Worldwide Healthcare Trust PLC

Fund Information / Factsheet • Jul 15, 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.

Net Asset Value per share (total return) +51.3%

Share Price (total return) +39.0%

Benchmark: MSCI World Health Care Index (net total return; sterling adjusted) +62.5%

Source: Morningstar, Index - Bloomberg.

Ten Largest Holdings as at 30 June 2024
Name	Region	Sector	Total
Eli Lilly	North America	Pharmaceuticals	8.8
Biotech M&A Target Swap	North America	Swap Baskets	7.3
Boston Scientific	North America	Health Care Equipment & Supplies	6.5
AstraZeneca	Europe	Pharmaceuticals	6.3
Novo Nordisk	Europe	Pharmaceuticals	6.1
Intuitive Surgical	North America	Health Care Equipment & Supplies	5.7
Merck	North America	Pharmaceuticals	4.6
Tenet Healthcare	North America	Health Care Providers & Services	4.2
Biogen	North America	Biotechnology	4.2
Daiichi Sankyo	Japan	Pharmaceuticals	3.5
Total			57.2

Portfolio Manager

Portfolio Manager Sven H. Borho

Trevor Polischuk

Fast Facts As at 30 June 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)*	0.9%
Continuation Vote	2024 AGM and every th AGM thereafter 5
Year / Half Year	31 March / 30 September
Capital Structure	529,916,073 shares# 71,749,127 (treasury)

# excludes shares held in treasury

Trust Characteristics

53 Number of Holdings
Net Assets (£m)		2,097.7
Market Capitalisation (£m)	1,918.3
Dividends		Provisional payment dates: January & July
Indicative Yield		0.8%
Gearing		5.8%
Leverage**		Gross 116.9% Commitment 114.6%
Share Price (p)		362.00
NAV per share (p) (cum income)		395.85
(Discount) / Premium		(8.6%)
Portfolio Turnover p.a.		51.6%
Active Share***		61.9%

Sector, Region** & Asset Class*** Breakdown at 30 June 2024* (%)

Pharmaceutical	33.5	North America	70.9	Listed Equities	86.9
Healthcare Equipment / Supplies	19.2	Europe	17.0	Equity Swaps	8.0
Biotechnology	18.9	Japan	5.7	Unquoteds	5.1
Healthcare Providers / Services	13.2	China / Hong Kong	5.5	Total	100.0
Life Sciences Tools & Services	7.9	India	0.9
Swap Baskets	7.3	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	14.5
Share Price	32.3	19.9	-2.6	-9.8	-2.6	17.1
Index	18.4	10.3	20.8	5.8	-1.6	9.0

Standardised Discrete Performance (%)

Percentage Growth 12 Month Return	Jun 19- Jun 20	Jun 20- Jun 21	Jun 21- Jun 22	Jun 22- Jun 23	Jun 23- Jun 24
NAV	33.5	8.0	-11.4	3.7	14.3
Share Price	34.2	6.9	-17.6	1.8	15.5
Index	16.8	10.4	10.8	1.8	11.8

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 June, the NAV per share total return was +3.9%, the share price total return was +5.6% and the MSCI World Health Care Index was +2.6%, on a net total return, sterling adjusted basis.

Upward momentum continued in June for equity markets, following a strong May after a pause in April. The MSCI World Index reached a new all-time high in the month. Tech stocks continued to be the most prominent driver; we note that NVDIA moved as much as +30% (local currency) in June alone. The interest rate debate also continued, but investors seem unfazed by that uncertainty as stock markets moved higher. Healthcare stocks traded up in a similar fashion.

The Company's performance came from multiple sources, primarily Large Cap Pharmaceuticals, Emerging Biotechnology, and Medical Technology. Outperformance versus the Benchmark was driven primarily by stock picking in Emerging Biotechnology and Medical Technology. On an individual basis, key drivers were familiar – popular stocks Eli Lilly, Novo Nordisk, and Intuitive Surgical collectively represented the top three contributors in June. Other contributors of import in the month included the small/mid-cap biotech Ionis Pharmaceuticals – on a raft of positive news flow – and the large-cap biotech Sarepta Therapeutics, after the FDA approved a label expansion for the company's lead commercial product, Elevidys, a gene therapy for the treatment of muscular dystrophy.

The main detractor of note was GSK after two separate negative developments. First, the Delaware Superior Court made an unexpected ruling in the ongoing Zantac litigation, permitting all forms of plaintiff expert testimony – in stark contrast to a previous federal court ruling. GSK immediately appealed. Second, a recent meeting of the U.S. Advisory Committee on Immunization Practices (ACIP) unexpectedly did not endorse usage of Arexvy, GSK's leading RSV vaccine, in the 50-59 age group despite data supporting inoculation of that group. Whilst the stock fell on the news, there will be additional ACIP meetings where this patient cohort expansion will be reconsidered.

With two transactions announced in June, the pace of biotech M&A slowed after an active start to the year. We attribute this mostly to an expected seasonal slowdown. We do note that large cap executives, through the spring conference season, continued to talk up the need to do additional business development, thus we have high expectations for an acceleration in M&A in the second half of the year. Finally, July will kick-off second quarter earnings across the sector. Overall, we look for affirmation of stellar execution of companies in the portfolio and a chance to recalibrate positioning where necessary for the remainder of the calendar year.

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.

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

Risk Warnings

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).