Interim Management Statement
WORLDWIDE HEALTHCARE TRUST PLC
Interim Management Statement - 3 months to 31 December 2012 (unaudited)
Worldwide Healthcare Trust PLC invests 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.
The Company uses gearing and derivative transactions to mitigate risk and also
enhance returns.
During the 3 month period ended 31 December 2012 the Company's fully diluted
net asset value per share total return was -2.3%. The Company's share price
total return and the return from the Company's benchmark, the MSCI World Health
Care Index measured in sterling terms on a total return basis, were both
slightly positive (+0.2%). During the period, exposure to North America and
Europe was increased while exposure to Asia was reduced. At the stock level,
percentage holdings in Roche and Sanofi rose while those in Merck and
Mitsubishi Tanabe Pharma fell.
During the three-month period no shares were repurchased by the Company and
9,946 new shares were issued, as a result of holders of subscription shares
exercising their subscription rights, raising £70,000 of additional funds for
the Company.
Since the period end, to 1 February 2013, no shares were bought back by the
Company. However, 50,000 shares were reissued from treasury, at a discount of
4.89% to the Company's cum income net asset value per share, this being a
narrower discount than that at which the shares had been repurchased by the
Company. This raised £424,000 of additional funds for the Company. In addition,
33,336 new shares were allotted on 1 February 2013, as a result of holders of
subscription shares exercising their subscription rights, raising £233,000 of
additional funds for the Company. As at 1 February 2013 there were 45,434,746
shares in issue excluding 328,408 shares held in treasury. There were also
2,389,926 subscription shares in issue.
In the period from 31 December 2012 to 31 January 2013, the Company's fully
diluted net asset value per share total return was 9.6%, in line with the
Company's benchmark. The share price total return was 7.0%.
A first interim dividend of 7.0p per share, for the year to 31 March 2013, was
paid on 11 January 2013 to shareholders on the register of members on 14
December 2012. The associated ex-dividend date was 12 December 2012.
During the period Mr Doug McCutcheon joined the Board. Based in Canada, and a
former head of UBS Healthcare Investment Banking for Europe, the Middle East
and Africa, he has over 25 years' experience as an investment banker, 16 of
which were spent specialising in the healthcare sector.
Trust Characteristics
31 December 2012 30 September 2012
Number of holdings 60 57
Net assets (£m) 405.5 419.1
Indicative yield 1.8% 2.0%
Gearing (AIC basis) 102 103
Share price (p) 855.00 860.50
NAV (p) -undiluted (ex 894.23 924.30
income)
NAV (p) diluted: sub shares 884.33 912.82
(ex income)
NAV (p) - fully diluted for 884.10 912.41
sub shares
and treasury shares (ex
income)
(Discount)/premium (4.4%) (6.9%)
(undiluted)
(Discount/premium(diluted - (3.3%) (5.7%)
sub shares)
(Discount)/premium (fully (3.3%) (5.7%)
diluted)
Subscription share price (p) 186.00 179.00
Source: Frostrow Capital LLP
10 Largest Investments
Name % of % of
portfolio portfolio
at 31 December 2012 at 30 September 2012
Roche 9.3 8.4
Sanofi 4.7 4.1
Pfizer 4.6 4.4
Gilead Sciences 4.1 4.0
Abbott Laboratories 3.9 4.0
Merck & Co 3.7 5.2
HCA 2.6 2.2
Bristol-Myers Squibb 2.2 2.2
Onyx Pharmaceuticals 2.2 2.5
GlaxoSmithKline 2.1 2.2
39.4 39.2
Source: Frostrow Capital LLP
Sector Analysis
% of % of
portfolio portfolio
at 31 December 2012 at 30 September 2012
Large capitalisation 64.2 63.6
Small capitalisation 35.8 36.4
Total 100.0 100.0
Source: Frostrow Capital LLP
Geographical Analysis
% of % of
portfolio portfolio
at 31 December 2012 at 30 September 2012
North America 58.7 57.1
Europe 21.1 20.2
Asia 8.9 11.9
Emerging Markets 11.3 10.8
Total 100.0 100.0
Source: Frostrow Capital LLP
Total Return Performance to 31 December 2012
3 Months 1 Year 3 Years 5 Years
Share price +0.2% +20.3% +48.0% +86.8%
NAV Fully -2.3% +14.4% +44.5% +80.5%
diluted
Benchmark* +0.2% +12.2% +35.2% +68.3%
Source: NAV (total return; fully diluted) and Share Price (total return)
Morningstar. Benchmark - Thomson Reuters and Bloomberg
*Benchmark - With effect from 1 October 2010, the performance of the Company is
measured against the MSCI World Health Care Index on a total return, sterling
adjusted basis. Prior to this date, performance was measured against the
Datastream World Pharmaceutical and Biotechnology Index measured in sterling
terms on a total return basis. Historic data, therefore, consists of a blended
figure containing both indices.
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 Company's website www.worldwidewh.com and
on the TrustNet website at www.trustnet.com
Identification Codes:
Ordinary Shares
SEDOL- 0338530
ISIN - GB0003385308
Bloomberg - WWH LN
EPIC - WWH
Subscription Shares
SEDOL - B3VMCB0
ISIN - GB00B3VMCB07
Bloomberg - WWHS LN
For further information contact: Mark Pope on 0203 008 4913
Frostrow Capital LLP
Company Secretary
1 February 2013