Net Asset Value(s)
By LSE RNS
Date: Monday 02 Feb 2026
The Law Debenture Corporation p.l.c.
Net Asset Value as at 30 January 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 January 2026 was 1,093.92 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 1,128.92 pence per share (cum income). The mid-market price at the close of business on 30 January 2026 was 1,134.00 pence per share.
Net Asset Value | Excluding Income (pence) | Including Income (pence) |
NAV with debt at par | 1,094.24 | 1,093.92 |
NAV with debt at fair value | 1,129.24 | 1,128.92 |
Performance
YTD % | 1 year % | 3 years % | 5 years % | 10 years % | |
NAV total return (with debt at par)2 | 4.9 | 31.1 | 56.2 | 95.8 | 209.1 |
NAV total return (with debt at fair value)2 | 4.7 | 30.4 | 57.5 | 114.7 | 227.1 |
FTSE Actuaries All-Share Index Total Return3 | 3.1 | 21.1 | 44.5 | 80.8 | 137.6 |
Share price total return3 | 7.6 | 28.6 | 55.5 | 112.2 | 275.3 |
Change in Retail Price Index4 | 0.0 | 4.3 | 13.4 | 38.3 | 57.8 |
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, December 2025.
Geographical Split of investment portfolio
Region | % of portfolio 30 January 2026 | % of portfolio 31 December 2025 |
UK | 89.7 | 89.9 |
Europe | 4.6 | 4.5 |
North America | 4.4 | 4.3 |
Japan | 1.0 | 1.0 |
Other | 0.3 | 0.3 |
TOTAL | 100 | 100 |
Full Portfolio Listing
As at 30 January 2026 the full holdings of the portfolio comprised of the following:
Holding Name | Location | Sector | Industry | £000 | % |
Barclays | UK | Financials | Banks | 56,399 | 3.95 |
HSBC | UK | Financials | Banks | 55,734 | 3.90 |
Rio Tinto | UK | Basic Materials | Mining | 35,369 | 2.48 |
Shell | UK | Oil & Gas | Oil & gas producers | 34,919 | 2.45 |
GlaxoSmithKline | UK | Health Care | Pharmaceuticals & biotechnology | 30,766 | 2.16 |
Standard Chartered | UK | Financials | Banks | 28,587 | 2.01 |
BP | UK | Oil & Gas | Oil & gas producers | 26,437 | 1.86 |
Senior | UK | Industrials | Aerospace & defence | 22,082 | 1.55 |
National Grid | UK | Utilities | Gas, water & multiutilities | 20,867 | 1.46 |
Lloyds Banking Group | UK | Financials | Banks | 20,663 | 1.45 |
Cummins | USA | Industrials | Industrial engineering | 19,863 | 1.39 |
Flutter Entertainment | UK | Consumer Services | Travel & leisure | 19,742 | 1.39 |
Balfour Beatty | UK | Industrials | Construction & materials | 19,737 | 1.39 |
Rolls Royce | UK | Industrials | Aerospace & defence | 19,671 | 1.38 |
IMI | UK | Industrials | Industrial engineering | 18,975 | 1.33 |
NatWest | UK | Financials | Banks | 18,953 | 1.33 |
Ceres Power | UK | Oil & Gas | Oil equipment services & distribution | 18,853 | 1.32 |
Kingfisher | UK | Consumer Goods | Household goods & home construction | 18,729 | 1.31 |
M & G | UK | Financials | Financial services | 18,558 | 1.30 |
Prudential | UK | Financials | Life insurance/assurance | 18,469 | 1.30 |
Boku | UK | Industrials | Support services | 17,934 | 1.26 |
Marks & Spencer | UK | Consumer Services | General retailers | 17,568 | 1.23 |
J Sainsbury | UK | Consumer Services | General retailers | 17,141 | 1.20 |
Kier | UK | Industrials | Construction & materials | 17,042 | 1.20 |
Anglo American | UK | Basic Materials | Mining | 16,499 | 1.16 |
Aviva | UK | Financials | Life insurance/assurance | 16,357 | 1.15 |
Tesco | UK | Consumer Goods | Food & Drug Retailers | 15,744 | 1.11 |
Johnson Matthey | UK | Other | Sustainable Energy | 15,314 | 1.07 |
BT Group | UK | Telecommunications | Fixed Line Telecommunications | 15,304 | 1.07 |
Herald Investment Trust | UK | Financials | Equity investment instruments | 15,210 | 1.07 |
Schroders | UK | Financials | Financial services | 15,122 | 1.06 |
Hill & Smith | UK | Industrials | Industrial engineering | 14,810 | 1.04 |
BAE Systems | UK | Industrials | Aerospace & defence | 14,805 | 1.04 |
Irish Continental Group | Ireland | Consumer Services | Travel & leisure | 14,434 | 1.01 |
Babcock | UK | Industrials | Aerospace & defence | 14,378 | 1.01 |
International Consolidated Airlines | UK | Consumer Services | Travel & leisure | 14,372 | 1.01 |
