UPDATE (Nov 2026): James Henderson intends to retire in June 2027, at which time Laura Foll will become the sole lead manager for the portfolio. In the year to December 2026, LWDB returned +28.4% versus +24.0% for its benchmark, followed by +11.4% versus +7.2% in the first half of 2026.
Law Debenture Corporation (LWDB) was launched in 1889 and has a unique structure with around one-sixth of its £1.2bn of net assets attributable to a three-pronged professional services business, and the remainder consisting of a UK equity portfolio of around 150 stocks managed by James Henderson and Laura Foll...
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UPDATE: A revised version of this profile was published in April 2025.
Law Debenture's unique combination of a professional services business and a UK-focused portfolio with a strong value bias enabled it to navigate 2020 with relative ease. This trust was founded in 1889, making it one of the oldest in the UK, and it boasts a strong performance record over the last few decades plus a 42-year stretch of either maintaining or increasing its dividend.
If Law Debenture didn't exist, it seems highly unlikely that someone would try and create it from scratch. But this trust has proved its strengt...
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