Net Asset Value(s)

Law Debenture Corp PLC

01 September 2026

 

The Law Debenture Corporation p.l.c.

Net Asset Value as at 28 August 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 28 August 2026 was 1,201.02 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 1,240.49 pence per share (cum income). The mid-market price at the close of business on 28 August 2026 was 1,254.00 pence per share.

Net Asset Value	Excluding Income (pence)	Including Income (pence)
NAV with debt at par	1,190.95	1,201.02
NAV with debt at fair value	1,230.42	1,240.49

Performance

	YTD %	1 year %	3 years %	5 years %	10 years %
NAV total return (with debt at par)2	16.8	26.5	82.5	76.4	192.6
NAV total return (with debt at fair value)2	16.7	25.7	79.5	89.6	223.1
FTSE All-Share Index Total Return3	11.9	20.9	62.4	69.4	130.6
Share price total return3	21.0	30.4	77.7	87.8	272.2
Change in Retail Price Index4	2.6	3.2	12.0	37.2	59.1

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, July 2026.

Geographical Split of investment portfolio

Region	% of portfolio 28 August 2026	% of portfolio 31 December 2025
UK	89.2	89.9
Europe	4.8	4.5
North America	5.0	4.3
Japan	0.8	1.0
Other	0.2	0.3
Other Pacific	0	0
TOTAL	100	100

Full Portfolio Listing

As at 28 August 2026 the full holdings of the portfolio comprised of the following:

