Law Debenture Corporation PLC

Net Asset Value • Dec 1, 2025

National Storage Mechanism | Additional information

RNS Number : 7697J

Law Debenture Corp PLC

01 December 2025

The Law Debenture Corporation p.l.c.

Net Asset Value as at 28 November 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 November 2025 was 1,033.52 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 1,069.24 pence per share (cum income). The mid-market price at the close of business on 28 November 2025 was 1,032.00 pence per share.

Net Asset Value	Excluding Income (pence)	Including Income (pence)
NAV with debt at par	1,028.37	1,033.52
NAV with debt at fair value	1,064.08	1,069.24

Performance

	YTD %	1 year %	3 years %	5 years %	10 years %
NAV total return (with debt at par)2	26.6	25.6	55.0	91.5	172.4
NAV total return (with debt at fair value)2	26.0	25.5	56.4	111.2	188.3
FTSE Actuaries All-Share Index Total Return3	21.4	20.0	41.3	76.8	115.9
Share price total return3	18.7	19.7	48.2	102.5	200.4
Change in Retail Price Index4	3.9	4.3	13.7	38.8	56.8

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, October 2025.

Geographical Split of investment portfolio

Region	% of portfolio 28 November 2025	% of portfolio 31 December 2024
UK	90.0	87.6
Europe	4.5	5.5
North America	4.4	5.6
Japan	0.9	1.3
Other	0.2	0
Other Pacific	0	0
TOTAL	100	100

