Overview
Law Debenture is an unusual animal in that, as well as being a global equity investment trust, it owns an independent fiduciary business, a separate trading company that makes its money by being the corporate trustee for a variety of structures (like corporate bonds and pension funds) and also has various corporate governance, whistle-blowing, escrow and corporate services business. the profits from this business go to boost Law Debenture’s dividend and the value that investors put on this usually helps Law Debenture to trade at a premium to net assets.
Law Debenture’s equity portfolio aims to achieve long term capital growth in real terms and steadily increasing income. The aim is to achieve a higher rate of total return than the All Share Index through investing in a portfolio diversified both geographically and by industry.
You can access the company’s website here
Fundamentals
Price
Research History
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17 Oct 2023 14 min read
QuotedData’s Investment Companies Quarterly Review – Third Quarter 2023
Third quarter of 2023 Investment Companies | Quarterly roundup | October 2023 Kindly sponsored by abrdn ‘Uncomfortable’ Following a fast start to the first half of the year, globally equities took a breather in Q3, as markets assessed the implications of the worst bond sell-off in a generation. Yields on 10-year US treasuries and UK […]
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09 Mar 2023 64 min read
QuotedData’s Economic and Political Monthly Roundup March 2023
Economic and Political Monthly Roundup Investment companies | Monthly | March 2023 A collation of recent insights on markets and economies taken from the comments made by chairs and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage […]
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03 Nov 2022 8 min read
QuotedData’s Investment Companies Roundup – November 2022
Investment Companies Monthly Roundup Kindly sponsored by Baillie Gifford and abrdn November 2022 Monthly | Investment companies Winners and losers in October 2022 Many equity markets recovered some of the ground lost in September. The swift departure of Liz Truss and her unfunded tax cuts helped the UK stock market and sterling. North America […]
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04 Dec 2020 1 min read
Interview with Denis Jackson and James Henderson of Law Debenture
In this week’s show, James Carthew talked to Denis Jackson and James Henderson of Law Debenture Watch it again here If you were looking for QuotedData’s roundup of the week’s news, this is now in the news section – just click here If there is a guest speaker you’d particularly like to hear from, please email us […]
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10 Aug 2020 4 min read
QuotedData’s Economic Roundup – August 2020
Economic & Political Roundup Kindly sponsored by Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
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07 Aug 2019 5 min read
QuotedData’s economic roundup – August 2019
Economic & Political Roundup A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell any of the […]
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22 Mar 2019 2 min read
QuotedData’s economic roundup – March 2019
QuotedData’s economic roundup – March 2019 is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
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15 Aug 2018 1 min read
QuotedData’s Economic round up – August 2018
QuotedData’s Economic round up – August 2018 is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
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03 Aug 2017 2 min read
QuotedData’s economic round up – August 2017
QuotedData’s economic round up – August 2017 – is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
News
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29 Nov 2024 1 min read
QuotedData’s Investors’ Choice: The results are in!
If you missed the announcement that followed today’s quarterly panel show, here are the winners of our inaugural QuotedData’s Investors’ Choice Awards Many thousands of you visited our dedicated Awards website. One lucky voter won the £5,000 prize for correctly predicting all the winners. A big thank you to our sponsors: Cazenove Capital and Stonehage […]
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7 min read
Income 101 – The essentials for your income search
If you look across the investment companies’ space, it is clear there is still strong demand for trusts that can provide investors with an attractive level of income which is reliable and, ideally, has some degree of both inflation protection and capital preservation. Despite the environment of higher interest rates that has prevailed over the […]
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26 Jul 2024 3 min read
QuotedData’s morning briefing 26 July 2024 – LWDB, TMI, GCP, SUPR, SGRO, MPLF
In QuotedData’s morning briefing 26 July 2024: Law Debenture (LWDB) has published its interim results for the six months ended 30 June 2024, during which it provided an NAV total return (with debt and Independent Professional Services (IPS) business at fair value) of 9.7%, and share price total return of 7.7%, both outperforming its All-Share […]
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27 Feb 2024 2 min read
Law Debenture provides 4.9% increase in dividend following “creditable” year
Law Debenture (LWDB) has published its annual results for the year ended 31 December 2023 during which it provided an NAV total return with debt and the Independent Professional Services (IPS) business at fair value of 9.4% (8.9% with debt at par), which LWDB says outperformed its All-Share Index that returned 7.9%. LWDB’s share price […]
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28 Jul 2023 1 min read
