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Edison issues review on The Law Debenture Corporation (LWDB): One plus...
Edison Investment Research Limited Edison issues review on The Law Debenture Corporation (LWDB): One plus one equals three 29-Feb-2024 / 11:27 GMT/BST The issuer is solely responsible for the content of this announcement. London, UK, 29 Februar 2024 Edison issues review on The Law Debenture Corporation (LWDB): One plus one equals three 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...
- Pedro Fonseca
The Law Debenture Corporation - One plus one equals three
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 ben...
- Keith Hiscock
- Mark Thomas
- Martin Hall
- Mike Foster
The Hardman & Co Monthly: September 2023
Feature article: Equity Income – UK or Global? Should investors widen their horizons? Introduction: ► The UK Equity Income sector (UKEI) is the fourth-largest investment company (IC) sector in the Association of Investment Companies’ (AIC) universe, with £12.5bn of assets (as at August 2023), and is the traditional home for investors looking for income in the equity market. ► The UKEI not only provides investors with a better dividend yield than the ge...
DIVI DIVERSE INCOME TRUST
ARBB ARBUTHNOT BANKING GROUP
AVO ADVANCED ONCOTHERAPY
LWDB LAW DEBENTURE CORP. PLC
RECI REAL ESTATE CREDIT INVESTMENTS
CTY CITY OF LONDON INVESTMENT TRUST PLC
EDIN EDINBURGH INVESTMENT TRUST PLC
DIG DUNEDIN INCOME GROWTH INVESTMENT TRUST PLC
JCH JPMORGAN CLAVERHOUSE IT
BCI BMO CAPITAL & INCOME INVESTMENT TRUST
TIGT TROY INCOME & GROWTH TRUST
PIN PANTHEON INTERNATIONAL
SDV CHELVERTON UK DIVIDEND TRUST
SCF SCHRODER INCOME GROWTH FUND PLC
SHRS SHIRES INCOME PLC
TMPL TEMPLE BAR INVESTMENT TRUST PLC
BRIG BLACKROCK INCOME AND GROWTH INVESTMENT TRUST
IVPU INVESCO PERPETUAL SELECT TRUST
VTAS VOLTA FINANCE (GBP)
STX SHIELD THERAPEUTICS
HAT H&T GROUP
APAX APAX GLOBAL ALPHA
ICGT ICG ENTERPRISE TRUST
BHI BMO UK HIGH INCOME TRUST (A)
LWI LOWLAND INVESTMENT COMPANY P L C
- Keith Hiscock
Hardman & Co Insight: Equity Income – UK or Global? Should investors w...
Introduction ► The UK Equity Income sector (UKEI) is the fourth-largest investment company (IC) sector in the Association of Investment Companies’ (AIC) universe, with £12.5bn of assets (as at August 2023), and is the traditional home for investors looking for income in the equity market. ► The UKEI not only provides investors with a better dividend yield than the general UK market, but also has a strong track record of dividend growth. Indeed, many funds feature on the AIC’s “dividend heroes”...
DIVI DIVERSE INCOME TRUST
LWDB LAW DEBENTURE CORP. PLC
CTY CITY OF LONDON INVESTMENT TRUST PLC
EDIN EDINBURGH INVESTMENT TRUST PLC
DIG DUNEDIN INCOME GROWTH INVESTMENT TRUST PLC
JCH JPMORGAN CLAVERHOUSE IT
BCI BMO CAPITAL & INCOME INVESTMENT TRUST
TIGT TROY INCOME & GROWTH TRUST
SDV CHELVERTON UK DIVIDEND TRUST
SCF SCHRODER INCOME GROWTH FUND PLC
SHRS SHIRES INCOME PLC
TMPL TEMPLE BAR INVESTMENT TRUST PLC
BRIG BLACKROCK INCOME AND GROWTH INVESTMENT TRUST
IVPU INVESCO PERPETUAL SELECT TRUST
BHI BMO UK HIGH INCOME TRUST (A)
LWI LOWLAND INVESTMENT COMPANY P L C
- Pedro Fonseca
The Law Debenture Corporation - Continuing to differentiate itself
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.
- Sarah Godfrey
UK Equities: Overlooked, oversold, and over here
In the past two years, investors have pulled £19.7bn out of open-ended UK equity funds – the equivalent of the entire market capitalisation of Tesco – with negative net sales in all but two of the past 24 months, and outflows of over £12bn in the last 12 months alone. UK equity valuations (measured on a forward P/E basis) are close to record discounts versus the US and are also historically low compared with European equities. Across the three AIC UK equity sectors, discounts to NAV stand at an ...
- Pedro Fonseca
The Law Debenture Corporation - Standing the test
In challenging conditions, The Law Debenture Corporation (LWDB) has reported robust 2022 results. IPS delivered its fifth consecutive year of growth, in line with its mid-to-high single-digit target. The extreme polarisation of equity market performance, with only a handful of large companies generating positive returns worked against the investment managers’ consistent, diversified, value-driven approach in 2022. Nonetheless, LWDB’s track record of outperformance over three, five and 10 years r...
Law Debenture Corp: 1 director
A director at Law Debenture Corp maiden bought 2,576 shares at 772p and the significance rating of the trade was 68/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years c...
- Pedro Fonseca
The Law Debenture Corporation - Resilient business model in testing ti...
