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 of Janus Henderson. Backed by a range of long-term debentures at an average interest rate of 4%, its steady approach has resulted in it becoming the best-performing UK Equity Income trust of the past decade with an annualised NAV return of 8.8% versus 6.2% for the FTSE All-Share and at l...
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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 strength in recent years and seems to have a renewed sense of purpose since 201...
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