QuotedData’s morning briefing 28 July 2023
Law Debenture (LWDB) published its results for the half-year ended 30 June 2023. NAV total return for H1 2023 delivered a modest outperformance of 4.0% compared to its benchmark, the FTSE All-Share Index, which returned 2.6%. The company’s profit before tax was up by 8.5% and valuation up 4.4% to £210m (compared to 30 December […]
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28 Feb 2023 6 min read
Law Debenture held up by IPS business
Law Debenture (LWDB) has published its annual results for the year ended 31 December 2022. During the year, LWDB provided an NAV total return with debt and Independent Professional Services (IPS) business at fair value for FY 2022 of 0.6% (-6.8% with debt at par). Similarly, it provided a share price total 0.4% for 2022 […]
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25 Feb 2022 3 min read
Law Debenture set for another year of dividend growth
Law Debenture (LWDB) has released its annual results for the year ended 31 December 2021, during which it provided an NAV total return with debt and its Independent Professional Services business (IPS) at fair value for 2021 of 25.1%, outperforming the All-Share Index by 6.8%. LWDB says that it was another year of strong performance […]
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02 Nov 2021 1 min read
QuotedData’s morning briefing 2 November 2021
In QuotedData’s morning briefing 2 November 2021: VH Global Sustainable Energy Opportunities (GSEO) says it has invested £30m of the £78m it committed to fund innovative net zero flexible power generation projects in the UK. The initial tranche will fund the construction of one project in Nottinghamshire, UK, consisting of a 10MW high efficiency combined […]
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24 Sep 2021 3 min read
QD view – ranking UK equity income trusts
We had results this week from two of the giants of the UK equity income sector. The City of London Trust, which has been managed for 30 years by Job Curtis at Janus Henderson, celebrated its 55th consecutive year of dividend increases. Rival, Murray Income can ‘only’ boast a 48-year track record of consecutive dividend […]
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12 May 2021 1 min read
QuotedData’s morning briefing 12 May 2021
In QuotedData’s morning briefing 12 May 2021 – Schroder Income Growth’s (SCF’s) reported interim results to 28 February 2021, with the NAV returning 16.1% (compared to 12.0% delivered by the FTSE all-share index.). SCF’s share price outperformed the NAV, with a total return of 19.6%. Law Debenture (LWDB) announced yesterday evening that further to the recent announcement regarding the issuance […]
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12 Mar 2021 2 min read
QD view – keeping the dividends flowing
When we went into the pandemic panic last year, many trusts had revenue reserves equivalent to between half and a whole year’s dividend. Link Group reckoned that about 44% of the UK market’s income was lost in 2020, pushing the total amount of income available back down to 2011 levels. However, most UK equity income […]
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26 Feb 2021 1 min read
QuotedData’s weekly news show 26 February 2021
QuotedData’s weekly news show 19 February 2021 Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on Youtube. In this week’s show, James Carthew covered the week’s top stories: Law Debenture’s results Troy Income & Growth change of manager BlackRock Frontier Markets shrinking Richard Williams also covered: […]
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1 min read
A good share price performance from Law Debenture in 2020
Law Debenture (LWDB) has announced its annual results for the year ended 31 December 2020 and, in the words of its chairman, Robert Hingley, “Law Debenture has delivered a good performance in 2020, demonstrating the advantages of its unique structure, which allows increased flexibility in portfolio construction”. To summarise its performance, while LWDB provided an […]
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15 Dec 2020 1 min read
Law Debenture buys company secretarial business
Law Debenture buys company secretarial business – The Law Debenture Corporation has entered into a binding agreement to acquire the company secretarial unit of Konexo UK, a division of Eversheds Sutherland International LLP. The total consideration is £20m, payable in cash. For the financial year ended 30 April 2020, this unit recorded revenues of £6.2m and estimated EBITDA […]
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16 Sep 2020 1 min read
QuotedData’s morning briefing 16 September 2020
In QuotedData’s morning briefing 16 September 2020: UK equity income sector company, Law Debenture Corporation (LWDB), said it remained committed to at least maintaining 2019 full-year dividend level of 26p. LWDB is a unique combination of an equity portfolio and independent professional services business. LWDB said today that “we approached 2020 with a professional services business […]
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24 Jul 2019 1 min read
QuotedData’s other news 24 July 2019
In QuotedData’s other news 24 July 2019: SME Credit Realisation Fund (SCRF) reported annual results to 31 March 2019, with NAV down 0.78%. The company provides exposure to credit assets in the following ways: 1.) directly through a platform operated by Funding Circle and indirectly, in each case as detailed in the company’s original investment policy. SCRF […]
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1 min read
Law Debenture Corporation discusses sector move in solid H1 showing
