ANNUAL REPORT
FOR THE YEAR ENDED
31 MARCH 2026
WORLDWIDE HEALTHCARE TRUST PLC Annual Report for the year ended 31 March 2026
WORLDWIDE HEALTHCARE TRUST PLC
A global growth opportunity
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
BIO-PHARMA
DIAGNOSTICS
• 12%
CAGR for Liquid Biopsy growth
to 2030
• 266,000 federally certified labs in
the US
• 2/3 US adults 45+ screened for
colorectal cancer in 2023
• 52 Novel FDA approvals in 2025
• 57% Reduction in all-cause
mortality for Lilly’s GLP-1 Foundayo
• U.S.$73 billion Global Sales of
GLP-1 medicines in 2025
World Health Organization’s
2025 Global Spending on
Health Report, states that
global spending in 2023 was
U.S.$10.6 trillion, up 28% from
U.S.$8.3 trillion in 2018
A
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F
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C
I
A
L
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T
E
L
L
I
G
E
N
C
E
EMERGING
MARKETS
• 30.5%
of Global
Pipelines from China-based
biopharma companies
• $138 billion In China
Out-licensed clinical
assets
• 2x Increase in
prescription drugs sales
in India by 2030
HEALTHCARE
SERVICES
• 1.4 billion
people aged 60+
worldwide by 2030, a key driver of
healthcare services demand
• U.S.$10,000 expected
annual savings for each
uninsured GLP-1 user, through
TrumpRx.gov consumer
platform
• 56.1 million American
seniors who will get
U.S.$50 per month in 2026
towards the cost of certain
medication
LIFESCIENCE
TOOLS
•
14 billion Clinical lab tests
and blood screens conducted in
the US in 2025
• 150+ FDA-approved targeted
oncology agents in the US as
of 2024, supporting demand for
specialised manufacturing
• U.S.$150 claimed cost per
30x human genome on emerging
sequencing platforms,
expanding the potential
applications for
genomics
MEDICAL
TECHNOLOGY
• 3.1 million+
da Vinci
procedures performed
worldwide in 2025
• 1,400+ FDA-listed
AI-enabled medical
devices since 1995
• U.S.$1 billion+
FARAPULSE sales globally
in its first year following
US FDA approval
A global one stop-shop for healthcare investing
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
STRATEGIC REPORT
1STRATEGIC REPORT
Oncology Artificial Intelligence GLP-1s & Obesity China Innovation Biotechnology M&A
Cardiovascular Robotic Surgery Liquid Biopsy
Antibody-Drug
Conjugates
Bispecifics
Cell Therapy Gene Therapy
CRISPR & Gene
Editing
MASH Liver Disease Structural Heart
RNAi & antisense Companion Dx Psychiatry Immunology Rare Disease
Neurology Radiopharma
All Subsectors All Geographies All Market Caps
35
MD’s and PhD’s
152
Global Employees
100%
Healthcare Focused
U.S.$20 Billion+
Under Management
Track Record
(founded 1995)
Diversified
Large & Liquid
A Collection of
Best Ideas
Focus on
Innovation
Invest in
Growth
NAV returns since inception
+13.3%
per annum
Benchmark*
+11.0%
per annum
vs
* With effect from 1 October 2010, the performance of the Company is measured against the MSCI World Health Care Index on a net total return, sterling adjusted
basis. Prior to this date, performance was measured against the Datastream World Pharmaceutical & Biotechnology Index (total return, sterling adjusted).
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
2
Worldwide Healthcare Trust PLC (the
“Company”) is a specialist investment
trust which invests 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 may use gearing, and derivative
transactions to enhance returns and mitigate risk. Performance is measured
against the MSCI World Health Care Index on a net total return, sterling adjusted
basis (“Benchmark”). Further details of the Company’s investment policy, including
how it can use gearing and employ derivatives, are set out in the Strategic Report
on pages [l] and [l].
ACCESSING THE GLOBAL MARKET
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 invests in large companies with market capitalisations of over
U.S.$10bn, smaller companies below that size, as well as in unquoted companies.
The portfolio ranges from large multi-national pharmaceutical companies with
multiple products to unquoted emerging biotechnology companies.
Worldwide Healthcare Trust PLC is able to participate in all aspects of healthcare,
anywhere in the world because of its broad investment, mandate. These
may include patented speciality medicines for small patient populations and
unpatented generic drugs, in both developed countries and emerging markets.
In addition, the Company invests in medical device technologies, life science
tools and healthcare services. The overall geographic spread of Worldwide
Healthcare Trust PLC is also extensive with investments in the U.S., Europe,
Japan, China and India (see page [l] for further information).
HOW TO INVEST
The Company’s shares are traded openly on the London Stock Exchange and can
be purchased through a stockbroker or other financial intermediary. The shares
are also available through savings plans (including investment dealing accounts,
ISAs, Junior ISAs and SIPPs) which enable both regular monthly investments
and lump sum investments in the Company’s shares. There are a number of
investment platforms that offer these facilities. Further details can be found on
page [l].
STRATEGIC REPORT
Financial and Performance
Summary 3
Statement from the Chair 6
Board and Adviser Activity
During the Year 9
Investment Objective and Policy 10
Portfolio 12
OrbiMed Capital LLC (‘OrbiMed’) 15
Portfolio Manager’s Review 16
Environmental, Social and
Governance and Climate Change 32
Business Review 34
GOVERNANCE
Board of Directors 46
Report of the Directors 48
Statement of Directors’ 51
Responsibilities
Corporate Governance 52
Audit & Risk Committee Report 61
Directors’ Remuneration Report 66
Independent Auditors’ Report 69
FINANCIAL STATEMENTS
Income Statement 76
Statement of Changes in Equity 77
Statement of Financial Position 78
Statement of Cash Flows 79
Notes to the Financial Statements 80
FURTHER INFORMATION
Shareholder Information 96
Glossary of Terms and Alternative 97
Performance Measures (‘APMs’)
How to Invest 100
Notice of the Annual General Meeting 101
Explanatory Notes to the 106
Resolutions
Regulatory Disclosures 109
Company Information 111
For more information about Worldwide
Healthcare Trust PLC visit the website at
www.worldwidewh.com
Contents
Follow us on X @worldwidewh
STRATEGIC REPORT
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
3
*Source: Morningstar
† MSCI World Health Care Index on a net total return, sterling adjusted basis. (See Glossary beginning
on page 97).
^ Alternative Performance Measure (see Glossary beginning on page 97).
10.0%
Net asset value per share
(total return)*^
2025: -10.3%
10.0%
Discount of share price to
net asset value per share^
2025: Discount of 12.4%
13.1%
Share price (total return)*^
2025: -10.5%
2.4p
Dividends per share
2025: 2.4p
1.8%
Benchmark*†
2025: -3.2%
0.9%
Ongoing Charges^
2025: 0.8%
69.9%
Active Share*^
2025: 74.8%
Financial and Performance Summary
Year ended 31 March 2026
TOTAL RETURN CUMULATIVE PERFORMANCE
Since Launch to 31 March 2026
Rebased to 100 as at 28 April 1995. Source: Morningstar, Thomson Reuters & Bloomberg
* With effect from 1 October 2010, the performance of the Company is measured against the MSCI World Health Care Index on a net total return, sterling
adjusted basis. Prior to this date, performance was measured against the Datastream World Pharmaceutical & Biotechnology Index (total return, sterling adjusted)
Apr
95
Mar
96
Mar
97
Mar
98
Mar
99
Mar
00
Mar
01
Mar
02
Mar
03
Mar
04
Mar
05
Mar
06
Mar
07
Mar
08
Mar
09
Mar
10
Mar
11
Mar
12
Mar
13
Mar
14
Mar
15
Mar
16
Mar
17
Mar
18
Mar
19
Mar
20
Mar
21
Mar
22
Mar
23
Mar
24
WWH NAV (total return) +4,679.1% WWH Share Price (total return) +4,084.3% Benchmark (total return) +2,398.3%*
%
0
1000
2000
3000
4000
5000
6000
Mar
26
Mar
25
WWH NAV (total return, annualised) +13.3%
WWH Share Price (total return, annualised) +12.8%
Benchmark (total return, annualised) +11.0%
Rebased to 100 as at 28 April 1995. Source: Morningstar, Thomson Reuters & Bloomberg
* With effect from 1 October 2010, the performance of the Company is measured against the MSCI World Health Care Index on a net total return,
sterling adjusted basis. Prior to this date, performance was measured against the Datastream World Pharmaceutical & Biotechnology Index (total
return, sterling adjusted)
Benchmark (total return)
%
-2
0
2
4
6
8
10
12
14
1 Year 3 Years 5 Years 10 Years
WWH NAV (total return) WWH Share Price (total return)
10.0%
13.1%
1.8%
3.4%
3.2%
3.0%
0.8%
-1.2%
6.2%
8.1%
7.8%
9.3%
TOTAL RETURN ANNUALISED PERFORMANCE
to 31 March 2026
Benchmark (total return)
%
-20
0
20
40
60
80
100
120
140
160
1 Year 3 Years 5 Years 10 Years
WWH NAV (total return) WWH Share Price (total return)
10.0%
13.1%
1.8%
10.5%
10.0%
9.1%
4.0%
-5.9%
35.0%
117.5%
111.3%
143.8%
Source: Morningstar
Source: Morningstar
4
TOTAL RETURN CUMULATIVE PERFORMANCE
to 31 March 2026
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
Mar 2025 Apr 2025 May 2025 Jun 2025 Jul 2025 Aug 2025 Sep 2025 Oct 2025 Nov 2025 Dec 2025 Jan 2026 Feb 2026 Mar 2026
%
(12.0)
(10.0)
(6.0)
(8.0)
(4.0)
(2.0)
0.0
(12.4)%
(10.0)%
(14.0)
(16.0)
2026 2025 2024 2023 2022 2021
Net asset value per share (total return)*^
10.0% -10.3% 12.0% -0.1% -5.8% 30.0%
Benchmark (total return)*
1.8% -3.2% 10.9% 2.5% 20.4% 16.0%
Net asset value per share
371.0p 339.5p 381.1p 343.5p 346.5p 370.3p
Share price
334.0p 297.5p 335.0p 311.5p 327.5p 369.5p
Discount of share price to net asset value
per share^ (10.0)% (12.4)% (12.1)% (9.3)% (5.5)% (0.2)%
Dividends per share
2.4p 2.4p 2.8p 3.1p 2.7p 2.2p
Leverage
12.5% 12.0% 10.8% 10.5% 10.9% 7.6%
Ongoing charges^
0.9% 0.8% 0.9% 0.8% 0.9% 0.9%
Ongoing charges (including performance
fees paid or crystallised during the year)^ 0.9% 0.8% 0.9% 0.8% 1.4% 0.9%
Comparative periods have been restated for the sub-division of each share of 25p each into 10 new shares of 2.5p each, approved at the AGM held on
18July 2023 and effective on 27 July 2023.
* Source: Morningstar
^ Alternative Performance Measure (see Glossary beginning on page 97).
HISTORIC PERFORMANCE
for the years ended 31 March
DISCOUNT OF THE COMPANY’S SHARE PRICE TO THE NET ASSET VALUE PER SHARE
year to 31 March 2026
Source: Morningstar
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
STRATEGIC REPORT
5STRATEGIC REPORT
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
6
INVESTMENT PERFORMANCE
Enclosed is your Company’s Annual Report, including
Financial Statements, for the year ended 31 March 2026.
I am pleased to report that the Company’s net asset value
(NAV) per share total return in the financial year was +10.0%
(2025: -10.3%). In comparison, our Benchmark, the MSCI
World Health Care Index, measured on a net total return,
sterling adjusted basis, returned +1.8% (2025: -3.2%). During
the year, on 26 November 2025, the Company hit an all-time
high NAV per share of 421.8p.
The Company’s share price total return during the year
was +13.1% (2025: -10.5%). The disparity between the
performance of the Company’s NAV per share and its
share price contributed to the narrowing of our share price
discount to our NAV per share from 12.4% at 31 March
2025 to 10.0% at 31 March 2026. The average discount of
the Company’s share price to the NAV per share during the
Company’s financial year was 8.0%.
These results were achieved in uncertain and volatile
conditions during which global equity markets were
influenced by a combination of changing interest rate
expectations, U.S. regulatory policy uncertainty and
persistent geopolitical tensions. The latter, in particular, cast
a long shadow over general investor confidence, with the
ongoing conflict in Ukraine and the new war in the Middle
East impacting global energy supplies, shipping routes and
broader regional stability, all of which heightened investor
risk aversion and contributed to market volatility.
In the healthcare sector, the first half of the financial
year was marked by underperformance relative to the
broader markets, largely due to uncertainty regarding
U.S. drug pricing and tariff policies. The second half of
the year brought clarity on these two key issues and led
to six months of outperformance for healthcare. In this
environment, our Portfolio Manager made two material
changes to our portfolio sub-sector weightings which added
to the Company’s outperformance: our exposure to Large
Cap Pharmaceutical companies was increased by some
10% across selective names and our exposure to MedTech
companies was decreased by some 11%. These changes
were done in the context of maintaining the Company’s
ongoing strategic overweight position to innovation and
growth opportunities across the healthcare spectrum.
More specifically, with the U.S. healthcare policy uncertainty
lifted late in 2025, the Biotechnology and Pharmaceutical
sub-sectors began to outperform, driven by a combination of
strong growth from new product flows and large development
pipelines. In the Biotechnology sub-sector, where many
companies with high quality, innovative pipelines trade at
attractive valuations, mergers and acquisitions (M&A) activity
was a meaningful contributor to performance during the
year. The principal detractor from performance was the
MedTech sub-sector, predominantly due to the large share
price decline in Boston Scientific. In Healthcare Services,
where sector margins came under pressure for managed
care organisations and companies with prominent Medicare
exposure, prices also underperformed.