Holding Name	Location	Sector	Industry	£000	%
HSBC	UK	Financials	Banks	62,460	4.04
Barclays	UK	Financials	Banks	52,645	3.40
GlaxoSmithKline	UK	Health Care	Pharmaceuticals & biotechnology	42,422	2.75
Shell	UK	Oil & Gas	Oil & gas producers	41,800	2.71
Rio Tinto	UK	Basic Materials	Mining	40,283	2.60
BP	UK	Oil & Gas	Oil & gas producers	34,465	2.22
Standard Chartered	UK	Financials	Banks	33,432	2.16
Relx	UK	Consumer Services	Media	26,977	1.74
Rolls Royce	UK	Industrials	Aerospace & defence	24,840	1.60
IMI	UK	Industrials	Industrial engineering	21,381	1.38
M & G	UK	Financials	Financial services	21,060	1.36
Anglo American	UK	Basic Materials	Mining	20,674	1.33
Diageo	UK	Consumer Goods	Beverages	20,502	1.32
Balfour Beatty	UK	Industrials	Construction & materials	19,971	1.29
Hill & Smith	UK	Industrials	Industrial engineering	19,935	1.29
Flutter Entertainment	USA	Consumer Services	Travel & leisure	19,913	1.28
National Grid	UK	Utilities	Gas, water & multiutilities	19,785	1.28
NatWest	UK	Financials	Banks	19,363	1.25
Unilever	UK	Consumer Goods	Personal goods	19,104	1.23
Marks & Spencer	UK	Consumer Services	General retailers	18,946	1.22
Aviva	UK	Financials	Life insurance/assurance	18,790	1.21
Lloyds Banking Group	UK	Financials	Banks	18,692	1.21
Kier	UK	Industrials	Construction & materials	18,625	1.20
Ceres Power	UK	Oil & Gas	Oil equipment services & distribution	18,376	1.18
London Stock Exchange Group	UK	Financials	Financial services	18,000	1.16
Babcock	UK	Industrials	Aerospace & defence	17,972	1.16
Herald Investment Trust	UK	Financials	Equity investment instruments	17,940	1.16
Kingfisher	UK	Consumer Goods	Household goods & home construction	17,503	1.13
J Sainsbury	UK	Consumer Services	General retailers	17,014	1.10
Land Securities	UK	Financials	Real estate investment trusts	16,969	1.09
Hiscox	UK	Financials	Nonlife insurance	16,662	1.07
BT Group	UK	Telecommunications	Fixed Line Telecommunications	16,424	1.06
Irish Continental Group	Ireland	Consumer Services	Travel & leisure	16,382	1.06
Prudential	UK	Financials	Life insurance/assurance	15,608	1.01
IP Group	UK	Financials	Financial services	15,516	1.00
BAE Systems	UK	Industrials	Aerospace & defence	15,323	0.99
International Consolidated Airlines	UK	Consumer Services	Travel & leisure	15,060	0.97
Convatec Group	UK	Health Care	Health care equipment & services	14,794	0.95
Standard Life Aberdeen	UK	Financials	Financial services	14,467	0.93
Shaftesbury Capital	UK	Financials	Real estate investment trusts	14,122	0.91
Severn Trent	UK	Utilities	Gas, water & multiutilities	13,633	0.88
Standard Life	UK	Financials	Life insurance/assurance	13,153	0.85
Vodafone	UK	Telecommunications	Mobile telecommunications	13,024	0.84
Elementis	UK	Basic Materials	Chemicals	12,872	0.83
British Land Company	UK	Financials	Real estate investment trusts	12,780	0.82
Infineon Technologies	Germany	Industrials	Electronic & electrical equipment	12,536	0.81
General Motors	USA	Consumer Goods	Automobiles & parts	12,107	0.78
Marshalls	UK	Industrials	Construction & materials	12,084	0.78
Reckitt Benckiser Group	UK	Consumer Goods	Household goods & home construction	12,060	0.78
Hammerson	UK	Financials	Real estate investment trusts	12,028	0.78
Morgan Advanced Materials	UK	Industrials	Electronic & electrical equipment	12,025	0.78
Chesnara	UK	Financials	Life insurance/assurance	11,977	0.77
Johnson Matthey	UK	Basic Materials	Chemicals	11,939	0.77
Toyota Motor Corporation	Japan	Consumer Goods	Automobiles & parts	11,862	0.76
Oxford Nanopore Technologies	UK	Technology	Advanced Medical Equipment & Technology	11,776	0.76
Freeport-McMoran	USA	Basic Materials	Mining	11,298	0.73
Greencoat UK Wind	UK	Utilities	Electricity	11,020	0.71
ITM Power	UK	Oil & Gas	Oil equipment services & distribution	10,879	0.70
Associated British Foods	UK	Consumer Goods	Food producers	10,773	0.69
Johnson Service Group	UK	Industrials	Support services	10,506	0.68
Boku	UK	Industrials	Support services	10,462	0.67
H-Power	UK	Oil & Gas	Alternative Energy	10,109	0.65
Weir Group	UK	Industrials	Industrial engineering	9,961	0.64
ITV	UK	Consumer Services	Media	9,940	0.64
SigmaRoc	UK	Industrials	Construction & materials	9,926	0.64
Sabre Insurance Group	UK	Financials	Nonlife insurance	9,833	0.63
SSE	UK	Utilities	Electricity	9,792	0.63
