The Law Debenture Corporation p.l.c.
Net Asset Value as at 31 October 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 October 2025 was 1,029.24 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 1,064.86 pence per share (cum income). The mid-market price at the close of business on 31 October 2025 was 1,040.00 pence per share.
| Net Asset Value |
Excluding Income (pence) |
Including Income (pence) |
| NAV with debt at par |
1,026.95 |
1,029.24 |
| NAV with debt at fair value |
1,062.57 |
1,064.86 |
Performance
| |
YTD % |
1 year % |
3 years % |
5 years % |
10 years % |
| NAV total return (with debt at par)2 |
26.1 |
28.3 |
65.5 |
124.7 |
173.7 |
| NAV total return (with debt at fair value)2 |
25.5 |
27.9 |
65.7 |
150.1 |
189.1 |
| FTSE Actuaries All-Share Index Total Return3 |
20.9 |
22.5 |
50.9 |
98.6 |
116.3 |
| Share price total return3 |
19.7 |
24.1 |
56.8 |
150.3 |
192.6 |
| Change in Retail Price Index4 |
3.6 |
3.9 |
14.0 |
38.0 |
56.5 |
1 The fair value of the IPS business has been calculated as at 30 June 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: Refinitiv.
4 Source: Office for National Statistics, subject to latest published RPI, September 2025.
Geographical Split of investment portfolio
| Region |
% of portfolio 31 October 2025 |
% of portfolio 31 December 2024 |
| UK |
90.2 |
87.6 |
| Europe |
4.4 |
5.5 |
| North America |
4.2 |
5.6 |
| Japan |
1.0 |
1.3 |
| Other |
0.2 |
0 |
| Other Pacific |
0 |
0 |
| TOTAL |
100 |
100 |
Full Portfolio Listing
As at 31 October 2025 the full holdings of the portfolio comprised of the following:
| Holding Name |
Location |
Sector |
Industry |
£000 |
% |
| Barclays |
UK |
Financials |
Banks |
47,212 |
3.55 |
| HSBC |
UK |
Financials |
Banks |
46,107 |
3.47 |
| Shell |
UK |
Oil & Gas |
Oil & gas producers |
35,588 |
2.67 |
| GlaxoSmithKline |
UK |
Health Care |
Pharmaceuticals & biotechnology |
29,200 |
2.19 |
| Rio Tinto |
UK |
Basic Materials |
Mining |
28,796 |
2.17 |
| BP |
UK |
Oil & Gas |
Oil & gas producers |
25,211 |
1.90 |
| Rolls Royce |
UK |
Industrials |
Aerospace & defence |
24,799 |
1.87 |
| Flutter Entertainment |
UK |
Consumer Services |
Travel & leisure |
24,549 |
1.85 |
| Standard Chartered |
UK |
Financials |
Banks |
23,949 |
1.81 |
| National Grid |
UK |
Utilities |
Gas, water & multiutilities |
19,277 |
1.45 |
| Kier |
UK |
Industrials |
Construction & materials |
18,673 |
1.41 |
| Balfour Beatty |
UK |
Industrials |
Construction & materials |
18,535 |
1.40 |
| Boku |
UK |
Industrials |
Support services |
18,427 |
1.39 |
| J Sainsbury |
UK |
Consumer Services |
General retailers |
18,276 |
1.38 |
| Senior |
UK |
Industrials |
Aerospace & defence |
17,214 |
1.30 |
| Aviva |
UK |
Financials |
Life insurance/assurance |
17,200 |
1.30 |
| Kingfisher |
UK |
Consumer Goods |
Household goods & home construction |
17,137 |
1.29 |
| Ceres Power |
UK |
Oil & Gas |
Oil equipment services & distribution |
17,071 |
1.29 |
| Tesco |
UK |
Consumer Goods |
Food & Drug Retailers |
17,010 |
1.28 |
| Lloyds Banking Group |
UK |
Financials |
Banks |
16,925 |
1.28 |
| NatWest |