Further information on the healthcare sector, the Company’s
investments and performance during the year can be found
in the Portfolio Manager’s Review beginning on page 16.
CAPITAL
Since the beginning of 2022, share price discounts across
the investment company sector in the UK have widened.
As at 3 June 2026, the average level of discount in the
broader investment company sector stood at c. 10.4%*. This
compares to the Company’s share price discount of 6.9%.
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. Shareholders should
note, however, that it remains possible for the discount to
Statement from the Chair
Net asset value per share total return during the
year was +10.0%, significantly outperforming our
Benchmark. Long-term returns remain strong, at
+13.3% pa since the Company’s inception
“
* Source: Winterflood
“
STRATEGIC REPORT
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
7
be greater than this for extended periods of time, particularly
when sentiment towards investment trusts generally,
the healthcare sector and/or the Company remains poor.
In such an environment, buybacks may prove unable to
sustainably narrow the discount. Nonetheless, even in such an
environment, the Board believes that buybacks are important,
as they enhance the NAV per share for remaining shareholders
and go some way to dampening discount volatility.
During the financial year, a total of 121,219,387 shares were
repurchased for treasury at a cost of £396.3m and at an
average discount of 7.0%. The shares repurchased during
the year equated to 24.5% of the Company’s share capital at
the beginning of the year. Share buybacks contributed 1.8%
to the Company’s NAV per share return over the year.
The Company’s commitment to its share buyback policy
is demonstrated by the fact that we continue to have one
of the most active buyback programmes in the investment
trust sector. A General Meeting was held during the year (in
October 2025) to renew the shareholder authority to buy
back shares when it became clear that the authority in place
would be exhausted. A further such General Meeting was
also held in June 2026.
The renewals were approved by shareholders and, therefore,
the Company has been able to continue the operation of the
discount management policy. Since the current renewed
authority will expire at the conclusion of the Company’s
forthcoming Annual General Meeting, in line with usual
practice, the Company will ask shareholders to renew the
authority again at the Annual General Meeting in July.
At 31 March 2026, the Company had 373,412,417 shares in
issue, excluding the 228,252,783 shares held in treasury.
From the beginning of the new financial year to 3 June 2026, a
further 10,373,640 shares have been bought back for treasury,
at a cost of £35.8m and at an average discount of 7.3%. As
stated above, our share price discount since year-end has
narrowed to 6.9%.
I confirm that all shares held in treasury will continue to be held
for re-issue at a premium to the net asset value per share.
A summary of the Board’s and the Company’s advisers’ activities
during the year, including share buyback and marketing activities,
is provided on page 9 of this Annual Report.
REVENUE AND DIVIDEND
Shareholders will be aware that it remains the Company’s
investment policy to pursue capital growth for shareholders
and to pay dividends at least to the extent required to
maintain investment trust status. Therefore, the level
of dividends declared can go down as well as up. An
unchanged interim dividend of 0.7p per share for the year
ended 31 March 2026 was paid on 9 January 2026 to
shareholders on the register on 28 November 2025.
The Company’s net revenue for the year as a whole
decreased to £9.5m from £12.3m. This was due largely to
the relatively low exposure to higher yielding stocks in the
portfolio as well as a reduction in the size of the portfolio
due to shares being bought back by the Company during
the year. As a result, the revenue return per share was 2.2p
(2025: 2.4p per share).
Accordingly, the Board is proposing an unchanged final
dividend for the year of 1.7p per share. Together with the
interim dividend already paid, this makes a total dividend for
the year of 2.4p per share (2025: 2.4p per share).
The effect of share buybacks means that the reported
dividend per share, which is based on the number of shares
in issue at the end of the financial year, is higher than the
reported revenue return per share, which is based on the
average number of shares in issue over the year.
Based on the closing mid-market share price of 337.5p
on 3 June 2026, the total dividend payment for the year
represents a current yield of 0.7%.
The final dividend will be payable, subject to shareholder
approval, on 23 July 2026, to shareholders on the register of
members on 12 June 2026. The associated ex-dividend date
will be 11 June 2026.
The Company’s dividend policy, which is set out on page 34
of this Annual Report, will be proposed for approval at the
forthcoming Annual General Meeting.
BOARD OF DIRECTORS
As mentioned previously, I will be retiring as Chair of the
Company’s Board at the conclusion of this year’s Annual
General Meeting. The four years of my tenure as Chair have
seen a renewal of the Board. With the process of reshaping
the Board now complete, the Board has a more evenly
spread maturity profile established for the years ahead. In
addition, it is the Board’s intention going forward to limit the
tenure of all Directors to nine years.
As already announced, the Board has, by way of a thorough
succession process, chosen William Hemmings to succeed
me as Chair. William is an experienced and strong leader
who I am confident will guide the Board and the Company
well in the years ahead.
ENVIRONMENTAL, SOCIAL AND
GOVERNANCE (“ESG”) MATTERS
ESG matters continue to be an important priority for the
Board. Our objective is to have full, transparent disclosure
on the topic. Our Senior Independent Director, Bina Rawal,
works closely with our Portfolio Manager on this matter.
STATEMENT FROM THE CHAIR CONTINUED
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
8
Our Portfolio Manager remains committed to taking
a leading role in the development of meaningful ESG
engagement practices in the healthcare sector. As part of
this, they facilitate dialogue and an exchange of leading
practices among investors, companies and other relevant
experts on ESG, in particular, in the large capitalisation
pharmaceutical sector. They also engage with a broad
range of companies on a regular basis about where areas
for improvement can be identified. Further information on
both ESG matters and climate change can be found in the
Portfolio Manager’s ESG report.
PERFORMANCE FEE
There is currently no provision within the Company’s NAV for
the payment of a performance fee at a future calculation date.
I would highlight that earning a performance fee is difficult
for our Portfolio Manager and is dependent on the long-term
outperformance of the Company. Any outperformance has
to be maintained for 12 months after the relevant calculation
date and only becomes payable to the extent that the
outperformance gives rise to a total fee greater than the total
of all performance fees paid to date. This ensures that a
performance fee is not payable for any outperformance that
contributes to the recovery of prior underperformance.
ARTICLES OF ASSOCIATION
Following recent market guidance and a review of the
Company’s governance arrangements, a resolution is to
be proposed to shareholders at the Company’s Annual
General Meeting to adopt new Articles of Association. The
new provisions of the Company’s Articles of Association
are intended to strengthen the Company’s governance
framework and ensure that the Board has appropriate
protections and flexibility to respond effectively to
unforeseen circumstances arising at shareholder meetings,
including scenarios where insufficient directors are elected.
The Board remains committed to maintaining a robust
and effective system of governance and to engaging
constructively with shareholders. Further details of the
changes are set out on page 50 of this Annual Report.
ANNUAL GENERAL MEETING (“AGM”)
The Company’s AGM will this year be held at Barber-
Surgeons’ Hall, Monkwell Square, Wood Street, Barbican,
London EC2Y 5BL on Tuesday, 14 July 2026 from 12.30pm.
In addition to the formal proceedings, there will be an
opportunity to meet the Board and the Portfolio Manager
and to receive an update on the Company’s strategy. We look
forward to seeing as many of you as possible there.
For those investors who are not able to attend the meeting
in person, a video recording of the Portfolio Manager’s
presentation will be uploaded to the website after the
meeting. Shareholders can submit questions in advance by
sending them to wwh@frostrow.com.
I encourage all shareholders to exercise their right to vote at
the AGM and to register your votes online in advance of the
meeting. Registering your vote in advance will not restrict
you from attending and voting at the meeting in person
should you wish to do so. The votes on the resolutions to
be proposed at the AGM will again be conducted on a poll.
The results of the proxy votes will be published following
the conclusion of the AGM by way of a stock exchange
announcement and will also be able to be viewed on the
Company’s website at www.worldwidewh.com.
OUTLOOK
The near-term outlook for global equity markets remains,
as always, uncertain. Current issues contributing to market
volatility and risk appetite include the impact of wars and
supply constraints on inflation and consumer spending,
the potentially positive and negative impacts of Artificial
Intelligence (“AI”) and, in this context, the future direction and
level of interest rates.
Within this environment, both our Portfolio Manager and
the Board remain positive on the outlook for global equities
over the long-run and, in particular, for the global healthcare
sector. The U.S. regulatory environment appears increasingly
supportive of innovation. At the same time, Large Cap
Pharmaceutical companies continue to face significant
patent expiry pressures, thus they are investing heavily in
their innovative pipelines and there is a strong incentive for
continued M&A activity, particularly in the Biotechnology
sector, where valuations remain attractive relative to the high
quality of innovation being delivered.
Overall, the Board remains confident in our Portfolio
Manager’s successful long-term investment strategy of
focusing on innovation and growth opportunities across
the healthcare spectrum and believes that the Company
will continue to generate attractive long-term returns for
shareholders.
IN CLOSING
It has been my privilege to serve the Company as a Director
for 14 years and as Board Chair for the last four years. In
addition to the many strong relationships I have developed
during my time with the Company, I am grateful for the
support and inspiration I have received from the Directors
I have worked with, for the world-class expertise and
professionalism of OrbiMed and for our shareholders and
their continued confidence. I leave knowing the Company is
in good hands.
Doug McCutcheon
Chair
4 June 2026
STATEMENT FROM THE CHAIR CONTINUED
STRATEGIC REPORT
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
9
BOARD ANNUAL PROCESS
The Board maintains a high level of communication between
its members and with its advisers. During the year, the Board
held quarterly meetings and additional Board meetings as
required.
In addition, meetings of the Management Engagement &
Remuneration, Nominations and Audit & Risk Committees
are held (see page 58 for details of the Board and
Committee meetings held during the year).
On an ongoing basis, the Board oversees and reviews,
amongst other things: the roles and performance of the
Portfolio Manager and the Company’s other advisers;
the Company’s investment portfolio, net asset value and
share price performance; operational risks; expenses; the
broader investment trust sector and regulatory environment;
shareholder communications and investor relations; the
make-up and evolution of the Board and its committees.
CAPITAL ALLOCATION
The Board understands that long-term shareholder value is
driven by effectively allocating the Company’s capital.
Over the long run, the Board believes that having the
Portfolio Manager reinvest capital into healthcare
investments in the Company’s portfolio will generate the
highest overall returns. This is reflected in the Company’s
dividend policy, which involves only paying dividends to the
extent required to maintain investment trust status.
In periods when the Company’s share price is trading at a
discount to its net asset value, the Board is also committed
to allocating capital to repurchasing shares. Particularly
when such periods coincide with lower valuations and
attractive investment opportunities in the healthcare sector,
the Board uses its judgement as to how best to split the
allocation of the Company’s capital.
During the year, a total of 121,219,387 shares, representing
24.5% of the shares outstanding at the beginning of the
year, were repurchased at a cost of £396.3m and an average
discount of 7.0% to the net asset value per share.
SHAREHOLDER ENGAGEMENT
The Board believes that shareholder engagement is key
to generating a committed and informed investor base.
Recently declining incremental investor demand across
the investment trust sector, and an increase in share price
discounts, has reinforced the importance of this activity.
The Company’s efforts are actively supported by our
Portfolio Manager (OrbiMed), our AIFM (Frostrow) and
our PR consultant (Quill Communications), all with the
aim of providing information and insight to our existing
shareholders, while also generating new demand for the
shares across professional and retail investors. Some of our
more recent activities are highlighted below.
During 2025, OrbiMed had 20 meetings with professional
investors, the Chairman and Chairman elect had 8 and
Frostrow held a further 83 professional investor meetings,
which involved both existing and potential shareholders.
Frostrow arranged a professional investor webinar for
OrbiMed, in October 2025, involving 63 investors. The video
recording of the event was viewed 333 times.
The AGM held on 9 July 2025 attracted 27 investors in
person and the video recording of OrbiMed’s presentation
has been viewed 301 times.
Frostrow creates a monthly fact sheet that is circulated
by email to a discreet database of over 2,700 professional
investors.
The Company has a permanent slot at the annual
Frostrow Seminar in London in May, that involves around
120attendees. Recordings of the presentation were sent to
over 5,200 people.
The Company’s broker, Winterflood, held an investment
companies’ conference in January 2026 at which Portfolio
Manager, Trevor Polischuk presented to an audience of
professional investors.
Edison writes two research notes every year and produces
accompanying videos, which are typically viewed by over
2,000 people. Their webinar in October 2025, featuring the
Company, was recorded and subsequently viewed by over
6,900 private and professional investors.
Quill Communications is constantly engaging with relevant
journalists. During 2025 this resulted in articles in a mix of
publications including Citywire, Daily Telegraph, Financial
Times, IFA Magazine, Interactive Investor, Investors’
Chronicle, Master Investor, Money Makers, MoneyWeek,
Shares Magazine, The Armchair Trader, The Times, This is
Money, Trustnet.
Considerable effort is made by both Quill Communications
and Frostrow to engage directly with retail investor
platforms, to get them to produce articles and carry content
about the Company.
Board and Adviser Activity During the Year
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
10
INVESTMENT OBJECTIVE
The Company invests 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 on a net total return,
sterling adjusted basis (“Benchmark”).
INVESTMENT STRATEGY
The implementation of the Company’s Investment Objective
has been delegated to OrbiMed by Frostrow (as“AIFM”)
under the Board’s and Frostrow’s supervision and guidance.
Details of OrbiMed’s investment strategy and approach are
set out in the Portfolio Manager’s Review on pages 16 to 31.
While the Board’s strategy is to allow flexibility in managing
the investments, in order to manage investment risk it
has imposed various investment, gearing and derivative
guidelines and limits, within which Frostrow and OrbiMed
are required to manage the investments, as set out below.
