Worldwide Healthcare Trust PLC

Fund Information / Factsheet • Jun 13, 2023

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) +41.3%
• Share Price (total return) +26.6%
  • Benchmark: MSCI World Health Care Index (net total return; sterling adjusted) +70.0%

Source: Morningstar, Index - Bloomberg.

Ten Largest Holdings as at 31 May 2023
yName	Region	Sector	Total
AstraZeneca	Europe	Pharmaceuticals	5.3
Intuitive Surgical	North America	Health Care Equipment & Supplies	5.1
Boston Scientific	North America	Health Care Equipment & Supplies	4.8
Healthcare M&A Target Swap	North America	Swap Baskets	4.7
Humana	North America	Health Care Providers & Services	4.4
Bristol-Myers Squibb	North America	Pharmaceuticals	4.2
Novo Nordisk	Europe	Pharmaceuticals	4.0
UnitedHealth	North America	Health Care Providers & Services	3.8
Roche	Europe	Pharmaceuticals	3.8
Sanofi	Europe	Pharmaceuticals	3.7
Total			43.8

Portfolio Manager Trevor Polischuk

Portfolio Manager Sven H. Borho

Fast Facts	As at 31 May 2023
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)*	0.8%
Continuation Vote	2024 AGM and every th AGM thereafter 5
Year / Half Year	31 March / 30 September
Capital Structure	61,346,726 shares# 3,712,052 (treasury)

# excludes shares held in treasury

Trust Characteristics

60 Number of Holdings
Net Assets (£m)		2,176.8
Market Capitalisation (£m)	1,953.9
Dividends		Provisional payment dates: January & July
Indicative Yield		0.8%
Gearing		3.3%
Leverage**		Gross 116.8% Commitment 113.4%
Share Price (p)		3185.00
NAV per share (p) (cum income)		3548.33
(Discount) / Premium		(10.2%)
Portfolio Turnover p.a.		57.5%
Active Share***		65.3%

Sector, Region** & Asset Class*** Breakdown at 31 May 2023* (%)

Pharmaceutical	29.2	North America	67.2	Listed Equities	85.5
Healthcare Equipment / Supplies	20.7	Europe	17.7	Equity Swaps	8.6
Biotechnology	18.8	China / Hong Kong	8.1	Unquoteds	5.9
Healthcare Providers / Services	17.7	Japan	5.5	Total	100.0
Life Sciences Tools & Services	7.7	India	1.5
Swap Baskets	5.9	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	2018	2019	2020	2021	2022	YTD
NAV	-3.8	31.9	20.0	-0.4	-3.3	1.7
Share Price	-5.0	32.3	19.9	-2.6	-9.8	-1.2
Index	8.8	18.4	10.3	20.8	5.8	-4.6

Standardised Discrete Performance (%)

Percentage Growth 12 Month Return	May 18- May 19	May 19- May 20	May 20- May 21	May 21- May 22	May 22- May 23
NAV	-1.2	41.3	2.5	-11.4	11.4
Share Price	-0.9	39.6	4.7	-17.2	5.5
Index	10.8	26.3	2.2	17.0	1.6

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 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 May, the NAV per share total return was -1.1%, the share price total return was -1.4% and the MSCI World Health Care Index was -2.6%, on a net total return, sterling adjusted basis.

Healthcare stocks were distinct laggards in May. Whilst earnings reports were generally positive, many stocks outside of Medical Technology were not rewarded. The macro backdrop continues to be hotly debated among investors with economic indicators continuing to seesaw between hard and soft landings vis-à-vis any recession. In the US, the federal debt ceiling uncertainty added to the jitteriness of the markets. In the UK, markets were even weaker whereas the Japanese stock market continued its strong momentum in May.

Overall, relative performance of the Company was positive in the month. Sources of alpha were quite broad, with virtually every sub-sector contributing to the outperformance. Key standouts included Emerging Biotechnology, Large Cap Pharmaceuticals, and Medical Technology. Allocation to small cap stocks was also key to the alpha generation.

The top contributor in the month was Iovance Biotherapeutics, the Californiabased immuno-oncology company. After a series of delays, the company was finally able to confirm the filing with the US FDA for lifileucel, their lead asset in the treatment of melanoma. Another top contributor was the Japanese pharmaceutical company, Eisai. The share price rallied in the month as the company nears full approval and launch of their much-anticipated Alzheimer's disease treatment, Leqembi (lecanemab).

Detractors of note included two stocks of import. First, the unexpected resignation of the CFO for Baxter International temporarily reversed the recent rally in the company's share price. The second largest detractor was the specialty care management business, Evolent Health. The share price sold off following a weaker than expected quarterly report as investors had positioned themselves ahead of potential Medicaid disenrollments stemming from the expiration of the previously declared public health emergency in the US.

Overall, we remain bullish on the outlook for the relative performance of the company. On a calendar year basis, we have generated excess returns in four of the past five months, including the first two months of the financial year. The macro backdrop has subsided sufficiently for investors to better debate and appreciate the fundamentals of the healthcare industry. The political overhang on the sector is very much at a low, the innovation cycle is at a high, and M&A has accelerated over the past 12 months.

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

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).