UK |
Financials |
Banks |
16,638 |
1.25 |
| IMI |
UK |
Industrials |
Industrial engineering |
16,404 |
1.24 |
| Prudential |
UK |
Financials |
Life insurance/assurance |
16,176 |
1.22 |
| Marks & Spencer |
UK |
Consumer Services |
General retailers |
15,912 |
1.20 |
| M & G |
UK |
Financials |
Financial services |
15,798 |
1.19 |
| Cummins |
USA |
Industrials |
Industrial engineering |
15,631 |
1.18 |
| Herald Investment Trust |
UK |
Financials |
Equity investment instruments |
15,000 |
1.13 |
| BT Group |
UK |
Telecommunications |
Fixed Line Telecommunications |
14,856 |
1.12 |
| International Consolidated Airlines |
UK |
Consumer Services |
Travel & leisure |
14,352 |
1.08 |
| Hill & Smith |
UK |
Industrials |
Industrial engineering |
14,344 |
1.08 |
| BAE Systems |
UK |
Industrials |
Aerospace & defence |
14,029 |
1.06 |
| Anglo American |
UK |
Basic Materials |
Mining |
13,922 |
1.05 |
| Johnson Matthey |
UK |
Other |
Sustainable Energy |
13,858 |
1.04 |
| Land Securities |
UK |
Financials |
Real estate investment trusts |
13,509 |
1.02 |
| Irish Continental Group |
Ireland |
Consumer Services |
Travel & leisure |
13,197 |
0.99 |
| Babcock |
UK |
Industrials |
Aerospace & defence |
13,063 |
0.98 |
| Shaftesbury Capital |
UK |
Financials |
Real estate investment trusts |
12,987 |
0.98 |
| IP Group |
UK |
Financials |
Financial services |
12,908 |
0.97 |
| Toyota Motor Corporation |
Japan |
Consumer Goods |
Automobiles & parts |
12,778 |
0.96 |
| Schroders |
UK |
Financials |
Financial services |
12,710 |
0.96 |
| Hiscox |
UK |
Financials |
Nonlife insurance |
12,438 |
0.94 |
| Severn Trent |
UK |
Utilities |
Gas, water & multiutilities |
12,097 |
0.91 |
| Associated British Foods |
UK |
Consumer Goods |
Food producers |
12,044 |
0.91 |
| Cranswick |
UK |
Consumer Goods |
Food producers |
11,793 |
0.89 |
| Smith & Nephew |
UK |
Health Care |
Health care equipment & services |
11,521 |
0.87 |
| British Land Company |
UK |
Financials |
Real estate investment trusts |
11,388 |
0.86 |
| Ibstock |
UK |
Industrials |
Construction & materials |
10,771 |
0.81 |
| Infineon Technologies |
Germany |
Industrials |
Electronic & electrical equipment |
10,720 |
0.81 |
| Greencoat UK Wind |
UK |
Utilities |
Electricity |
10,540 |
0.79 |
| International Personal Finance |
UK |
Financials |
Financial services |
10,532 |
0.79 |
| ITV |
UK |
Consumer Services |
Media |
10,273 |
0.77 |
| Morgan Advanced Materials |
UK |
Industrials |
Electronic & electrical equipment |
10,200 |
0.77 |
| Reckitt Benckiser Group |
UK |
Health Care |
Health care equipment & services |
10,178 |
0.77 |
| Vodafone |
UK |
Telecommunications |
Mobile telecommunications |
10,133 |
0.76 |
| General Motors |
USA |
Consumer Goods |
Automobiles & parts |
9,976 |
0.75 |
| Hammerson |
UK |
Financials |
Real estate investment trusts |
9,732 |
0.73 |
| Phoenix Group Holdings |
UK |
Financials |
Life insurance/assurance |
9,436 |
0.71 |
| VH Global Energy Infrastructure |
UK |
Other |
Sustainable Energy |
9,380 |
0.71 |
| Johnson Service Group |
UK |
Industrials |
Support services |
9,274 |
