Edison issues review on Worldwide Healthcare Trust
London, UK, 26 July 2022
Edison issues review on Worldwide Healthcare Trust (WWH)
Worldwide Healthcare Trust (WWH) has two co-managers, Sven Borho and Trevor Polischuk at global healthcare specialist OrbiMed. Borho recently presented at the WWH AGM and despite disappointing performance in FY22 (March year-end), which he notes was a 'mirror image' of FY21, the manager remains optimistic about the trust's prospects. He is hopeful that May/June 2022 marked the low point in the absolute and relative performance of biotech stocks and is confident that the focus on favouring emerging biotech and emerging market stocks over large-cap pharma companies will once again be the correct strategy for WWH's shareholders. Borho considers that the trust's portfolio offers investors a 'mix of the big guys', which gives some stability, along with 'explosive growth' companies, and this approach has delivered significant outperformance versus WWH's benchmark over the long term.
WWH's shares are trading at a 6.9% discount to its cum-income NAV, which is wider than the 0.3% to 3.3% range of average discounts over the last one, three, five and 10 years. This may be due to a period of meaningful underperformance versus the trust's benchmark in FY22. WWH's board employs a discount-control mechanism, aiming to ensure a maximum 6% share price discount to ex-income NAV in normal market conditions.
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