Search Follow us

The Law Debenture Corporation (LWDB)

Business description

LWDB’s investment objective is to achieve long-term capital growth in real terms and steadily increasing dividend income to shareholders. The aim is to achieve a higher rate of total return than the FTSE All-Share index through investing in a global portfolio diversified both geographically and by industry. LWDB’s independent professional services (IPS) business provides a regular flow of income, which enhances the dividend income from the equity portfolio.

Stock data

Market cap.£648.7m
Last close548.00p
High / Low (52 weeks)648.0p / 542.0p
Stock market listingLN
Forecast net debt (m)N/A
Forecast gearing ratio (%)N/A
TeamInvestment Companies
SectorInvestment Companies

Other companies in sector Show

Aberdeen Asian Income Fund Aberdeen New Dawn Investment Trust
Aberdeen New Thai Investment Trust Aberdeen Private Equity Fund
Aberdeen Standard Equity Income Trust Aberdeen UK Tracker Trust
AcenciA Debt Strategies Acorn Income Fund
Adamas Finance Asia Alliance Trust
Altamir SCA Amphion Innovations
Atlantis Japan Growth Fund Aurelius
Bailador Tech Investments Baker Steel Resources Trust
Bankers Investment Trust (The) BB Biotech
BioPharma Credit BlackRock Emerging Europe
BlackRock Greater Europe Investment Trust BlackRock Hedge Selector
BlackRock Latin American Inv. Trust BMO Managed Portfolio Trust Growth Portfolio
BMO Managed Portfolio Trust Income Portfolio British Portfolio Trust
Brunner Investment Trust (The) Canadian General Investments
Carador Income Fund CFP Sanford DeLand Free Spirit Fund.
Charles Stanley City Natural Resources
Conversus Capital CQS Rig Finance Fund
CVC Credit Partners European Opps Detour Gold
Deutsche Beteiligungs Dexion Commodities
Diverse Income Trust (The) DouglasBay Capital
Dunedin Enterprise Investment Trust DW Catalyst Fund
Edinburgh Worldwide Investment Trust (The) EJF Investments
European Assets Trust European Investment Trust (The)
F&C Investment Trust F&C US Smaller Companies
Fidelity Asian Values Fidelity China Special Situations
Fidelity European Values Fidelity Japan Trust
Fidelity Special Values Finsbury Growth & Income Trust
Gartmore Growth Opportunities Gartmore Irish Growth Fund
Geiger Counter Limited Genesis Emerging Markets Fund
GLI Alternative Finance Global Resources Investment Trust
Golden Prospect Precious Metals Gulf Investment Fund
Hansa Trust (HAN) HarbourVest Global Private Equity
HarbourVest Senior Loans Europe HBM Healthcare Investments
Heliad Equity Partners Henderson Alternative Strategies Trust
Henderson Far East Income Henderson Global Trust
Henderson Global Trust Henderson International Income Trust
Heptagon HSBC Infrastructure Company
Infrastructure India International Biotechnology Trust
Invesco Asia Trust Invesco Income Growth Trust
Is Private Equity JP Morgan Private Equity Limited
JPMorgan Brazil Investment Trust JPMorgan European Smaller Companies Trust
JPMorgan Global Convertibles Income Fund JPMorgan Global Growth & Income
JPMorgan Indian Investment Trust Jupiter Green Investment Trust
Jupiter UK Growth Investment Trust Jupiter US Smaller Companies
JZ Capital Partners Limited Lazard World Trust Fund
Leaf Clean Energy Company LMS Capital
Lowland Investment Company LPeC
Marble Point Loan Financing Martin Currie Asia Unconstrained Trust
Martin Currie Global Portfolio Trust Middlefield Canadian Income
Miton Global Opportunities Miton Income Opportunities Trust
Murray International Trust New City Energy
Ocean Wilsons Holdings Odyssean Investment Trust
Pacific Assets Trust Phaunos Timber Fund
Polar Capital Global Healthcare Trust Princess Private Equity Holding
PXP Vietnam Fund Rathbone Brothers
RENN Universal Growth Investment Trust Schroder AsiaPacific Fund
Schroder Global Real Estate Securities ScotGems
Scottish Oriental Smaller Companies Securities Trust of Scotland
Seneca Global Income & Growth Trust Sigma Capital Group
Standard Life Investments Property Income Trust Standard Life Private Equity Trust
Standard Life UK Smaller Companies Strategic Equity Capital
Taiwan Fund (The) Templeton Emerging Markets Investment Trust
Tetragon Financial Group The Biotech Growth Trust
The Global Sustainability Trust The Merchants Trust
The North American Income Trust The Scottish Investment Trust
Tiso Blackstar Group Toscafund Asset Management
TR European Growth Trust UK Commercial Property REIT
Utilico Emerging Markets Trust Vietnam Enterprise Investments
Vietnam Holding Asset Management Vietnam Infrastructure Fund
VinaCapital Vietnam Opportunity Fund VinaLand
Vision Opportunity China Fund Volta Finance
WAM Active WAM Capital
WAM Research Witan Investment Trust
Witan Pacific Investment Trust Worldwide Healthcare Trust
YFM Equity Partners

Company news

Investment summary

The Law Debenture Corporation (LWDB) is unusual among investment trusts in that it runs a long-established independent professional services (IPS) business alongside its investment portfolio of global equities. With the corporate entity having refreshed its management team, growth in the IPS business has been strong in H118, and income from the businesses (which include corporate trusts, pension services, corporate services and whistleblowing) provided 30% of LWDB’s net revenue per share, in spite of accounting for only 13.5% of fair value NAV. Meanwhile, the investment trust portfolio has produced strong long-term NAV total return performance versus its FTSE All-Share benchmark, and managers James Henderson and Laura Foll continue to find attractively valued opportunities in the UK, which remains severely out of favour among professional investors.

Last updated on 30/07/2018

Key management

Denis Jackson, CEO
Katie Thorpe, CFO

Company address

Fifth Floor,
100 Wood Street,
London
EC2V 7EX
United Kingdom
+44 (0)20 7606 5451
View website