LONDON STOCK EXCHANGE ANNOUNCEMENT

Worldwide Healthcare Trust PLC

Unaudited Half Year Results for the six months ended

30 September 2024

 

This Announcement is not the Company’s Half Year Report & Accounts. It is an abridged version of the Company’s full Half Year Report & Accounts for the six months ended 30 September 2024. The full Half Year Report & Accounts, together with a copy of this announcement, will also shortly be available on the Company’s website: www.worldwidewh.com where up to date information on the Company, including daily NAV, share prices and fact sheets, can also be found.

The Company's Half Year Report & Accounts for the six months ended 30 September 2024 has been submitted to the UK Listing Authority, and will shortly be available for inspection on the National Storage Mechanism (NSM): https://data.fca.org.uk/#/nsm/nationalstoragemechanism

 

For further information please contact: Mark Pope, Frostrow Capital LLP 0203 008 4913.

 

Performance

 

Six months to

One year to

 

30 September

31 March

 

2024

2024

Net asset value per share (total return)* #

0.6%

12.0%

Share price (total return)* #

3.6%

8.6%

Benchmark (total return)^ #

0.0%

10.9%

 

 

30 September

31 March

Six months

 

2024

2024

change

Net asset value per share

381.5p

381.1p

0.1%

Share price

345.0p

335.0p

3.0%

Discount of share price to the net asset value per share

9.6%

12.1%

 

Leverage1

13.3%

10.8%

 

Ongoing charges*

0.9%

0.9%

 

Ongoing charges (including performance fees crystallised during the period)*

0.9%

0.9%

 

#  Source – Morningstar.

^  Benchmark – MSCI World Health Care Index on a net total return, sterling adjusted basis (see Glossary).

*  Alternative Performance Measure (See Glossary).

1  Leverage calculated under the Commitment Method (see Glossary).

Statement from the Chair

“During the period, the Company’s net asset value per share total return of +0.6% and share price total return of +3.6% outperformed the Benchmark, which was flat.”

PERFORMANCE

Macroeconomic and geopolitical factors again buffeted global markets during the period under review. Positive factors for markets included the initiation of interest rate reductions in the U.S. as well as new stimulus measures in China. These were somewhat offset by concerns about a global economic slowdown and the knock-on impacts of interest rate increases in Japan. There were also unexpected events in the U.S. Presidential race, including the assassination attempt on former President Trump and the withdrawal from the race of the incumbent, President Biden.

Against this backdrop, during the period under review, the MSCI World and the FTSE All-Share Indices produced sterling based total returns of +2.8% and +6.1%, respectively. The Company’s Benchmark, the MSCI World Healthcare Index, measured on a net total return, sterling adjusted basis was flat during the period.

In comparison, the Company’s net asset value (NAV) per share total return was +0.6%, outperforming the Benchmark during the period and building on our outperformance in the previous financial year. The NAV performance was achieved despite the headwind of sterling strengthening against the U.S. dollar by +6.2%, the U.S. dollar being the currency in which the majority of the Company’s investments are denominated.

The Company’s share price total return was +3.6%, greater than its NAV total return, reflecting a narrowing of the discount of the Company’s share price to its NAV per share from 12.1% at the beginning of the half year to 9.6% at the end.

Looking at specific names in the portfolio, the largest contributions during the reporting period came from healthcare services company Tenet Healthcare and medical technology company Boston Scientific.

The principal detractors from performance were the large capitalisation biotechnology company Biogen, and healthcare equipment manufacturer Dexcom.

Further information regarding the Company’s investments and performance can be found in the Portfolio Manager’s Review.

The Company had, on average, leverage of 12.4% during the period, which added 0.5% to performance. As at the half year-end, leverage stood at 13.3%, compared to 10.8% at the beginning. Our Portfolio Manager continues to adopt both a pragmatic and a tactical approach to the use of leverage, which adds to performance in periods of rising portfolio share prices and has benefitted the Company over time.

Our Portfolio Manager, through its extensive private equity research capabilities, continues to review unquoted opportunities although, in the period under review, no new unquoted investments were made. The Company is able to invest up to 10% of the portfolio, at the time of acquisition, in unquoted securities. Exposure to unquoted equities accounted for 5.3% of the total portfolio at the half year-end, and these holdings made a negative contribution of 0.7% to the Company’s performance during the period under review.