HICL Infrastructure	UK	Financials	Equity investment instruments	9,604	0.62
Centrica	UK	Utilities	Gas, water & multiutilities	9,324	0.60
Halfords	UK	Consumer Services	General retailers	8,889	0.57
Smith & Nephew	UK	Health Care	Health care equipment & services	8,713	0.56
Sanofi	France	Health Care	Pharmaceuticals & biotechnology	8,630	0.56
Scottish Oriental Smaller Companies Trust	UK	Financials	Equity investment instruments	8,593	0.55
Dunelm	UK	Consumer Services	General retailers	8,526	0.55
Inchcape	UK	Industrials	Support services	8,490	0.55
Zigup	UK	Industrials	Support services	8,455	0.55
VH Global Energy Infrastructure	UK	Other	Sustainable Energy	8,294	0.53
Workspace Group	UK	Financials	Real estate investment trusts	8,222	0.53
Bristol-Myers Squibb	USA	Health Care	Pharmaceuticals & biotechnology	8,116	0.52
Accsys Technologies	UK	Industrials	Construction & materials	7,925	0.51
Gibson Energy	Canada	Oil & Gas	Oil & gas producers	7,664	0.49
Whitbread	UK	Consumer Services	Travel & leisure	7,623	0.49
Greencore Group	Ireland	Consumer Goods	Beverages	7,492	0.48
Ibstock	UK	Industrials	Construction & materials	7,452	0.48
Haleon	UK	Health Care	Pharmaceuticals & biotechnology	7,362	0.47
Berkeley Group Holdings	UK	Consumer Goods	Household goods & home construction	7,140	0.46
Becton Dickinson	USA	Health Care	Health care equipment & services	7,000	0.45
3I INFRASTRUCTURE	UK	Financials	Equity investment instruments	6,921	0.45
Rathbones Group	UK	Financials	Equity investment instruments	6,840	0.44
Roche Holding	Switzerland	Health Care	Pharmaceuticals & biotechnology	6,349	0.41
Vertu Motors	UK	Consumer Services	General retailers	6,147	0.40
Croda	UK	Basic Materials	Chemicals	6,053	0.39
Breedon Group	UK	Basic Materials	Building Materials	6,032	0.39
Safran	France	Industrials	Aerospace & defence	5,971	0.38
Great Portland Estates	UK	Financials	Real estate investments & services	5,908	0.38
Oxford Sciences Innovation	UKULM	Financials	Financial services	5,833	0.38
Castings	UK	Industrials	Construction & materials	5,763	0.37
Air Products and Chemicals	Canada	Oil & Gas	Oil & gas producers	5,689	0.37
Invinity Energy Systems	UK	Oil & Gas	Alternative Energy	5,543	0.36
Ondine Biomedical	Canada	Health Care	Pharmaceuticals & biotechnology	5,420	0.35
Vanquis Banking Group	UK	Financials	Financial services	5,407	0.35
Derwent London	UK	Financials	Real estate investment trusts	5,120	0.33
Serica Energy	UK	Oil & Gas	Oil & gas producers	5,100	0.33
XP Power	UK	Technology	Technology hardware & equipment	4,874	0.31
TT Electronics	UK	Industrials	Electronic & electrical equipment	4,718	0.30
Bellway	UK	Consumer Goods	Household goods & home construction	4,640	0.30
Marstons	UK	Consumer Services	Travel & leisure	4,147	0.27
ASML	Netherlands	Technology	Technology hardware & equipment	4,133	0.27
Siemens	Germany	Technology	Software & computer services	3,938	0.25
Valterra Platinum	Other	Basic Materials	Mining	3,796	0.24
Gelion	UK	Other	Sustainable Energy	3,673	0.24
Next Fifteen Communications Group	UK	Consumer Services	Media	3,170	0.20
Ilika	UK	Oil & Gas	Alternative Energy	2,967	0.19
Munchener Rueckver	Germany	Financials	Nonlife insurance	2,962	0.19
Renishaw	UK	Technology	Technology hardware & equipment	2,543	0.16
Jubilee Metals Group	UK	Basic Materials	Mining	2,542	0.16
Reach	UK	Consumer Services	Media	2,479	0.16
Princes Group	UK	Consumer Goods	Food & Drug Retailers	2,440	0.16
SAP	Germany	Technology	Software & computer services	2,390	0.15
Hercules Site Services	UK	Industrials	Construction & materials	1,865	0.12
Grit Real Estate Income Group	Guernsey	Financials	Real estate investment trusts	1,752	0.11
ASM International	Netherlands	Industrials	Electronic & electrical equipment	1,559	0.10
First Tin	UK	Basic Materials	Mining	1,440	0.09
Arbuthnot Banking Group	UK	Financials	Financial services	1,327	0.09
Kistos	UK	Oil & Gas	Oil & gas producers	1,238	0.08
Logistics Development Group	UK	Industrials	Industrial transportation	1,007	0.06
Kone	Finland	Industrials	Electronic & electrical equipment	1,002	0.06
Watkin Jones	UK	Consumer Goods	Household goods & home construction	942	0.06
Carclo	UK	Basic Materials	Chemicals	802	0.05
Ampeak Energy	UK	Utilities	Electricity	434	0.03

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

 

END