The Law Debenture Corporation p.l.c.
Net Asset Value as at 30 October 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 October 2026 was 1,169.03 pence per share (cum income). With the Corporation’s long term debt stated at fair value, the NAV was 1,209.47 pence per share (cum income). The mid-market price at the close of business on 30 October 2026 was 1,172.00 pence per share.
Net Asset Value | Excluding Income (pence) | Including Income (pence) |
NAV with debt at par | 1,161.65 | 1,169.03 |
NAV with debt at fair value | 1,202.08 | 1,209.47 |
Performance
YTD % | 1 year % | 3 years % | 5 years % | 10 years % | |
NAV total return (with debt at par)2 | 14.6 | 17.5 | 82.6 | 74.3 | 181.1 |
NAV total return (with debt at fair value)2 | 14.6 | 17.3 | 78.9 | 86.9 | 204.3 |
FTSE All-Share Index Total Return3 | 11.1 | 13.9 | 62.3 | 67.1 | 119.6 |
Share price total return3 | 13.9 | 16.4 | 76.7 | 83.2 | 239.0 |
Change in Retail Price Index4 | 3.3 | 3.6 | 11.7 | 36.8 | 59.4 |
1 The fair value of the IPS business has been calculated as at 30 June 2026.
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, September 2026.
Geographical Split of investment portfolio
Region | % of portfolio 30 October 2026 | % of portfolio 31 December 2025 |
UK | 91.4 | 89.9 |
Europe | 3.4 | 4.5 |
North America | 4.2 | 4.3 |
Japan | 0.8 | 1.0 |
Other | 0.2 | 0.3 |
Other Pacific | 0 | 0 |
TOTAL | 100 | 100 |
Full Portfolio Listing
As at 30 October 2026 the full holdings of the portfolio comprised of the following:
Holding Name | Location | Sector | Industry | £000 | % |
HSBC | UK | Financials | Banks | 52,178 | 3.48 |
Shell | UK | Oil & Gas | Oil & gas producers | 50,456 | 3.36 |
BP | UK | Oil & Gas | Oil & gas producers | 48,310 | 3.22 |
GlaxoSmithKline | UK | Health Care | Pharmaceuticals & biotechnology | 44,335 | 2.96 |
Barclays | UK | Financials | Banks | 43,995 | 2.92 |
Rio Tinto | UK | Basic Materials | Mining | 31,994 | 2.13 |
Standard Chartered | UK | Financials | Banks | 31,544 | 2.10 |
Relx | UK | Consumer Services | Media | 30,209 | 2.01 |
Astrazeneca | UK | Health Care | Pharmaceuticals & biotechnology | 24,430 | 1.62 |
London Stock Exchange Group | UK | Financials | Financial services | 21,822 | 1.45 |
National Grid | UK | Utilities | Gas, water & multiutilities | 21,205 | 1.41 |
Diageo | UK | Consumer Goods | Beverages | 21,078 | 1.40 |
Rolls Royce | UK | Industrials | Aerospace & defence | 20,137 | 1.34 |
Hill & Smith | UK | Industrials | Industrial engineering | 19,735 | 1.31 |
Marks & Spencer | UK | Consumer Services | General retailers | 19,733 | 1.31 |
Kingfisher | UK | Consumer Goods | Household goods & home construction | 19,517 | 1.30 |
Unilever | UK | Consumer Goods | Personal goods | 19,482 | 1.29 |
Kier | UK | Industrials | Construction & materials | 19,340 | 1.29 |
M & G | UK | Financials | Financial services | 19,170 | 1.27 |
Aviva | UK | Financials | Life insurance/assurance | 18,867 | 1.25 |
BT Group | UK | Telecommunications | Fixed Line Telecommunications | 18,176 | 1.21 |
Land Securities | UK | Financials | Real estate investment trusts | 18,151 | 1.21 |
Anglo American | UK | Basic Materials | Mining | 17,942 | 1.19 |
Babcock | UK | Industrials | Aerospace & defence | 17,931 | 1.19 |
IMI | UK | Industrials | Industrial engineering | 17,628 | 1.17 |
Balfour Beatty | UK | Industrials | Construction & materials | 17,212 | 1.14 |
Hiscox | UK | Financials | Nonlife insurance | 16,987 | 1.13 |
NatWest | UK | Financials | Banks | 16,513 | 1.10 |
Herald Investment Trust | UK | Financials | Equity investment instruments | 16,500 | 1.10 |
Flutter Entertainment | USA | Consumer Services | Travel & leisure | 16,332 | 1.09 |
Lloyds Banking Group | UK | Financials | Banks | 15,895 | 1.06 |
Convatec Group | UK | Health Care | Health care equipment & services | 15,873 | 1.05 |