PERFORMANCE FEE

No performance fee was accrued as at 30 September 2024 and no performance fee can become payable within the next year. The performance fee arrangements are described in detail in the Company’s Annual Report.

CAPITAL

Share price discounts continue to persist across the U.K. investment company sector. As at the period end, the average level of share price discount to NAV stood at 13.7%. (source: Winterflood Investment Trusts)

It is the Board’s policy to buy back our shares if the Company’s share price discount to the NAV per share exceeds 6% on an ongoing basis. Despite the Company’s share buybacks, the discount can remain greater than 6% for extended periods of time, depending on overall sentiment towards the Company, the sector and investment trusts generally. Nonetheless, buybacks enhance the NAV per share for remaining shareholders. In addition, the Board believes that regular buybacks help to narrow the discount and go some way to dampening discount volatility.

During the period under review, the Company repurchased a total of 28,230,376 shares for treasury at a cost of £99.8m and at an average discount of 9.6%. At the period end, there were 517,711,956 shares in issue (excluding the 83,953,244 shares held in treasury). Since the period end to 13 November 2024, a further 4,860,440 shares have been bought back for treasury, at a cost of £16.8m and at the time of writing, the share price discount stands at 10.5%.

DIVIDENDS

The Board has declared an unchanged interim dividend of 0.7p per share, for the year to 31 March 2025, which will be payable on 9 January 2025 to shareholders on the register of members on 29 November 2024. The associated ex-dividend date is 28 November 2024.

I remind shareholders that it remains the Company’s policy to pay out dividends at least to the extent required to maintain investment trust status. These dividend payments are paid out of the Company’s net revenue for the year and, in accordance with investment trust rules, a maximum of 15% of income can be retained by the Company in any financial year.

It is the Board’s continuing belief that it is in shareholders’ best interests to see the Company’s capital deployed in its investment portfolio rather than paid out as dividends to achieve a particular target yield.

COMPOSITION OF THE BOARD

I am delighted to confirm that, at the beginning of October, Sian Hansen and William Hemmings joined the Board. Sian is a non-executive Director of Pacific Assets Trust plc, and formerly the Chief Operating Officer at global strategic consultancy group CT Group as well as a non-executive Director of JP Morgan Multi-Asset Global Growth & Income plc. William was the former Head of Closed End Funds and Head of Investment Companies at abrdn PLC (formerly Aberdeen Asset Management PLC) and a Director and Deputy Chair of the Association of Investment Trust Companies. With their significant experience in the investment trust sector as well as portfolio management, financial, governance and geopolitical matters, Sian and William will be valuable additions to the Board and our future deliberations.

OUTLOOK

While macroeconomic and geopolitical conditions continue to be challenging, your Board believes that the fundamentals of the healthcare sector remain strong.

Our Portfolio Manager is positive about the outlook for the sector, a view driven in part by strong innovation cycles, elevated patient volumes and an ageing global demographic. They also believe that the current high level of merger and acquisition activity in the sector will continue, supported by attractive valuations, healthy balance sheets and an increasing need for larger pharmaceutical and biotechnology companies to address future patent expirations.

Finally, they also believe that the Republican victory in the U.S. election, having won both the Presidency and also control of Congress, will provide a positive backdrop for the healthcare sector, as it is not expected that legislation detrimental to the industry will be enacted.

Doug McCutcheon

Chair

14 November 2024

Portfolio

AS AT 30 SEPTEMBER 2024

 

 

 

Market value

% of

Investments

Sector

Country/region

£’000

investments

Eli Lilly

Pharmaceuticals

United States

194,711

9.4

Boston Scientific

Health Care Equipment & Supplies

United States

161,020

7.8

Intuitive Surgical

Health Care Equipment & Supplies

United States

124,748

6.0

AstraZeneca

Pharmaceuticals

United Kingdom

122,151

5.9

Novo Nordisk

Pharmaceuticals

Denmark

120,276

5.8

Merck

Pharmaceuticals

United States

95,328

4.6

Tenet Healthcare

Health Care Providers & Services

United States

79,290

3.8

Biogen

Biotechnology

United States

78,681

3.8

UnitedHealth

Health Care Providers & Services

United States

78,003

3.8

Stryker

Health Care Equipment & Supplies

United States

76,271

3.7

Top 10 investments

 