Any material changes to the Investment Objective, Policy
and Benchmark or the investment, gearing and derivative
guidelines and limits require approval from shareholders.
INVESTMENT POLICY
INVESTMENT LIMITS AND GUIDELINES
• The Company will not invest more than 15% of the
portfolio in any one individual stock at the time of
acquisition;
• At least 50% of the portfolio will normally be invested in
larger companies (i.e. with a market capitalisation of at
least U.S.$10bn);
• At least 20% of the portfolio will normally be invested in
smaller companies (i.e. with a market capitalisation of less
than U.S.$10bn);
• Investment in unquoted securities will not exceed 10%
of the portfolio at the time of acquisition;
• A maximum of 5% of the portfolio, at the time of
acquisition, may be invested in each of debt instruments,
convertibles and royalty bonds issued by pharmaceutical
and biotechnology companies;
• A maximum of 40% of the portfolio, at the time of
acquisition, may be invested in companies in the
healthcare equipment and supplies sector; and a
maximum of 30% of the portfolio, at the time of
acquisition, may be invested in companies in the
healthcare providers and services sector.
• The Company will not invest more than 10% of its gross
assets in other closed ended investment companies
(including investment trusts) listed on the London Stock
Exchange, except where the investment companies
themselves have stated investment policies to invest no
more than 15% of their gross assets in other closed ended
investment companies (including investment trusts) listed
on the London Stock Exchange, where such investments
shall be limited to 15% of the Company’s gross assets at
the time of acquisition.
DERIVATIVE STRATEGY AND LIMITS
In line with the Investment Objective, derivatives are employed,
when appropriate, in an effort to enhance returns and to
improve the risk-return profile of the Company’s portfolio. Only
Equity Swaps were employed within the portfolio during the
year.
The Board has set the following limits within which derivative
exposures are managed:
• Derivative transactions (excluding equity swaps) can
be used to mitigate risk and/or enhance capital returns
and will be restricted to a net exposure of 5% of the
portfolio;and
• Equity Swaps may be used in order to meet the
Company’s investment objective of achieving a
highlevelof capital growth, and counterparty exposure
through these is restricted to 12% of the gross assets of
the Company at the time of acquisition.
The Company does not currently hedge against foreign
currency exposure.
Investment Objective and Policy
STRATEGIC REPORT
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
11
GEARING LIMIT
The Board has set a maximum gearing level, through
borrowing, of 20% of the net assets.
LEVERAGE LIMITS
Under the AIFMD the Company is required to set maximum
leverage limits. Leverage under the AIFMD is defined as any
method by which the total exposure of an AIF is increased.
The Company has two current sources of leverage: the
overdraft facility, which is subject to the gearing limit; and,
derivatives, which are subject to the separate derivative limits.
The Board and Frostrow have set a maximum leverage limit of
140% on both the commitment and gross basis.
Further details on the gearing and leverage calculations, and
how total exposure through derivatives is calculated, are
included in the Glossary beginning on page 97. Further details
on how derivatives are employed can be found in note 16
beginning on page 89.
INVESTMENT OBJECTIVE AND POLICY CONTINUED
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
12
Investments Sector Country
Market value
£’000
% of
investments
Eli Lilly Pharmaceuticals United States 148,410 11.3
Boston Scientific Health Care Equipment & Supplies United States 92,370 7.1
AstraZeneca Pharmaceuticals Britain 84,982 6.5
Intuitive Surgical Health Care Equipment & Supplies United States 62,245 4.8
Edwards Lifesciences Health Care Equipment & Supplies United States 60,764 4.7
Merck Pharmaceuticals United States 60,519 4.6
Roche Pharmaceuticals Switzerland 57,913 4.4
Argenx Biotechnology Netherlands 49,527 3.8
Bristol-Myers Squibb Pharmaceuticals United States 42,536 3.3
Pfizer Pharmaceuticals United States 41,433 3.2
Top 10 investments
700,699 53.7
Stryker Health Care Equipment & Supplies United States 38,863 3.0
Danaher Life Sciences Tools & Services United States 33,427 2.6
Daiichi Sankyo Pharmaceuticals Japan 31,976 2.4
Alnylam Pharmaceuticals Biotechnology United States 29,830 2.3
Structure Therapeutics Biotechnology United States 29,264 2.2
Natera Life Sciences Tools & Services United States 27,466 2.1
Caris Life Sciences Life Sciences Tools & Services United States 27,025 2.1
CG Oncology Biotechnology United States 26,907 2.1
Elevance Health Health Care Providers & Services United States 25,488 2.0
UCB Pharmaceuticals Belgium 22,586 1.7
Top 20 investments
993,531 76.2
Shanghai INT Medical Instruments Health Care Equipment & Supplies China 22,368 1.7
Sino Biopharmaceutical Pharmaceuticals Hong Kong 21,353 1.6
Mineralys Therapeutics Biotechnology United States 20,119 1.5
Guardant Health Life Sciences Tools & Services United States 19,294 1.5
Praxis Precision Medicines Biotechnology United States 18,838 1.4
Abivax Biotechnology France 18,349 1.4
Akeso Biotechnology China 18,099 1.4
Xenon Pharmaceuticals Biotechnology Canada 17,636 1.3
Thermo Fisher Scientific Life Sciences Tools & Services United States 17,348 1.3
Ascendis Pharma Biotechnology Denmark 15,693 1.2
Top 30 investments
1,182,628 90.5
BrightSpring Health Services Health Care Providers & Services United States 14,537 1.1
Axsome Therapeutics Biotechnology United States 14,344 1.1
Dyne Therapeutics Biotechnology United States 13,932 1.1
Beijing Yuanxin Technology * Health Care Providers & Services China 13,531 1.0
Hangzhou Tigermed Consulting Health Care Providers & Services China 12,923 1.0
uniQure Biotechnology Netherlands 10,946 0.8
EDDA Healthcare & Technology * Health Care Equipment & Supplies China 10,272 0.8
Alignment Healthcare Health Care Providers & Services United States 9,517 0.7
Ruipeng Pet Group * Health Care Providers & Services China 6,733 0.5
Carlsmed Health Care Equipment & Supplies United States 5,846 0.4
Top 40 investments
1,295,209 99.0
Portfolio
INVESTMENTS HELD AS AT 31 MARCH 2026
* Unquoted holding
STRATEGIC REPORT
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
13
Investments Sector Country
Market value
£’000
% of
investments
API Holdings * Health Care Providers & Services India 4,626 0.4
Visen Pharmaceuticals Biotechnology China 2,612 0.2
Peloton Therapeutics - Milestone * Biotechnology United States 1,308 0.1
ImageneBio Biotechnology United States 509 0.0
Total investments 1,304,264 99.7
Biotech M&A Target Swap Swap Baskets United States 189,383 14.5
Jiangsu Hengrui Pharmaceuticals Pharmaceuticals China 65,469 5.0
Less: Gross exposure on financed swaps (251,062) (19.2)
Total OTC Swaps 3,790 0.3
Total investments including OTC Swaps 1,308,054 100.0
* Unquoted holding
SUMMARY
Investments
Market value
£’000
% of
investments
Quoted Equities 1,267,795 96.9
Unquoted Equities 36,469 2.8
Equity Swaps 3,790 0.3
Total of all investments 1,308,054 100.0
PORTFOLIO CONTINUED
ABSOLUTE CONTRIBUTION BY INVESTMENT FOR THE YEAR ENDED 31 MARCH 2026
Principal contributors to and detractors from net asset value performance
TOP FIVE CONTRIBUTORS
SECTOR COUNTRY
CONTRIBUTION
£’000
CONTRIBUTION
PER SHARE
P
AstraZeneca
Pharmaceuticals Europe 32,142 7.6
CG Oncology Biotechnology United States 22,198 5.2
Exact Sciences* Health Care Services United States 22,026 5.2
Avidity Biosciences* Biotechnology United States 21,440 5.1
Apellis Pharmaceutical* Biotechnology United States 21,173 5.0
TOP FIVE DETRACTORS
SECTOR COUNTRY
CONTRIBUTION
£’000
CONTRIBUTION
PER SHARE
P
Stryker
Health Care Equipment & Supplies United States (7,493) (1.8)
Vertex Pharmaceuticals* Biotechnology United States (10,328) (2.4)
Daiichi Sankyo Pharmaceuticals Japan (11,426) (2.7)
UnitedHealth* Health Care Providers & Services United States (50,312) (11.9)
Boston Scientific Health Care Equipment & Supplies United States (59,693) (14.1)
* Not held at 31 March 2026
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
PORTFOLIO CONTINUED
* Figures expressed as a % of the total economic exposure. This includes all derivatives as an economically equivalent position in the underlying holding and
allocated to the underlying holding’s respective Sector and Region. Within the Region diagrams unquoted investments have been allocated into their respective
countries.
Portfolio Distribution
SECTOR* REGION*
2026 2025
Pharmaceutical
29.4%
20.7%
Biotechnology
29.2%
26.3%
Healthcare Equipment & Supplies
16.7%
26.2%
Emerging Market
9.2%
6.9%
Life Sciences Tools & Services
8.0%
5.3%
Healthcare Providers & Services
3.2%
6.2%
Unquoted
2.3%
5.7%
Japan
2.0%
2.7%
2026 2025
North America
70.0%
77.7%
Europe
16.6%
10.2%
China
11.1%
8.3%
Japan
2.0%
2.7%
India
0.3%
1.1%
14
2
0
2
6
2
0
2
6
2
0
2
5
2
0
2
5
STRATEGIC REPORT
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
15
OrbiMed was founded in 1989
and has evolved over time to
be one of the largest dedicated
healthcare investment firms in
the world. OrbiMed has managed
the Company’s portfolio since its
launch in 1995.
OrbiMed had approximately U.S.$20 billion in assets under
management as of 31 March 2026, across a range of
funds, including investment trusts, hedge funds, and private
equityfunds.
INVESTMENT STRATEGY AND PROCESS
Within the guidelines set by the Board, the OrbiMed team
works to identify sources of outperformance, or alpha, with
a focus on fundamental research. In healthcare, there are
many primary sources of alpha generation, especially in
therapeutics. Clinical events such as the publication of new
clinical trial data is a prominent example and historically
has been the largest source of share price volatility.
Regulatory events, such as new drug approvals by U.S.,
European, or Japanese regulatory authorities are also stock
moving events. Subsequent new product launches are
carefully tracked and forecasted. Other sources include
legal events and, of course, merger and acquisition activity.
The team has a global focus with a universe of coverage
that covers the entire spectrum of companies, from early
stage companies with pre-clinical assets to fully integrated
biopharmaceutical companies. The universe of actively
covered companies is approaching 1,000.
OrbiMed emphasises investments in companies with
under-appreciated products in the pipeline, high quality
management teams, and adequate financial resources.
A disciplined portfolio construction process is utilised
to ensure the portfolio is focused on high conviction
positions. Finally, the portfolio is subject to a rigorous risk
management process.
THE TEAM
The wider OrbiMed Investment Team continues to expand
and now has over 150 professionals that cover all aspects
of research, trading, finance, and compliance. This includes
over 30 degree holders with MD and/or PhD credentials,
healthcare industry veterans, and finance professionals with
over 20 years of experience.
The firm has a global investment horizon and the OrbiMed
footprint now spans three continents with offices in New
York, San Francisco, Herzliya (Israel), Hong Kong, Shanghai,
Mumbai and London.
The lead managers with responsibility for the Company’s
portfolio are as follows:
Sven H. Borho, CFA,
Sven H. Borho, CFA, is a founder
and Managing Partner of OrbiMed.
Sven heads the public equity team
and he is the portfolio manager for
OrbiMed’s public equity and hedge
funds. He has been a portfolio
manager for the firm’s funds since
1993 and has played an integral role
in the growth of OrbiMed’s asset management activities.
He started his career in 1991 when he joined OrbiMed’s
predecessor firm as a Senior Analyst covering European
pharmaceutical firms and biotechnology companies
worldwide. Sven studied business administration at
Bayreuth University in Germany and received a M.Sc.
(Econs.), Accounting and Finance, from The London School
of Economics.
Trevor M. Polischuk, Ph.D.
Trevor M. Polischuk, Ph.D., is a
Partner at OrbiMed focused on the
global pharmaceutical industry.
Trevor joined OrbiMed in 2003 and
became a Partner in 2011. Previously,
he worked at Lehman Brothers as a
Senior Research Analyst covering the
U.S. pharmaceutical industry. Trevor
began his career at Warner Lambert as a member of the
Global Marketing Planning team within Parke-Davis. Trevor
holds a Doctorate in Neuropharmacology & Gross Human
Anatomy and an M.B.A. from Queen’s University, Canada.
OrbiMed Capital LLC
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
16
MARKETS
The year ended 31 March 2026 presented an extraordinarily
complex and volatile environment for global equities,
characterised by severe geopolitical shocks, aggressive
shifts in United States regulatory policy, and profound
sector rotation. Investors were forced to navigate a variety
of macroeconomic crosscurrents, from periods of intense
optimism surrounding technology to extreme risk aversion
driven by international conflict and inflation fears.
The financial year can broadly be divided into two distinct
themes: a robust recovery phase driven by the
relief-rally rebound post Liberation Day, followed by a
se
vere macroeconomic contraction precipitated b
y conflict
in the Middle East. Global equity markets advanced
steadily through the first half of the period, supported by
stabilising corporate earnings and the anticipation of an
accommodative monetary policy stance from the U.S.
Federal Reserve. This allowed the market to post all-time
highs for six months in a row, from June through October
and, after a brief November pause, resume in earnest in
January and February only to be abruptly disrupted in the
final month of the financial year following the outbreak of
war with Iran.
Healthcare stocks, meanwhile, had a very different path.
