WORLDWIDE HEALTHCARE TRUST PLC
Interim Management Statement - 3 months to 31 December 2013 (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
in the healthcare sector. The Company uses gearing and derivative transactions
to mitigate risk and also enhance returns.
During the 3 month period ended 31 December 2013 the Company's fully diluted
net asset value per share total return was 8.8%, in line with the Company's
share price total return; both outperformed the Company's benchmark, the MSCI
World Health Care Index measured in sterling terms on a total return basis,
which rose by 6.4% during the period. Overall, exposure to North America and
also to large capitalisation stocks was increased while holdings in Europe and
small capitalisation stocks were reduced. At the stock level, the percentage
holding in Gilead Sciences rose and a position in Regeneron Pharmaceuticals was
established while those in Roche and Merck fell.
During the three-month period 211,349 new shares were issued, as a result of
holders of subscription shares exercising their subscription rights, raising £
1.5m of additional funds for the Company.
Since the period end, to the date of this report, 192,377 new shares were
allotted, as a result of holders of subscription shares exercising their
subscription rights, raising £1.3m of additional funds for the Company. As at
14 February 2014 there are 46,292,111 shares in issue. There are also 1,860,969
subscription shares in issue.
In the period from 31 December 2013 to 12 February 2014, the Company's fully
diluted net asset value per share total return was 7.5%, compared to a return
of 3.4% from the Company's benchmark. The share price total return was 4.6%.
A first interim dividend of 7.0p per share, for the year to 31 March 2014, was
paid on 10 January 2014 to shareholders on the register of members on 6
December 2013. The associated ex-dividend date was 4 December 2013.
Trust Characteristics
31 December 2013 30 September 2013
Number of holdings 62 57
Net assets (£m) 593.6 548.4
Indicative yield 1.3% 1.4%
Gearing (AIC basis) 11% 12%
Share price (p) 1239.00 1145.00
NAV (p) -undiluted (ex 1284 .59 1187.54
income)
NAV (p) diluted: sub shares 1259.62 1164.56
(ex income)
(Discount)/premium (3.5%) (3.6%)
(undiluted)
(Discount/premium(diluted - (1.6%) (1.7%)
sub shares)
Subscription share price (p) 521.00 444.00
Source: Frostrow Capital LLP
10 Largest Investments
Name % of % of
portfolio portfolio
at 31 December 2013 at 30 September 2013
Roche 7.2 7.6
Gilead Sciences 5.3 4.9
Regeneron Pharmaceuticals 3.8 -
HCA 3.6 2.7
Incyte 3.4 3.1
Merck & Co 3.4 4.5
Bristol-Myers Squibb 3.4 3.2
Mylan 3.4 3.3
Amgen 3.2 3.5
Biogen Idec 2.8 3.9
Total 39.5 36.7
Source: Frostrow Capital LLP
Sector Analysis
% of % of
portfolio portfolio
at 31 December 2013 at 30 September 2013
Large capitalisation 74.5 68.7
Small capitalisation 25.5 31.3
Total 100.0 100.0
Source: Frostrow Capital LLP
Geographical Analysis
% of % of
portfolio portfolio
at 31 December 2013 at 30 September 2013
North America 69.3 67.2
Europe 11.5 13.7
Asia 8.7 8.0
Emerging Markets 10.5 11.1
Total 100.0 100.0
Source: Frostrow Capital LLP
Total Return Performance to 31 December 2013
3 Months 1 Year 3 Years 5 Years
Share price +8.8% +47.1% +88.4% +141.6%
NAV Fully +8.8% +44.6% +77.4% +123.1%
diluted
Benchmark* +6.4% +33.6% +66.1% +88.3%
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
14 February 2014
*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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