 

1,130,480

54.6

Daiichi Sankyo

Pharmaceuticals

Japan

67,535

3.3

Sarepta Therapeutics

Biotechnology

United States

46,781

2.3

Natera

Life Sciences Tools & Services

United States

46,186

2.2

Argenx

WORLDWIDE HEALTHCARE TRUST PLC

NET ASSET VALUE

The estimated un-audited net asset value per share, calculated in accordance with the guidelines of the Association of Investment Companies, for Worldwide Healthcare Trust PLC at the close of business on 13 November 2024 was 384.65p (cum income).                                                                   

For and on behalf of the Board                      

Frostrow Capital LLP

Secretary                                                                  

14 November 2024

 

 

 

Worldwide Healthcare Trust PLC

(the "Company")

 

14 November 2024

 

Monthly Fact Sheet as at 31 October 2024

 

Worldwide Healthcare Trust PLC Fact Sheet as at 31 October 2024 has been submitted to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism and on the Company's website, www.worldwidewh.com.

 

- ENDS-

 

 

Frostrow Capital LLP

Company Secretary

Tel: 0203 008 4913

For immediate release

13 November 2024

 

 

WORLDWIDE HEALTHCARE TRUST PLC

(the "Company")

 

 

MARKET PURCHASE OF COMPANY'S OWN SHARES

 

 

 

This notification is given, pursuant to the authority granted at an Annual General Meeting of the Company held on 10 July 2024 to make market purchases of the Company's own shares up to an aggregate maximum of 79,248,688.

 

The Company has purchased a market total of 448,732 Ordinary shares of 2.5p each in the capital of the Company today at a price of 345.71 pence per share. These shares will be held in treasury.

 

Following this transaction, the Company hereby notifies the market that the resultant number of Ordinary shares held by the Company in treasury is 88,813,684 and the total number of Ordinary shares that the Company has in issue is 601,665,200 so that the total number of voting rights in the Company following the repurchase is 512,851,516.

 

The figure of 512,851,516 may be used by shareholders as the denominator for the calculation by which they may determine if they are required to notify their interest in, or change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

 

 

 

For and on behalf of

Frostrow Capital LLP

Company Secretary

 

For further information, please contact:

 

Mark Pope

Frostrow Capital LLP

Tel: 020 3 0084913

 

WORLDWIDE HEALTHCARE TRUST PLC

NET ASSET VALUE

The estimated un-audited net asset value per share, calculated in accordance with the guidelines of the Association of Investment Companies, for Worldwide Healthcare Trust PLC at the close of business on 12 November 2024 was 385.57p (cum income).                                    

For and on behalf of the Board                      

Frostrow Capital LLP

Secretary                                                                  

13 November 2024

WORLDWIDE HEALTHCARE TRUST PLC

NET ASSET VALUE

The estimated un-audited net asset value per share, calculated in accordance with the guidelines of the Association of Investment Companies, for Worldwide Healthcare Trust PLC at the close of business on 11 November 2024 was 388.54p (cum income).                                    

For and on behalf of the Board                      

Frostrow Capital LLP

Secretary                                                                  

12 November 2024

WORLDWIDE HEALTHCARE TRUST PLC

NET ASSET VALUE

The estimated un-audited net asset value per share, calculated in accordance with the guidelines of the Association of Investment Companies, for Worldwide Healthcare Trust PLC at the close of business on 8 November 2024 was 385.72p (cum income).                                                                     

For and on behalf of the Board                      

Frostrow Capital LLP

Secretary                                                                  

11 November 2024

For immediate release

08 November 2024

 

 

WORLDWIDE HEALTHCARE TRUST PLC

(the "Company")

 

 

MARKET PURCHASE OF COMPANY'S OWN SHARES

 

 

 

This notification is given, pursuant to the authority granted at an Annual General Meeting of the Company held on 10 July 2024 to make market purchases of the Company's own shares up to an aggregate maximum of 79,248,688.