Whilst the broad market was able to shake off U.S. tariff
concerns by May, continued rhetoric from the Trump
administration on both pharmaceutical tariffs and U.S.
drug pricing kept a lid on the healthcare sector for an
additional five months, leading to a stark underperformance
that peaked at over 22% (total return in sterling terms)
on 29September 2025. These issues, in particular, the
perceived threat of a calamitous change to federal drug
pricing rules through the proposed “Most Favoured Nation”
pricing policy, kept investors away from healthcare,
especially given the broader stock market rally.
Portfolio Manager’s Review
Index Returns: Broad Market vs. Healthcare
(Year ended 31 March 2026)
-15 %
-10 %
-5%
0%
5%
1 0%
1 5%
2 0%
2 5%
Mar 2025 May 2025 Jul 2025 Sep 2025 Nov 20 25 Jan 2026 Mar 2026
+1.8%
+16.6%
Source: OrbiMed
STRATEGIC REPORT
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
17
PORTFOLIO MANAGER’S REVIEW CONTINUED
Index Returns: Broad Market vs. Healthcare: Six-Month Periods
(31 March 2025 to 30 September 2025 vs. 30 September 2025 to 31 March 2026)
The shape of healthcare returns then took a dramatic turn
on 30 September 2025 when the Trump administration
agreed to the first of 17 drug pricing and tariff agreements
with the global major biopharmaceutical players. This
event triggered a decoupling from the broader market and
began a sustained rally based on fundamental clinical
and commercial execution, given the partial easing and
clarification of twomajor overhangs: U.S. drug pricing
and pharmaceutical tariffs. Even as the broader market
collapsed in March 2026 due to the Iran conflict, specific
subsectors within healthcare – most notably Biotechnology
– demonstrated remarkable resilience, insulated by a
historic wave of mergers and acquisitions (M&A) activity that
highlighted the inelastic demand for therapeutic innovation.
Index Returns: Key Healthcare Sub-Sectors vs. S&P 500
(Six-month period from 30 September 2025 to 31 March 2026)
Source: Bloomberg as of 31 March 2026. Returns shown in sterling total return terms for SPDR S&P Biotech ETF (XBI), NYSE Arca Equal Weighted
Pharmaceutical Index, MSCI World Health Care Index and S&P 500 Index.
20%
15%
10%
5%
0%
-5%
-10%
-15%
Mar 2025 May 2025 Jul 2025 Sep 2025
Healthcare stocks – particularly Biotechnology – have outpaced the broader market since 30 Sept
COMMENTARY
Biotech inflects after pricing
deals, aided by interest rates
cuts, and accelerating M&A
Pharma accelerates and
remained partially resilient in
the face of the Iran conflict
Broad markets clearly
underperforms, exacerbated
by tech volatility and
geopolitical tensions
Healthcare accelerates with
strength driven by
therapeutics while other
segments still lagged
(5%)
0%
5%
10%
15%
20%
25%
30%
35%
Sep 2025 Oct 2025 Nov 2025 Dec 2025 Jan 2026 Feb 2026 Mar 2026
+0.2%
+9.4%
+17.0%
+31.0%
Health
+9.4%
+1.7%
20%
15%
10%
5%
0%
-5%
-10%
-15%
Mar 2026Jan 2026Nov 2025Sep 2025
Source: OrbiMed
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
18
PORTFOLIO MANAGER’S REVIEW CONTINUED
ALLOCATION
The core philosophy governing the portfolio’s allocation
strategy remains steadfast: prioritising investment in
paradigm-shifting medical innovation across the entire
global healthcare ecosystem. The portfolio is dynamically
managed to optimise risk-adjusted returns, deliberately
deviating from the constraints of the MSCI World Health
Care Index to capture the alpha generated by clinical trial
successes, regulatory approvals, and corporate consolidation.
Throughout the year, we remained agile in navigating
valuation dislocations and opportunities created by both
macro factors and changing industry fundamentals.
The most critical element of the portfolio’s allocation was
the maintenance of a structural overweight position in
Biotechnology, specifically targeting Emerging Biotechnology
companies. As of the year-end, the Company’s portfolio held
a 31.8% absolute weight in Biotechnology compared to an
index weight of 10.6%, reflecting our ongoing bullishness and
fundamental belief around the enormous therapeutic innovation
and new drug opportunities emanating from the sector. This was
a modest increase from the 29.6% Biotechnology weight at the
prior year-end, when the index weight was 9.0% and the active
overweight was +20.6%. Within this, Emerging Biotechnology
increased from 27.0% to 31.8% on 31 March 2026, while the
Emerging Biotechnology active overweight increased from
+24.8% to +28.7%.
Within the broader Pharmaceuticals sub-sector, the portfolio
maintained a selective posture and remained structurally
underweight. The portfolio’s strategy avoids passive
exposure to Pharmaceuticals, instead concentrating capital
exclusively in companies possessing industry-leading drug
discovery, pipelines, development, pricing, new product
flow, and dominant positions in growth categories such as
oncology, rare diseases, immunology, and cardiometabolic
disorders. This selective approach allowed the portfolio
to maximise exposure to superior commercial execution
while minimising the drag of sector-wide patent expirations.
However, given the greater clarity on federal drug pricing and
company-specifictariff stays, while recognising that tariff
risk has not disappeared entirely, we materially increased
our weighting here, particularly in the second half of the
year. Overall, we closed the year with a weighting of 34.1%
in Pharmaceuticals, representing more than a 10% increase
from the start of year positioning but still notably below the
Benchmark weight of 50.9%.
The allocation to Healthcare Equipment & Supplies
(MedTech) required the most tactical manoeuvring during
the financial year. The portfolio entered the period with an
overweight position, anticipating a continued recovery in
global surgical procedure volumes and the acceleration of
specific new product super-cycles in cardiovascular and
robotic surgery. However, the macroeconomic environment
began to deteriorate and rotation into Pharmaceuticals and
Biotechnology (from MedTech) became evident. Recognising
the vulnerability of highly elevated MedTech valuation multiples
at this time, we reduced exposure. By the end of March 2026,
the portfolio’s weighting had been reduced to 18.8% from
WWH vs MSCI World HC Index
(31 March 2026)
© 2026 OrbiMed Advisors LLC. All Rights Reserved. CONFIDENTIAL. 5
Positioning
Source: OrbiMed; Data updated as of 31 March 2026
Excludes Options. Basket positions have their constituents allocated to their respective subsectors. Future weightings may differ.
31 March 2026
Subsector WWH %NAV MSCI World HC Delta
Pharmaceuticals
34.1 50.9 (16.7)
Large Cap Pharma
31.5 46.1 (14.6)
Specialty Pharma
2.6 4.7 (2.1)
Biotechnology
31.8 10.6 +21.2
Large Cap Biotech
0.0 7.6 (7.6)
Emerging Biotech
31.8 3.1 +28.7
Life Science Tools
9.0 9.0 -
Medical Technology
18.8 14.1 +4.7
Healthcare Services
3.6 11.4 (7.8)
Japan
2.3 4.0 (1.7)
Emerging Markets
10.3 0.0 +10.3
Privates
2.6 0.0 +2.6
Total
112.5 100.0 +12.5
CHANGE
since 31 March 2025
+1000 bps
+320 bps
+300 bps
-1050 bps
-330 bps
-70 bps
+260 bps
-370 bps
Source: OrbiMed;
Basket positions have their constituents allocated to their respective subsectors. Future weightings may differ.
STRATEGIC REPORT
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
19
PORTFOLIO MANAGER’S REVIEW CONTINUED
almost 30% at the beginning of the year, partially mitigating the
portfolio from additional drawdowns in the sector whilst still
maintaining a modest overweight position at year end of 4.7%.
The remaining exposure is concentrated in companies with
differentiated, difficult-to-replicate products, durable innovation
cycles and attractive long-term growth prospects which
supported retaining a modest overweight despite the reduction.
Exposure to Healthcare Providers and Services remained
structurally underweight throughout the financial year and
was reduced over the period. This defensive positioning was
driven by the severe structural and regulatory challenges
afflicting the United States managed care industry. Health
insurers, particularly those with heavy exposure to the
Medicare Advantage program, faced a difficult margin
environment through mispriced plans set in the prior
calendar year.
Geographically, the portfolio maintained targeted exposure to
Emerging Markets, with a specific focus on the burgeoning
life sciences sector in China. Despite the persistent overhang
of geopolitical tensions and the threat of bilateral tariffs, the
fundamental quality of innovation emerging from the Chinese
biotechnology ecosystem could not be ignored. Exposure
to China increased over the financial year primarily due to
share price appreciation despite reductions from profit-taking.
More broadly, the investment case for China healthcare is
no longer limited to domestic demand growth; it increasingly
includes the ability of Chinese biotechnology companies
to generate globally relevant innovation, as evidenced by
growing cross-border licensing activity with U.S. and European
pharmaceutical partners.
PERFORMANCE
The Company delivered strong absolute performance and
very strong relative performance for the financial year ended
31 March 2026, successfully navigating unprecedented
macroeconomic volatility to capture the value created
by clinical breakthroughs and aggressive corporate
consolidation within the life sciences sector. For the
year, the por
tfolio’s Net Asset Value (“
NAV”) per share
generated a total return of +10.0%. This absolute
performance stands in contrast to the broader healthcare
market, as the Benchmark returned +1.8% on a net total
return, sterling-adjusted basis. Consequently, the portfolio
generated a material excess return of +8.2% over the
Benchmark for the year. The Company’s share buyback
programme also contributed meaningfully, adding +1.8% to
NAV per share total return during the period.
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
Mar 2025
Apr 2025
May 2025
Jun 2025
Jul 2025
Aug 2025
Sep 2025
Oct 2025
Nov 2025
Dec 2025
Jan 2026
Feb 2026
Mar 2026
Health
+1.8%
+10.0%
Excess
Retum
+8.2%
Worldwide Healthcare Trust vs. MSCI World Health Care Index
(Year performance ending 31 March 2026)
Source: OrbiMed
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
20
PORTFOLIO MANAGER’S REVIEW CONTINUED
The financial year began with significant headwinds; in April
2025, in the face of “Trump-induced volatility” surrounding
potential pharmaceutical tariffs and drug pricing threats.
May 2025 brought further declines, as this rhetoric
intensified. However, a critical inflection point arrived in
the autumn. Following the resolution of the United States
drug pricing policy overhang via the Pfizer agreement on
30 September 2025, the healthcare sector experienced
a massive relief rally. The portfolio captured this upside
aggressively, posting a +8.5% return in October 2025 (2.8%
excess return over the Benchmark) and following this with a
+8.7% return in November 2025 (1.5% excess return).
The final quarter of the financial year was dominated by the
macroeconomic shock of the Iran war, which crushed global
equity multiples. In March 2026, the broader healthcare
Benchmark capitulated, falling 6.6%. The portfolio, however,
demonstrated notable resilience, declining only 4.3% and
thereby generating a +2.3% excess return in a severely
downmarket.
This resilience culminated in a historic achievement on
the final trading day of the financial year. On 31 March
2026, the announcement of two notable biotechnology
acquisitions (including Biogen’s buyout of portfolio holding
Apellis Pharmaceuticals) triggered a massive rally in
the therapeutics space. On this single day, the portfolio
recorded its best one-day excess return on record at +4.0%,
and its fifth-best one-day absolute return at +5.6%. This
solid finish put a capstone on the Company’s M&A strategy
that was employed throughout the financial year.
Total Return Performance Since Inception
(£100 invested at launch to 31 March 2026)
Performance since inception to 31 March 2026 remains
impressive, improving to a +4,679% return since April 1995.
This represents an average annualised return of 13.3% over
the 30-plus year period. This ranks the Company in second
place among all closed-end trusts (>£250m) across this
period, regardless of industry (source: Winterflood). These
figures also show a clear outperformance of the (blended)
Benchmark over this period and over the FTSE 100 index
as well. The Company achieved an all-time high NAV in the
fiscal year, at 421.8p as on 26 November 2025.
Source: OrbiMed
STRATEGIC REPORT
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
21
PORTFOLIO MANAGER’S REVIEW CONTINUED
SUB-SECTOR CONTRIBUTION
For the full year, outsized contribution came primarily from
two sub-sectors: Biotechnology and Pharmaceuticals. The
main offset of significance was MedTech, predominantly
due to the dramatic share price decline in Boston Scientific.
Biotechnology was the primary alpha generator for the
financial year. On an absolute basis, listed Biotechnology
contributed +7.8%, while the Company’s proprietary Biotech
M&A Basket added a further +5.6%, together accounting
for +13.4% of NAV performance. On a relative basis, these
two areas were also the dominant contributors to the
Company’s +8.2% in excess return, with listed Biotechnology
contributing +6.6% and the Biotech M&A Basket contributing
+5.6%, before offsets elsewhere in the portfolio.
