In this episode, our director, Martyn King explores The Law Debenture Corporation whose aim is to achieve a higher rate of total return than the broad UK stock market through investing in a diversified portfolio of mainly UK equities with some international holdings. Its IPS business provides a regular flow of income, which augments the dividend income from the equity portfolio. He talks about the company’s unique structure with two very distinct, complementary parts. He also discusses the key highlights of the company’s recent interim results and its long-term performance. He also explains the current portfolio positioning and where the managers see further opportunities.

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FY23 results for The Law Debenture Corporation (LWDB) show this well-proven, rare combination of a UK investment trust and the cash-generative professional services operating business (IPS) continuing to generate strong results. Performance was ahead of the broad UK equity market benchmark, within which IPS growth was just above the upper end of its mid- to high-single digit growth target and DPS was increased by 4.9%. The results build on LWDB’s long-term record of outperformance versus the benchmark and peers and above average DPS growth.

The Law Debenture Corporation (LWDB) continued to successfully navigate challenging conditions in H123, growing its professional services business (IPS) in line with its mid to high single-digit target, while consolidating its strong, long-term performance record. This rare combination of a UK investment trust and the cash-generative IPS operating business has delivered outperformance of its broad UK equity benchmark over multiple periods with a strong record of dividend growth.