Law Debenture (LSE:LWDB) shares generated a total return of 16.2% in the first half of 2026, for the six months ending June. This performance saw the shares move from a 2.5% discount to a 1.7% premium on top of the underlying net asset value (NAV) return.
The investment trust, which combines an equity income portfolio with a professional services company, reported that its independent professional services (IPS) business grew net revenue by 6% in the first half of 2026. This marks the ninth consecutive year of mid-to high-single-digit growth for the IPS segment, which includes pension, corporate trust, and corporate secretarial services.
IPS profits have historically supported approximately a third of the trust's dividend distributions. The quarterly dividend was increased by 6% to 8.875p. The trust's equity portfolio, managed by James Henderson and Laura Foll, includes a higher percentage of smaller and medium-sized companies and has shown flexibility in holding non-dividend paying shares for capital gains.