Law Debenture Corporation PLC

Major Shareholding Notification • Mar 3, 2025

National Storage Mechanism | Additional information

RNS Number : 1604Z

Law Debenture Corp PLC

03 March 2025

The Law Debenture Corporation p.l.c.

Net Asset Value as at 28 February 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 28 February 2025 was 868.93 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 901.40 pence per share (cum income). The mid-market price at the close of business on 28 February 2025 was 905.00 pence per share.

Net Asset Value	Excluding Income (pence)	Including Income (pence)
NAV with debt at par	866.14	868.93
NAV with debt at fair value	898.60	901.40

Performance

	YTD %	1 year %	3 years %	5 years %	10 years %
NAV total return (with debt at par) 2	3.2	17.6	20.4	64.8	113.8
NAV total return (with debt at fair value) 2	3.1	17.3	28.3	81.2	128.1
FTSE Actuaries All-Share Index Total Return 3	6.9	18.4	27.7	53.4	82.7
Share price total return 3	1.3	19.1	26.2	100.7	146.4
Change in Retail Price Index 4	-0.1	2.8	22.3	34.8	52.6

1 The fair value of the IPS business has been calculated as at 30 June 2024.

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, January 2025.

Geographical Split of investment portfolio

Region	% of portfolio 28 February 2025	% of portfolio 31 December 2024
UK	88.1	87.6
Europe	5.4	5.5
North America	5.4	5.6
Japan	1.1	1.3
Other	0	0
Other Pacific	0	0
TOTAL	100	100

Full Portfolio Listing

As at 28 February 2025 the full holdings of the portfolio comprised of the following:

