London, UK, 20 November 2016

Edison issues initiation on The Law Debenture Corporation (LWDB)

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 widened since the move to reporting NAV including the IFS business at fair value, even with LWDB's fair value NAV total return outperforming its FTSE All-Share index benchmark over one, three, five and 10 years. The trust has a competitive 0.45% ongoing charge and its 3.0% yield is one of the highest in the sector.

LWDB's 8.7% share price discount to fair value NAV cum-income is wider than its 4.6% five-year average and the peer-group average, suggesting ample scope for narrowing. LWDB's 3.0% yield ranks second highest among the sector's 24 trusts.

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For more information please contact:

Gavin Wood Edison Investment Research +44 (0)20 3681 2503
Sarah Godfrey Edison Investment Research +44 (0)20 3681 2519
investmenttrusts@edisongroup.com

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