Worldwide Healthcare Trust PLC

Fund Information / Factsheet • May 12, 2022

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) +50.1%

Benchmark: MSCI World Health Care Index (net total return; sterling adjusted) +76.8%

Source: Morningstar, Index - Bloomberg.

Ten Largest Holdings as at 30 April 2022
Name	Region	Sector	Total
AstraZeneca	Europe	Pharmaceuticals	5.8
Bristol-Myers Squibb	North America	Pharmaceuticals	5.0
Pfizer	North America	Pharmaceuticals	4.8
Roche	Europe	Pharmaceuticals	4.6
Horizon Therapeutics	North America	Pharmaceuticals	4.2
Boston Scientific	North America	Health Care Equipment & Supplies	4.1
Humana	North America	Health Care Providers & Services	3.8
UnitedHealth	North America	Health Care Providers & Services	3.7
Healthcare M&A Target Swap	North America	Swap Baskets	3.7
AbbVie	North America	Pharmaceuticals	3.6
Total			43.3

Portfolio Manager Trevor Polischuk

Portfolio Manager Sven H. Borho

Fast Facts	As at 30 April 2022
AIC Sector	Biotechnology & Healthcare
Launch Date & appointment of Portfolio Manager	April 1995
over £1.5bn 0.075% plus £57,500.	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%;
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	65,233,404 shares 304,351 (treasury)

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

Trust Characteristics
Number of Holdings	81
Net Assets (£m)	2,197.1
Market Capitalisation (£m)	2,087.5
Dividends	Provisional payment dates: January & July
Indicative Yield	0.7%
Gearing	4.2%
Leverage**	Gross 114.2% Commitment 111.4%
Share Price (p)	3200.00
NAV per share (p) (cum income)	3368.04
(Discount) / Premium	(5.0%)
Portfolio Turnover p.a.	75.9%
Active Share***	68.6%

Sector, Region** & Asset Class*** Breakdown at 30 April 2022* (%)

Pharmaceutical	34.7	North America	68.9	Listed Equities	87.0
Biotechnology	19.2	China / Hong Kong	12.1	Unquoteds	7.3
Healthcare Equipment / Supplies	18.8	Europe	12.0	Equity Swaps	5.7
Healthcare Providers / Services	17.0	Japan	4.3	Total	100.0
Life Sciences Tools & Services	6.4	India	2.7
Swap Basket	3.7	Total	100.0
Variable Interest	0.2
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	2017	2018	2019	2020	2021	YTD
NAV	16.5	-3.8	31.9	20.0	-0.4	-7.4
Share Price	20.7	-5.0	32.3	19.9	-2.6	-11.2
Index	9.4	8.8	18.4	10.3	20.8	-0.8

Standardised Discrete Performance (%)

Percentage Growth 12 Month Return	Apr 17- Apr 18	Apr 18- Apr 19	Apr 19- Apr 20	Apr 20- Apr 21	Apr 21- Apr 22
NAV	4.9	7.4	25.6	19.1	-10.9
Share Price	8.1	6.0	26.9	17.6	-15.4
Index	1.7	14.3	19.8	9.3	16.1

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.

** 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	0338530
ISIN	GB0003385308
Legal Entity Identifier (LEI)
	5493003YBCY4W1IMJU04
Global Intermediary
Identification Number (GIIN)
	FIZWRN.99999.SL.826
Bloomberg	WWH LN
EPIC	WWH

Investment Policy

The Company offers a superior UK-listed opportunity for capital appreciation through a diversified portfolio of worldwide pharmaceutical, biotechnology, healthcare equipment, and healthcare services companies. The Portfolio Manager seeks to reduce risk through extensive fundamental research, worldwide exposure, position limits, and balanced market capitalisations. 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.

Discount / Premium Control Mechanism

The Directors have adopted an active discount management policy through the use of share buybacks, with a view to limiting the discount to the cum income NAV per share at which the shares trade to no more than 6%. Shares bought back may be held in treasury for reissue at later dates at a premium to the prevailing cum income net asset value per share. Any shares left in treasury are cancelled around the time of the AGM. In order to help prevent the share price trading at a significant premium to the NAV per share, the Company has the ability

Return vs Volatility (5 Years Annualised) – Chart (%)

to issue new shares at a 0.7% premium to the cum income NAV per share.

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

Commentary

In April, the NAV per share total return was down 2.8%, the share price total return was down 2.3% and the MSCI World Health Care Index was down 0.4%, on a net total return, sterling adjusted basis.

Market volatility decreased through March only to spike again in April. Broader markets came under intense pressure as investors focused on tightening monetary policies, continued geopolitical tensions, and concerns about COVID-induced lockdowns in China. Preference for "value over growth" continued as a macro theme for investors, as did healthcare being relatively defensive.

Like we observed in March, pharmaceutical stocks were one of the most defensive subsectors again this month with the NYSE Arca Pharmaceutical Index (or "DRG") up 4.1% (sterling, total return). This strong macro tailwind resulted in the largest positive contribution to absolute performance, including the top two contributors, Bristol-Myers Squibb. and AstraZeneca. Another pharmaceutical stock rounded out the top three contributors, Japan-based Daiichi-Sankyo. Positive fundamental news saw the stock re-rate >20% (local currency) in the month, including strong fiscal year-end results, positive guidance, break-through-designation from the U.S. FDA for the company's burgeoning blockbuster cancer drug (Enhertu), and confirmation of a "plenary session" for new data to be presented on Enhertu at the upcoming American Society of Clinical Oncology medical congress in June.

In terms of individual detractors, we would note two of import, both of which experienced significant macro related share price declines that were exacerbated by fundamental news. Intuitive Surgical. came under pressure after the company warned on hospital capital expenditures given the rising interest rate environment. The share price also declined along with other higher multiple growth stocks. Mirati Therapeutics moved lower throughout April, a victim of the macro move across small/mid-cap biotechnology stocks, which, as a group (the XBI), slumped over 15%. New data from a competitor company to treat "KRAS-mutant" lung cancers, the same as Mirati's lead clinical program, also weighed on shares. On a sub-sector basis, the largest detractor was pharmaceuticals (despite the largest absolute contribution noted above), due to the outsized, defensive move to the upside for the group and our material, underweight positioning.

Looking ahead, macro dynamics may continue to shape the equity markets and it remains difficult to predict when this phenomenon may subside. Calling a bottom in biotech has been near impossible as we approach month 16 of this historic drawdown in the XBI, which reached another 52-week low at month end. That said, we have seen some signs of the "pharma trade" begin to unwind in the latter half of the month, which could be positive for biotech stocks. Additionally, the pace of biopharmaceutical M&A has ticked up into April and again in May with Pfizer's \$11.6 billion acquisition of Biohaven, perhaps another harbinger for biotech.

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.

Important Information

Worldwide Healthcare Trust 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 trust.

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).