Holding Name	Location	Sector	Industry	£000	%
HSBC	UK	Financials	Banks	40,487	3.76
Barclays	UK	Financials	Banks	36,111	3.35
Flutter Entertainment	UK	Consumer Services	Travel & leisure	35,937	3.34
Shell	UK	Oil & Gas	Oil & gas producers	32,950	3.05
Rolls Royce	UK	Industrials	Aerospace & defence	31,248	2.89
BP	UK	Oil & Gas	Oil & gas producers	24,926	2.31
GlaxoSmithKline	UK	Health Care	Pharmaceuticals & biotechnology	24,051	2.23
Standard Chartered	UK	Financials	Banks	23,920	2.22
Tesco	UK	Consumer Goods	Food & Drug Retailers	19,205	1.78
Rio Tinto	UK	Basic Materials	Mining	17,976	1.66
National Grid	UK	Utilities	Gas, water & multiutilities	16,484	1.53
BT Group	UK	Telecommunications	Fixed Line Telecommunications	15,566	1.44
NatWest	UK	Financials	Banks	15,558	1.44
Senior	UK	Industrials	Aerospace & defence	14,577	1.35
Marks & Spencer	UK	Consumer Services	General retailers	14,192	1.31
Aviva	UK	Financials	Life insurance/assurance	14,000	1.30
J Sainsbury	UK	Consumer Services	General retailers	13,824	1.28
Cummins	USA	Industrials	Industrial engineering	13,765	1.27
IMI	UK	Industrials	Industrial engineering	13,764	1.27
BAE Systems	UK	Industrials	Aerospace & defence	13,348	1.24
Herald Investment Trust	UK	Financials	Equity investment instruments	13,230	1.23
Babcock	UK	Industrials	Aerospace & defence	12,910	1.20
Kier	UK	Industrials	Construction & materials	12,851	1.19
Anglo American	UK	Basic Materials	Mining	12,848	1.19
Balfour Beatty	UK	Industrials	Construction & materials	12,837	1.19
Hill & Smith	UK	Industrials	Industrial engineering	12,713	1.18
M & G	UK	Financials	Financial services	12,678	1.17
Lloyds Banking Group	UK	Financials	Banks	12,407	1.15
Land Securities	UK	Financials	Real estate investment trusts	12,270	1.14
International Consolidated Airlines	UK	Consumer Services	Travel & leisure	12,110	1.12
Toyota Motor Corporation	Japan	Consumer Goods	Automobiles & parts	11,707	1.08
Cranswick	UK	Consumer Goods	Food producers	11,697	1.08
Kingfisher	UK	Consumer Goods	Household goods & home construction	11,223	1.04
Prudential	UK	Financials	Life insurance/assurance	11,158	1.03
Shaftesbury Capital	UK	Financials	Real estate investment trusts	11,115	1.03
Boku	UK	Industrials	Support services	10,907	1.01
Severn Trent	UK	Utilities	Gas, water & multiutilities	10,884	1.01
Hiscox	UK	Financials	Nonlife insurance	10,719	0.99
Irish Continental Group	Ireland	Consumer Services	Travel & leisure	10,598	0.98
Schroders	UK	Financials	Equity investment instruments	10,517	0.97
ITV	UK	Consumer Services	Media	10,487	0.97
Marshalls	UK	Industrials	Construction & materials	10,421	0.97
Morgan Advanced Materials	UK	Industrials	Electronic & electrical equipment	9,523	0.88
Smith & Nephew	UK	Health Care	Health care equipment & services	9,434	0.87
Ibstock	UK	Industrials	Construction & materials	9,238	0.86
Scottish Oriental Smaller Companies Trust	UK	Financials	Equity investment instruments	9,128	0.85
Johnson Service Group	UK	Industrials	Support services	8,632	0.80
Dunelm	UK	Consumer Services	General retailers	8,080	0.75
Haleon	UK	Health Care	Pharmaceuticals & biotechnology	7,964	0.74
Bristol-Myers Squibb	USA	Health Care	Pharmaceuticals & biotechnology	7,821	0.72
Vodafone	UK	Telecommunications	Mobile telecommunications	7,720	0.71
Beazley	UK	Financials	Nonlife insurance	7,438	0.69
General Motors	USA	Consumer Goods	Automobiles & parts	7,426	0.69
Hammerson	UK	Financials	Real estate investment trusts	7,324	0.68
Weir Group	UK	Industrials	Industrial engineering	7,290	0.68
Phoenix Group Holdings	UK	Financials	Life insurance/assurance	7,252	0.67
Johnson Matthey	UK	Other	Sustainable Energy	7,150	0.66
VH Global Energy Infrastructure	UK	Other	Sustainable Energy	7,008	0.65
Oxford Nanopore Technologies	UK	Technology	Advanced Medical Equipment & Technology	6,965	0.64
Whitbread	Canada	Consumer Services	Travel & leisure	6,952	0.64
Spectris	UK	Industrials	Electronic & electrical equipment	6,831	0.63
IP Group	UK	Financials	Financial services	6,825	0.63
Elementis	UK	Basic Materials	Chemicals	6,809	0.63
International Personal Finance	UK	Financials	Financial services	6,721	0.62
Air Products and Chemicals	Canada	Oil & Gas	Oil & gas producers	6,283	0.58
Freeport-McMoran	USA	Basic Materials	Mining	5,867	0.54
Sabre Insurance Group	UK	Financials	Nonlife insurance	5,769	0.53
Greencoat UK Wind	UK	Utilities	Electricity	5,625	0.52
Gibson Energy	Canada	Oil & Gas	Oil & gas producers	5,504	0.51
WPP LLP	UK	Consumer Services	Media	5,474	0.51
Chesnara	UK	Financials	Life insurance/assurance	5,426	0.50
Segro	UK	Financials	Real estate investment trusts	5,282	0.49
AFC Energy	UK	Oil & Gas	Alternative Energy	5,115	0.47
