Law Debenture results for the half-year ended 30 June 2026: strong absolute returns and continued outperformance against our benchmark

	YTD %	1 year %	3 years %	5 years %	10 years %
NAV total return (with debt at par)1	11.4	25.1	73.0	73.4	205.7
NAV total return (with debt at fair value)1	11.4	24.4	70.4	86.3	231.3
FTSE All-Share Index Total Return2	7.2	21.9	53.1	67.9	129.8
Share price total return2	16.2	24.4	75.3	93.8	263.0
Change in Retail Price Index3	2.0	3.0	10.7	37.0	58.3

Past performance cannot be relied on as a guide to future performance. The value of investments and any income from them can go down as well as up. Your capital is at risk

Highlights

• Another strong overall performance against its objective of achieving long-term capital growth in real terms and steadily increasing income, with benchmark outperformance over 1, 3, 5 and 10 years.
• 6% increase in first interim dividend; 47 years of increasing or maintaining dividends to shareholders.
• James Henderson, Joint Portfolio Manager, to retire from Janus Henderson in June 2027; Laura Foll to manage the Portfolio going forward.
• Share price total return outperformed the FTSE All-Share Index by 9.0% with a total return of 16.2% for H1 2026.
• Net asset value (NAV) total return, with debt and Independent Professional Services ("IPS") business at fair value, delivered a performance of 11.4% (11.4% with debt at par).
• Another solid performance from IPS, with net revenue increasing by 6.0%, profit before interest and tax up by 8.5% (compared to H1 2025).

View the full RNS and Half Year report here.

Robert Hingley, Chairman, said 

 “Against an often-turbulent market backdrop, I am pleased with the performance Law Debenture has delivered for shareholders in the first half of 2026. We once again outperformed our benchmark with a share price total return of 16.2%, which exceeded the FTSE All-Share by 9.0%. Our record of long-term total returns and dividend growth remains strong. While Law Debenture is not immune to wider uncertainty, we are resilient by design and confident in our ability to serve shareholders well over the long-term.

The Board would like to thank James for his many years of service as Portfolio Manager of Law Debenture, and for the outstanding contribution he has made during that time, having overseen NAV total return of 1288% since taking over lead management responsibilities in 2003, compared to FTSE All-Share total return of 546% over the same time period. We wish him all the best for the future. Laura’s own longstanding tenure, including seven years as Joint Portfolio Manager, reflects her proven and valued expertise and ensures she is well-positioned to continue as lead manager of the Portfolio.”

Denis Jackson, Chief Executive Officer, commented:

 “Law Debenture’s differentiated structure continues to underpin strong performance and returns for shareholders. In a first half once again disrupted by unexpected geopolitical and macroeconomic events, I am pleased to report that we have delivered another good performance. The consistency of Law Debenture’s performance speaks to the resilience and diversification of our business and the strength of our investment approach. Notwithstanding the backdrop of continued market uncertainty, we enter the second half with confidence in our ability to continue creating value for our shareholders.

I would also like to recognise the exceptional contribution that James Henderson has made to Law Debenture. He has played a central role in the success of the Portfolio and leaves an impressive legacy in his retirement. Having worked on the Portfolio for fifteen years, Laura Foll brings deep knowledge of Law Debenture and a proven investment track record. The Board and I have every confidence in her ability to lead the Portfolio with an investment approach that continues to serve shareholders well over the long-term.”

Investment Portfolio
 
 
Our objective is 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 FTSE All-Share Index Total Return through investing in a diversified Portfolio of stocks.
 
Independent Professional Services
 
We are one of the leading providers of independent professional services, built on three excellent foundations: our Pensions, Corporate Trust and Corporate Services businesses. We operate internationally, with offices in the UK, New York, Ireland, Hong Kong, Delaware and the Channel Islands.
 
Companies, agencies, organisations and individuals throughout the world rely upon Law Debenture to carry out our duties with the independence and professionalism upon which our reputation is built.

The Law Debenture Corporation Denis Jackson, Chief Executive Officer Isla Pickering, Chief Financial Officer Trish Houston, Chief Operating Officer	+44 (0)20 7606 5451
Teneo (Financial PR) Matt Thomlinson/Oscar Burnett	+44 (0)20 7260 2700  lawdeb@teneo.com

 

 

 

 

 

 

 

 

 

1 NAV is calculated in accordance with the AIC methodology, based on performance data held by Law Debenture including fair value of the IPS business and long-term borrowings. NAV is shown with debt measured at par and with debt measured at fair value and both total returns account for shareholder returns through dividends.

2 Source: Refinitiv.

3 Source: Office for National Statistics published RPI for June 2026.

Important information NAV performance is not the same as share price performance and investors may not realise returns in line with NAV performance. Tax assumptions and reliefs depend upon an investor’s particular circumstances and may change if those circumstances or the law change. Nothing in this statement is intended to or should be construed as advice. This statement is not a recommendation to sell or purchase any investment. It does not form part of any contract for the sale or purchase of any investment. Issued in the UK by The Law Debenture Corporation p.l.c. The Law Debenture Corporation p.l.c. is registered in England and Wales with company number 00030397 and registered address at 8th Floor, 100 Bishopsgate, London, United Kingdom EC2N 4AG. It is authorised and regulated by the Financial Conduct Authority as an internally managed AIF with firm reference number 629081. This statement is directed at and for use only by investors in the United Kingdom.