Land Securities | UK | Financials | Real estate investment trusts | 14,139 | 0.99 |
Segro | UK | Financials | Real estate investment trusts | 14,034 | 0.99 |
Toyota Motor Corporation | Japan | Consumer Goods | Automobiles & parts | 13,640 | 0.96 |
Hiscox | UK | Financials | Nonlife insurance | 13,405 | 0.94 |
Shaftesbury Capital | UK | Financials | Real estate investment trusts | 13,274 | 0.93 |
Infineon Technologies | Germany | Industrials | Electronic & electrical equipment | 12,833 | 0.90 |
Severn Trent | UK | Utilities | Gas, water & multiutilities | 12,737 | 0.89 |
IP Group | UK | Financials | Financial services | 12,631 | 0.89 |
Cranswick | UK | Consumer Goods | Food producers | 12,569 | 0.88 |
British Land Company | UK | Financials | Real estate investment trusts | 12,438 | 0.87 |
International Personal Finance | UK | Financials | Financial services | 12,103 | 0.85 |
Vodafone | UK | Telecommunications | Mobile telecommunications | 11,814 | 0.83 |
General Motors | USA | Consumer Goods | Automobiles & parts | 11,659 | 0.82 |
Morgan Advanced Materials | UK | Industrials | Electronic & electrical equipment | 11,450 | 0.80 |
Hammerson | UK | Financials | Real estate investment trusts | 11,301 | 0.79 |
AFC Energy | UK | Oil & Gas | Alternative Energy | 10,799 | 0.76 |
Oxford Nanopore Technologies | UK | Technology | Advanced Medical Equipment & Technology | 10,371 | 0.73 |
Phoenix Group Holdings | UK | Financials | Life insurance/assurance | 10,346 | 0.73 |
Smith & Nephew | UK | Health Care | Health care equipment & services | 10,180 | 0.71 |
Ibstock | UK | Industrials | Construction & materials | 10,028 | 0.70 |
Associated British Foods | UK | Consumer Goods | Food producers | 10,001 | 0.70 |
ITV | UK | Consumer Services | Media | 9,953 | 0.70 |
Greencoat UK Wind | UK | Utilities | Electricity | 9,800 | 0.69 |
Chesnara | UK | Financials | Life insurance/assurance | 9,731 | 0.68 |
VH Global Energy Infrastructure | UK | Other | Sustainable Energy | 9,688 | 0.68 |
SSE | UK | Utilities | Electricity | 9,684 | 0.68 |
Weir Group | UK | Industrials | Industrial engineering | 9,678 | 0.68 |
Beazley | UK | Financials | Nonlife insurance | 9,631 | 0.68 |
Johnson Service Group | UK | Industrials | Support services | 9,616 | 0.67 |
Workspace Group | UK | Financials | Real estate investment trusts | 9,124 | 0.64 |
SigmaRoc | UK | Industrials | Construction & materials | 9,121 | 0.64 |
Freeport-McMoran | USA | Basic Materials | Mining | 8,799 | 0.62 |
Whitbread | UK | Consumer Services | Travel & leisure | 8,441 | 0.59 |
Scottish Oriental Smaller Companies Trust | UK | Financials | Equity investment instruments | 8,342 | 0.59 |
HICL Infrastructure | UK | Financials | Equity investment instruments | 8,176 | 0.57 |
Standard Life Aberdeen | UK | Financials | Financial services | 8,145 | 0.57 |
Dunelm | UK | Consumer Services | General retailers | 8,127 | 0.57 |
Vanquis Banking Group | UK | Financials | Financial services | 7,969 | 0.56 |
Marshalls | UK | Industrials | Construction & materials | 7,581 | 0.53 |
Haleon | UK | Health Care | Pharmaceuticals & biotechnology | 7,576 | 0.53 |
Sabre Insurance Group | UK | Financials | Nonlife insurance | 7,464 | 0.52 |
Elementis | UK | Basic Materials | Chemicals | 7,278 | 0.51 |
ITM Power | UK | Oil & Gas | Oil equipment services & distribution | 7,060 | 0.50 |
Accsys Technologies | UK | Industrials | Construction & materials | 6,790 | 0.48 |
Gibson Energy | Canada | Oil & Gas | Oil & gas producers | 6,692 | 0.47 |
Bristol-Myers Squibb | USA | Health Care | Pharmaceuticals & biotechnology | 6,634 | 0.47 |
Great Portland Estates | UK | Financials | Real estate investments & services | 6,528 | 0.46 |
Roche | Switzerland | Health Care | Pharmaceuticals & biotechnology | 6,424 | 0.45 |
Mondi | UK | Basic Materials | Forestry & paper | 6,405 | 0.45 |
Zigup | UK | Industrials | Support services | 6,369 | 0.45 |
Inchcape | UK | Industrials | Support services | 6,124 | 0.43 |
Invinity Energy Systems | UK | Oil & Gas | Alternative Energy | 6,039 | 0.42 |
