Worldwide Healthcare Trust : Monthly Fact Sheet as at 29 February 2024

Worldwide Healthcare Trust PLC

Information as at 29 February 2024

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 investormay receive back less than the original amount invested.

Portfolio Manager	Portfolio Manager
Trevor Polischuk	Sven H. Borho

80
70
60
50
40
30
20
10
0
-10
-20
Feb-19	Feb-20	Feb-21	Feb-22	Feb-23	Feb-24

Fast Facts		As at 29 February 2024
AIC Sector	Biotechnology & Healthcare

	Launch Date & appointment		April 1995
	of Portfolio Manager

Annual Management Fee (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

Net Asset Value per share (total return) +47.2%

Share Price (total return) +28.2%

Benchmark: MSCI World Health Care Index (net total return; sterling adjusted) +69.4%

Source: Morningstar, Index - Bloomberg.

	Ongoing Charges		0.8%
	Ratio (OCR)*
	Continuation Vote		2024 AGM and every
		5th AGM thereafter
	Year / Half Year		31 March / 30
		September

		553,204,194 shares#
Capital Structure
	48,461,006 (treasury)

Ten Largest Holdings as at 29 February 2024

# excludes shares held in treasury

Name

Region

Sector

Total

Eli Lilly

North America

Pharmaceuticals

8.2

Trust Characteristics

Healthcare M&A Target

North America

Swap Baskets

7.7

Number of Holdings

58

Swap

Net Assets (£m)

2,075.0

Boston Scientific

North America

Health Care Equipment & Supplies

6.0

Market Capitalisation (£m)

1,822.8

Novo Nordisk

Europe

Pharmaceuticals

5.4

Dividends

Provisional payment dates:

January & July

AstraZeneca

Europe

Pharmaceuticals

5.4

Indicative Yield

0.9%

Intuitive Surgical

North America

Health Care Equipment & Supplies

5.2

Gearing

0.7%

Merck

North America

Pharmaceuticals

5.0

Leverage**

Gross 111.9%

Daiichi Sankyo

Japan

Pharmaceuticals

3.6

Commitment 109.1%

Share Price (p)

329.50

Biogen

North America

Biotechnology

3.6

NAV per share (p) (cum

375.08

Tenet Healthcare

North America

Health Care Providers & Services

3.1

income)

Total

53.2

(Discount) / Premium

(12.2%)

Portfolio Turnover p.a.

61.6%

Active Share***

63.2%

worldwidewh.com @worldwidewh

worldwidewh.com @worldwidewh

Worldwide Healthcare Trust PLC

Information as at 29 February 2024

Sector, Region** & Asset Class*** Breakdown at 29 February 2024* (%)

*Calculated at the financial year end, includes management fees and all other operating expenses, and excludes performance fees.

	Pharmaceutical		32.8		North America		70.6			Listed Equities
	Biotechnology		19.2		Europe		15.0			Equity Swaps
	Healthcare Equipment /
		17.2		China / Hong Kong		7.6			Unquoteds
	Supplies
	Healthcare Providers /
		13.5		Japan		5.9			Total
	Services
	Life Sciences Tools &		9.3		India		0.9
	Services
	Swap Baskets		8.0		Total		100.0
	Total		100.0

85.1 ** The Board has set the maximum leverage limit for both the Gross and the Commitment basis at

9.0 140% of the Company's Net Asset Value.

5.9		*** 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
100.0
	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

*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 underlyingholding.

**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 cashand cash equivalents, including liquidity funds.

Discrete Performance - Calendar Years (%)

	Percentage Growth		2019		2020		2021		2022		2023		YTD
	12 Month Return
	NAV		31.9		20.0		-0.4		-3.3		0.4		8.0

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

Share Price

32.3

19.9

-2.6

-9.8

-2.6

5.9

The healthcare sector is global and

accessing this market as a UK investor can

Index

18.4

10.3

20.8

5.8

-1.6

6.2

be difficult. The Company offers an

opportunity to gain exposure to

Standardised Discrete Performance (%)

pharmaceutical, biotechnology and related

companies in the healthcare sector on a

Percentage Growth 12

Feb 19-

Feb 20-

Feb 21-

Feb 22-

Feb 23-

global scale. The Company invests in large

Month Return

Feb 20

Feb 21

Feb 22

Feb 23

Feb 24

companies with market capitalisations of

NAV

15.2

22.2

-9.1

4.2

10.4

over U.S.$10bn, smaller companies below

that size, as well as unquoted companies.

