TIDMLWDB 
 
The Law Debenture Corporation p.l.c. Interim Management Statement 
 
       for the three months ended 31 March 2014 (including subsidiaries) 
 
Company history 
 
From its origins in 1889, Law Debenture has diversified to become a group with 
a unique range of activities in the financial services sector. The group 
divides into two distinct complementary areas of business. 
 
Firstly, we are a global investment trust, listed on the London Stock Exchange. 
Our portfolio of investments is managed by Henderson Global Investors Limited 
under a contract terminable by either side on 6 months' notice. 
 
Secondly, we are a leading provider of independent fiduciary services. Our 
activities are corporate trusts, agency solutions, pension trusts, corporate 
services (including agent for service of process) whistle blowing services and 
governance services. We have offices in London, Sunderland, New York, Delaware, 
Hong Kong and the Channel Islands. 
 
Fund objective 
 
Our objective is to achieve long term capital growth in real terms and steadily 
increasing income. The aim is to achieve a higher rate of total return than the 
FTSE All-Share Index through investing in a portfolio diversified both 
geographically and by industry. 
 
Company Information 
 
At the Annual General Meeting of the Corporation on 9 April 2014 all 
resolutions were passed. The final dividend for 2013 of 10.5p was paid on 17 
April 2014. There are no other material events or transactions to report. 
 
Trust information 
 
Sector                             Global Growth 
 
Benchmark                   FTSE All-Share index 
 
Trust type                   Conventional (Ords) 
 
Launch date                        December 1889 
 
Financial year end                   31 December 
 
Dividend payment                April, September 
 
Last ex div date                   19 March 2014 
 
Management fee (based on NAV)              0.30% 
 
Performance fee                               No 
 
Ongoing charges                            0.45% 
 
Trust statistics at 31 March 2014 
 
Gross total assets                         GBP635m 
 
NAV per ordinary share (cum income)       483.1p 
 
NAV per ordinary share (ex income)        479.3p 
 
Share price (code LWDB)                   527.5p 
 
Premium/(discount) (cum income)             9.2% 
 
NAV (debt at fair value) 
 
NAV per ordinary share (cum income)      477.2p 
 
NAV per ordinary share (ex income)       473.4p 
 
Group gearing - AIC (net)                    4% 
 
Group gearing - excluding                    6% 
 
fixed interest (net) 
 
Yield                                      2.8% 
 
 
Performance to 31 March 2014   3mths    1yr     3yrs   5yrs    10yrs 
 
Share price (total return)      1.7%    16.9%   68.6%  211.9%  251.3% 
 
 
Net asset value (total return)  2.2%    17.1%   53.3%  193.1%  243.0% 
 
 
FTSE All-Share (total return)  -0.6%     8.8%   28.8%  113.3%  128.7% 
 
 
Geographic breakdown at 31 March 2014 
 
UK                   76.4% 
 
North America         8.9% 
 
Europe                6.6% 
 
Other Pacific         5.5% 
 
Japan                 2.6% 
 
OEICs included 
above: 
 
Henderson Japan       2.2% 
Capital Growth 
 
Henderson Asia        2.1% 
Pacific Capital 
Growth 
 
Baillie Gifford       1.9% 
Pacific 
 
First State Asia      1.6% 
Pacific 
 
Sector breakdown at 31 March 2014 
 
Industrials          25.0% 
 
Financials           12.5% 
 
Consumer Goods       11.1% 
 
Oil & Gas            10.6% 
 
Pooled Equity        10.1% 
Investments 
 
Health Care           9.2% 
 
Consumer Services     8.7% 
 
Basic Materials       7.1% 
 
Utilities             2.9% 
 
Technology            2.4% 
 
Telecommunications    0.4% 
 
 
Top Ten Equity Holdings (excluding OEICs and Gilts) at 31 March 2014 as a 
percentage of the portfolio 
 
Senior                2.9% 
 
GKN                   2.9% 
 
BP                    2.8% 
 
Rio Tinto             2.4% 
 
Royal Dutch Shell     2.3% 
 
GlaxoSmithKline       2.0% 
 
Amlin                 2.0% 
 
HSBC                  1.9% 
 
Smith (DS)            1.6% 
 
AstraZeneca           1.6% 
 
Contacts 
 
Caroline Banszky                      Tim Fullwood 
Managing Director                     Chief Financial Officer 
Email:  caroline.banszky@lawdeb.com   Email: tim.fullwood@lawdeb.com 
 
 
Tel: +44 (0)207 606 5451 
 
 
 
END
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