Title: 242411622.pdf URL Source: https://documentscdn.financialexpress.net/Literature/A19B753930004DCB436F6064DD597BD1/242411622.pdf Number of Pages: 4 Markdown Content: Information as at 30 April 2026 worldwidewh .com @worldwidewh ## Investment Objective To invest 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. It uses gearing, and derivative transactions to enhance returns and mitigate risk. Performance is measured against the MSCI World Health Care Index (net total return, sterling adjusted) . ## Five Year Performance (%) Past performance is not a guide to future performance. The value of investments and the income from them may fall as well as rise and is not guaranteed; an investor may receive back less than the original amount invested . Net Asset Value per share (total return) -0.6 % Share Price (total return) -8.9 % Benchmark: MSCI World Health Care Index (net total return; sterling adjusted) +26.6 % Source: Morningstar ## Ten Largest Holdings as at 30 April 2026 Name Region Sector Total Biotech M&A Target Swap North America Swap Baskets 11.3 Eli Lilly North America Pharmaceuticals 9.8 AstraZeneca Europe Pharmaceuticals 5.0 Boston Scientific North America Health Care Equipment & Supplies 4.2 Jiangsu Hengrui Pharmaceuticals China Pharmaceuticals 4.1 Intuitive Surgical North America Health Care Equipment & Supplies 3.6 Roche Europe Pharmaceuticals 3.5 Merck North America Pharmaceuticals 3.3 Edwards Lifesciences North America Health Care Equipment & Supplies 3.3 Argenx Europe Biotechnology 3.2 Total 51.3 Portfolio Manager Trevor Polischuk Portfolio Manager Sven H. Borho ## Fast Facts As at 30 April 2026 AIC Sector Biotechnology & Healthcare Launch Date & appointment of Portfolio Manager April 1995 Annual Management Fee s (payable by the Company): 0.65% of net assets plus 0.30% of market cap. up to £150m; in the range £150m to £500m 0.2%; in the range £500m to £1bn 0.15%; in the range £1bn to £1.5bn 0.125%; over £1.5bn 0.075% plus £57,500 . Performance Fee See Annual Report for details Ongoing Charges (OCR) * 0. 8% Continuation Vote 202 9 AGM and every 5th AGM thereafter Year / Half Year 31 March / 30 September Capital Structure 366,995,738 shares # 234,669,462 (treasury) # excludes shares held in treasury ## Trust Characteristics Number of Holdings 52 Net Assets (£m) 1, 337.1 Market Capitalisation (£m) 1, 222.1 Dividend s Provisional payment dates: January & July Indicative Yield 0. 7% Net cash 0.8 % Leverage** Gross 125.1 % Commitment 119.8 % Share Price (p) 333.00 > NAV per share (p) (cum > income) 364.33 (Discount) / Premium (8.6 %) Portfolio Turnover p.a. 71.1 % Active Share *** 69.9 % -30 -20 -10 0 10 20 30 40 Apr-21 Apr-22 Apr-23 Apr-24 Apr-25 Apr-26 Information as at 30 April 2026 worldwidewh .com @worldwidewh Sector, Region ** & Asset Class*** Breakdown at 30 April 2026 * (%) Pharmaceutical 37. 6 North America 68.6 Listed Equities 82.4 Biotechnology 18. 9 Europe 18.9 Equity Swaps 15.4 Healthcare Equipment / Supplies 15.4 China / Hong Kong 10.7 Unquoteds 2. 2 Biotech M&A Basket 11.3 Japan 1.5 Total 100.0 Healthcare Providers / Servic es 8.9 India 0.3 Life Sciences Tools & Services 7.9 Total 100.0 Total 100.0 *Calculation based on economic exposure and expressed as a % of the total economic exposure. This includes all derivatives as an economically equivalent position in the underlying holding. **Geographical analysis based on country of primary listing. ***Unquoted securities will not exceed 10% of the portfolio at the time of acquisition. Source: All portfolio information sourced from Frostrow Capital LLP. Analysis excludes cash and cash equivalents, including liquidity funds. ## Discrete Performance – Calendar Years (%) Percentage Growth 12 Month Return 2021 2022 2023 2024 2025 NAV -0.4 -3.3 0.4 6.4 11.0 Share Price -2.6 -9.8 -2.6 2.1 20.1 Index 20.8 5.8 -1.6 3.1 6. 9 ## Standardised Discrete Performance (%) 1m 3m YTD 1yr 3yr 5yr 10yr Since Manager Appointment (28 .04.1995) NAV -1.9 -6.4 -9.9 10.4 3.9 -0.6 109.8 4,604.5 Share Price -0.3 -8.4 -11.3 14.9 5.7 -8.9 104.7 4,071.8 Index -2.9 -5.0 -5.7 4.2 4.3 26.6 132.8 2,325.8 Past performance is not a guide to future performance. The value of investments and the income from them may fall as well as rise and is not guaranteed. An investor may receive back less than the original amount invested. Source: NAV (total return; fully diluted) & share price (total return) – Morningstar . ## Return vs Volatility (Annualised since Launch Date & ## appointment of Portfolio Manager ) – Chart (%) *Calculated at the financial year end, includes management fees and all other operating expenses, and excludes performance fees. ** The Board has set the maximum leverage limit for both the Gross and the Commitment basis at 140% of the Company’s Net Asset Value. *** Active Share is expressed as a percentage and shows the extent to which a fund’s holdings and their weightings differ from those of the fund’s benchmark index. A fund that closely tracks its index might have a low Active Share of less than 20 % and be considered passive, while a fund with an Active Share of 60% or higher is generally considered to be actively managed. ## Codes Sedol BN455J5 ISIN GB00BN455J50 Legal Entity Identifier (LEI) 5493003YBCY4W1IMJU04 Global Intermediary Identification Number (GIIN) FIZWRN.99999.SL.826 Bloomberg WWH LN EPIC WWH ## Investment Policy The healthcare sector is global and accessing this market as a UK investor can be difficult. The Company offers an opportunity to gain exposure to pharmaceutical, biotechnology and related companies in the healthcare sector on a global scale. The Company i nvests in large companies with market capitalisations of over U.S.