J Sainsbury | UK | Consumer Services | General retailers | 15,865 | 1.05 |
IP Group | UK | Financials | Financial services | 15,601 | 1.04 |
BAE Systems | UK | Industrials | Aerospace & defence | 15,525 | 1.03 |
Severn Trent | UK | Utilities | Gas, water & multiutilities | 14,372 | 0.96 |
Prudential | UK | Financials | Life insurance/assurance | 14,125 | 0.94 |
Shaftesbury Capital | UK | Financials | Real estate investment trusts | 14,006 | 0.93 |
International Consolidated Airlines | UK | Consumer Services | Travel & leisure | 13,839 | 0.92 |
Elementis | UK | Basic Materials | Chemicals | 13,818 | 0.92 |
Vodafone | UK | Telecommunications | Mobile telecommunications | 13,101 | 0.87 |
Morgan Advanced Materials | UK | Industrials | Electronic & electrical equipment | 13,000 | 0.86 |
Standard Life | UK | Financials | Life insurance/assurance | 12,950 | 0.86 |
British Land Company | UK | Financials | Real estate investment trusts | 12,750 | 0.85 |
Reckitt Benckiser Group | UK | Consumer Goods | Household goods & home construction | 12,704 | 0.84 |
Standard Life Aberdeen | UK | Financials | Financial services | 12,696 | 0.84 |
Oxford Nanopore Technologies | UK | Technology | Advanced Medical Equipment & Technology | 12,668 | 0.84 |
Marshalls | UK | Industrials | Construction & materials | 12,635 | 0.84 |
Johnson Matthey | UK | Basic Materials | Chemicals | 12,537 | 0.83 |
General Motors | USA | Consumer Goods | Automobiles & parts | 12,399 | 0.82 |
Toyota Motor Corporation | Japan | Consumer Goods | Automobiles & parts | 12,004 | 0.80 |
Boku | UK | Industrials | Support services | 11,957 | 0.79 |
Greencoat UK Wind | UK | Utilities | Electricity | 11,890 | 0.79 |
Hammerson | UK | Financials | Real estate investment trusts | 11,231 | 0.75 |
Chesnara | UK | Financials | Life insurance/assurance | 10,894 | 0.72 |
Johnson Service Group | UK | Industrials | Support services | 10,867 | 0.72 |
Infineon Technologies | Germany | Industrials | Electronic & electrical equipment | 10,769 | 0.72 |
SSE | UK | Utilities | Electricity | 10,504 | 0.70 |
Associated British Foods | UK | Consumer Goods | Food producers | 10,075 | 0.67 |
Centrica | UK | Utilities | Gas, water & multiutilities | 9,926 | 0.66 |
Sabre Insurance Group | UK | Financials | Nonlife insurance | 9,890 | 0.66 |
SigmaRoc | UK | Industrials | Construction & materials | 9,706 | 0.65 |
Greencore Group | Ireland | Consumer Goods | Beverages | 9,699 | 0.64 |
Ceres Power | UK | Oil & Gas | Oil equipment services & distribution | 9,600 | 0.64 |
Haleon | UK | Health Care | Pharmaceuticals & biotechnology | 9,579 | 0.64 |
HICL Infrastructure | UK | Financials | Equity investment instruments | 9,394 | 0.62 |
ITV | UK | Consumer Services | Media | 9,353 | 0.62 |
Freeport-McMoran | USA | Basic Materials | Mining | 9,326 | 0.62 |
Smith & Nephew | UK | Health Care | Health care equipment & services | 9,077 | 0.60 |
Weir Group | UK | Industrials | Industrial engineering | 8,946 | 0.59 |
Zigup | UK | Industrials | Support services | 8,829 | 0.59 |
Sanofi | France | Health Care | Pharmaceuticals & biotechnology | 8,674 | 0.58 |
Dunelm | UK | Consumer Services | General retailers | 8,492 | 0.56 |
Whitbread | UK | Consumer Services | Travel & leisure | 8,488 | 0.56 |
Gibson Energy | Canada | Oil & Gas | Oil & gas producers | 8,469 | 0.56 |
Halfords | UK | Consumer Services | General retailers | 8,287 | 0.55 |
Scottish Oriental Smaller Companies Trust | UK | Financials | Equity investment instruments | 7,806 | 0.52 |
Bristol-Myers Squibb | USA | Health Care | Pharmaceuticals & biotechnology | 7,695 | 0.51 |
Workspace Group | UK | Financials | Real estate investment trusts | 7,482 | 0.50 |
Breedon Group | UK | Basic Materials | Building Materials | 7,256 | 0.48 |
ITM Power | UK | Oil & Gas | Oil equipment services & distribution | 7,022 | 0.47 |