Rathbones Group | UK | Financials | Equity investment instruments | 5,500 | 0.39 |
Oxford Sciences Innovation | UKULM | Financials | Financial services | 5,333 | 0.37 |
Air Products and Chemicals | Canada | Oil & Gas | Oil & gas producers | 4,977 | 0.35 |
Halfords | UK | Consumer Services | General retailers | 4,891 | 0.34 |
Derwent London | UK | Financials | Real estate investment trusts | 4,803 | 0.34 |
Easyjet | UK | Industrials | Aerospace & defence | 4,775 | 0.34 |
Croda | UK | Basic Materials | Chemicals | 4,774 | 0.34 |
3I INFRASTRUCTURE | UK | Financials | Equity investment instruments | 4,663 | 0.33 |
Marstons | UK | Consumer Services | Travel & leisure | 4,638 | 0.33 |
Jubilee Metals Group | UK | Basic Materials | Mining | 4,576 | 0.32 |
Bellway | UK | Consumer Goods | Household goods & home construction | 4,481 | 0.31 |
Castings | UK | Industrials | Construction & materials | 4,426 | 0.31 |
Serica Energy | UK | Oil & Gas | Oil & gas producers | 4,300 | 0.30 |
Vertu Motors | UK | Consumer Services | General retailers | 4,287 | 0.30 |
Ondine Biomedical | Canada | Health Care | Pharmaceuticals & biotechnology | 4,003 | 0.28 |
Gelion | UK | Other | Sustainable Energy | 3,890 | 0.27 |
Valterra Platinum | Other | Basic Materials | Mining | 3,872 | 0.27 |
TT Electronics | UK | Industrials | Electronic & electrical equipment | 3,830 | 0.27 |
Sanofi | France | Health Care | Pharmaceuticals & biotechnology | 3,807 | 0.27 |
Reach | UK | Consumer Services | Media | 3,687 | 0.26 |
Siemens | Germany | Technology | Software & computer services | 3,511 | 0.25 |
Next Fifteen Communications Group | UK | Consumer Services | Media | 3,505 | 0.25 |
Ilika | UK | Oil & Gas | Alternative Energy | 3,423 | 0.24 |
ASML | Netherlands | Technology | Technology hardware & equipment | 3,390 | 0.24 |
XP Power | UK | Technology | Technology hardware & equipment | 3,373 | 0.24 |
Safran | France | Industrials | Aerospace & defence | 3,207 | 0.23 |
Munchener Rueckver | Germany | Financials | Nonlife insurance | 2,977 | 0.21 |
Tate & Lyle | UK | Consumer Goods | Food producers | 2,825 | 0.20 |
Hercules Site Services | UK | Industrials | Construction & materials | 2,369 | 0.17 |
Seascape Energy Asia | UK | Oil & Gas | Oil & gas producers | 2,310 | 0.16 |
Deutsche Boerse | Germany | Financials | Financial services | 2,158 | 0.15 |
SAP | Germany | Technology | Software & computer services | 2,154 | 0.15 |
Greencore Group | Ireland | Consumer Goods | Beverages | 2,078 | 0.15 |
SGS | Switzerland | Industrials | Support services | 2,037 | 0.14 |
Grit Real Estate Income Group | Guernsey | Financials | Real estate investment trusts | 1,963 | 0.14 |
Renishaw | UK | Technology | Technology hardware & equipment | 1,898 | 0.13 |
First Tin | UK | Basic Materials | Mining | 1,860 | 0.13 |
Watkin Jones | UK | Consumer Goods | Household goods & home construction | 1,801 | 0.13 |
Windar Photonics | UK | Industrials | Waste & Environ Svcs & Equip | 1,464 | 0.10 |
Nestle | Switzerland | Consumer Goods | Food producers | 1,365 | 0.10 |
ASM International | Netherlands | Industrials | Electronic & electrical equipment | 1,354 | 0.10 |
Surface Transforms | UK | Consumer Goods | Automobiles & parts | 1,269 | 0.09 |
Kone | Finland | Industrials | Electronic & electrical equipment | 1,172 | 0.08 |
Kistos | UK | Oil & Gas | Oil & gas producers | 1,058 | 0.07 |
Arbuthnot Banking Group | UK | Financials | Financial services | 1,027 | 0.07 |
DSM-Firmenich | Netherlands | Basic Materials | Chemicals | 862 | 0.06 |
Logistics Development Group | UK | Industrials | Industrial transportation | 859 | 0.06 |
Carclo | UK | Basic Materials | Chemicals | 679 | 0.05 |
Gran Tierra Energy | Canada | Oil & Gas | Oil & gas producers | 586 | 0.04 |
Ampeak Energy | UK | Utilities | Electricity | 524 | 0.04 |
Deltic Energy | UK | Oil & Gas | Oil & gas producers | 43 |
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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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