0.70 |
| Dunelm |
UK |
Consumer Services |
General retailers |
9,271 |
0.70 |
| Scottish Oriental Smaller Companies Trust |
UK |
Financials |
Equity investment instruments |
9,160 |
0.69 |
| Whitbread |
UK |
Consumer Services |
Travel & leisure |
8,981 |
0.68 |
| ITM Power |
UK |
Oil & Gas |
Oil equipment services & distribution |
8,967 |
0.68 |
| Weir Group |
UK |
Industrials |
Industrial engineering |
8,880 |
0.67 |
| Chesnara |
UK |
Financials |
Life insurance/assurance |
8,759 |
0.66 |
| Segro |
UK |
Financials |
Real estate investment trusts |
8,718 |
0.66 |
| Oxford Nanopore Technologies |
UK |
Technology |
Advanced Medical Equipment & Technology |
8,481 |
0.64 |
| HICL Infrastructure |
UK |
Financials |
Equity investment instruments |
8,400 |
0.63 |
| Marshalls |
UK |
Industrials |
Construction & materials |
8,024 |
0.60 |
| Beazley |
UK |
Financials |
Nonlife insurance |
7,905 |
0.60 |
| Sabre Insurance Group |
UK |
Financials |
Nonlife insurance |
7,705 |
0.58 |
| AFC Energy |
UK |
Oil & Gas |
Alternative Energy |
7,676 |
0.58 |
| SSE |
UK |
Utilities |
Electricity |
7,664 |
0.58 |
| Vanquis Banking Group |
UK |
Financials |
Financial services |
7,647 |
0.58 |
| Standard Life Aberdeen |
UK |
Financials |
Financial services |
7,613 |
0.57 |
| Elementis |
UK |
Basic Materials |
Chemicals |
7,414 |
0.56 |
| SigmaRoc |
UK |
Industrials |
Construction & materials |
7,348 |
0.55 |
| Haleon |
UK |
Health Care |
Pharmaceuticals & biotechnology |
7,080 |
0.53 |
| Workspace Group |
UK |
Financials |
Real estate investment trusts |
6,688 |
0.50 |
| Ondine Biomedical |
Canada |
Health Care |
Pharmaceuticals & biotechnology |
6,506 |
0.49 |
| Accsys Technologies |
UK |
Industrials |
Construction & materials |
6,401 |
0.48 |
| Mondi |
UK |
Basic Materials |
Forestry & paper |
6,374 |
0.48 |
| Freeport-McMoran |
USA |
Basic Materials |
Mining |
6,340 |
0.48 |
| Gibson Energy |
Canada |
Oil & Gas |
Oil & gas producers |
6,026 |
0.45 |
| Great Portland Estates |
UK |
Financials |
Real estate investments & services |
5,828 |
0.44 |
| Bristol-Myers Squibb |
USA |
Health Care |
Pharmaceuticals & biotechnology |
5,781 |
0.44 |
| Zigup |
UK |
Industrials |
Support services |
5,777 |
0.44 |
| Inchcape |
UK |
Industrials |
Support services |
5,726 |
0.43 |
| Invinity Energy Systems |
UK |
Oil & Gas |
Alternative Energy |
5,501 |
0.41 |
| TT Electronics |
UK |
Industrials |
Electronic & electrical equipment |
5,259 |
0.40 |
| Croda |
UK |
Basic Materials |
Chemicals |
5,049 |
0.38 |
| Oxford Sciences Innovation |
UKULM |
Financials |
Financial services |
5,000 |
0.38 |
| Ilika |
UK |
Oil & Gas |
Alternative Energy |
4,906 |
0.37 |
| Halfords |
UK |
Consumer Services |
General retailers |
4,871 |
0.37 |
| Easyjet |
UK |
Industrials |
Aerospace & defence |
4,845 |
0.37 |
| Roche |
Switzerland |
Health Care |
Pharmaceuticals & biotechnology |
4,745 |
0.36 |
| Air Products and Chemicals |
Canada |
Oil & Gas |
Oil & gas producers |
4,609 |
0.35 |
| Rathbones Group |
UK |
Financials |
Equity investment instruments |
4,460 |
0.34 |
| Bellway |
UK |
Consumer Goods |
