299 | 0.49 |
Whitbread | UK | Consumer Services | Travel & leisure | 7,279 | 0.49 |
Ondine Biomedical | Canada | Health Care | Pharmaceuticals & biotechnology | 7,256 | 0.49 |
Gibson Energy | Canada | Oil & Gas | Oil & gas producers | 7,134 | 0.48 |
Bristol-Myers Squibb | USA | Health Care | Pharmaceuticals & biotechnology | 7,007 | 0.47 |
Berkeley Group Holdings | UK | Consumer Goods | Household goods & home construction | 6,884 | 0.46 |
Sanofi | France | Health Care | Pharmaceuticals & biotechnology | 6,879 | 0.46 |
Dunelm | UK | Consumer Services | General retailers | 6,868 | 0.46 |
Haleon | UK | Health Care | Pharmaceuticals & biotechnology | 6,732 | 0.45 |
3I INFRASTRUCTURE | UK | Financials | Equity investment instruments | 6,466 | 0.43 |
Roche Holding | Switzerland | Health Care | Pharmaceuticals & biotechnology | 6,072 | 0.41 |
Halfords | UK | Consumer Services | General retailers | 5,659 | 0.38 |
Mondi | UK | Basic Materials | Forestry & paper | 5,657 | 0.38 |
Oxford Sciences Innovation | UKULM | Financials | Financial services | 5,633 | 0.38 |
Great Portland Estates | UK | Financials | Real estate investments & services | 5,467 | 0.37 |
Becton Dickinson | USA | Health Care | Health care equipment & services | 5,464 | 0.37 |
Safran | France | Industrials | Aerospace & defence | 5,375 | 0.36 |
Croda | UK | Basic Materials | Chemicals | 5,320 | 0.36 |
XP Power | UK | Technology | Technology hardware & equipment | 5,239 | 0.35 |
Air Products and Chemicals | Canada | Oil & Gas | Oil & gas producers | 5,177 | 0.35 |
Serica Energy | UK | Oil & Gas | Oil & gas producers | 4,996 | 0.33 |
Rathbones Group | UK | Financials | Equity investment instruments | 4,945 | 0.33 |
Vertu Motors | UK | Consumer Services | General retailers | 4,832 | 0.32 |
Rotork | UK | Industrials | Construction & materials | 4,596 | 0.31 |
Derwent London | UK | Financials | Real estate investment trusts | 4,445 | 0.30 |
Castings | UK | Industrials | Construction & materials | 4,165 | 0.28 |
Bellway | UK | Consumer Goods | Household goods & home construction | 4,126 | 0.28 |
TT Electronics | UK | Industrials | Electronic & electrical equipment | 4,073 | 0.27 |
Ilika | UK | Oil & Gas | Alternative Energy | 3,994 | 0.27 |
Easyjet | UK | Industrials | Aerospace & defence | 3,980 | 0.27 |
ASML | Netherlands | Technology | Technology hardware & equipment | 3,875 | 0.26 |
Breedon Group | UK | Basic Materials | Building Materials | 3,826 | 0.26 |
Tate & Lyle | UK | Consumer Goods | Food producers | 3,773 | 0.25 |
Siemens | Germany | Technology | Software & computer services | 3,728 | 0.25 |
Marstons | UK | Consumer Services | Travel & leisure | 3,686 | 0.25 |
Gelion | UK | Other | Sustainable Energy | 3,673 | 0.25 |
Greencore Group | Ireland | Consumer Goods | Beverages | 3,670 | 0.25 |
Valterra Platinum | Other | Basic Materials | Mining | 3,474 | 0.23 |
Reach | UK | Consumer Services | Media | 3,133 | 0.21 |
Next Fifteen Communications Group | UK | Consumer Services | Media | 2,885 | 0.19 |
Jubilee Metals Group | UK | Basic Materials | Mining | 2,745 | 0.18 |
Seascape Energy Asia | UK | Oil & Gas | Oil & gas producers | 2,670 | 0.18 |
Renishaw | UK | Technology | Technology hardware & equipment | 2,648 | 0.18 |
Munchener Rueckver | Germany | Financials | Nonlife insurance | 2,620 | 0.18 |
Deutsche Boerse | Germany | Financials | Financial services | 2,509 | 0.17 |
SAP | Germany | Technology | Software & computer services | 1,977 | 0.13 |
Grit Real Estate Income Group | Guernsey | Financials | Real estate investment trusts | 1,752 | 0.12 |
ASM International | Netherlands | Industrials | Electronic & electrical equipment | 1,718 | 0.11 |
Hercules Site Services | UK | Industrials | Construction & materials | 1,512 | 0.10 |
First Tin | UK | Basic Materials | Mining | 1,440 | 0.10 |
Arbuthnot Banking Group | UK | Financials | Financial services | 1,370 | 0.09 |
Watkin Jones | UK | Consumer Goods | Household goods & home construction | 1,364 | 0.09 |
Princes Group | UK | Consumer Goods | Food & Drug Retailers | 1,240 | 0.08 |
Kistos | UK | Oil & Gas | Oil & gas producers | 1,215 | 0.08 |
Kone | Finland | Industrials | Electronic & electrical equipment | 992 | 0.07 |
DSM-Firmenich | Netherlands | Basic Materials | Chemicals | 943 | 0.06 |
Windar Photonics | UK | Industrials | Waste & Environ Svcs & Equip | 882 | 0.06 |
Gran Tierra Energy | Canada | Oil & Gas | Oil & gas producers | 851 | 0.06 |
Logistics Development Group | UK | Industrials | Industrial transportation | 800 | 0.05 |
Carclo | UK | Basic Materials | Chemicals | 790 | 0.05 |
Ampeak Energy | UK | Utilities | Electricity | 416 | 0.03 |
Deltic Energy | UK | Oil & Gas | Oil & gas producers | 103 | 0.01 |
Surface Transforms | UK | Consumer Goods | Automobiles & parts | 85 | 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
Law Debenture (LWDB)
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