Worldwide Healthcare Trust PLC

Fund Information / Factsheet • Jun 20, 2024

Investment Objective

To invest in the global healthcare sector with the objective of achieving a high level of capital growth. In order to achieve its investment objective, the Company invests worldwide in a diversified portfolio of shares in pharmaceutical and biotechnology companies and related securities in the healthcare sector. It uses gearing, and derivative transactions to enhance returns and mitigate risk. Performance is measured against the MSCI World Health Care Index (net total return, sterling adjusted).

Five Year Performance (%)

Past performance is not a guide to future performance. The value of investments and the income from them may fall as well as rise and is not guaranteed; an investor may receive back less than the original amount invested.

Share Price (total return) +39.7%

Benchmark: MSCI World Health Care Index (net total return; sterling adjusted) +68.2%

Source: Morningstar, Index - Bloomberg.

Ten Largest Holdings as at 31 May 2024
Name	Region	Sector	Total
Eli Lilly	North America	Pharmaceuticals	8.0
Healthcare M&A Target Swap	North America	Swap Baskets	6.9
Boston Scientific	North America	Health Care Equipment & Supplies	6.7
AstraZeneca	Europe	Pharmaceuticals	6.5
Novo Nordisk	Europe	Pharmaceuticals	6.0
Intuitive Surgical	North America	Health Care Equipment & Supplies	5.4
Merck	North America	Pharmaceuticals	4.8
Tenet Healthcare	North America	Health Care Providers & Services	4.5
Biogen	North America	Biotechnology	4.2
Daiichi Sankyo	Japan	Pharmaceuticals	3.8
Total			56.8

Fast Facts	As at 31 May 2024
AIC Sector	Biotechnology & Healthcare

Launch Date & appointment of Portfolio Manager April 1995

Annual Management Fee (payable by the Company): 0.65% of net assets plus 0.30% of market cap. up to £150m; in the range £150m to £500m 0.2%; in the range £500m to £1bn 0.15%; in the range £1bn to £1.5bn 0.125%; over £1.5bn 0.075% plus £57,500.

Performance Fee	See Annual Report for details
Ongoing Charges Ratio (OCR)*	0.8%
Continuation Vote	2024 AGM and every th AGM thereafter 5
Year / Half Year	31 March / 30 September
Capital Structure	535,264,463 shares# 66,400,737 (treasury)

# excludes shares held in treasury

Trust Characteristics

53 Number of Holdings
Net Assets (£m)		2,051.0
Market Capitalisation (£m)		1,846.7
Dividends		Provisional payment dates: January & July
Indicative Yield		0.9%
Gearing		2.8%
Leverage**		Gross 115.3% Commitment 111.7%
Share Price (p)		345.00
NAV per share (p) (cum income)		383.17
(Discount) / Premium		(10.0%)
Portfolio Turnover p.a.		54.9%
Active Share***		62.8%

Sector, Region** & Asset Class*** Breakdown at 31 May 2024* (%)

Pharmaceutical	34.2	North America	69.7	Listed Equities	86.6
Biotechnology	19.2	Europe	17.6	Equity Swaps	7.6
Healthcare Equipment / Supplies	18.8	Japan	6.1	Unquoteds	5.8
Healthcare Providers / Services	13.1	China / Hong Kong	5.7	Total	100.0
Life Sciences Tools & Services	7.8	India	0.9
Swap Baskets	6.9	Total	100.0
Total	100.0

*Calculation based on economic exposure and expressed as a % of the total economic exposure. This includes all derivatives as an economically equivalent position in the underlying holding.

**Geographical analysis based on country of primary listing.

***Unquoted securities will not exceed 10% of the portfolio at the time of acquisition.

Source: All portfolio information sourced from Frostrow Capital LLP. Analysis excludes cash and cash equivalents, including liquidity funds.

