The Law Debenture Corporation — Something special
23/03/2026
In 2025, The Law Debenture Corporation (LWDB) built on its long-term record of outperformance versus its broad UK equity market benchmark and peers. We believe LWDB’s unique combination of a UK investment trust and a cash-generative professional services operating business (IPS) are core to this performance. The 2025 fair value NAV total return of 28% was 4.4pp ahead of the benchmark, driven by strong stock selection, an eighth successive year of mid- to high-single-digit earnings growth and increased fair value for IPS, and a positive gearing impact. DPS increased by 6.0%.
The Law Debenture Corporation — Outperforming with consistency
12/03/2026
The Law Debenture Corporation (LWDB) has published 2025 results, a year in which it built on its long-term record of outperformance versus its broad UK equity market benchmark and peers. We believe LWDB’s unique combination of a UK investment trust and a cash-generative professional services operating business (IPS) are core to this performance. In 2025, portfolio returns were driven by strong stock selection across the range of market capitalisations, with investment flexibility supported by the earnings and cash flow of IPS. With debt and IPS at fair value, NAV total return of 28% was 4.4pp ahead of the benchmark and DPS increased by 6.0%.
The Law Debenture Corporation – equity proposition
03/12/2025
The Law Debenture Corporation (LWDB) is a UK investment trust, with a long history, dating back to 1889. It is one of largest constituents of the Association of Investment Companies’ UK Equity Income sector and targets long-term capital growth and steadily increasing income. Unlike other investment trusts, alongside its investment portfolio it includes an operational business, a leading provider of independent professional services (IPS). The combination is a well proven model which has delivered strong and consistent long-term performance. There are four key reasons why LWDB represents a compelling investment case: LWDB’s unique structure has been key to its strong long-term performance. IPS underpins the stable growth of LWDB. The portfolio invests in companies of all sizes with around 150 stock holdings. LWDB has a strong track record of outperformance and dividend growth. For more information on LWDB, please see our website.