Source: Bloomberg, OrbiMed; Data updated through 31 March 2026
Note: WWH performance figures are estimates
Outsized contribution from Biotech; Boston Scientific primary material negative
Biotechnology
M&A Basket
Pharmaceuticals
Emerging Markets
Life Science Tools
Japan
Unquoteds
Healthcare Services
Medical Technology
TOTAL
+7.8%
+5.6%
+4.3%
+1.4%
+1.1%
(0.8%)
(1.1%)
(3.3%)
(5.4%)
+10.0%
Absolute Return
15%
0%
(5)%
- 5%
- 10%
Absolute Return by Sub-Sector
*includes other impacts such as Fixed Income, Options, Royalty, and effects on Cash
Source: Bloomberg, OrbiMed; Data updated through 29 August 2025
Note: WWH performance figures are estimates
Outsized contribution from Biotech whilst Boston Scientific sole material negative
Biotechnology
M&A Basket
Emerging Markets
Life Science Tools
Healthcare Services
Unquoteds
Japan
Pharmaceuticals
Medical Technology
TOTAL
+6.6%
+5.6%
+1.4%
+1.1%
+0.2%
(1.1%)
(1.2%)
(2.2%)
(2.4%)
+8.2%
Excess Return
15%
0%
(5)%
- 5%
- 10%
Excess Return by Sub-Sector
Sub-sector Contribution
(Absolute for the period ending 31 March 2026)
Sub-sector Attribution
(Relative for the period ending 31 March 2026)
Source: OrbiMed
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
22
In Pharmaceuticals, positive absolute returns were
generated through stock selection, although the portfolio’s
underweight allocation meant the contribution to relative
performance was modestly negative. Despite positioning,
the portfolio’s carefully curated Pharmaceutical holdings
contributed a positive +4.3% to absolute performance
by maintaining a strategy of avoiding the “Have Nots”
of the industry-companies with deteriorating pipelines
and material exposure to patent expirations. Instead,
the portfolio concentrated its capital exclusively in the
“Haves” – companies with strong growth, large pipelines,
impressive new product flow, and minimal patent exposure.
When the sector re-rated following the resolution of the
Trump administration’s pricing policies, these high-quality
entities captured the vast majority of the upside, including
AstraZeneca and Eli Lilly.
Contributions or detractions from other sub-sectors
were more subdued. In Emerging Markets for example,
contribution reached +3.7% in the first half of the year but
fell to +1.4% for the full financial year. This was due to a mix
of profit taking in China healthcare stocks and heightened
geopolitical tensions in the latter half of the year.
In Life Science Tools, the sub-sector provided a solid,
positive contribution of +1.1% to absolute returns and
outperformed the Benchmark contribution that was close
to flat. For reporting purposes, Diagnostics is captured
within the Life Science Tools line rather than as a separate
sub-sector. Within this area, the portfolio is focused on
differentiated diagnostic platforms, including molecular
residual disease testing and AI-enabled tumour profiling,
where clinical utility can influence treatment selection and
improve patient outcomes. The portfolio’s outperformance
was driven by a deliberate tilt away from commoditised
laboratory equipment providers and toward high-margin,
technology-enabled diagnostic companies. Investments
in entities pioneering molecular residual disease (MRD)
testing and leveraging artificial intelligence for tumour
profiling provided significant fundamental growth, as these
technologies increasingly dictated targeted therapy selection
in oncology.
Whilst Healthcare Services detracted -3.3% from the
portfolio’s absolute performance, the corresponding
benchmark was down -3.5%. This marginal excess return
was primarily the result of the portfolio’s underweight
allocation. Sector margins came under pressure for
managed care organisations during the period and
companies with prominent Medicare exposure experienced
significant share price pressure. We identified these
structural headwinds and reduced exposure to mitigate
losses during the financial year.
The MedTech sub-sector was the primary detractor from
absolute and excess performance in the financial year.
Specifically, MedTech detracted -5.4% from the portfolio’s
absolute return, underperforming the benchmark’s -3.0%
drag and costing the fund 240 basis points in excess return.
While the underlying demand for surgical intervention
remained structurally sound, the sector had entered the
financial year trading at premium valuation multiples that
required flawless execution. Boston Scientific was the
prototypical example where a small misstep in commercial
operations and a clinical data announcement on a new
cardiovascular device triggered investor concern. Estimates
were lowered, the multiple collapsed, and the share price
faltered.
PRIVATE HOLDINGS
For the full year ended 31 March 2026, the Company
strategically refrained from making new investments in
unquoted companies. While we continue to see significant
improvement in the capital markets for small and mid-cap
healthcare companies, we have remained on the sidelines
with respect to new unquoted investments.
During the financial year, the unquoted portfolio saw three
exits. Caris Life Sciences, a precision medicine company
that specialises in molecular profiling and AI-driven cancer
diagnostics to guide personalised treatment decisions,
completed its IPO in June 2025. Two other unquoted
holdings, Crossover Health, a healthcare services company,
and MabPlex International, a Chinese contract research
organization, were sold in private transactions. We are
confident that more of the Company’s unquoted investments
will achieve listings within the next year as the capital market
funding environment further improves.
At the end of the year, unquoted investments made up 2.6%
of the portfolio, compared to 6.1% at the end of the previous
year. For the full year ended 31 March 2026, the market
value of the Company’s unquoted investments fell by £17.8
million, from an opening value of £106.8 million across nine
companies.
The remaining unquoted portfolio is concentrated
in Healthcare Services, with smaller exposures to
Biotechnology and MedTech. Geographically, exposure is
predominantly in Emerging Markets, with a minor allocation
to North American companies. The Company continues
to monitor funding requirements, exit opportunities, and
valuation developments across the remaining unquoted
holdings.
PORTFOLIO MANAGER’S REVIEW CONTINUED
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Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
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MAJOR CONTRIBUTORS TO PERFORMANCE
The top contributor for the full year was the Company’s
proprietary swap basket of M&A targeted securities,
the Biotech M&A Basket. The basket returned +55.9%
(sterling) during the year, on an absolute basis, significantly
outperforming the Emerging Biotechnology portion of the
benchmark which returned +19.2%. This outperformance
was driven by a concerted effort to populate the basket with
Emerging and Commercial stage biotechnology companies,
selected by the manager through a variety of factors. We
use an ongoing screening process including but not limited
to the examination of (1) therapeutic area, (2) clinical
innovation, (3)management teams that are willing sellers,
and (4) capital situation. Further discussion of the basket
performance is contained below (see Derivative Strategy.
Outright investments in the portfolio were also M&A
targets during the financial year, three of which were major
contributors to performance and are detailed below.
On an individual security basis, AstraZeneca was the
largest contributor in the financial year, contributing +228
basis points to NAV performance. Over the reported period,
the company solidified its status as the premier global,
diversified, pharmaceutical player with leading franchises
in oncology, respiratory, rare disease, and cardiovascular
disease. The breadth of AstraZeneca’s innovation remains
impressive; with a plethora of announced Phase 3 clinical
trials and a portfolio of 16 distinct blockbuster medicines.
Key drivers of share price appreciation included the
flawless commercial execution of its new and existing
blockbuster medicines: the continued dominance of
Enhertu (trastuzumab deruxtecan) across multiple HER-
2+-expressing solid tumours, the successful launch of
Datroway (datopotamab deruxtecan) in advanced EGFR-
mutated non-small cell lung cancer, and the expansion of
the rare disease portfolio via the subcutaneous formulation
of Saphnelo (anifrolumab), a novel biologic approved to
treat moderate to severe systemic lupus erythematosus
(SLE) in adults. While Datroway was one positive element
of AstraZeneca’s year, it should be viewed in the context
of a much broader and more diversified investment case.
AstraZeneca benefited from strong execution across
oncology, respiratory, rare disease, and cardiometabolic
franchises, meaning the market rewarded the company for
breadth, pipeline depth, and commercial delivery rather than
for a single product alone.
California-based CG Oncology, a late-stage yet emerging
clinical biopharmaceutical company focused on urologic
cancers, was a material contributor to performance,
contributing +153 basis points to NAV performance. The
company’s share price gains in the year were driven by
flawless clinical execution of its lead asset, cretostimogene,
a highly novel oncolytic immunotherapy. Throughout the
fiscal year, the company presented impressive data from
the Phase 3 BOND-003 trial for patients with high-risk,
BCG-unresponsive non-muscle invasive bladder cancer
(NMIBC). The data demonstrated an unprecedented 95.7%
complete response rate at three months, with best-in-disease
durability. The company initiated a rolling Biologics License
Application (BLA) submission to the FDA with expected
approval in 2026. The share price gains also reflect CG
Oncology as a prime acquisition target poised to redefine
the standard of care in a massive, underserved oncology
indication.
A dominant force in non-invasive cancer screening, Exact
Sciences, was another top contributor to performance,
contributing +147 basis points to NAV performance after the
company was acquired by Abbott for U.S.$21 billion, a +35%
premium in November 2025. Impressive financial results
and pushing the frontiers of innovation in their pipeline made
the company an attractive target. Exact Sciences focuses
on the early detection of cancer and supporting personalized
treatments. The company’s comprehensive product
offerings support patients and their healthcare providers
before, during and after a cancer diagnosis. The company is
a leader in cancer screening, precision oncology and genetic
testing, helping to detect cancer earlier, guide treatment
decisions and monitor for recurrence. The core Cologuard
franchise (non-invasive, at-home stool DNA-based test to
detect colorectal cancer) continued to capture market share.
Concurrently, Exact Sciences demonstrated profound
pipeline progression in precision oncology.
The portfolio’s strategic focus on next-generation genetic
medicines was validated by another California-based
company, Avidity Biosciences, contributing +147 basis
points to NAV performance. The company is the pioneer of
Antibody Oligonucleotide Conjugates (AOCs), a revolutionary
new modality that solves the historical challenge of
delivering RNA therapeutics to specific tissues (like muscle)
by conjugating them to monoclonal antibodies. Avidity
generated a continuous stream of clinical data throughout
2025, demonstrating statistically significant improvements
in dystrophin production for Duchenne Muscular Dystrophy
(DMD) and consistent functional improvements in
Facioscapulohumeral Muscular Dystrophy (FSHD). In
October 2025, Novartis announced a definitive agreement
to acquire Avidity for U.S.$12.0 billion, representing a >60%
premium. The proposed acquisition prompted Novartis
to raise its own total company sales outlook from +5% to
+6% CAGR for 2029, underscoring the commercial potential
offered by Avidity’s pipeline.
PORTFOLIO MANAGER’S REVIEW CONTINUED
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
24
Apellis Pharmaceuticals, a Massachusetts-based
commercial stage biotechnology company rounds out the
prominent M&A theme that has characterised much of
the performance of the portfolio over the past 12 months,
contributing +164 basis points to NAV performance. On
the final trading day of the financial year, 31 March 2026,
Biogen announced a definitive agreement to acquire Apellis
for U.S.$41.00 per share in cash, an impressive 140%
premium to the prior day’s closing price, equating to an
upfront equity valuation of approximately U.S.$5.6 billion.
Apellis is an undisputed pioneer in targeted C3 complement
therapies. Its flagship asset, Syfovre (pegcetacoplan), is
the first and only FDA-approved treatment for geographic
atrophy, a devastating and irreversible cause of blindness.
The company also markets Empaveli for the treatment of
paroxysmal nocturnal hemoglobinuria (PNH).
MAJOR DETRACTORS TO PERFORMANCE
MedTech stock, Boston Scientific, was the portfolio’s single
largest detractor in the financial year, detracting -421 basis
points to NAV performance. After a multi-year re-rating
in which the company’s share price tripled from 2022 and
reached an all-time high on 9 September 2025, the company
finally stumbled. Share price weakness began in earnest in
the second half of the year. Positive drug pricing news at the
end of September triggered a rotation into Pharmaceuticals
from MedTech. A mix of profit taking, momentum shift,
and investor concern about share loss in the multi-billion
dollar ablation business pushed the share price down
even further. In January, the stock fell lower still after the
company reported fourth quarter financials. Of note was a
modest but clear revenue miss for the company’s key new
product, Farapulse (for the treatment of atrial fibrillation).
The unexpected miss startled investors and significantly
hurt management credibility, whilst share price pressure
was exacerbated by macro concerns (continued rotation
into pharma, lower healthcare utilisation trends, and rising
geopolitical concerns). Share price declines continued into
the year end, gapping down one more time in late March
after investor questions arose over the CHAMPION data set,
a clinical trial demonstrating the use of the WATCHMAN
implantable device (compared to oral anticoagulants) used
to prevent strokes in patients afflicted with atrial fibrillation.
Whilst we reduced our holding in Boston Scientific on
multiple occasions in the second half (and to Medical
Technology by >1000 basis points over the year), the stock
remains a prominent holding in the portfolio given our view
that the distressed valuation expresses investor fear rather
than quality management and a still robust growth outlook
fuelled by innovation.
The managed care titan, UnitedHealth, was the
second-largest detractor in the financial year, detracting
-340basis points to NAV performance. Overall, the
confluence of soaring costs, shrinking patient enrolment,
a massive cyber attack in the previous year, and a difficult
government rate-setting environment caused a structural
de-rating of the company’s valuation, dragging down the
entire services subsector. Unfortunately, UnitedHealth’s
share price in April 2025 marked the high. The company
stumbled out of the gate after missing quarterly earnings and
significantly lowering its 2025 outlook. The company cited
higher-than-expected medical costs in its Medicare business,
an issue that has affected the entire industry over the past
year. Unfortunately, the utilisation trends in healthcare
were trending higher than the company expected, severely
impacting profits. News of the CEO resigning and subsequent
headlines of a Department of Justice investigation into fraud
practices pushed the stock lower. Additional purchases at that
time proved premature as the stock eventually reached 52-
week lows in August. We ultimately exited the stock before
financial year end. Whilst absolute detraction was significant,
approaching -350 basis points, the impact on relative return
was de minimis (-6 basis points).
Daiichi-Sankyo, the global Japanese pharmaceutical
company, remains a leader in antibody-drug conjugate
technology and has been central to the development of both
Enhertu and Datroway in partnership with AstraZeneca.
However, Daiichi Sankyo’s share price was more sensitive
to Datroway-related setbacks than AstraZeneca’s because
the antibody-drug conjugate platform represents a larger
proportion of Daiichi Sankyo’s investment case. For
AstraZeneca, Datroway was one of many growth drivers
across a broad global portfolio; for Daiichi Sankyo, delays
and uncertainty around Datroway had a more direct impact
on investor confidence in the depth, timing, and profitability
of the company’s next wave of growth. During the year,
investor expectations for Datroway were affected by clinical
trial design complexity, evolving biomarker requirements,
and delays to key readouts. This has weighed heavily on the
share price, detracting -80 basis points to NAV performance.
