Title: URL Source: https://is.gd/nOmPxX Published Time: Thu, 08 May 2025 13:45:31 GMT Markdown Content: Investment Objective: Achieving long term capital growth in real terms and steadily increasing income. Our aim is to achieve a higher rate of total return than the FTSE Actuaries All-Share Index Total Return through investing in a diversified portfolio of stocks. LWDB Launch date 12 December 1889 Financial year end 31 December Market cap £1,159.26m Benchmark FTSE All-Share AIC sector UK Equity Income Portfolio Information NAV (debt at fair value) £1,144.60m NAV per ordinary share 867.88p Share price 879.00p Premium/(Discount) 1.28% AIC gross total assets £1,251m AIC gearing – AIC (net) 13.70% Final dividend 9.50p Dividend yield 3.81% Next expected dividend declaration 22 May 2025 Ongoing charges † 0.51% Management fee 0.30% Performance fee None > †Ongoing charges based on the latest published interim or annual report. > The NAV and premium have been restated for the fair valuation of the IPS > business published in the annual report for the year ended 31 December 2024. > The share price source is Refinitiv. All other information is produced based > on performance data held by The Law Debenture Corporation p.l.c. Where > applicable, our performance metrics, including the NAV, are calculated in > accordance with AIC methodology. Performance Overview YTD % 1 year % 3 years % 5 years % 10 years % NAV total return (with debt at par) 1 0.2 7.9 15.4 97.3 108.7 NAV total return (with debt at fair value) 1 0.6 8.6 23.1 116.5 123.8 FTSE Actuaries All-Share Index total return 2 4.5 10.5 23.3 76.5 81.7 Share price total return 2 (0.5) 14.8 22.7 131.9 149.5 Change in Retail Price Index 3 0.5 3.4 21.8 34.7 53.2 > Please remember that past performance does not predict future returns. The value of an investment and the income from it can rise as well as fall as a result of > market and currency fluctuations, and you may not get back the amount originally invested. > For those statistics which include the fair valuation of the IPS business, the IPS valuation is based on the Financial Statements calculated as at 31 December 2024. > 1NAV is calculated in accordance with the Association of Investment Companies (AIC) methodology, based on performance data held by Law Debenture including > fair value of IPS business and long-term borrowings. > 2Source: FTSE All-Share and share price data is provided by Refinitiv. > 3Source: Office for National Statistics, subject to latest published RPI, February 2025. Monthly Factsheet 31 March 2025 # Long-term track record of value creation for shareholders Fund Managers’ Comments In March the Trust’s net asset value fell 2.7%, modestly underperforming its FTSE All-Share benchmark which fell 2.3%. Share prices fell globally on concerns that potential tariffs imposed by the US would suppress demand while increasing inflation. In this environment the largest detractors from performance were those with significant exposure to the US consumer, such as gambling operator Flutter Entertainment and British Airways parent company IAG (which has material earnings exposure to transatlantic routes). In contrast the best performers included ITV (where there is ongoing speculation regarding potential corporate action for the group, such as outsider interest for their production business) and Babcock (which could benefit from a step change in European defence spending). Among the largest transactions during March were reductions in the positions in Flutter Entertainment and Rolls-Royce. Both had previously been good performers for the portfolio and were reduced for valuation and portfolio balance reasons. The proceeds of these sales were used to rotate into existing positions including retailer Kingfisher (owner of B&Q ). While end markets are currently difficult, in our view Kingfisher would be well placed for a recovery in consumer spend in the area. Other additions included Greencoat UK Wind, which is trading at a substantial discount to book value with an attractive dividend yield. In the current uncertain global backdrop, in our view the best protection at the portfolio level comes from investing in a genuinely diverse list of stocks, at reasonable valuations, run by experienced teams and with conservative balance sheets. The UK market, with its low valuation versus overseas, may look well placed in this environment. James Henderson and Laura Foll Janus Henderson # 136 years of history # 45+ years of increasing or maintaining dividends # +45% outperformance of benchmark over ten years – NAV at FV Managed by James Henderson and Laura Foll of Janus Henderson OBJECTIVE: LONG-TERM CAPITAL GROWTH IN REAL TERMS AND STEADILY INCREASING INCOME • Focused on long-term returns • Contrarian investment style: – High quality companies with strong competitive advantage at attractive valuations – Out of favour equities standing at valuation discounts to their long-term historical average • Selective, bottom-up approach • Diversified portfolio by sector (predominant UK weighting) PENSIONS The longest established and one of the largest UK providers of pension trustee services CORPORATE TRUST A leading independent corporate trustee across international capital markets CORPORATE SERVICES Range of outsourced solutions to corporates internationally Significant, consistent income contribution from IPS gives greater flexibility in stock selection Sector Breakdown 8.6% 7.9% 6.1% 11.5% 4.1% 30.5% 22.7% 4.6% Top Equity Portfolio Holdings (%) 1 HSBC 3.6 2 Shell 3.4 3 Barclays 3.2 4 Rolls Royce 2.5 5 BP 2.4 6 GlaxoSmithKline 2.3 7 Flutter Entertainment 2.3 8 Standard Chartered 2.1 9 Rio Tinto 1.6 10 National Grid 1.6 11 Tesco 1.6 12 BT Group 1.5 13 BAE Systems 1.4 14 Aviva 1.4 15 Marks & Spencer 1.4 References made to individual securities do not constitute a recommendation to buy, sell or hold any security, investment strategy or market sector, and should not be assumed to be profitable. UK 88.4% North America 5.1% Europe 5.4% Japan 1.1% Equity Portfolio Independent Professional Services (IPS) business Oil & Gas 8.6% Basic Materials 4.6% Industrials 22.7% Consumer Goods 7.9% Health Care 6.1% Consumer Services 11.5% Telecommunications 2.5% Utilities 4.1% Financials 30.5% Technology 1.5% Regional Breakdown James Henderson and Laura Foll – Joint Portfolio Managers James and Laura have been working together for over ten years managing UK income portfolios. They have a valuation-focused, moderately contrarian approach, aiming to identify good quality companies at the point where they are temporarily out of favour. 