Full Portfolio Listing

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

Holding Name	Location	Sector	Industry	£000	%
Barclays	UK	Financials	Banks	49,909	3.76
HSBC	UK	Financials	Banks	46,402	3.49
Shell	UK	Oil & Gas	Oil & gas producers	34,794	2.62
GlaxoSmithKline	UK	Health Care	Pharmaceuticals & biotechnology	29,364	2.20
Rio Tinto	UK	Basic Materials	Mining	28,466	2.14
BP	UK	Oil & Gas	Oil & gas producers	25,889	1.94
Standard Chartered	UK	Financials	Banks	25,692	1.93
Ceres Power	UK	Oil & Gas	Oil equipment services & distribution	23,601	1.77
Rolls Royce	UK	Industrials	Aerospace & defence	22,684	1.70
Flutter Entertainment	UK	Consumer Services	Travel & leisure	22,036	1.65
Balfour Beatty	UK	Industrials	Construction & materials	19,461	1.46
National Grid	UK	Utilities	Gas, water & multiutilities	19,379	1.46
Kier	UK	Industrials	Construction & materials	19,363	1.45
Lloyds Banking Group	UK	Financials	Banks	18,267	1.37
NatWest	UK	Financials	Banks	18,012	1.35
Cummins	USA	Industrials	Industrial engineering	17,667	1.33
J Sainsbury	UK	Consumer Services	General retailers	17,227	1.29
Boku	UK	Industrials	Support services	17,094	1.28
Kingfisher	UK	Consumer Goods	Household goods & home construction	16,959	1.27
Prudential	UK	Financials	Life insurance/assurance	16,774	1.26
Aviva	UK	Financials	Life insurance/assurance	16,768	1.26
IMI	UK	Industrials	Industrial engineering	16,720	1.26
Tesco	UK	Consumer Goods	Food & Drug Retailers	16,673	1.25
Senior	UK	Industrials	Aerospace & defence	16,492	1.24
M & G	UK	Financials	Financial services	16,344	1.23
Hill & Smith	UK	Industrials	Industrial engineering	14,976	1.12
Marks & Spencer	UK	Consumer Services	General retailers	14,947	1.12
BT Group	UK	Telecommunications	Fixed Line Telecommunications	14,464	1.09
Herald Investment Trust	UK	Financials	Equity investment instruments	14,310	1.07
Anglo American	UK	Basic Materials	Mining	13,805	1.04
IP Group	UK	Financials	Financial services	13,785	1.04
International Consolidated Airlines	UK	Consumer Services	Travel & leisure	13,619	1.02
Shaftesbury Capital	UK	Financials	Real estate investment trusts	13,394	1.01
Land Securities	UK	Financials	Real estate investment trusts	13,140	0.99
Irish Continental Group	Ireland	Consumer Services	Travel & leisure	13,138	0.99
Schroders	UK	Financials	Financial services	13,011	0.98
Johnson Matthey	UK	Other	Sustainable Energy	12,929	0.97
Toyota Motor Corporation	Japan	Consumer Goods	Automobiles & parts	12,499	0.94
BAE Systems	UK	Industrials	Aerospace & defence	12,375	0.93
Cranswick	UK	Consumer Goods	Food producers	12,330	0.93
Severn Trent	UK	Utilities	Gas, water & multiutilities	12,258	0.92
British Land Company	UK	Financials	Real estate investment trusts	12,198	0.92
Babcock	UK	Industrials	Aerospace & defence	12,191	0.92
Hiscox	UK	Financials	Nonlife insurance	12,112	0.91
Infineon Technologies	Germany	Industrials	Electronic & electrical equipment	11,336	0.85
Associated British Foods	UK	Consumer Goods	Food producers	11,214	0.84
Ibstock	UK	Industrials	Construction & materials	10,613	0.80
General Motors	USA	Consumer Goods	Automobiles & parts	10,551	0.79
International Personal Finance	UK	Financials	Financial services	10,532	0.79
Hammerson	UK	Financials	Real estate investment trusts	10,363	0.78
Vodafone	UK	Telecommunications	Mobile telecommunications	10,342	0.78
Smith & Nephew	UK	Health Care	Health care equipment & services	10,287	0.77
Reckitt Benckiser Group	UK	Health Care	Health care equipment & services	10,238	0.77
Morgan Advanced Materials	UK	Industrials	Electronic & electrical equipment	10,125	0.76
ITV	UK	Consumer Services	Media	10,070	0.76
Greencoat UK Wind	UK	Utilities	Electricity	9,955	0.75
Phoenix Group Holdings	UK	Financials	Life insurance/assurance	9,737	0.73
Johnson Service Group	UK	Industrials	Support services	9,657	0.73
Dunelm	UK	Consumer Services	General retailers	9,221	0.69
Chesnara	UK	Financials	Life insurance/assurance	9,062	0.68
Segro	UK	Financials	Real estate investment trusts	8,930	0.67
SSE	UK	Utilities	Electricity	8,788	0.66
Scottish Oriental Smaller Companies Trust	UK	Financials	Equity investment instruments	8,782	0.66
Marshalls	UK	Industrials	Construction & materials	8,726	0.66
Oxford Nanopore Technologies	UK	Technology	Advanced Medical Equipment & Technology	8,723	0.65
VH Global Energy Infrastructure	UK	Other	Sustainable Energy	8,652	0.65
AFC Energy	UK	Oil & Gas	Alternative Energy	8,579	0.64
ITM Power	UK	Oil & Gas	Oil equipment services & distribution	8,456	0.63
Weir Group	UK	Industrials	Industrial engineering	8,310	0.62