Discrete Performance – Calendar Years (%)

Percentage Growth 12 Month Return	2019	2020	2021	2022	2023	YTD
NAV	31.9	20.0	-0.4	-3.3	0.4	10.3
Share Price	32.3	19.9	-2.6	-9.8	-2.6	10.9
Index	18.4	10.3	20.8	5.8	-1.6	6.3

Standardised Discrete Performance (%)

Percentage Growth 12 Month Return	May 19- May 20	May 20- May 21	May 21- May 22	May 22- May 23	May 23- May 24
NAV	41.3	2.5	-11.4	11.4	8.9
Share Price	39.6	4.7	-17.2	5.5	9.4
Index	26.3	2.2	17.0	1.6	9.6

Past performance is not a guide to future performance. The value of investments and the income from them may fall as well as rise and is not guaranteed. An investor may receive back less than the original amount invested.

Source: NAV (total return; fully diluted) & share price (total return) – Morningstar. Benchmark - Bloomberg.

*Calculated at the financial year end, includes management fees and all other operating expenses, and excludes performance fees.

** The Board has set the maximum leverage limit for both the Gross and the Commitment basis at 140% of the Company's Net Asset Value.

*** Active Share is expressed as a percentage and shows the extent to which a fund's holdings and their weightings differ from those of the fund's benchmark index. A fund that closely tracks its index might have a low Active Share of less than 20% and be considered passive, while a fund with an Active Share of 60% or higher is generally considered to be actively managed.

Codes Sedol BN455J5 ISIN GB00BN455J50 Legal Entity Identifier (LEI) 5493003YBCY4W1IMJU04 Global Intermediary Identification Number (GIIN) FIZWRN.99999.SL.826 Bloomberg WWH LN EPIC WWH

Investment Policy

The healthcare sector is global and accessing this market as a UK investor can be difficult. The Company offers an opportunity to gain exposure to pharmaceutical, biotechnology and related companies in the healthcare sector on a global scale. The Company invests in large companies with market capitalisations of over U.S.\$10bn, smaller companies below that size, as well as unquoted companies. The portfolio ranges from large multinational pharmaceutical companies with multiple products to unquoted emerging biotechnology companies. The Company's investment policy allows gearing, through borrowing, of up to 20% of net assets and a net exposure to derivative investments (excluding swaps) of up to 5% of the portfolio. Equity swaps may also be used, counterparty exposure here is limited to 12% of the portfolio at the time of acquisition. Unquoted securities will not exceed 10% of the portfolio at the time of acquisition.

Return vs Volatility (Annualised since Launch Date & appointment of Portfolio Manager) – Chart (%)

Commentary

In May, the NAV per share total return was +1.0%, the share price total return was +0.4% and the MSCI World Health Care Index was +0.9%, on a net total return, sterling adjusted basis.

Equity markets rebounded in May, making a comeback after a difficult April, mostly led by tech stocks and a balancing act between corporate earnings and the rate speculation (if/when/how much). Healthcare lagged in this environment although the investor debate around the industry is very sub-sector dependent – hospitals, managed care, biotechnology, pharmaceuticals, and medical devices all possessing their own sets of pros and cons.

In May, the top contributor was Tenet Healthcare. Amidst lowered expectations into quarterly results, the hospital operator reported a very strong first quarter print, coming in well ahead of consensus estimates, in part due to additional Medicaid supplemental revenues in Michigan. The company raised their earnings outlook for the year and also announced a large acquisition. The stock rose on the announcements whilst the momentum continued into month-end with the share price rising >20% (local currency). Another notable contributor in May was the surgical robot maker, Intuitive Surgical. Increasing investor optimism for the new da Vinci 5 surgical robotic system launch drove the company's share price to all-time highs in the period.

Detractors of import in the month were varied. Overall, small-cap biotechnology stocks had the largest negative impact on performance, mostly due to idiosyncratic events across a half dozen companies that saw their share prices decline. The largest of which was Cytokinetrics, a clinical stage "muscle" company that has been a rumored take-out candidate since late last year. However, the stock fell after the company announced an equity raise, essentially indicating that an M&A deal was not imminent. Another detractor of import was Evolent Health, a healthcare "value" service provider. The share price declined following the first quarter earnings report where elevated medical utilization negatively impacted profitability and forward visibility into cost trends, leading management to provide a second quarter guidance range that disappointed.

