WORLDWIDE HEALTHCARE TRUST PLC
Interim Management Statement - 3 months to 30 June 2013 (unaudited)
Worldwide Healthcare Trust PLC invests worldwide in a diversified portfolio of
shares in pharmaceutical and biotechnology companies and related securities in
the healthcare sector with the objective of achieving a high level of capital
growth.
During the 3 month period ended 30 June 2013 the Company's fully diluted net
asset value per share total return was +2.1% and the Company's share price
total return was +4.8%. The Company's benchmark, the MSCI World Health Care
Index measured in sterling terms on a total return basis rose by 2.8% in the
same period. During the period, exposure to Asia and Emerging markets increased
while the portfolio's European exposure was reduced. Exposure to North America
remained unchanged. At the stock level, Roche remains the portfolio's largest
holding and the weightings in Biogen Idec and Amgen were increased while those
in Pfizer and Sanofi were reduced. From the period-end to 13 August 2013, the
Company's fully diluted net asset value per share total return was +6.4% and
the Company's share price total return was +8.8%. The Company's benchmark, the
MSCI World Health Care Index measured in sterling terms on a total return basis
rose by 4.4% in the same period.
During the period under review the Company continued to reissue shares from
treasury at prices representing no more than a 4.9% discount to the prevailing
fully diluted cum income net asset value per share. A total of 328,408 shares
were reissued in the period raising £3.5m of new funds for the Company. In
addition a total of 125,231 new shares were issued during the period and to the
date of this report as a result of holders of subscription shares exercising
their subscription rights. The exercise price is 699p and the next subscription
date is 31 October 2013. The expiry date of the subscription shares is on 31
July 2014.
No shares were repurchased by the Company during the three month period and to
the date of this report and no shares are currently held by the Company in
treasury.
The Company paid a second interim dividend of 9.5p per share during the period
which, together with the first interim dividend already paid, made a total
dividend for the year ended 31 March 2013 of 16.5p per share (2012:17.5p per
share). The second interim dividend was paid on 5 July 2013 to ordinary
shareholders on the register of members on 7 June 2013. The associated
ex-dividend date was 5 June 2013.
During the period Mrs Sarah Bates joined the Board. A former Chairman of the
Association of Investment Trust Companies, she is currently Chairman or a
Director of a number of investment trust and other public companies. In
addition, she is Chairman of, or a member of a number of charitable and pension
fund investment committees.
At the Company's Annual General Meeting, held on 17 July 2013, all of the
resolutions were passed. Anthony Townsend retired from the Board at the
conclusion of the Annual General Meeting. The resolution proposed at a separate
meeting of holders of subscription shares on 29 July 2013 (the meeting having
been adjourned from 17 July 2013) was also passed.
Trust Characteristics
30 June 2013 31 March 2013
Number of holdings 62 59
Net assets (£m) 511.7 499.9
Net yield 1.6% 1.6%
Gearing (AIC basis) 13% 10%
Share price (p) 1048.00 1009.00
NAV (p) -undiluted 1112.97 1100.32
NAV (p) diluted: sub shares 1092.86 1080.26
NAV (p) - fully diluted for - 1079.78
sub shares and treasury
shares
Discount (undiluted) 5.8% 8.3%
Discount (diluted - sub 4.1% 6.6%
shares)
Discount (fully diluted) 4.1% 6.6%
Subscription share price 341.00 307.50
(p)
Source: Frostrow Capital LLP
10 Largest Investments
Name % of % of
portfolio portfolio
at 30 June 2013 at 31 March 2013
Roche 8.2 9.0
Gilead Sciences 4.6 4.6
Biogen Idec 4.1 1.3
Amgen 3.6 3.0
Sanofi 3.5 4.2
HCA 3.2 3.8
Mylan 3.1 3.0
Bristol-Myers Squibb 2.9 3.3
Merck & Co 2.7 2.7
Thermo Fisher Scientific 2.7 0.9
38.6 35.8
Source: Frostrow Capital LLP
Sector Analysis
% of % of
portfolio portfolio
at 30 June 2013 at 31 March 2013
Large capitalisation 67.5 71.5
Small capitalisation 32.5 28.5
Total 100.0 100.0
Source: Frostrow Capital LLP
Geographical Analysis
% of % of
portfolio portfolio
at 30 June 2013 at 31 March 2013
North America 63.3 63.3
Europe 16.8 19.3
Asia 8.1 7.7
Emerging Markets 11.8 9.7
Total 100.0 100.0
Source: Frostrow Capital LLP
Total Return Performance
3 Months 1 Year 3 Years 5 Years
Share price +4.8 +30.7 +74.1 +155.2
NAV Fully +2.1 +25.8 +67.3 +142.7
diluted
Benchmark* +2.8 +30.9 +71.7 +124.2
Source: NAV (total return; fully diluted) and Share Price (total return)
Morningstar. Benchmark - Bloomberg and Thomson Reuters
* With effect from 1 October 2010, the performance of the Company is measured
against the MSCI World Health Care Index measured on a total return basis in
sterling terms. Prior to this date, performance was measured against the
Datastream World Pharmaceutical and Biotechnology Index on a total return basis
in sterling terms. 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 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
14 August 2013
*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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