Worldwide Healthcare Trust PLC

Fund Information / Factsheet • Jul 15, 2022

fInvestment 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) +43.3%

Benchmark: MSCI World Health Care Index (net total return; sterling adjusted) +70.1%

Source: Morningstar, Index - Bloomberg.

Ten Largest Holdings as at 30 June 2022
Name	Region	Sector	Total
AstraZeneca	Europe	Pharmaceuticals	5.9
Bristol-Myers Squibb	North America	Pharmaceuticals	5.3
Roche	Europe	Pharmaceuticals	4.2
Humana	North America	Health Care Providers & Services	4.2
Healthcare M&A Target Swap	North America	Swap Baskets	4.1
AbbVie	North America	Pharmaceuticals	4.0
UnitedHealth	North America	Health Care Providers & Services	3.9
Boston Scientific	North America	Health Care Equipment & Supplies	3.7
Horizon Therapeutics	North America	Pharmaceuticals	3.6
Sanofi	Europe	Pharmaceuticals	3.5
Total			42.4

Portfolio Manager Trevor Polischuk

Portfolio Manager Sven H. Borho

Fast Facts	As at 30 June 2022
AIC Sector	Biotechnology & Healthcare
Launch Date & appointment April 1995 of Portfolio Manager
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	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	77
Net Assets (£m)	2,215.0
Market Capitalisation (£m)	2,045.1
Dividends	Provisional payment dates: January & July
Indicative Yield	0.8%
Gearing	3.3%
Leverage**	Gross 113.0% Commitment 110.2%
Share Price (p)	3135.00
NAV per share (p) (cum income)	3395.49
(Discount) / Premium	(7.7%)
Portfolio Turnover p.a.	75.9%
Active Share***	68.6%

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

Pharmaceutical	34.0	North America	67.5	Listed Equities	86.6
Biotechnology	20.4	Europe	15.7	Unquoteds	7.6
Healthcare Providers / Services	17.9	China / Hong Kong	11.9	Equity Swaps	5.8
Healthcare Equipment / Supplies	17.2	India	2.5	Total	100.0
Life Sciences Tools & Services	6.2	Japan	2.4
Swap Baskets	4.1	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	-6.1
Share Price	20.7	-5.0	32.3	19.9	-2.6	-12.5
Index	9.4	8.8	18.4	10.3	20.8	-0.3

Standardised Discrete Performance (%)

Percentage Growth 12 Month Return	Jun 17- Jun 18	Jun 18- Jun 19	Jun 19- Jun 20	Jun 20- Jun 21	Jun 21- Jun 22
NAV	8.1	3.8	33.5	8.0	-11.4
Share Price	8.0	3.1	34.2	6.9	-17.6
Index	3.4	15.2	16.8	10.4	10.8

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.

** 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 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 (5 Years Annualised) – Chart (%)

Commentary

In June, the NAV per share total return was 6.4%, the share price total return was 3.6% and the MSCI World Health Care Index was up 0.4%, on a net total return, sterling adjusted basis.

Whilst equity markets declined precipitously into bear market territory in June, healthcare stocks maintained their defensive qualities. Moreover, two sub-sectors that have experienced material sell-offs over the past 12 months plus, emerging biotechnology and China healthcare stocks, both experienced reversions in the month. We are very encouraged by this recent performance as it may be signaling a turn in these sectors that otherwise have endured historic drawdowns over the past year.

Correspondingly, significant outperformance in June was generated by our exposure to both emerging biotechnology (>450 basis points) and China healthcare (>125 basis points). A notable inflection in bio-pharma M&A in the month was the primary driver of biotechnology performance.

On an individual basis, the top three contributors were all biotech companies. Mirati Therapeutics was the largest detractor in the previous fiscal year, but was the largest contributor in June after the company reported impressive combination data for their candidate lung cancer drug, adagrasib. Turning Point Therapeutics, another contributor of import, was acquired by Bristol-Myers Squibb for >100% premium given the former company's pipeline of oncology "targeted therapy" assets. Finally, reputable rumors suggested a near-term bid for the oncology company, Seagen, causing the stock to rise >30% in the month.

The largest absolute detractors in the month were medical technology stocks. A multitude of broad concerns percolated in June – lack of a rebound in procedure volumes, margin pressure from inflationary forces and supply chain issues, and investor concerns about a potential U.S. recession impacting hospital capital equipment purchases. This sub-sector sell-off impacted the entire space, including portfolio companies Stryker, Intuitive Surgical, and Boston Scientific.

Like last month, we are encouraged by the acquisition activity we have observed recently, with several multibillion-dollar deals being consummated and others being purported. We expect this trend to continue, if not accelerate, given the historic sell-off we have witnessed over the past year that has decimated the valuations of the small/mid-cap biotechnology sector, creating discounted valuations that heretofore have not been seen. Additionally, we are also encouraged to see investors take fresh looks at the fundamentals of healthcare, especially in therapeutics as important data sets in oncology, metabolism, and neurology are on the horizon.

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%. It should be noted, however, that it remains possible for the share price discount to the cum income NAV per share to be greater than 6% on any day. 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 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

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).