Household goods & home construction |
4,330 |
0.33 |
| Sanofi |
France |
Health Care |
Pharmaceuticals & biotechnology |
4,267 |
0.32 |
| Vertu Motors |
UK |
Consumer Services |
General retailers |
4,266 |
0.32 |
| Gelion |
UK |
Other |
Sustainable Energy |
4,215 |
0.32 |
| Next Fifteen Communications Group |
UK |
Consumer Services |
Media |
4,140 |
0.31 |
| Serica Energy |
UK |
Oil & Gas |
Oil & gas producers |
3,798 |
0.29 |
| Castings |
UK |
Industrials |
Construction & materials |
3,784 |
0.29 |
| Siemens |
Germany |
Technology |
Software & computer services |
3,417 |
0.26 |
| Reach |
UK |
Consumer Services |
Media |
3,410 |
0.26 |
| Safran |
France |
Industrials |
Aerospace & defence |
3,322 |
0.25 |
| Munchener Rueckver |
Germany |
Financials |
Nonlife insurance |
3,153 |
0.24 |
| Jubilee Metals Group |
UK |
Basic Materials |
Mining |
3,050 |
0.23 |
| Tate & Lyle |
UK |
Consumer Goods |
Food producers |
2,897 |
0.22 |
| SAP |
Germany |
Technology |
Software & computer services |
2,893 |
0.22 |
| XP Power |
UK |
Technology |
Technology hardware & equipment |
2,756 |
0.21 |
| Valterra Platinum |
Other |
Basic Materials |
Mining |
2,650 |
0.20 |
| ASML |
Netherlands |
Technology |
Technology hardware & equipment |
2,602 |
0.20 |
| Marstons |
UK |
Consumer Services |
Travel & leisure |
2,601 |
0.20 |
| Deutsche Boerse |
Germany |
Financials |
Financial services |
2,260 |
0.17 |
| Seascape Energy Asia |
UK |
Oil & Gas |
Oil & gas producers |
2,070 |
0.16 |
| SGS |
Switzerland |
Industrials |
Support services |
1,989 |
0.15 |
| Hercules Site Services |
UK |
Industrials |
Construction & materials |
1,865 |
0.14 |
| Windar Photonics |
UK |
Industrials |
Waste & Environ Svcs & Equip |
1,863 |
0.14 |
| Surface Transforms |
UK |
Consumer Goods |
Automobiles & parts |
1,776 |
0.13 |
| Watkin Jones |
UK |
Consumer Goods |
Household goods & home construction |
1,770 |
0.13 |
| Renishaw |
UK |
Technology |
Technology hardware & equipment |
1,768 |
0.13 |
| Grit Real Estate Income Group |
Guernsey |
Financials |
Real estate investment trusts |
1,510 |
0.11 |
| Nestle |
Switzerland |
Consumer Goods |
Food producers |
1,429 |
0.11 |
| Kone |
Finland |
Industrials |
Electronic & electrical equipment |
1,134 |
0.09 |
| ASM International |
Netherlands |
Industrials |
Electronic & electrical equipment |
1,088 |
0.08 |
| Arbuthnot Banking Group |
UK |
Financials |
Financial services |
1,087 |
0.08 |
| DSM-Firmenich |
Netherlands |
Basic Materials |
Chemicals |
935 |
0.07 |
| Carclo |
UK |
Basic Materials |
Chemicals |
901 |
0.07 |
| First Tin |
UK |
Basic Materials |
Mining |
900 |
0.07 |
| Kistos |
UK |
Oil & Gas |
Oil & gas producers |
833 |
0.06 |
| Logistics Development Group |
UK |
Industrials |
Industrial transportation |
800 |
0.06 |
| Ampeak Energy |
UK |
Utilities |
Electricity |
416 |
0.03 |
| Gran Tierra Energy |
Canada |
Oil & Gas |
Oil & gas producers |
383 |
0.03 |
| Indus Gas |
UK |
Oil & Gas |
Oil & gas producers |
161 |
0.01 |
| Deltic Energy |
UK |
Oil & Gas |
Oil & gas producers |
111 |
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