 

The Company has purchased a market total of 437,846 Ordinary shares of 2.5p each in the capital of the Company today at a price of 339.78 pence per share. These shares will be held in treasury.

 

Following this transaction, the Company hereby notifies the market that the resultant number of Ordinary shares held by the Company in treasury is 88,364,952 and the total number of Ordinary shares that the Company has in issue is 601,665,200 so that the total number of voting rights in the Company following the repurchase is 513,300,248.

 

The figure of 513,300,248 may be used by shareholders as the denominator for the calculation by which they may determine if they are required to notify their interest in, or change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

 

 

 

For and on behalf of

Frostrow Capital LLP

Company Secretary

 

For further information, please contact:

 

Mark Pope

Frostrow Capital LLP

Tel: 020 3 0084913

 

WORLDWIDE HEALTHCARE TRUST PLC

NET ASSET VALUE

The estimated un-audited net asset value per share, calculated in accordance with the guidelines of the Association of Investment Companies, for Worldwide Healthcare Trust PLC at the close of business on 7 November 2024 was 381.03p (cum income).                                                                     

For and on behalf of the Board                      

Frostrow Capital LLP

Secretary                                                                  

08 November 2024

WORLDWIDE HEALTHCARE TRUST PLC

NET ASSET VALUE

The estimated un-audited net asset value per share, calculated in accordance with the guidelines of the Association of Investment Companies, for Worldwide Healthcare Trust PLC at the close of business on 6 November 2024 was 381.90p (cum income).                                    

For and on behalf of the Board                      

Frostrow Capital LLP

Secretary                                                                  

07 November 2024

WORLDWIDE HEALTHCARE TRUST PLC

NET ASSET VALUE

The estimated un-audited net asset value per share, calculated in accordance with the guidelines of the Association of Investment Companies, for Worldwide Healthcare Trust PLC at the close of business on 5 November 2024 was 379.43p (cum income).                                                                     

For and on behalf of the Board                      

Frostrow Capital LLP

Secretary                                                                  

06 November 2024

For immediate release

05 November 2024

 

 

WORLDWIDE HEALTHCARE TRUST PLC

(the "Company")

 

 

MARKET PURCHASE OF COMPANY'S OWN SHARES

 

 

 

This notification is given, pursuant to the authority granted at an Annual General Meeting of the Company held on 10 July 2024 to make market purchases of the Company's own shares up to an aggregate maximum of 79,248,688.

 

The Company has purchased a market total of 302,586 Ordinary shares of 2.5p each in the capital of the Company today at a price of 334.86 pence per share. These shares will be held in treasury.

 

Following this transaction, the Company hereby notifies the market that the resultant number of Ordinary shares held by the Company in treasury is 87,927,106 and the total number of Ordinary shares that the Company has in issue is 601,665,200 so that the total number of voting rights in the Company following the repurchase is 513,738,094.

 

The figure of 513,738,094 may be used by shareholders as the denominator for the calculation by which they may determine if they are required to notify their interest in, or change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

 

 

 

For and on behalf of

Frostrow Capital LLP

Company Secretary

 

For further information, please contact:

 

Mark Pope

Frostrow Capital LLP

Tel: 020 3 0084913

 

WORLDWIDE HEALTHCARE TRUST PLC

NET ASSET VALUE

The estimated un-audited net asset value per share, calculated in accordance with the guidelines of the Association of Investment Companies, for Worldwide Healthcare Trust PLC at the close of business on 4 November 2024 was 378.50p (cum income).                                    

For and on behalf of the Board                      

Frostrow Capital LLP

Secretary                                                                  

05 November 2024

WORLDWIDE HEALTHCARE TRUST PLC

NET ASSET VALUE

The estimated un-audited net asset value per share, calculated in accordance with the guidelines of the Association of Investment Companies, for Worldwide Healthcare Trust PLC at the close of business on 1 November 2024 was 378.39p (cum income).                                                                     

For and on behalf of the Board                      

Frostrow Capital LLP

Secretary                                                                  

04 November 2024

For immediate release

01 November 2024

 

 

WORLDWIDE HEALTHCARE TRUST PLC

(the "Company")

 

 

MARKET PURCHASE OF COMPANY'S OWN SHARES

 

 

 

This notification is given, pursuant to the authority granted at an Annual General Meeting of the Company held on 10 July 2024 to make market purchases of the Company's own shares up to an aggregate maximum of 79,248,688.

