Edison issues update on The Law Debenture
London, UK, 9 August 2023
Edison issues update on The Law Debenture Corporation (LWDB)
The Law Debenture Corporation (LWDB) continued to successfully navigate challenging conditions in H123, growing its professional services business (IPS) in line with its mid to high single-digit target, while consolidating its strong, long-term performance record. This rare combination of a UK investment trust and the cash-generative IPS operating business has delivered outperformance of its broad UK equity benchmark over multiple periods with a strong record of dividend growth.
The portfolio is 84% invested in UK equities despite investment policy flexibility for overseas investment of up to 45%. The managers note that UK equities are not only lowly valued versus global markets but also at the lowest level for 30 years. They see strong opportunities across the market but particularly, in contrarian fashion, in heavily sold domestic earners, especially among smaller stocks. They note that while the UK economy faces a number of pressures, growth has held up better than had been expected and moderating inflation may soon signal a peak in interest rates. Regardless, they are focused on companies rather than the economy and identify many quality, well-managed businesses, with strong prospects that are far from reflected in their valuations.
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