The pace of smid-cap biotech M&A continued to be brisk in May. Now with 22 deals in 22 weeks to start the year, deal flow remains elevated and ahead of last year's record pace. Whilst some seasonal impact – like summer holidays – may alter that trajectory, management teams of acquiring companies continue to talk up the need and desire for continued business development, save for a few exceptions.

DISCOUNT/PREMIUM CONTROL

It is the Board's policy to buy back the Company's shares if the share price discount to the net asset value per share exceeds 6% on an ongoing basis. Shares repurchased are held as treasury shares. Treasury shares can be sold back to the market at a later date at a premium to the cum income net asset value per share. Shareholders should note, however, that it remains very possible for the discount to be greater than 6% for extended periods of time particularly when sentiment towards the Company, the sector and to investment trusts generally remains poor. Any shares left in treasury are cancelled around the time of the Company's Annual General Meeting.

While buy backs may prove unable to prevent the discount from widening, they also enhance the net asset value per share for remaining shareholders and go some way to dampening discount volatility which can adversely affect investors' risk adjusted returns.

At times when there are unsatisfied buying orders for the Company's shares in the market, the Company has the ability to issue new shares or to re-issue treasury shares at a small premium to the cum income net asset value per share. This acts as an effective share price premium management tool.

How to Contact Us

Frostrow Capital LLP 25 Southampton Buildings London, WC2A 1AL

Tel.: 0203 008 4910 Fax: 0203 043 8889

Website: www.frostrow.com Email: info@frostrow.com

This document is for information purposes only and does not constitute an offer or invitation to purchase shares in the Company and has not been prepared in connection with any such offer or invitation. Before investing in the Company, or any other investment product, you should satisfy yourself as to its suitability and the risks involved, and you may wish to consult a financial adviser.

Any return you receive depends on future market performance and is uncertain. The Company does not seek any protection from future market performance so you could lose some or all of your investment. For information on the principal risks the Company is exposed to please refer to the Company's Annual Report or Investor Disclosure Document available at www.worldwidewh.com .

Shares in the Company are bought and sold on the London Stock Exchange. The price you pay or receive, like other listed shares, is determined by supply and demand and may be at a discount or premium to the underlying net asset value of the Company. Usually, at any given time, the price you pay for a share will be higher than the price you could sell it.

The Company has increased its exposure to investments via the use of an overdraft facility and derivatives, and this could potentially magnify any losses or gains made by the Company. The Annual Report and Investor Disclosure Document, available on the Company's website, include further details on the use of, and exposure to, derivatives.

Target Market

The Company is suitable for investors seeking an investment that aims to deliver total returns over the longer term (at least five years), is compatible with the needs for retail clients, professional clients and eligible counterparties, and is eligible for all distribution channels.

The Company may not be suitable for investors who are concerned about short-term volatility and performance, have low or no risk tolerance or are looking for capital protection, who are seeking a guaranteed or regular income, or a predictable return profile. The Company does not offer capital protection.

Value Assessment

Frostrow Capital LLP has conducted an annual Value Assessment on the Company in line with Financial Conduct Authority (FCA) rules set out in the Consumer Duty regulation. The Assessment focuses on the nature of the product, including benefits received and its quality, limitations that are part of the product, expected total costs to clients and target market considerations.

Within this, the assessment considers quality of services, performance of the Company (against both benchmark and peers), total fees (including management fees and entry and exit fees as applicable to the Company), and also considers whether vulnerable consumers are able to receive fair value from the product.

Frostrow Capital LLP concluded that the Company is providing value based on the above assessment.

Important Information

Worldwide Healthcare Company PLC (the Company) is a public limited company whose shares are premium listed on the London Stock Exchange (LSE) and is registered with HMRC as an investment Company. The Company has an indeterminate life, although shareholders consider and vote on the continuation of the Company every five years (the next such vote will be held in 2024). This financial promotion is issued by Frostrow Capital LLP which is authorised and regulated by the Financial Conduct Authority ("FCA").

The MSCI information (relating to the Benchmark) may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation lost profits) or any other damages. (www.msci.com).