Law Debenture Corporation discusses sector move in solid H1 showing – The £700m market cap trust, Law Debenture Corporation (LWDB), has reported half-year results covering the period to 30 June 2019. The NAV total return for the period was 10.3%, while the shares returned 12.1%. For those not familiar with its structure, LWDB is a […]
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10 May 2019 1 min read
QuotedData’s other news 10 May 2019
Law Debenture will shift from the AIC’s global sector to the UK Equity Income sector. This forms part of a review of sectors by the AIC which we will tell you more about later. PME Africa’s results show its NAV falling to 15 cents from 21 cents – the fund had assets of just $3.7m […]
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27 Feb 2019 14 min read
Law Debenture Corporation protects against almost 40% of market decline
Law Debenture Corporation (LWDB) has announced its annual results for the year ended 31 December 2018. For those not familiar with its structure, LWDB is a unique combination of an equity portfolio and independent professional services business. Key highlights for the Group, the equity portfolio and the independent professional services business are provided below, but […]
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28 Feb 2018 2 min read
Law Debenture beats its benchmark and raises its dividend
Law Debenture beats its benchmark and raises its dividend – In its final report for the year to 31st December 2017, Law Debenture (LWDB) reported that total return of the NAV was 16.6%, while the benchmark, the FTSE All Share Index returned was 13.1%. The UK remained the central focus of the portfolio, although the fund is […]
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28 Feb 2017 4 min read
Law Debenture says tax changes will hit its distributable income
Law Debenture says its net asset value total return for the year to 31 December 2016 was up 16.9%, compared to a total return of 16.8% for the UK market. Revenue return per share was 18.56p (excluding group charges of 2.60p), an increase of 2.5% over the previous year, as a result of a 1.2% […]
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25 Feb 2016 2 min read
Law Debenture puts a value on the fiduciary business
Law Debenture’s results for 2015 show its net asset value total return for the year to 31 December 2015 was down 0.3%, compared to a total return of 1.0% for the FTSE Actuaries All-Share Index. Net revenue return per share was 18.1p, an increase of 6.8% over the previous year, as a result of a […]
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15 Dec 2015 1 min read
Law Debenture’s Caroline Banszky to retire within a year
Law Debenture Corporation has announced that its Group Managing Director, Caroline Banszky (pictured) has, after thirteen years as the Group’s MD, given notice of her intention to retire from her role by 31 October 2016. She will also step down as a director of the Corporation at that time. The Nominations Committee of the board […]
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28 Sep 2015 1 min read
Law Debenture in thirty year debt issue
The Law Debenture Corporation has agreed to issue £75m fixed rate 30-year secured private placement notes at an annualised coupon of 3.77%. The Board believes that, in the current bond and interest rate environment, it is desirable to obtain fixed rate, long dated sterling denominated financing at a pricing level that is attractive and, over the longer […]
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30 Jul 2014 1 min read
Law Debenture : LWDB – interims
Law Debenture’s share price total return was flat over the first half of 2014. Its net asset value total return was 3.4%. The equivalent return o the FTSE All-Share Index was 1.6%. The income from the fiduciary services business fell by 0.3% but this was more than offset by revenue flowing from the equity portfolio […]
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27 Feb 2014 1 min read
Law Debenture : LWDB – Anual report
Law Debenture generated a net asset value return of 28.6% over 2013, well ahead of the return on the FTSE All-Share Index which returned 20.8%. The share price more or less kept pace with the asset value, returning 28.3%. Revenue from the fiduciary services business rose by 4.3%. The full year dividend rises to 15p […]
Upcoming Events
In The Press
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13 Nov 2024 1 min read
Our trust income portfolios: changes for the year ahead
by Dave Baxter, Investors’ Chronicle, November 12, 2024: The past year has been an extremely strong one for markets, with many of the difficulties that emerged back in 2022 finally starting to abate for investors.. This ‘Goldilocks’ (ie, just right) backdrop has certainly worked out well for our two investment trust income portfolios. The two […]
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14 Mar 2024 2 min read
Where UK income fund managers are investing
by Val Cipriani, Investors Chronicle, March 13, 2024: When picking a fund, you should always look under the bonnet at how the portfolio differs from the benchmark and which stocks the managers are betting big on. Comparing the portfolio positionings of a range of funds gives us an idea of which stocks are currently in […]
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01 Jun 2023 1 min read
Investment trusts ditch their ‘inflation protection’ tag
By Val Cipriani, Investors’ Chronicle, June 1, 2023: Investment trusts are announcing below-inflation dividend increases, making it more difficult for investors to maintain the real value of their income – although some might be able to catch up in 2024 or 2025. Last week, core infrastructure trust HICL Infrastructure (HICL) said it intends to maintain […]
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10 May 2023 1 min read
The eight income investment trust heavyweights: how sustainable are the dividends?