88.4% 5.4% 5.1% ◀◀ Company specific risks Important information ▶▶ Important information – March 2025 > •Not for onward distribution. Before investing in an investment trust referred > to in this document, you should satisfy yourself as to its suitability and > the risks involved, you may wish to consult a financial adviser. This is a > marketing communication. Please refer to the AIFMD Disclosure document, > key investor document and Annual Report of the AIF before making any final > investment decisions. Past performance does not predict future returns. The > value of an investment and the income from it can fall as well as rise and you > may not get back the amount originally invested. 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 document is intended to or should be > construed as advice. This document 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 30397 > 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 122410. This factsheet is directed > at and for use only by investors in the United Kingdom. Company specific risks – March 2025 > •This trust is suitable to be used as one component in several in a diversified > investment portfolio. Circa 19 per cent. of the net asset value (NAV) of trust’s portfolio > is an investment in an independent professional service company. Investors should > consider carefully the proportion of their portfolio invested into this trust. > •Active management techniques that have worked well in normal market > conditions could prove ineffective or detrimental at other times. > •The trust could lose money if a counterparty with which it trades becomes > unwilling or unable to meet its obligations to the trust. > •Shares can lose value rapidly, and typically involve higher risks than bonds or > money market instruments. The value of your investment may fall as a result. > •The return on your investment is directly related to the prevailing market price > of the trust’s shares, which will trade at a varying discount (or premium) relative > to the value of the underlying assets of the trust. As a result losses (or gains) > may be higher or lower than those of the trust’s assets. > •The trust holds an investment in the IPS business which are wholly owned > subsidiaries and private shares. > •If a trust’s portfolio is concentrated towards a particular country or > geographical region, the investment carries greater risk than a portfolio > diversified across more countries. > •The trust may use gearing as part of its investment strategy. If the trust utilises > its ability to gear, the profits and losses incurred by the trust can be greater > than those of a trust that does not use gearing. INTERNATIONAL PRESENCE United Kingdom, New York, Ireland, Hong Kong, Delaware, Cayman Islands and Channel Islands We believe that all divisions have potential for further growth in expanding markets. Our plan to achieve this is by increasing our market share through better leveraging of technology, our strong relationships and our brand Trish Houston - COO Trish was appointed COO in September 2020. She is a Chartered Accountant and a Member of the Chartered Institute of Securities and Investments, with previous experience at JDX Consulting Limited, Ruffer LLP, and PwC. Email: Trish.Houston@lawdeb.com Spencer Knightsbridge - CTO Spencer was appointed as CTO in September 2024. He has a background in driving technology transformation, with experience at both the London Metal Exchange and the New York Stock Exchange. Email: Spencer.Knightsbridge @lawdeb.com Isla Pickering - CFO Isla was appointed as CFO in January 2025. A chartered accountant with over 20 years of finance experience, including leadership roles at international professional services firms, bringing expertise from KPMG, LEK Consulting, and Linklaters LLP. Email: Isla.Pickering @lawdeb.com Denis Jackson - CEO Appointed as CEO in 2018. Denis was formerly the director of new business enterprise at Capita and joined Law Debenture as Chief Commercial Officer in 2017. Prior to that, he spent 20 years at Citigroup before becoming regional general manager for Tibra Trading Europe Limited. Email: Denis.Jackson@lawdeb.com Email: enquiries@lawdeb.com Tel: +44 (0)20 7606 5451 Company specific risks • This trust is suitable to be used as one component in several in a diversified investment portfolio. Circa 19 per cent. of the net asset value (NAV) of the trust’s portfolio is an investment in an independent professional service company. Investors should consider carefully the proportion of their portfolio invested into this trust. • Active management techniques that have worked well in normal market conditions could prove ineffective or detrimental at other times. • The trust could lose money if a counterparty with which it trades becomes unwilling or unable to meet its obligations to the trust. • Shares can lose value rapidly, and typically involve higher risks than bonds or money market instruments. The value of your investment may fall as a result. • The return on your investment is directly related to the prevailing market price of the trust’s shares, which will trade at a varying discount (or premium) relative to the value of the underlying assets of the trust. As a result losses (or gains) may be higher or lower than those of the trust’s assets. • The trust holds an investment in the IPS business which are wholly owned subsidiaries and private shares. • If a trust’s portfolio is concentrated towards a particular country or geographical region, the investment carries greater risk than a portfolio diversified across more countries. • The trust may use gearing as part of its investment strategy. If the trust utilises its ability to gear, the profits and losses incurred by the trust can be greater than those of a trust that does not use gearing. Important information • Not for onward distribution. Before investing in an investment trust referred to in this document, you should satisfy yourself as to its suitability and the risks involved, you may wish to consult a financial adviser. This is a marketing communication. Please refer to the AIFMD Disclosure document, key investor document and Annual Report of the AIF before making any final investment decisions. Past performance does not predict future returns. The value of an investment and the income from it can fall as well as rise and you may not get back the amount originally invested. 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 document is intended to or should be construed as advice. This document 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 30397 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 122410. This factsheet is directed at and for use only by investors in the United Kingdom.