Inchcape	UK	Industrials	Support services	5,093	0.47
SigmaRoc	UK	Industrials	Construction & materials	5,090	0.47
Reach	UK	Consumer Services	Media	4,913	0.45
Associated British Foods	UK	Consumer Goods	Food producers	4,735	0.44
Oxford Sciences Innovation	UKULM	Financials	Financial services	4,600	0.43
SSE	UK	Utilities	Electricity	4,572	0.42
Zigup	UK	Industrials	Support services	4,401	0.41
Standard Life Aberdeen	UK	Financials	Financial services	4,360	0.40
Accsys Technologies	UK	Industrials	Construction & materials	4,337	0.40
Workspace Group	UK	Financials	Real estate investment trusts	4,320	0.40
Epwin Group	UK	Consumer Goods	Household goods & home construction	4,270	0.40
Ondine Biomedical	Canada	Health Care	Pharmaceuticals & biotechnology	3,995	0.37
Castings	UK	Industrials	Construction & materials	3,990	0.37
Halfords	UK	Consumer Services	General retailers	3,966	0.37
Convatec Group	UK	Health Care	Health care equipment & services	3,891	0.36
Ceres Power	UK	Oil & Gas	Oil equipment services & distribution	3,588	0.33
Vanquis Banking Group	UK	Financials	Financial services	3,555	0.33
Bellway	UK	Consumer Goods	Household goods & home construction	3,510	0.33
Vertu Motors	UK	Consumer Services	General retailers	3,506	0.32
Croda	UK	Basic Materials	Chemicals	3,304	0.31
SAP	Germany	Technology	Software & computer services	3,202	0.30
Next Fifteen Communications Group	UK	Consumer Services	Media	3,020	0.28
Munchener Rueckver	Germany	Financials	Nonlife insurance	3,003	0.28
Siemens	Germany	Technology	Software & computer services	2,885	0.27
Grit Real Estate Income Group	Guernsey	Financials	Real estate investment trusts	2,869	0.27
XP Power	UK	Technology	Technology hardware & equipment	2,800	0.26
TT Electronics	UK	Industrials	Electronic & electrical equipment	2,776	0.26
ITM Power	UK	Oil & Gas	Oil equipment services & distribution	2,710	0.25
Novo Nordisk	Denmark	Health Care	Pharmaceuticals & biotechnology	2,649	0.25
Ilika	UK	Oil & Gas	Alternative Energy	2,640	0.24
Sanofi	France	Health Care	Pharmaceuticals & biotechnology	2,629	0.24
Safran	France	Industrials	Aerospace & defence	2,536	0.23
Roche	Switzerland	Health Care	Pharmaceuticals & biotechnology	2,473	0.23
Deutsche Boerse	Germany	Financials	Financial services	2,426	0.22
Renold	UK	Industrials	Industrial engineering	2,414	0.22
DVS	Denmark	Industrials	Industrial transportation	2,233	0.21
Serica Energy	UK	Oil & Gas	Oil & gas producers	2,203	0.20
Bawag	Austria	Financials	Banks	2,048	0.19
Hercules Site Services	UK	Industrials	Construction & materials	1,980	0.18
Cellnex Telecom	Spain	Telecommunications	Mobile telecommunications	1,897	0.18
SGS	Switzerland	Industrials	Support services	1,892	0.18
Jubilee Metals Group	UK	Basic Materials	Mining	1,870	0.17
Watkin Jones	UK	Consumer Goods	Household goods & home construction	1,869	0.17
Invinity Energy Systems	UK	Oil & Gas	Alternative Energy	1,862	0.17
ASML	Netherlands	Technology	Technology hardware & equipment	1,809	0.17
Anheuser-Busch InBev	Belgium	Consumer Goods	Beverages	1,694	0.16
Gelion	UK	Other	Sustainable Energy	1,654	0.15
Great Portland Estates	UK	Financials	Real estate investments & services	1,641	0.15
LVMH	France	Consumer Goods	Leisure Goods	1,620	0.15
Marstons	UK	Consumer Services	Travel & leisure	1,551	0.14
Infineon Technologies	Germany	Industrials	Electronic & electrical equipment	1,547	0.14
Nestle	Switzerland	Consumer Goods	Food producers	1,508	0.14
Windar Photonics	UK	Industrials	Waste & Environ Svcs & Equip	1,397	0.13
Danone	France	Consumer Goods	Food producers	1,395	0.13
DSM-Firmenich	Netherlands	Basic Materials	Chemicals	1,282	0.12
Aena	Spain	Consumer Services	Travel & leisure	1,139	0.11
Seascape Energy Asia	UK	Oil & Gas	Oil & gas producers	1,080	0.10
Arbuthnot Banking Group	UK	Financials	Financial services	1,039	0.10
Kone	Finland	Industrials	Electronic & electrical equipment	1,000	0.09
Logistics Development Group	UK	Industrials	Industrial transportation	995	0.09
ASM International	Netherlands	Industrials	Electronic & electrical equipment	930	0.09
Syensqo	Belgium	Basic Materials	Chemicals	878	0.08
Gran Tierra Energy	Canada	Oil & Gas	Oil & gas producers	541	0.05
First Tin	UK	Basic Materials	Mining	540	0.05
Kistos	UK	Oil & Gas	Oil & gas producers	531	0.05
SIMEC Atlantis Energy	UK	Utilities	Electricity	361	0.03
Carclo	UK	Basic Materials	Chemicals	269	0.02
Surface Transforms	UK	Consumer Goods	Automobiles & parts	220	0.02
Indus Gas	UK	Oil & Gas	Oil & gas producers	112	0.01
LDIC Investments	UK	Financials	Financial services	88	0.01
Deltic Energy	UK	Oil & Gas	Oil & gas producers	56	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

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

NAVBLGDXIUGDGUX