Share Price

9.5

29.0

-15.2

1.7

5.3

The portfolio ranges from large multi-

Index

9.7

11.2

17.0

8.2

9.6

national

pharmaceutical companies with

multiple

products

to unquoted emerging

Past performance is not a guide to future performance. The value of investments and the

biotechnology companies. The Company's

income from them may fall as well as rise and is not guaranteed. An investor may receive back

investment policy allows gearing, through

less than the original amount invested.

borrowing, of up to 20% of net assets and a

Source: NAV (total return; fully diluted) & share price (total return) - Morningstar. Benchmark -

net exposure to

derivative

investments

Bloomberg.

(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.

Worldwide Healthcare Trust PLC

Information as at 29 February 2024

Return vs Volatility (Annualised since Launch Date & appointment of Portfolio Manager) - Chart (%)

Worldwide Healthcare Trust (Price)

MSCI World HCare Index (total return)

	20
	18
	16
Return	14
12

10

8

6

4

2

10

11

12

13

14

15

16

17

18

19

20

Volatility

Commentary

In February, the NAV per share total return was +5.8%, the share price total return was +4.4% and the MSCI World Health Care Index was +3.1%, on a net total return, sterling adjusted basis.

Equity markets continued to move higher in February and achieved 52-week highs in the month. Global macro factors have been mostly supportive for the markets, with expectations for interest rate cuts in the first half of the year, despite some still "hot" inflation metrics reported earlier in the month.

The Company's performance in February was fueled by all sub-sectors, each moving higher and contributing positively in the period. The largest contributor in February came from Large Cap Pharmaceuticals, in particular Eli Lilly, after the company reported 4Q23 results and 2024 guidance that were both ahead of investor expectations. This enabled the stock to continue its impressive momentum from last year and last month, propelling it to new highs yet again, contributing >175 bps in the month.

A significant contribution (>100 bps) also come from Emerging Biotechnology and Healthcare Services. These two sub-sectors were also the two primary alpha contributors in February. Other individual contributors of import included Iovance (after the company gained approval for its novel melanoma treatment), R1 RCM (after the company received a takeout bid), and Natera (after the company reported a better- than-expected 4Q23).

The largest detractors in the month were Biogen and Eisai, partners in the development and commercialization of Leqembi, the novel treatment for Alzheimer's disease that was launched in 2023. The most recent quarterly sales report for Leqembi was underwhelming and both stocks' share prices sold off as a result. We remain optimistic about the peak sales potential for Leqembi given the solid efficacy of the drug and huge unmet medical need, but we do acknowledge building the market for this drug has proven more challenging than we originally expected.

We continue to be encouraged about the current market environment, with heightened risk appetite by investors that began late last year. Healthcare stocks have kept pace with, and even surpassed, the S&P 500 so far year-to-date (a complete reversal of last year). This has been true across most of the healthcare sub-sectors, putting an emphasis on stock picking as a key success factor going forward. We are bullish.

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 very possible for the discount to be greater than 6% for extended periods of time particularly when sentiment towards the Company, the sector and to investment trusts generally remains poor. Any shares left in treasury are cancelled around the time of the Company's Annual General Meeting.

While buy backs 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.: [phone]

Fax: [phone]

Website:www.frostrow.com

Email:[e-mail]

worldwidewh.com @worldwidewh

Worldwide Healthcare Trust PLC

Information as at 29 February 2024

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 investment 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 exposed 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 or 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 distribution 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 regular 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 assessment 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 premium 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 2024).

This financial promotion is issued by Frostrow Capital LLP which is authorised and regulated by the Financial Conduct Authority ("FCA").

The MSCI information (relating to the Benchmark) may only be used for your internal use, may not be reproduced 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 "MSCI 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. Without 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).

worldwidewh.com @worldwidewh