Berkeley Group Holdings | UK | Consumer Goods | Household goods & home construction | 6,956 | 0.46 |
Rathbones Group | UK | Financials | Equity investment instruments | 6,920 | 0.46 |
3I INFRASTRUCTURE | UK | Financials | Equity investment instruments | 6,834 | 0.45 |
VH Global Energy Infrastructure | UK | Other | Sustainable Energy | 6,798 | 0.45 |
Ibstock | UK | Industrials | Construction & materials | 6,768 | 0.45 |
TT Electronics | UK | Industrials | Electronic & electrical equipment | 6,765 | 0.45 |
H-Power | UK | Oil & Gas | Alternative Energy | 6,551 | 0.44 |
Croda | UK | Basic Materials | Chemicals | 6,375 | 0.42 |
Inchcape | UK | Industrials | Support services | 6,295 | 0.42 |
Vertu Motors | UK | Consumer Services | General retailers | 6,065 | 0.40 |
Great Portland Estates | UK | Financials | Real estate investments & services | 5,968 | 0.40 |
Accsys Technologies | UK | Industrials | Construction & materials | 5,939 | 0.39 |
Air Products and Chemicals | Canada | Oil & Gas | Oil & gas producers | 5,904 | 0.39 |
Oxford Sciences Innovation | UKULM | Financials | Financial services | 5,833 | 0.39 |
Castings | UK | Industrials | Construction & materials | 5,802 | 0.39 |
Serica Energy | UK | Oil & Gas | Oil & gas producers | 5,192 | 0.35 |
Derwent London | UK | Financials | Real estate investment trusts | 4,763 | 0.32 |
XP Power | UK | Technology | Technology hardware & equipment | 4,721 | 0.31 |
Bellway | UK | Consumer Goods | Household goods & home construction | 4,709 | 0.31 |
Safran | France | Industrials | Aerospace & defence | 4,664 | 0.31 |
Marstons | UK | Consumer Services | Travel & leisure | 4,448 | 0.30 |
Princes Group | UK | Consumer Goods | Food & Drug Retailers | 4,226 | 0.28 |
Gelion | UK | Other | Sustainable Energy | 4,106 | 0.27 |
ASML | Netherlands | Technology | Technology hardware & equipment | 3,804 | 0.25 |
Ondine Biomedical | Canada | Health Care | Pharmaceuticals & biotechnology | 3,614 | 0.24 |
Siemens | Germany | Technology | Software & computer services | 3,514 | 0.23 |
Next Fifteen Communications Group | UK | Consumer Services | Media | 3,285 | 0.22 |
Munchener Rueckver | Germany | Financials | Nonlife insurance | 3,157 | 0.21 |
Invinity Energy Systems | UK | Oil & Gas | Alternative Energy | 2,908 | 0.19 |
Reach | UK | Consumer Services | Media | 2,771 | 0.18 |
Valterra Platinum | Other | Basic Materials | Mining | 2,716 | 0.18 |
Renishaw | UK | Technology | Technology hardware & equipment | 2,663 | 0.18 |
SAP | Germany | Technology | Software & computer services | 2,567 | 0.17 |
Ilika | UK | Oil & Gas | Alternative Energy | 2,396 | 0.16 |
Hercules Site Services | UK | Industrials | Construction & materials | 1,764 | 0.12 |
Grit Real Estate Income Group | Guernsey | Financials | Real estate investment trusts | 1,752 | 0.12 |
Jubilee Metals Group | UK | Basic Materials | Mining | 1,678 | 0.11 |
Vanquis Banking Group | UK | Financials | Financial services | 1,615 | 0.11 |
First Tin | UK | Basic Materials | Mining | 1,560 | 0.10 |
Arbuthnot Banking Group | UK | Financials | Financial services | 1,395 | 0.09 |
Kistos | UK | Oil & Gas | Oil & gas producers | 1,395 | 0.09 |
ASM International | Netherlands | Industrials | Electronic & electrical equipment | 1,342 | 0.09 |
Logistics Development Group | UK | Industrials | Industrial transportation | 1,274 | 0.08 |
Syncona | UK | Financials | Financial services | 1,246 | 0.08 |
Kone | Finland | Industrials | Electronic & electrical equipment | 1,028 | 0.07 |
Watkin Jones | UK | Consumer Goods | Household goods & home construction | 930 | 0.06 |
Carclo | UK | Basic Materials | Chemicals | 874 | 0.06 |
Ampeak Energy | UK | Utilities | Electricity | 289 | 0.02 |
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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