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The Law Debenture Corporation

LN: LWDB

£607.6m market cap

513p last close

LWDB’s investment 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 broad UK stock market through investing in a diversified portfolio of mainly UK equities with some international holdings. The IPS business provides a regular flow of income, which augments the dividend income from the equity portfolio.

Investment summary

The Law Debenture Corporation (LWDB) has reported another strong set of results for its independent professional services (IPS) business in H120, with EPS growth remaining in the target mid- to high single-digit range despite a more challenging economic backdrop. With the trust’s largely UK investment portfolio having been hit by the widespread stock market sell-off in February and March, IPS has provided a larger than average contribution to revenue returns. This means fund managers James Henderson and Laura Foll can continue to search for attractive total return opportunities in a broad range of sectors, while maintaining LWDB’s focus on both capital appreciation and above-inflation dividend growth.

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Share price graph
Price performance
%
1m
3m
12m
Actual 3.7 (6.4) (14.2)
Relative* 3.1 (0.4) 4.3
52-week high/low 654.0p/374.0p
*% relative to local index
Key management
Denis Jackson CEO
Katie Thorpe CFO

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