Meanwhile, investor concerns have also increased after a
complete turnover of the management and subsequent
concerns over profitability and increased R&D spending by
the new CEO and CFO. Furthermore, broader macroeconomic
pressures and intense volatility in the Japanese yen prompted
investors to liquidate Japanese equities, regardless of
underlying corporate fundamentals.
Of the many Boston-based biotechnology companies, Vertex
Pharmaceuticals has been one of the most successful
and innovative companies from that regional hotbed. The
company delivered exceptional full-year 2025 revenue of
PORTFOLIO MANAGER’S REVIEW CONTINUED
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Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
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U.S.$12.0 billion, driven by its monopoly in cystic fibrosis
(CF) and their suite of highly effective therapies. But the
company thus far has struggled for an encore. In 2025,
the company’s share price underperformed due to negative
clinical updates for its emerging pain franchise, detracting
-68 basis points to NAV performance. Most important
was the Phase 2 failure of its next-generation acute pain
treatment (VX-993). Furthermore, the FDA informed
the company that it would not approve a broad label in
peripheral pain for its first-generation product, Journavx
(suzetrigine). Given more limited prospects for the pain
franchise and slowing growth for its lead CF franchise, we
exited the position.
Stryker is a global leader in medical technology offering
a variety of innovative products and services in Medical
Surgery, Neurotechnology and Orthopaedics. Whilst
largely executing above industry average, the share price
came under pressure in the latter half of the financial year,
detracting -53 basis points to NAV performance. First, the
stock was pressured by a macro rotation out of MedTech
stocks – in part due to rotation into therapeutics and in
part due to the “Boston Scientific Effect” – in which high-
multiple medical device manufacturers sold off, highlighting
the vulnerability of the sector to sudden shifts in investor
sentiment regarding hospital capital expenditures. Second,
the stock was also pressured by investor scepticism around
volume growth, despite a fourth quarter increase in net
sales of +11.4%. However, we note that management has
consistently overdelivered on its commitments, and we
expect this to remain part of the algorithm in 2026 and
beyond as it advances the “super cycle” of innovation,
including new cameras, power tools, defibrillators, and
plating systems which are launching across different
geographies. Hence, we continued to own the stock into
year-end.
DERIVATIVE STRATEGY
The Company has the ability to use equity swaps and
options as part of its financial strategy. Equity swaps are a
financial tool (a derivative contract) that allow for synthetic
exposure to a single stock (Single Stock Equity Swaps) or a
group of stocks (Equity Basket Swaps).
Equity basket swaps are typically constructed within a
well-defined theme; the basket format facilitates efficient
management of the investment theme and easier tracking
of performance. For example, maintaining 15 to 50+
additional positions at smaller weights (i.e. non-core) directly
in the portfolio is often suboptimal. The equity basket swap
contains multiple single stock long positions, with Goldman
Sachs acting as the counterparty, ensuring confidence in
forward trading and rebalancing strategies.
The Company strategically invested in one customised
tactical basket swap targeting growth opportunities in
undervalued small and mid-capitalisation Biotechnology,
Pharmaceutical, and MedTech companies. This basket
was constructed to capitalise on investment opportunities
possessing considerable potential as attractive acquisition
targets for larger corporations (Biotech M&A Basket). The
basket was one of the key differentiators of performance
during the year, returning +55.9% in sterling and generating
£75.3 million, equivalent to 5.6% of the Company’s total
return for the financial year. Single stock equity swaps, used
to gain exposure to China and India, gained £7.3 million.
LEVERAGE STRATEGY
Historically, the typical leverage level employed by the
Company has been in the low-double digit to mid-to-high
teens range, with an average of +11%. Considering the
market volatility during the past five plus financial years, we
have tended to use leverage in a more tactical fashion in
recent periods.
In 2025, we have flexed leverage more notably than in some
prior financial years, going as low as +9% (coming out of
President Trump’s “Liberation Day” tariff announcements,
which created some market tumult and uncertainty) and as
high as +20% (as performance inflected and our bullishness
for a sustained move in Biotechnology and Emerging
Markets increased).
The Company ended the period with 12.5% leverage, a result
of the final trading day of the financial year, in which multiple
M&A transactions were announced, including the announced
acquisition of Apellis Pharmaceuticals. This was a
prominent holding within the portfolio and was included
in the Biotech M&A basket. With an outsized premium
of +140%, the total holding for Apellis Pharmaceuticals
ballooned to 4.1%, which was sold on the last trading day
of the year given the de minimis spread at which the stock
traded. This large sale, which was not replaced on the same
day, temporarily moved leverage to 12.5%. For context, we
exited April 2026 with leverage of 19.0%, more reflective of
our bullish stance entering the new fiscal year.
SECTOR DEVELOPMENTS
Without question, the most significant development
in healthcare during the fiscal year, and perhaps the
most significant development in the past decade, was
the substantial clarification, but not full elimination, of
uncertainty surrounding U.S. drug pricing policy and
pharmaceutical tariffs.
Whilst constant threats and rhetoric have rained from
Washington DC for years, President Trump during his
second term has been surprisingly vocal (and negative)
PORTFOLIO MANAGER’S REVIEW CONTINUED
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
26
towards the Biopharma industry. What does President
Trump want from the Biopharma industry? Some things
are clear, including (1) re-shoring of drug manufacturing in
the U.S., (2) ensure U.S. taxes are being paid by minimising
manufacturing/IP loopholes, (3) address national security
concerns given the absence of domestic antibiotic and
vaccine manufacturing, (4) increase investment in U.S.-
based R&D facilities, manufacturing, and employment,
and (5) maintain the innovation lead over China, which has
narrowed materially over the past two years.
PORTFOLIO MANAGER’S REVIEW CONTINUED
White House Fact Sheet:
Detailing Administration Demands for Drug Prices, Manufacturing, and Investment
Source: WH.gov 31 July 2025
On the drug pricing front, we believe President Trump wants
to alter the broad ecosystem of prescription drug pricing,
such as (1) making developed countries “pay their fair share”
for innovative drugs and raise drug prices ex-U.S., (2) lower
list prices for cash-paying Americans, (3) lower out-of-pocket
expenses for most impoverished Americans and seniors,
and (4) tackle the issue of “middlemen”, the managed care
providers who absorb 50-60% of the value of prescription
medicines in the U.S.
The first domino fell on 31 July 2025, when President
Trump sent letters to 17 of the largest and most influential
biopharmaceutical companies in the world, detailing this
list of demands. The second domino fell on 30 September
2025, when an unexpected landmark agreement between the
Trump Administration and Pfizer was announced. The deal
rapidly closed much of the uncertainty around both tariffs and
drug pricing in one sweeping package between the two sides.
First, a new online website was created, called “TrumpRx.
gov”, where cash-paying Americans will be able to fill their
prescriptions at prices that will be up to 85% lower than
STRATEGIC REPORT
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
27
current list prices, with an average discount of 50%. This is a
win for Pfizer (and ultimately the entire industry) as this level
of discount (50% off list prices) is already what drug makers
sell to Managed Care and PBMs in the commercial sales
channel. In fact, we may see a dramatic increase in cash
pay volumes given this new pricing scheme in what was
otherwise a de minimis sales opportunity historically. And
of course, this is a win for the Administration as the pledge
of “lowering prescription drug prices by 80%” was not only
achieved but exceeded.
Second, on tariffs, Pfizer received a complete stay on tariffs
(for a minimum of three years) for accepting several specific
deal terms, in addition to TrumpRx. This included a pledge to
commit up to U.S.$70 billion in U.S. manufacturing and R&D
investments “over the next few years”, building upon the
U.S.$83 billion that Pfizer invested over the previous seven
years. This is a clear win for President Trump and mostly
just “business as usual” for Pfizer from a capex perspective.
We do note that over a dozen large cap pharmaceutical
companies, such as Eli Lilly, GSK, and JNJ to name a few,
have already publicly pledged U.S. investments across
manufacturing and R&D, an amount totalling a staggering
U.S.$432 billion over the next 3-10 years (source: company
filings; Bloomberg).
Surprisingly, Pfizer also agreed to terms on a Most Favoured
Nation (MFN) drug pricing scheme, one area about which
investors were most concerned. However, based on the
details that were disclosed, the outcome appears to be
rather benign for Pfizer. MFN pricing today will apply only to
current Medicaid patients, where prices are already low, and
represents only 2.5% of total company sales. We estimate
that pricing compression here will result in <1% hit to
Pfizer’s topline, a manageable impact. A clear win for Pfizer.
For President Trump, a double win: a key industry player
agrees to MFN and a headline win of lowering out-of-pocket
expenses for the lowest-income Americans.
PORTFOLIO MANAGER’S REVIEW CONTINUED
Summary: New Drug Pricing and Investment Policies and Implications to the Industry
Source: WH.gov, TrumpRx.gov, OrbiMed Research
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
28
Finally, Pfizer agreed to MFN pricing to be applied to all
new products going forward, across both Medicaid and
Medicare channels. A blow to the industry? Hardly. Whilst
most details have been kept confidential, what details we do
know are suggestive of a benign outcome. Here, Pfizer will
not be able to launch a new product ex-U.S. below the price
in the U.S. The net effect of this will be that the MFN price
and the U.S. price will largely be the same, thereby avoiding
any current or future pricing pressure in the U.S. This will
also increase prices in foreign countries, a goal of President
Trump. Applying this price scheme to only new products will
prevent any immediate budgeting issues in foreign lands,
rather, there will be a new 10-year runway for foreign payers
to adjust budgets and redirect a proportion of GDP to drug
spending, so that they “pay their fair share” for innovation
going forward. Again, countries not electing to accept these
new prices will forego life-saving innovations and/or will be
subject to (or at least threatened with) harsh tariffs.
The Pfizer agreement triggered an additional 16 dominoes
in which, over the subsequent seven months into April 2026,
the 16 other companies that received the letter also agreed
to similar if not identical terms as Pfizer.
The market quickly recognised the win/win nature of these
deals, a de-risking development that materially reduced the
near-term risk of broad, punitive tariffs and draconian price
cuts for companies agreeing terms with the Administration.
However, tariff risk remains a live policy issue, particularly
for companies without agreement, companies with
more complex supply chains, and any future changes
in implementation, but offers sales volume expansion
facilitated by the TrumpRx platform, higher European pricing
floors, and avoidance of any material domestic margin
compression. This realisation triggered the pharmaceutical
equity rally witnessed in late 2025.
Throughout 2025, the FDA experienced intense internal
turmoil as its regulatory philosophy underwent a radical
shift under President Trump’s second term as President.
Under the leadership of Commissioner Martin Makary, the
agency pushed aggressively for deregulation, proposing
highly controversial new standards that would require
only one major clinical trial for most drug approvals and
prioritizing raw speed-to-market over traditional evidentiary
burdens. We applaud many of the progressive ideas put
forth by the new Commissioner. His early emphasis was
on transparency, “common sense” regulation, and restoring
trust in the FDA has been welcome to investors. His desire to
lean toward regulatory flexibility: e.g., streamlining reviews,
moving away from overly burdensome regulation, using less
animal testing, and giving more weight to diverse types of
evidence has been surprisingly progressive. He has also
spent time addressing agency culture and trying to do “less
with more” given budgetary cuts he continues to be forced
to deal with.
Perhaps Dr. Makary’s signature program thus far is the
Commissioner’s National Priority Voucher (CNPV) program,
a pilot “voucher-style” initiative under which selected drug
developers can receive a voucher that entitles them to a
significantly shortened review timeline for a new drug or
PORTFOLIO MANAGER’S REVIEW CONTINUED
17 Biopharma Co.’s that Signed Drug Pricing Deal with the Trump Administration
Source: WH.gov
STRATEGIC REPORT
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
29
biologic, from 10 to 12 months to as little as one to two
months. Selection is focused on criteria that investors are
likely to value, such as (1) a health crisis in the U.S. like
COVID-19, (2) tackling a large unmet public health need, and
(3) a drug candidate that delivers innovative cures.
Eli Lilly received one such voucher, a byproduct of its own
price negotiation deal. In an unprecedented event, CEO Dave
Ricks negotiated on price for a prescription medicine that
had not even been approved yet – orforglipron – an oral,
small molecule GLP-1 agonist for diabetes and weight loss.
In return for concessions on price, the company received
a voucher it ultimately used when it filed orforglipron in
February 2026 and received approval only 50 days later on 1
April 2026.
An additional byproduct of these negotiations was support
for GLP-1 medicines by President Trump and new head of
Centres for Medicare & Medicaid Services, Dr. Mehmet Oz.
Specifically, the federal government agreed to conditions
for inclusion and reimbursement for GLP-1 medications in
Medicare Part D, the prescription benefit plan for American
seniors. This would allow access for nearly 70 million
Medicare beneficiaries to medicines like Wegovy, Zepbound,
and orforglipron (brand name Foundayo) for as little as
U.S.$25 per month. We expect this to be a significant
secular tailwind for this class of drugs.
This aggressive agenda, however, clashed with the
established scientific rigour of the Centre for Biologics
Evaluation and Research (CBER). Vinay Prasad, the
polarising Director of CBER, emerged as a fierce internal
critic of this more modern, progressive approach. Prasad’s
tenure was marked by severe friction with both the
biotechnology industry and his superiors, culminating in
his highly controversial refusal to review Moderna’s mRNA
influenza vaccine and his stringent demand for an additional
clinical trial for uniQure’s Huntington’s disease gene therapy.