 

The Company has purchased a market total of 151,341 Ordinary shares of 2.5p each in the capital of the Company today at a price of 337.73 pence per share. These shares will be held in treasury.

 

Following this transaction, the Company hereby notifies the market that the resultant number of Ordinary shares held by the Company in treasury is 87,624,520 and the total number of Ordinary shares that the Company has in issue is 601,665,200 so that the total number of voting rights in the Company following the repurchase is 514,040,680.

 

The figure of 514,040,680 may be used by shareholders as the denominator for the calculation by which they may determine if they are required to notify their interest in, or change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

 

 

 

For and on behalf of

Frostrow Capital LLP

Company Secretary

 

For further information, please contact:

 

Mark Pope

Frostrow Capital LLP

Tel: 020 3 0084913

 

WORLDWIDE HEALTHCARE TRUST PLC

NET ASSET VALUE

The estimated un-audited net asset value per share, calculated in accordance with the guidelines of the Association of Investment Companies, for Worldwide Healthcare Trust PLC at the close of business on 31 October 2024 was 379.68p (cum income).                                                                       

For and on behalf of the Board                      

Frostrow Capital LLP

Secretary                                                                  

01 November 2024

Worldwide Healthcare Trust PLC

 

01 November 2024

 

 

                

Worldwide Healthcare Trust PLC

 

Voting Rights and Capital

 

 

 

In accordance with the Financial Conduct Authority's Disclosure Guidance and Transparency Rules, Worldwide Healthcare Trust PLC announces the following:

 

As at 31 October 2024, Worldwide Healthcare Trust PLC's capital consists of ordinary shares of 2.5p, with each ordinary share holding one voting right. The total number of ordinary shares in issue is 601,665,200. The Company has 87,473,179 ordinary shares in Treasury.

 

Therefore, the total number of voting rights in Worldwide Healthcare Trust PLC is 514,192,021.

 

The above figure (514,192,021) may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in Worldwide Healthcare Trust PLC, or a change to their interest in Worldwide Healthcare Trust PLC, under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

 

 

 

                                    - END -

 

 

 

Frostrow Capital LLP

Company Secretary 

Tel: 0203 008 4913

WORLDWIDE HEALTHCARE TRUST PLC

NET ASSET VALUE

The estimated un-audited net asset value per share, calculated in accordance with the guidelines of the Association of Investment Companies, for Worldwide Healthcare Trust PLC at the close of business on 30 October 2024 was 380.89p (cum income).                                                                       

For and on behalf of the Board                      

Frostrow Capital LLP

Secretary                                                                  

31 October 2024

 

NEWS RELEASE

30 October 2024

 

WORLDWIDE HEALTHCARE TRUST PLC

 

 

 Interim Dividend

 

 

The Board has declared an unchanged interim dividend of 0.7 pence per share in respect of the year ending 31 March 2025. Such dividend will be paid on 9 January 2025 to shareholders on the register on 29 November 2024. The associated ex-dividend date is 28 November 2024.

 

A final dividend for the year ending 31 March 2025 will be proposed to shareholders at the Company's Annual General Meeting to be held in July 2025.

 

For shareholders who wish to receive their dividend in the form of shares, the Company's Dividend Reinvestment Plan (`DRIP'), administered by Link Group, will be available. The last day to elect for the DRIP is Monday, 16 December 2024.

 

- end -

 

 

For further information please contact:

 

Mark Pope at Frostrow Capital LLP

Company Secretary

Telephone 020 3 008 4913

 

WORLDWIDE HEALTHCARE TRUST PLC

NET ASSET VALUE

The estimated un-audited net asset value per share, calculated in accordance with the guidelines of the Association of Investment Companies, for Worldwide Healthcare Trust PLC at the close of business on 29 October 2024 was 384.23p (cum income).                                                                       

For and on behalf of the Board                      

Frostrow Capital LLP

Secretary                                                                  

30 October 2024