by Jennifer Hill from interactive investor, 10 May 2023: Eight investment trusts have half a century or more of increasing payouts to investors but deeper analysis is required to ascertain their true income prowess, reports Jennifer Hill… But dividend growth alone does not make a trust the best home for income seekers’ capital. A deeper […]
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07 Feb 2023 1 min read
Investment trust insider on income in time of inflation
Investment trust insider on income in time of inflation – James Carthew: Choppy outlook for income folk One question I have been pondering is, how would an income investor reliant on a portfolio of investment companies be faring now? Unfortunately, it looks as though some belt-tightening would be required. For example, companies that adopted a […]
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09 Jan 2023 1 min read
Investment trust insider on discount opportunities
Investment trust insider on discount opportunities – James Carthew: Discount dislocations offer opportunities Today, at the same time as investors get to grips with higher inflation and interest rates, they are afflicted by wider share price discounts to net asset values (NAV) across the investment companies sector. Many years ago a former colleague of mine […]
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20 Dec 2022 1 min read
Falling at the first hurdle
Cherry Reynard, Trustnet Magazine, 20 December 2022: There was widespread optimism in the world of investment trusts at the start of 2022… However, as soon as Russia invaded Ukraine in February, all bets were off. This set off a chain of events, with disruption to commodity markets pushing up inflation, leading to higher interest rates […]
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21 Sep 2022 1 min read
Top 50 Funds 2022: Equity income
By Dave Baxter, Investors’ Chronicle, September 8, 2022: UK EQUITY INCOME (4 FUNDS) An area of focus for many of our readers, UK equity income has been a good port in a storm thanks to the composition of the FTSE 100, while dividends have also made a strong recovery from the dark days of 2020. […]
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23 Dec 2021 2 min read
Inflation worries? Not if you chose these funds
David Brenchley, December 19 2021, The Sunday Times A sharp rise in the cost of living will have forced many people to accept more risk in how they take investment income in retirement. To ensure that their income keeps pace with their spending, many will be looking for investments that yield more than the present […]
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22 Nov 2021 1 min read
The UK trusts on the biggest discount or premiums relative to their history
By Eve Maddock-Jones, Reporter, Trustnet, 19 November 2021 Trustnet looks at which UK investment trusts are trading below their five year average discount/premium level and which ones are running well ahead of the norm. Several UK investment trusts are running well below their five-year-average discount presenting major buying opportunities, according to fund pickers. The pandemic […]
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18 Oct 2021 1 min read
Most UK equity income trusts are on a discount, which is the best value?
by Faith Glasgow from interactive investor 15th October 2021 The UK equity income investment trust sector proved a wise choice for income investors during the pandemic. At a time when businesses were struggling and dividends were being cut or suspended, trusts could draw on the revenue reserves built up over the years to continue payouts to investors. […]
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04 Oct 2021 1 min read
Why investing in UK equity income now could prove a slick move
These unloved funds and trusts might build your fortune By ANNE ASHWORTH FOR THE DAILY MAIL PUBLISHED: 21:50, 1 October 2021 Once the mainstay of many a portfolio, UK equity income funds are now often seen as deeply unfashionable, in a world still in thrall to the glamour of US tech stocks. But there are reasons to […]
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23 Jul 2020 1 min read
Can investment trusts survive the UK dividend drought?
Can investment trusts survive the UK dividend drought? By Dave Baxter UK dividends have evaporated in the past few months, with no imminent recovery in sight. Link Asset Services predicts that UK dividends could fall by between 45 and 49 per cent on a headline basis in 2020 versus the previous year’s total, based on its best- and worst-case scenarios… […]
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05 Jun 2019 1 min read
Investment Trust Insider on Law Debenture
Investment Trust Insider on Law Debenture – James Carthew: welcome to your new home Law Debenture The Association of Investment Companies (AIC) has completed one of its periodic reviews of the classification of investment companies into its various sectors. As part of the reshuffle, a few funds have elected to switch sectors. One of these is […]