Following a period of internal disagreement over the FDA’s
regulatory approach, Vinay Prasad departed CBER after a
brief and controversial tenure. Subsequent to the Company’s
year end, Commissioner Martin Makary also left the FDA,
with Kyle Diamantas appointed Acting Commissioner. The
leadership changes introduce some near-term uncertainty
around policy continuity and regulatory execution. However,
several of the FDA’s recent pro-innovation initiatives, including
accelerated review pathways and greater flexibility for rare
disease and genetic medicine development, appear likely to
remain areas of focus. Overall, we would rate the health of
the FDA as good, despite some of the leadership turnover
that has plagued the current Administration. We continue to
view the FDA as broadly supportive of medical innovation, but
recent leadership turnover means the near-term regulatory
environment should be regarded as less settled than it
appeared earlier in the year.
Looking at novel approvals in 2025, the FDA approved 52
new molecular entities (NMEs) across CDER and CBER,
representing a decline from 59 in 2024 but only modestly
PORTFOLIO MANAGER’S REVIEW CONTINUED
Foundayo (orforglipron): Promotional Material and Prescription Bottle
Source: Foundayo.com
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
30
PORTFOLIO MANAGER’S REVIEW CONTINUED
below the average of 55 that has characterised the most
recent 10-year innovation cycle. The quality of approvals
remained high, with a continued emphasis on scientifically
novel, targeted therapies, particularly in oncology, rare
diseases, and precision medicine, alongside notable first-
in-class mechanisms (e.g., new pain and immunology
pathways). Small molecules dominated (about two-thirds
of approvals), but the class was diverse across modalities,
including monoclonal antibodies, ADCs, siRNA, and other
advanced platforms. Oncology again accounted for the
largest share, though innovation extended into infectious
disease (e.g., novel antibiotics) and chronic conditions,
reflecting a balance of breakthrough science and unmet-
need targeting. Whilst slightly lower in volume, 2025
approvals were characterised by continued productivity
and increasing precision in pharmaceutical development,
rather than sheer breadth, reinforcing the trend toward more
targeted, mechanism-driven drug development.
Artificial intelligence (AI) continued to develop as an
important enabling technology across healthcare, rather
than as a standalone pure-play investment category for the
portfolio. Its most immediate benefits are in drug discovery,
clinical trial design, imaging, diagnostics, and workflow
automation. The portfolio’s exposure is therefore primarily
through companies that use AI to improve R&D productivity,
clinical decision-making, diagnostic accuracy or operating
efficiency, rather than through companies whose investment
case depends solely on AI.
Biotechnology M&A continued at a brisk pace in 2025, and
after a brief slowdown to start 2026, inflected yet again into
the financial year-end. A total of 51 deals, representing over
U.S.$140 billion, made it one of the busiest years on record,
driven by a series of large, strategic transactions as large
pharma and biotech companies sought to offset patent expiries
and replenish pipelines. A mix of mid- to large-cap acquisitions
and multibillion-dollar “bolt-on” deals characterised the deals
as acquirers focused on de-risked, late-stage or commercial
assets, particularly in high-value areas like obesity, oncology,
neuroscience, and rare disease, often paying premiums for
validated science and near-term revenue potential. Overall,
2025 marked a return of confidence in biotech M&A, but
with a higher bar for scientific validation and commercial
relevance, signalling a more selective and mature dealmaking
environment, one that we expect to continue in 2026. With over
U.S.$250 billion in legacy revenue facing generic or biosimilar
competition through 2030, a number of large-capitalisation
companies possess the motivation to acquire growth and
balance sheets remain strong.
China’s biotechnology ecosystem also became an
increasingly important source of innovation for global
pharmaceutical companies. While geopolitical risk
remains a consideration, the volume and quality of China-
originated assets available for licensing has continued
to improve, and U.S. and European pharmaceutical
companies are increasingly looking to China as a source
of novel medicines that can be advanced through global
Novel FDA Drug Approvals (CDER + CBER)
Source: FDA.gov (excludes blood-based products) *Projected for 2026 based on 1Q26 approvals
STRATEGIC REPORT
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31
PORTFOLIO MANAGER’S REVIEW CONTINUED
development programmes. A notable post-period example
was Bristol Myers Squibb’s collaboration with Jiangsu
Hengrui Pharma, announced in May 2026, covering 13
early-stage programmes across oncology, haematology, and
immunology. Under the agreement, BMS will pay Hengrui
up to U.S.$950 million, including a U.S.$600 million upfront
payment, with total potential deal value of approximately
U.S.$15.2 billion if all options and milestones are achieved.
China continues to evolve into a meaningful contributor to
the global pharmaceutical innovation pipeline.
OUTLOOK
The year ended 31 March 2026 was a defining period for
the Company, marked by exceptional relative performance
against a highly volatile market backdrop. Despite severe
macroeconomic shocks, geopolitical instability, and
prolonged uncertainty around U.S. healthcare policy, the
Company delivered strong absolute returns and substantial
outperformance versus the MSCI World Health Care Index.
As the portfolio transitions into the 2026 financial year, the
fundamental state of the global healthcare industry remains
exceptionally strong, underpinned by a continued wave
of scientific innovation and the significant deployment of
corporate capital. Whilst the macroeconomic environment
remains uncertain, dictated by the ongoing energy shock
stemming from the Iran conflict and the debate over central
bank monetary policy, the global nature of healthcare
demand provides robust structural support for investors.
Looking ahead, we remain constructive on the outlook
for global healthcare equities. Greater clarity on key U.S.
policy overhangs has materially improved the risk-reward
profile for biopharmaceutical companies, although
tariff implementation and future policy changes remain
potential sources of volatility. At the same time, large-cap
pharmaceutical companies continue to face significant patent
expiry pressures, creating a strong incentive for continued
M&A, particularly in biotechnology, where valuations remain
attractive relative to the quality of innovation.
We expect oncology, obesity, rare disease, immunology,
neuroscience, genetic medicines, and precision medicine
to remain fertile areas for investment. While geopolitical
uncertainty, currency volatility, and periodic macroeconomic
shocks are likely to persist, the fundamental drivers of
healthcare demand remain intact and largely non-cyclical.
With a portfolio positioned toward differentiated innovation,
high-quality pipelines, and companies with strategic scarcity
value, the Company enters the new financial year with
confidence in its ability to generate long-term capital growth
for shareholders.
Sven H. Borho and Trevor M. Polischuk
OrbiMed Capital LLC
Portfolio Manager
4 June 2026
Select M&A Transactions in the Portfolio
Source: Company press releases
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
32
Environmental, Social and Governance
and Climate Change
ORBIMED’S APPROACH TO ESG
The Company’s Portfolio Manager, OrbiMed, is guided by its
Responsible Investing Policy in its approach to integrating
environmental, social and governance (“ESG”) issues into
its investment processes. The Portfolio Manager seeks to
invest in innovative healthcare companies that are working
towards addressing significant unmet medical needs, across
biopharmaceuticals, medical devices, diagnostics, and
healthcare services sectors, globally.
OrbiMed believes that there is a high congruence between
companies that seek to act responsibly and those that
succeed in building long-term shareholder value. The Portfolio
Manager seeks to integrate ESG into the overall investment
process, with the objective of maximising investment returns.
Investment decisions are based on a variety of financial and
non-financial company factors, including ESG information.
OrbiMed has appointed a Director – ESG to oversee the
integration of ESG analysis
As a responsible investor, OrbiMed negatively screens potential
investments and business sectors that may objectively lead to
negative impacts on public health or wellbeing. The importance
of robust governance and social safeguards in healthcare has
grown significantly; regulators and investors are increasingly
scrutinising financially material ESG issues such as clinical
trial transparency, equitable access to therapies, and pricing
practices. Governance issues, including board structure and
executive pay are also financially relevant. For companies
which do not have manufacturing and are focused on drug
discovery and development, environmental factors such as
greenhouse gas (GHG) emissions are not generally regarded
as financially material. The Portfolio Manager generally utilises
healthcare sector-specific guidance from the Sustainability
Accounting Standards Board (“SASB”) and in-house analyses
to guide itsselection of material ESG factors as part of its
investment research.
Healthcare and life sciences sectors are highly regulated,
globally. Regulation is well-established across developed
markets and emerging markets for the sector. To that
end, OrbiMed considers compliance with local laws and
regulations as one of the factors in its investment evaluation.
Depending on the investment, all or a subset of the ESG
factors that are financially material and relevant are
considered in OrbiMed’s research.
MONITORING AND ENGAGEMENT
OrbiMed utilises ESG scores for public equity holdings from
third-party service providers. To supplement the information
from the third-party service providers, OrbiMed also conducts
proprietary analysis on ESG performance. The scores
from the third-party service providers are integrated with
OrbiMed’s analysis onto a business intelligence platform via
a programming interface, for regular monitoring. OrbiMed
has developed an in-house ESG Controversies Monitor. Any
hits from the Controversies Monitor require the analysts to
provide their views on material impact.
OrbiMed also generally engages on a regular basis
with itsportfolio companies through meetings with
management,proxy voting, and in some cases, through
board representation.
OrbiMed’s analysts track financially material ESG information
such as safety of clinical trials, drug safety, product safety,
ethical marketing, call-backs and other materially relevant
factors. As part of these efforts, OrbiMed engages with
companies directly or through brokers, and facilitates
dialogue and the exchange of leading practices among
investors, companies, and other relevant experts on ESG in
the healthcare sector.
Between 1 April 2025 and 31 March 2026, a total of 465
proposals came to vote within the Company’s portfolio.
Of these, 454 were management proposals and 11 were
shareholder proposals.
ORBIMED VOTING DURING THE YEAR ENDED
31 MARCH 2026
Proposed by
TOTAL
NUMBER OF
PROPOSALS
VOTED
FOR
VOTED
AGAINST
VOTES
ABSTAINED/
WITHHELD
Management 454 413 25 1
Shareholder 11 5 6 0
Most proposals focused on director elections (239), auditors
appointments (39), and executive compensation (25). There
were several shareholder proposals on golden parachute
provisions that came to vote, and one on improving health
outcomes. The Portfolio Manager provides a periodic
update on ESG to the Board of the Company.
CLIMATE CHANGE
The Company published its TCFD-based report on its
website in September 2025. As per the guidance from SASB,
climate change is not a material ESG consideration for the
biotechnology and pharmaceutical, medical equipment
and supplies and managed care sectors. However, energy
management is noted as a material ESG concern for the
healthcare delivery sector. To that end, OrbiMed includes the
scores on energy management for the relevant sectors in its
overall ESG monitoring.
Sven H. Borho and Trevor M. Polischuk
OrbiMed Capital LLC
Portfolio Manager
4 June 2026
STRATEGIC REPORT 33
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
34
Business Review
The Strategic Report, on pages1 to 45, contains a review of
the Company’s business model and strategy, an analysis
of its performance during the financial year and its future
developments and details of the principal risks and challenges
it faces. Its purpose is to inform shareholders in the Company
and help them to assess how the Directors have performed
their duty to promote the success of the Company.
The Strategic Report contains certain forward-looking
statements. These statements are made by the Directors in
good faith based on the information available to them up to
the date of this report. Such statements should be treated
with caution due to the inherent uncertainties, including both
economic and business risk factors, underlying such forward-
looking information.
BUSINESS MODEL
Worldwide Healthcare Trust PLC is an externally managed
investment trust. Its shares are admitted to the closed-ended
investment funds category of the FCA’s Official List and to
trading on the main market of the London Stock Exchange.
The purpose of the Company is to achieve a high level
of capital growth for its shareholders by offering a single
investment that provides exposure to the global healthcare
sector. This is achieved through a diversified portfolio
of shares in pharmaceutical, biotechnology and other
healthcare related companies.
The Company’s investment objective and policy are detailed
on pages 10 and 11.
The Company’s strategy focuses on creating shareholder
value by meeting its investment objective.
As an externally managed investment trust, the Company
outsources all day-to-day management and administrative
functions. Consequently, it has no executive directors,
employees or internal operations. The Company engages
the following key service providers: Frostrow Capital LLP
(“Frostrow”) as its Alternative Investment Fund Manager
(“AIFM”); OrbiMed Capital LLC (“OrbiMed”) as its Portfolio
Manager; J.P. Morgan Europe Limited as its Depositary;
and J.P. Morgan Securities LLC as its Custodian and Prime
Broker. Further details about these appointments can be
found in the Business Review on pages 35 and 36.
The Board retains responsibility for all aspects of the
Company’s affairs, including:
• Setting and monitoring the investment strategy;
• Reviewing investment performance and policy; and
• Overseeing strategic matters such as dividend policy,
share issuance and buybacks, gearing, share price
monitoring, and corporate governance.
The Company qualifies as an investment company under
Section 833 of the Companies Act 2006 and has been
approved by HM Revenue & Customs as an investment trust
under Section 1158 of the Corporation Tax Act 2010. This
approval exempts the Company from taxation on capital
gains. The Directors have no reason to believe that this status
will not be maintained. Additionally, the Company is not
considered a close company for taxation purposes.
CONTINUATION OF THE COMPANY
A resolution was passed at the Annual General Meeting
(“AGM”) held in 2024 that the Company continues as an
investment trust for a further five year period. In accordance
with the Company’s Articles of Association, shareholders
will have an opportunity to vote on the continuation of the
Company at this year’s AGM and every five years thereafter.
THE BOARD
The Board of the Company comprises Doug McCutcheon
(Chair), Sven Borho, Sian Hansen, William Hemmings,
Tim Livett, Jo Parfrey and Dr Bina Rawal. All of these
Directors served throughout the year. All are independent
non-executive Directors with the exception of Sven Borho
who is not considered to be independent by the Board.
Further information on the Directors can be found on
pages46 and 47.
All Directors, with the exception of Doug McCutcheon, are
seeking re-election by shareholders at this year’s AGM.
DIVIDEND POLICY
It is the Company’s policy to pay out dividends to
shareholders at least to the extent required to maintain
investment trust status for each financial year. Such
dividends will typically be paid twice a year by means of an
interim dividend and a final dividend.
