James Carthew: Law Debenture’s real re-rating is yet to arrive
The Janus Henderson trust’s contrarian approach has thrived amid high inflation and interest rates, but it likely has plenty more growth ahead.
The shifting sands that surround Saba, Trump, and the UK renewables industry – not to mention two major rule changes announced in the fortnight since I wrote about how UK power prices are determined – are no doubt causing investors some uncertainty.
How about focusing on a large, liquid trust that regularly wins awards, trades at a premium, and is run by some genuinely nice people? Ladies and gentlemen, I bring you Law Debenture (LWDB).
The company has been around since 1889 and became an investment trust in 1975. It is unique in that there are two separate but complementary parts to the business – a portfolio of predominantly UK equities and an independent professional services business (IPS).
Its structure means that it needs a chief executive, Denis Jackson, in addition to a team of portfolio managers led by Janus Henderson’s James Henderson and Laura Foll. The profits from IPS help underpin the company’s revenue account.
The large equity portfolio provides gravitas to IPS, and this helps it win and retain business. At the end of December 2025, the NAV split between the two was 84%:16%, portfolio to IPS.
LWDB says that it aims ‘to deliver peace of mind for our shareholders, clients, and people’… read more here