Workspace Group	UK	Financials	Real estate investment trusts	8,287	0.62
HICL Infrastructure	UK	Financials	Equity investment instruments	7,924	0.59
Standard Life Aberdeen	UK	Financials	Financial services	7,763	0.58
Whitbread	UK	Consumer Services	Travel & leisure	7,719	0.58
SigmaRoc	UK	Industrials	Construction & materials	7,628	0.57
Vanquis Banking Group	UK	Financials	Financial services	7,567	0.57
Haleon	UK	Health Care	Pharmaceuticals & biotechnology	7,416	0.56
Sabre Insurance Group	UK	Financials	Nonlife insurance	7,349	0.55
Elementis	UK	Basic Materials	Chemicals	7,341	0.55
Beazley	UK	Financials	Nonlife insurance	6,779	0.51
Accsys Technologies	UK	Industrials	Construction & materials	6,747	0.51
Mondi	UK	Basic Materials	Forestry & paper	6,510	0.49
Freeport-McMoran	USA	Basic Materials	Mining	6,492	0.49
Gibson Energy	Canada	Oil & Gas	Oil & gas producers	6,393	0.48
Bristol-Myers Squibb	USA	Health Care	Pharmaceuticals & biotechnology	6,130	0.46
Inchcape	UK	Industrials	Support services	5,779	0.43
Zigup	UK	Industrials	Support services	5,719	0.43
Roche	Switzerland	Health Care	Pharmaceuticals & biotechnology	5,602	0.42
Great Portland Estates	UK	Financials	Real estate investments & services	5,591	0.42
Ondine Biomedical	Canada	Health Care	Pharmaceuticals & biotechnology	5,505	0.41
Oxford Sciences Innovation	UKULM	Financials	Financial services	5,000	0.38
Easyjet	UK	Industrials	Aerospace & defence	4,994	0.37
Air Products and Chemicals	Canada	Oil & Gas	Oil & gas producers	4,926	0.37
Ilika	UK	Oil & Gas	Alternative Energy	4,792	0.36
Croda	UK	Basic Materials	Chemicals	4,764	0.36
Invinity Energy Systems	UK	Oil & Gas	Alternative Energy	4,715	0.35
Bellway	UK	Consumer Goods	Household goods & home construction	4,676	0.35
Rathbones Group	UK	Financials	Equity investment instruments	4,620	0.35
Halfords	UK	Consumer Services	General retailers	4,545	0.34
TT Electronics	UK	Industrials	Electronic & electrical equipment	4,507	0.34
Marstons	UK	Consumer Services	Travel & leisure	4,387	0.33
Castings	UK	Industrials	Construction & materials	4,347	0.33
Vertu Motors	UK	Consumer Services	General retailers	4,341	0.33
Gelion	UK	Other	Sustainable Energy	4,214	0.32
Sanofi	France	Health Care	Pharmaceuticals & biotechnology	4,173	0.31
Reach	UK	Consumer Services	Media	3,381	0.25
Munchener Rueckver	Germany	Financials	Nonlife insurance	3,190	0.24
Siemens	Germany	Technology	Software & computer services	3,173	0.24
Safran	France	Industrials	Aerospace & defence	3,128	0.23
Serica Energy	UK	Oil & Gas	Oil & gas producers	2,993	0.22
Next Fifteen Communications Group	UK	Consumer Services	Media	2,985	0.22
Valterra Platinum	Other	Basic Materials	Mining	2,957	0.22
Jubilee Metals Group	UK	Basic Materials	Mining	2,949	0.22
Tate & Lyle	UK	Consumer Goods	Food producers	2,808	0.21
SAP	Germany	Technology	Software & computer services	2,671	0.20
ASML	Netherlands	Technology	Technology hardware & equipment	2,558	0.19
XP Power	UK	Technology	Technology hardware & equipment	2,486	0.19
Deutsche Boerse	Germany	Financials	Financial services	2,391	0.18
SGS	Switzerland	Industrials	Support services	2,012	0.15
Hercules Site Services	UK	Industrials	Construction & materials	1,915	0.14
Seascape Energy Asia	UK	Oil & Gas	Oil & gas producers	1,860	0.14
Renishaw	UK	Technology	Technology hardware & equipment	1,733	0.13
Watkin Jones	UK	Consumer Goods	Household goods & home construction	1,711	0.13
Grit Real Estate Income Group	Guernsey	Financials	Real estate investment trusts	1,661	0.12
Windar Photonics	UK	Industrials	Waste & Environ Svcs & Equip	1,630	0.12
Surface Transforms	UK	Consumer Goods	Automobiles & parts	1,522	0.11
Nestle	Switzerland	Consumer Goods	Food producers	1,476	0.11
Kone	Finland	Industrials	Electronic & electrical equipment	1,147	0.09
Arbuthnot Banking Group	UK	Financials	Financial services	1,051	0.08
First Tin	UK	Basic Materials	Mining	960	0.07
DSM-Firmenich	Netherlands	Basic Materials	Chemicals	935	0.07
ASM International	Netherlands	Industrials	Electronic & electrical equipment	917	0.07
Logistics Development Group	UK	Industrials	Industrial transportation	889	0.07
Kistos	UK	Oil & Gas	Oil & gas producers	684	0.05
Carclo	UK	Basic Materials	Chemicals	677	0.05
Ampeak Energy	UK	Utilities	Electricity	560	0.04
Gran Tierra Energy	Canada	Oil & Gas	Oil & gas producers	507	0.04
Indus Gas	UK	Oil & Gas	Oil & gas producers	163	0.01
Deltic Energy	UK	Oil & Gas	Oil & gas producers	98	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

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