$10bn, smaller companies below that size, as well as unquoted companies. The portfolio ranges from large multi - national pharmaceutical companies with multiple products to unquoted emerging biotechnology companies. The Company’s investment policy allows gearing, through borrowing, of up to 20% of net assets and a net exposure to derivative investments (excluding swaps) of up to 5% of the portfolio. Equity swaps may also be used, counterparty exposure here is limited to 12% of the portfolio at the time of acquisition. Unquoted securities will not exceed 10% of the portfolio at the time of acquisition. > 2 > 4 > 6 > 8 > 10 > 12 > 14 > 16 > 18 > 20 > 10 11 12 13 14 15 16 17 18 19 20 > Return Volatility > Worldwide Healthcare Trust (Price) MSCI World HCare Index (total return) # Information as at 30 April 2026 worldwidewh .com @worldwidewh Commentary In April , the NAV per share total return was -1.9 %, the share price total return was -0. 3% and the return of the MSCI World Health Care Index on a net total return, sterling adjusted basis (Company’s Benchma rk ) was -2.9 %. Global equity markets rebounded in April, shrugging off the intense geopolitical conflict in the Middle East, and reached all -time highs by the middle of the month. Strong Q1 earnings and a resurrection of the Magnificent 7 drove the market higher despite volatility from the Ir an conflict and high oil prices. Healthcare was a distinct laggard in the month with all Benchmark sub -sectors registering negative returns. The lone exception was Healthcare Services, which saw a pronounced rebound in Managed Care stocks after the Centers for Medicare & Medicaid Services increased Medicare Advantage payment rates for 2027. Thi s pr eceded an unexpectedly strong quarterly reporting season for the sector. The Trust’s performance benefitted from exposure to Managed Care through a number of h oldings including UnitedHealth, Humana, BrightSpring Health Services, but particularly Elevance Health, the top contributor in the month, whose share price returned almost +30% (local currency) in April. Another key contributor was Novo Nordisk, a stock in which the Trust vacated early in 2025 but repurchased in early April after it reached a 52 -week low in March. The launch of the first oral GLP -1 for obesity, Wegovy “Pill”, has been impressive, with week ly total prescriptions reaching over 200,000 in the U.S. after only 15 weeks. The stock moved nearly +20% (local currency) in April in anticipation of a strong quarterly report in May. Whilst other Pharmaceutical investments were detractors in the period (including Merck, AstraZeneca, and Pfizer), our unde rweight positioning here coupled with the outsized move in Novo Nordisk generated over 1 % basis points of excess return in the month. The largest single detractor in April was Boston Scientific. The stock has been in perpetual decline since the beginning of the year, offering investors repeat negative surprises. The most recent came at the end of March, in the form of a much -anticipated clinical trial readout for WATCHMAN, an implantable heart device used to reduce stroke risk in patients with atrial fibr illation. However, results were mixed, share price declines continued, and we reduced the position. The other detractor of import was Structure Therapeutics, an emerging biotechnology company with perhaps a best -in -class oral GLP -1 in development. However, the lack of any imminent new data disclosures, an increasing competitive environment, and an evaporating take -out premium weighed on the shares . ## DISCOUNT/PREMIUM CONTROL > It is the Board’s policy to buy back the > Company’s shares if the share price discount > to the net asset value per share exceeds 6% > on an ongoing basis. Shares repurchased are > held as treasury shares. Treasury shares can > be sold back to the market at a later date at a > premium to the cum income net asset value > per share. Shareholders should note, > however, that it remains possible for the > discount to be greater than 6% for extended > periods of time ,particularly when sentiment > towards t he Company, the sector and /or to > investment trusts generally remains poor. > While buybacks may prove unable to prevent > the discount from widening, they also enhance > the net asset value per share for remaining > shareholders and go some way to dampening > discount volatility which can adversely affect > investors’ risk adjusted returns. > At times when there are unsatisfied buying > orders for the Company’s shares in the > market, the Company has the ability to issue > new shares or to re -issue treasury shares at a > small premium to the cum income net asset > value per share. This acts as an effective > share price premium management tool. ## How to Contact Us Frostrow Capital LLP 25 Southampton Buildings London, WC2A 1AL Tel.: 0203 008 4910 Fax: 0203 043 8889 Website: www.frostrow.com Email: info@frostrow.com Information as at 30 April 2026 worldwidewh .com @worldwidewh Risk Warnings This document is for information purposes only and does not constitute an offer or invitation to purchase shares in the Company and has not been prepared in connection with any such offer or invitation. Before investing in the Company, or any other investm ent product, you should satisfy yourself as to its suitability and the risks involved, and you may wish to consult a financial adviser . Any return you receive depends on future market performance and is uncertain. The Company does not seek any protection from future market performance so you could lose some or all of your investment. For information on the principal risks the Company is ex posed to please refer to the Company’s Annual Report or Investor Disclosure Document available at www.worldwidewh.com . Shares in the Company are bought and sold on the London Stock Exchange. The price you pay or receive, like other listed shares, is determined by supply and demand and may be at a discount or premium to the underlying net asset value of the Company. Usually , at any given time, the price you pay for a share will be higher than the price you could sell it. The Company has increased its exposure to investments via the use of an overdraft facility and derivatives, and this could potentially magnify any losses o r gains made by the Company. The Annual Report and Investor Disclosure Document, available on the Company’s website, include further details on the use of, and exposure to, derivatives . Target Market The Company is suitable for investors seeking an investment that aims to deliver total returns over the longer term (at least five years), is compatible with the needs for retail clients, professional clients and eligible counterparties, and is eligible for all distri bution channels. The Company may not be suitable for investors who are concerned about short -term volatility and performance, have low or no risk tolerance or are looking for capital protection, who are seeking a guaranteed or reg ular income, or a predictable return profile. The Company does not offer capital protection. Value Assessment Frostrow Capital LLP has conducted an annual Value Assessment on the Company in line with Financial Conduct Authority (FCA) rules set out in the Consumer Duty regulation. The Assessment focuses on the nature of the product, including benefits received and its quality, limitations that are part of the product, expected total costs to clients and target market considerations. Within this, the assessme nt considers quality of services, performance of the Company (against both benchmark and peers), total fees (including management fees and entry and exit fees as applicable to the Company ), and also considers whether vulnerable consumers are able to receive fair value from the product. Frostrow Capital LLP concluded that the Company is providing value based on the above assessment. Important Information Worldwide Healthcare Company PLC (the Company) is a public limited company whose shares are listed on the London Stock Exchange (LSE) and is registered with HMRC as an investment Company . The Company has an indeterminate life, although shareholders consider and vote on the continuation of the Company every five years (the next such vote will be held in 202 9). This financial promotion is issued by Frostrow Capital LLP which is authorised and regulated by the Financial Conduct Authority (“FCA”). Disclaimers The MSCI information (relating to the Benchmark) may only be used for your internal use, may not be reprod uced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “M SCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non -infringement, merchantability and fitness for a particular purpose) with respect to this information. Wi thout limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation lost profits) or any other damages. ( www.msci.com ). Morningstar 2026 . All rights reserved. The information , sourced from Morningstar, contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted or distributed; (3) is not warranted to be accurate, complete or timely; and (4) do es not constitute advice of any kind, whether investment, tax, legal or otherwise. User is solely responsible for ensuring that it complies with all laws, regulations and restrictions applicable to it. Neither Morningstar nor its cont ent providers are responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past performance is no guarantee of future results.