WORLDWIDE HEALTHCARE TRUST PLC
Interim Management Statement - 3 months to 30 June 2014 (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 2014 the Company's fully diluted net
asset value per share total return was +3.3% and the Company's share price
total return was +0.8%. The Company's benchmark, the MSCI World Health Care
Index measured in sterling terms on a total return basis rose by 2.2% in the
same period. During the period, exposure to Europe increased while the
portfolio's exposure to Asian and Emerging Markets was reduced. Exposure to
North America remained unchanged. From the period-end to 28 July 2014, the
Company's fully diluted net asset value per share total return was 0.9% and the
Company's share price total return was 1.3%. The Company's benchmark, the MSCI
World Health Care Index measured in sterling terms on a total return basis rose
by 1.0% in the same period.
During the period under review and to the date of this report 369,770 new
shares were issued as a result of holders of subscription shares exercising
their subscription rights. The exercise price is 699p and the next and final
subscription date is 31 July 2014. Instructions to exercise subscription rights
are required to be received by the Company's Registrars by the close of
business in the UK 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 8.0p per share which, together
with the first interim dividend of 7.0p per share already paid, made a total
dividend for the year ended 31 March 2014 of 15.0p per share (2013:16.5p per
share). The second interim dividend was paid on 4 July 2014 to ordinary
shareholders on the register of members on 6 June 2014. The associated
ex-dividend date was 4 June 2014.
At the Company's Annual General Meeting, held on 14 July 2014, all of the
resolutions, including the approval of the continuance of the Company as an
investment trust for a further period of five years, were passed.
In accordance with and in order to comply with the requirements of the
Alternative Investment Fund Managers Directive, the Directors of the Company
have appointed Frostrow Capital LLP as the designated Alternative Investment
Fund Manager for the Company.
The Company has also appointed J.P. Morgan Europe Limited as its depositary and
J.P. Morgan Clearing Corp. to provide prime brokerage services to the Company
replacing Goldman Sachs who previously acted as custodian and prime broker to
the Company.
OrbiMed Capital LLC continues to be responsible for the management of the
Company's portfolio of investments.
Trust Characteristics
30 June 2014 31 March 2014
Number of holdings 64 63
Net assets (£m) 653.8 636.2
Net yield 1.2% 1.3%
Gearing (AIC basis) 10% 12%
Share price (p) 1303.00 1301.00
NAV (p) undiluted 1397.81 1365.74
NAV (p) diluted: sub shares 1376.17 1339.97
Discount (undiluted) 6.8% 4.7%
Discount diluted: sub 5.3% 2.9%
shares
Subscription share price 602.50 595.50
(p)
Source: Frostrow Capital LLP
10 Largest Investments
Name % of % of
portfolio portfolio
at 30 June 2014 at 31 March 2014
Roche 6.4 6.8
HCA 3.8 3.7
Bristol-Myers Squibb 3.7 3.3
Abbvie 3.6 2.8
Mylan 3.6 3.6
Merck & Co 3.5 3.7
Regeneron Pharmaceuticals 3.1 3.5
Amgen 3.0 3.3
Biogen Idec 2.9 3.0
Actelion 2.8 2.2
36.4 35.9
Source: Frostrow Capital LLP
Sector Analysis
% of % of
portfolio portfolio
at 30 June 2014 at 31 March 2014
Large capitalisation 72.3 74.1
Small capitalisation 27.7 25.9
Total 100.0 100.0
Source: Frostrow Capital LLP
Geographical Analysis
% of % of
portfolio portfolio
at 30 June 2014 at 31 March 2014
North America 73.7 73.6
Europe 15.6 11.4
Emerging Markets 6.1 8.5
Asia 4.6 6.5
Total 100.0 100.0
Source: Frostrow Capital LLP
Total Return Performance
3 Months 1 Year 3 Years 5 Years
Share price +0.8 +25.8 +82.2 +168.6
NAV Fully +3.3 +27.4 +76.6 +165.7
diluted
Benchmark* +2.2 +14.2 +61.8 +136.2
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
30 July 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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