The Law Debenture Corporation (LWDB) has reported on a robust first six months of 2022. The NAV total return was negative but ahead of the benchmark and LWDB’s long track record of outperformance, over three, five and 10 years remains. The IPS business grew revenues and earnings, consistent with its mid- to high single-digit target. Additionally, in its 43rd year of maintained or increased dividends, Q122 DPS increased by 5.5% and the board seeks to at least maintain the full year DPS at the FY2...
- Pedro Fonseca
The Law Debenture Corporation - Outperforming in another strong year
The Law Debenture Corporation (LWDB) has once again proved that while its structure may be unusual, its combination of a UK-biased investment trust and a portfolio of independent professional services (IPS) businesses can deliver for investors. IPS produced a fourth consecutive year of on-target high single-digit growth in FY21, while the investment portfolio bounced back after a tough 2020 in both capital and revenue terms. The IPS contribution to revenues (c 35% in FY21) gives fund managers Ja...
- Pedro Fonseca
The Law Debenture Corporation - See the difference
The Law Debenture Corporation (LWDB) has reported on a successful first six months of 2021, building on its long track record of outperformance versus the benchmark over one, three, five and 10 years. Additionally, in its 42nd year of maintained or increased dividends, Q121 DPS increased by 5.8%. The portfolio benefited from its exposure to UK and international economic recovery and the IPS business delivered strong revenue growth and earnings growth in line with the mid- to high single-digit ta...
- Pedro Fonseca
The Law Debenture Corporation - Strong IPS performance underpins FY20 ...
The Law Debenture Corporation (LWDB) made the most of its structure in 2020, with the revenue contribution from its independent professional services (IPS) business – which saw another year of strong growth – helping to overcome a shortfall in portfolio income after widespread UK dividend cuts, and driving an unanticipated 5.8% increase in the total FY20 payout. NAV total returns for the year ended 31 December were modestly positive, compared with double-digit declines for many UK Equity Income ...
- Pedro Fonseca
The Law Debenture Corporation - Proof of proposition in challenging H1...
The Law Debenture Corporation (LWDB) has reported another strong set of results for its independent professional services (IPS) business in H120, with EPS growth remaining in the target mid- to high single-digit range despite a more challenging economic backdrop. With the trust’s largely UK investment portfolio having been hit by the widespread stock market sell-off in February and March, IPS has provided a larger than average contribution to revenue returns. This means fund managers James Hen...
- Pedro Fonseca
The Law Debenture Corporation - Step change in dividend supported by I...
The Law Debenture Corporation (LWDB) saw a NAV total return of 17.9% (cum-fair) in FY19, with its share price total return of 24.5% comfortably outstripping the broad UK stock market. As well as a c 25% increase in portfolio income, LWDB’s independent professional services (IPS) businesses saw another year of good growth, providing important support for a step change in the annual dividend payment (+37.6%, with the final dividend up 50%, and moving to quarterly dividends from FY20). Portfolio ...
- Sarah Godfrey
The Law Debenture Corporation - A robust H119 for trust portfolio and ...
The Law Debenture Corporation (LWDB) has delivered robust NAV and share price gains in the first half 2019, supported by an upward revaluation of its independent professional services (IPS) business, which continues to grow well in spite of a tougher capital markets backdrop. The managers of LWDB’s investment portfolio have increased net gearing from c 3% to c 7% in order to take advantage of attractive valuations in selected UK equities. While more than 20% of its diversified portfolio is s...
- Sarah Godfrey
The Law Debenture Corporation - Solid foundations for continued future...
The Law Debenture Corporation (LWDB)’s NAV total return outperformed its benchmark FTSE All-Share Index in FY18, protecting investors from c 40% of the market decline. While returns for the year were negative, LWDB has performed well in absolute terms over three, five and 10 years to 31 January 2019, producing strong NAV and share price total returns under managers James Henderson and Laura Foll. The independent professional services (IPS) business, which makes up c 14% of LWDB’s NAV on a ...
- Sarah Godfrey
The Law Debenture Corporation - Firing on all cylinders
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 s...
- Differentiated income and growth
The Law Debenture Corporation (LWDB) is differentiated by being both an investment trust with a diversified portfolio of global equities and a leading provider of independent professional services through its IPS subsidiaries. The bottom-up managed portfolio is globally diversified with a strong bias towards UK equities. IPS is highly profitable, regularly providing revenue earnings well ahead of its share of NAV, supporting a strong track record of dividend growth and allowing greater flexibili...
- Gavin Wood
Long-established trust with strong dividend record
The Law Debenture Corporation (LWDB) is one of the longest established investment trusts, with a 40-year record of raising or maintaining its dividend. The trust holds a diversified global portfolio, primarily invested in UK equities, and is differentiated by its independent fiduciary services (IFS) business, which provides a regular income stream. This underpins the steadily rising dividends and allows the manager flexibility to pursue high return but low yield investments. The discount has wid...
- Gavin Wood
Long-established trust with strong dividend record
The Law Debenture Corporation (LWDB) is one of the longest established investment trusts, with a 40-year record of raising or maintaining its dividend. The trust holds a diversified global portfolio, primarily invested in UK equities, and is differentiated by its independent fiduciary services (IFS) business, which provides a regular income stream. This underpins the steadily rising dividends and allows the manager flexibility to pursue high return but low yield investments. The discount has wid...
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