WORLDWIDE HEALTHCARE TRUST PLC (formerly FINSBURY WORLDWIDE PHARMACEUTICAL
TRUST PLC)
Interim Management Statement - 3 months to 30 June 2010 (unaudited)
Worldwide Healthcare Trust PLC invests worldwide in pharmaceutical,
biotechnology and related companies in the healthcare sector with the objective
of achieving a high level of capital growth.
The 3 month period ended 30 June 2010 was a challenging one for the Company due
in part to mixed performance from large pharmaceutical companies such as
Novartis, which performed well following positive newsflow regarding its
treatment for multiple sclerosis, and Pfizer whose performance lagged due, in
part, to the unexpected stoppage of an experimental osteoarthritis drug in late
stage development. Over the three-month period, the Company's fully diluted net
asset value per share fell by 5.6% and the share price by 7.7%, compared to a
fall of 8.6% in the Company's benchmark, the DataStream World Pharmaceutical
and Biotechnology Index measured in sterling terms on a total return basis.
During this period a total of 1,637,733 shares were repurchased to be held in
treasury at a cost of £10.9m (including expenses). Since the period end, to 4
August 2010, no shares have been repurchased by the Company. On 27 July 2010
the Company cancelled all of the 7,877,149 shares held in treasury. There are
currently no shares held in treasury.
Also, during the three month period and up to 4 August 2010, a total of 686,893
new shares were issued, raising £4.2m of additional funds for the Company, as a
result of holders of subscription shares exercising their subscription rights.
In the period from 30 June 2010 to 4 August 2010, the Company's fully diluted
net asset value per share rose by 1.3% and the share price fell by 0.3%
compared to a fall of 1.1% in the Company's benchmark.
At the Company's Annual General Meeting, held on 15 July 2010, all of the
resolutions were passed. These included resolutions to amend the Company's
investment policy to that of a broader healthcare sector remit, a change to its
benchmark and also to change the Company's name.
The Company paid an increased interim dividend of 8.5p per share (2009: 5.0p
per share) on 26 July 2010.
Trust Characteristics
30 June 2010 31 March 2010
Number of holdings 44 44
Net assets (£m) 307.5 341.9
Net yield 1.3% 0.7%
Gearing (AIC basis) 107 111
Share price (p) 639.00 701.50
NAV (p) -undiluted 715.42 771.27
NAV (p) diluted: sub shares 698.33 744.75
NAV (p) - fully diluted for 690.48 740.22
sub shares and treasury
shares
(Discount)/premium (10.7%) (9.0%)
(undiluted)
(Discount/premium(diluted - (8.5%) (5.8%)
sub shares)
(Discount)/premium (fully (7.5%) (5.2%)
diluted)
Subscription share price 64.00 98.00
(p)
Source: Frostrow Capital LLP
10 Largest Investments
Name % of % of
portfolio portfolio
at 30 June 2010 at 31 March 2010
Novartis 8.3 5.0
Johnson & Johnson 7.3 6.9
Pfizer 7.2 5.1
Merck 7.1 4.8
Roche 6.9 6.9
Bristol-Myers Squibb 5.1 4.7
Amgen 2.9 2.8
Sawai Pharmaceutical 2.6 2.1
Hospira 2.5 2.1
Genzyme 2.5 2.8
52.4 43.2
Source: Frostrow Capital LLP
Sector Analysis
% of % of
portfolio portfolio
at 30 June 2010 at 31 March 2010
Large capitalisation 74.8 65.8
Small capitalisation 25.2 34.2
Total 100.0 100.0
Source: Frostrow Capital LLP
Geographical Analysis
% of % of
portfolio portfolio
at 30 June 2010 at 31 March 2010
North America 63.3 71.0
Europe 25.9 17.9
Israel 0.0 2.8
Far East 10.8 8.3
Total 100.0 100.0
Source: Frostrow Capital LLP
Total Return Performance
3 Months 1 Year 3 Years 5 Years
Share price -7.7% +22.6% +35.4% +42.1%
NAV Fully -5.6% +24.7% +36.6% +54.0%
diluted
Benchmark* -8.6% +20.4% +22.6% +35.1%
Source: NAV (total return; fully diluted) and Share Price (total return)
Morningstar. Benchmark - Thomson Reuters
* Benchmark - Datastream World Pharmaceutical and Biotechnology Index measured
in sterling terms on a total return basis.
Past performance is not a guide to future performance.
This Interim Management Statement has been prepared solely to provide
information to meet the requirements of the UK Listing Authority's Disclosure
and Transparency Rules.
This Interim Management Statement is available on the Company's website
www.worldwidewh.com.
The Company's net asset value per share is announced daily and is available,
together with the share price, on the TrustNet website at www.trustnet.com
SEDOL Codes:
Shares - 0338530
Subscription Shares - B3VMCB0
ISIN -
Shares - GB0003385308
Subscription Shares - GB00B3VMCB07
For further information contact: Mark Pope on 0203 008 4913
Frostrow Capital LLP
Company Secretary
6 August 2010
ND
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
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