COMPANY PROMOTION
The Company has appointed Frostrow to provide marketing
and investor relations services, in the belief that a
well-marketed investment company is more likely to grow
over time, have a more diverse and stable shareholder
register and trade at a superior rating to its peers.
Frostrow actively promotes the Company in the following ways:
Engaging regularly with institutional investors, discretionary
wealth managers and a range of execution-only platforms:
Frostrow regularly talks and meets with institutional investors,
discretionary wealth managers and execution-only platform
providers to discuss the Company’s strategy and to understand
any issues and concerns, covering both investment and
corporate governance matters;
STRATEGIC REPORT
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35
Making Company information more accessible: Frostrow
works to raise the profile of the Company by targeting key
groups within the investment community, holding annual
investment seminars, overseeing PR output and managing
the Company’s website and wider digital offering, including
Portfolio Manager videos and social media;
Disseminating key Company information: Frostrow
performs the Investor Relations function on behalf of the
Company and manages the investor database. Frostrow
produces all key corporate documents, distributes monthly
Fact Sheets, the Interim and Annual Report and updates
from OrbiMed on portfolio and market developments; and
Monitoring market activity, acting as a link between the
Company, shareholders and other stakeholders: Frostrow
maintains regular contact with sector broker analysts and
other research and data providers, and conducts periodic
investor perception surveys, liaising with the Board to
provide up-to-date and accurate information on the latest
shareholder and market developments.
KEY PERFORMANCE INDICATORS (“KPIs”)
The Board assesses the Company’s performance in meeting
its objectives against KPI’s as follows. The KPI’s have not
changed from the previous year:
• Net asset value (“NAV”) per share total return* against the
Benchmark;
• Discount/premium of share price to NAV per share*;and
• Ongoing charges*.
* Alternative Performance Measure (see Glossary beginning on page 97)
Information on the Company’s performance is provided in
the Statement from the Chair and the Portfolio Manager’s
Review and a record of these measures is shown on
pages3, 4 and 5. Further information can be found in the
Glossary beginning on page 97.
NAV per share total return* against the Benchmark
The Directors regard the Company’s NAV per share total
return as being the overall measure of value delivered to
shareholders over the long term. This reflects both net
asset value growth of the Company and dividends paid to
shareholders.
The Board considers the most important comparator, against
which to assess the NAV per share total return performance,
to be the MSCI World Health Care Index measured on a
net total return, sterling adjusted basis (the‘Benchmark’).
As noted on pages 10 and 11, OrbiMed has flexibility in
managing the investments and are not limited by the make
up of the Benchmark. As a result, investment decisions are
made that differentiate the Company from the Benchmark
and therefore the Company’s performance may also be
different from that of theBenchmark.
A full description of performance during the year under
review is contained in the Portfolio Manager’s Review
beginning on page 16.
Share price discount/premium to NAV per share*
The share price discount/premium to the NAV per share
is considered a key indicator of performance as it impacts
the share price total return of shareholders and can
provide an indication of how investors view the Company’s
performance and its Investment Objective.
Ongoing charges*
The Board continues to be conscious of expenses and
works hard to maintain a balance between good quality
service and costs.
As at 31 March 2026 the ongoing charges figure was 0.9%
(2025: 0.8%).
* Alternative Performance Measure (See Glossary beginning on page 97).
PRINCIPAL SERVICE PROVIDERS
The principal service providers to the Company are: the AIFM,
Frostrow; the Portfolio Manager, OrbiMed; the Custodian
and Prime Broker J.P. Morgan Securities LLC; and the
Depositary, J.P. Morgan Europe Limited. Details of their
key responsibilities follow and further information on their
contractual arrangements with the Company are included in
the Report of the Directors beginning on page36.
Alternative investment fund manager (“AIFM”)
Frostrow under the terms of its AIFM agreement with
theCompany provides, inter alia, the following services:
• oversight of the portfolio management function delegated to
OrbiMed;
• portfolio administration and valuation;
• risk management services;
• marketing and shareholder services;
• share price discount and premium management;
• administrative and secretarial services;
• advice and guidance in respect of corporate governance
requirements;
• maintenance of the Company’s accounting records;
• maintenance of the Company’s website;
• preparation and dispatch of annual and half-year reports (as
applicable) and monthly fact sheets; and
• ensuring compliance with applicable legal and regulatory
requirements.
BUSINESS REVIEW CONTINUED
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
36
BUSINESS REVIEW CONTINUED
During the year, under the terms of the AIFM Agreement,
Frostrow received a fee as follows:
On market capitalisation up to £150 million: 0.3%; in the
range £150 million to £500 million: 0.2%; in the range
£500 million to £1 billion: 0.15%; in the range £1 billion to
£1.5 billion: 0.125%; over £1.5 billion: 0.075%. In addition,
Frostrow receives a fixed fee per annum of £57,500.
Portfolio manager
OrbiMed under the terms of its portfolio management
agreement with the AIFM and the Company provides,
interalia, the following services:
• the seeking out and evaluating of investment opportunities;
• deciding on the manner by which monies should be invested,
disinvested, retained or realised;
• advising on how rights conferred by the investments should
be exercised;
• analysing the performance of investments made; and
• advising the Company in relation to trends, market
movements and other matters which may affect the
investment objective and policy of the Company.
OrbiMed receives a base fee of 0.65% of NAV and a
performance fee of 15% of outperformance against the
Benchmark as detailed on page 48.
Depositary, custodian and prime broker
J.P. Morgan Europe Limited acts as the Company’s
Depositary and J.P. Morgan Securities LLC as its Custodian
and Prime Broker.
J.P. Morgan Europe Limited, as Depositary, must take
reasonable care to ensure that the Company is managed in
accordance with the Financial Conduct Authority’s Investment
Funds Sourcebook, the AIFMD and the Company’s Articles of
Association. The Depositary must in the context of this role
act honestly, fairly, professionally, independently and in the
interests of the Company and its shareholders.
The Depositary receives a variable fee based on the size of
the Company as set out on page 48.
J.P. Morgan Europe Limited has discharged certain of its
liabilities as Depositary to J.P. Morgan Securities LLC. Further
details of this arrangement are set out on page 49. J.P. Morgan
Securities LLC, as Custodian and Prime Broker, provides the
following services under its agreement with the Company:
• safekeeping and custody of the Company’s custodial
investments and cash;
• processing of transactions;
• provision of an overdraft facility. Assets up to 140% of the
value of the drawn overdraft can be taken as collateral. See
page 93 for further details; and
• foreign exchange services.
AIFM AND PORTFOLIO MANAGER
EVALUATION AND RE-APPOINTMENT
The performance of the AIFM and the Portfolio Manager is
reviewed continuously by the Board and the Management
Engagement & Remuneration Committee (the “Committee”)
with a formal evaluation being undertaken each year.As
part of this process, the Committee monitors theservices
provided by the AIFM and the Portfolio Managerand receives
regular reports and views from them. TheCommittee also
receives comprehensive performance measurement reports
to enable it to determine whether or not the performance
objectives set by the Board have been met. The Committee
reviewed the appropriateness of the appointment of the AIFM
and the Portfolio Manager in March 2026 with a positive
recommendation being made to the Board.
The Board believes the continuing appointment of the AIFM and
the Portfolio Manager, under the terms described on page 48
is in the interests of shareholders as a whole. In coming to this
decision, it took into consideration, interalia, the following:
• the quality of the service provided and the depth of
experience of the company management, company
secretarial, administrative and marketing team that the
AIFM allocates to the management of the Company; and
• the quality of the service provided and the quality and
depth of experience allocated by the Portfolio Manager
to the management of the portfolio and the long-term
performance of the portfolio in absolute terms and by
reference to the Benchmark.
RISK MANAGEMENT
The Board is responsible for the management of risks faced
by the Company. Through delegation to the Audit & Risk
Committee, the Board has established procedures to manage
risk, to review the Company’s internal control framework and
establish the level and nature of the principal risks the Company
is prepared to accept in order to achieve its long-term strategic
objective. At least twice a year the Audit & Risk Committee
carries out a robust assessment of the principal risks and
uncertainties with the assistance of Frostrow (the Company’s
AIFM) identifying the principal risks faced by the Company.
These principal risks and the ways they are managed or
mitigated are detailed on the following pages. Further details
on financial risks and exposure to them is included in note 16,
beginning on page 89.
STRATEGIC REPORT
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BUSINESS REVIEW CONTINUED
PRINCIPAL RISKS AND UNCERTAINTIES MITIGATION
Market risks
Systematic market risks
By the nature of its activities, the Company’s portfolio is
exposed to fluctuations in market price (both individual
security prices and FX rates) and due to exposure to the
global healthcare sector, it is expected to have higher
volatility than the wider market. As such investors
should be aware that by investing in the Company they
are exposing themselves to market risks and those
additional risks specific to the sectors in which the
Company invests, such as political interference in drug
pricing.
While this risk is accepted as inherent to the nature of the Company’s objective
the Board monitor exposures and ensure that the risk is adequately disclosed to
investors.
In addition, the Board and the AIFM have appointed OrbiMed to manage the
portfolio within the remit of the investment objective and policy, and imposed
various limits and guidelines, set out on pages 10 and 11. These limits ensure that
the portfolio is diversified, reducing the risks associated with individual stocks,
and that the maximum exposure (through derivatives and an overdraft facility)
is limited. The compliance with those limits and guidelines is monitored daily by
Frostrow and OrbiMed and reported to the Board monthly.
Discount risk
The Company is exposed to the risk that, particularly
in periods when the investment strategy or its
implementation underperforms, it may become less
attractive to investors. This could lead to reduced
demand for the Company’s shares, resulting in a
widening of the discount between the share price
and the Net Asset Value (“NAV”) per share. Persistent
underperformance, or a lack of clear communication
regarding the Company’s strategy and positioning,
may contribute to negative market sentiment. This
can, in turn, affect shareholder confidence and
trading liquidity.
In managing this risk the Board:
• reviews the Company’s Investment Objective and performance in relation to
market, and economic, conditions and the operation of the Company’s peers;
• actively seeks to promote the Company to current and potential investors and have
appointed Quill PR to assist with this; and
• has implemented an active discount/premium control mechanism.
Frostrow have been appointed to provide Investor relations and Company
promotional activities. They report to the Board at each Board meeting on these
activities. Further information on these activities can be found on pages 34 and 35.
Strategic risks
Active Management Risk
The appointment of a Portfolio Manager with a
high-conviction, actively managed investment style,
while potentially enhancing long-term returns, can
result in higher portfolio volatility and returns diverging
from those of the Benchmark. Such divergence
may not align with shareholder expectations for
performance consistency relative to the Benchmark
and could contribute to share price discount volatility
or investor dissatisfaction.
The Board conducts regular and detailed performance reviews of the Portfolio
Manager assessing both absolute and relative returns over appropriate time
horizons. The investment performance and portfolio is monitored at each Board
meeting with scrutiny on performance, concentration, sector weightings, and
volatility metrics.
The Board on at least an annual basis reviews, and considers, the appointment of
the Portfolio Manager to ensure the Portfolio Managers approach aligns with the
Company’s long-term strategic objectives and shareholder interests.
The Company’s communications and marketing strategy materials seek to
outline the high-conviction, unconstrained nature of the global investment
approach.
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
38
BUSINESS REVIEW CONTINUED
PRINCIPAL RISKS AND UNCERTAINTIES MITIGATION
Strategic risks continued
Macro economic risk, Geopolitical and
regulatoryrisks
The Company’s performance may be adversely affected
by macroeconomic instability, geopolitical tensions, and
changes in global regulatory or fiscal policy. Such risks
can lead to market volatility, shifts in investor sentiment,
currency fluctuations, and disruptions to the business
models of underlying portfolio companies.
The U.S. administration may introduce material
uncertainty, particularly in relation to healthcare policy,
trade relationships, taxation, and regulatory oversight.
Given the portfolio’s substantial exposure to U.S.-
domiciled healthcare companies, political intervention
— including reforms to drug pricing, regulatory approval
processes, or public healthcare funding — could
materially impact the valuations and earnings outlook
of certain holdings.
Further risks include:
• Geopolitical conflict or rising protectionism, which
may disrupt supply chains, affect cross-border
investment flows, or trigger volatility in global equity
markets;
• Escalating strategic and economic tensions, in
particular, between the United States and China,
including the implementation of “U.S.-first”
industrial and trade policies, which may incentivise
onshoring of manufacturing, impose tariffs or
regulatory barriers on non-U.S. production, and
disproportionately affect Chinese and other
overseas manufacturers. Such developments
could disrupt global healthcare supply chains,
increase input costs, constrain market access, and
adversely impact companies with cross-border
manufacturing, sourcing, or revenue exposure to
these markets;
• Rising levels of cybercrime, particularly where
healthcare companies are targeted for sensitive
commercial or patient data, potentially leading to
operational or reputational damage;
• Emerging market exposure, which introduces
heightened political risk, legal and regulatory
unpredictability, and currency instability.
While macroeconomic and geopolitical events remain outside the direct control of
the Company, the Board conducts regular reviews of the broader economic, political,
and regulatory environment, in close consultation with the Portfolio Manager.
Particular attention is paid to emerging developments that may materially impact
the healthcare sector or the geographies in which the portfolio is invested.
The Board monitors the execution of the Company’s investment strategy in the
context of long-term objectives and the evolving risk landscape. This includes
reviewing portfolio exposures to specific countries, sectors, and currencies,
particularly in relation to areas of heightened geopolitical tension, such as the
Middle East and Asia Pacific regions, and in light of potential risks stemming
from trade disputes, tariffs, or regulatory reform — including those under the U.S.
administration.
The Portfolio Manager’s risk team undertakes systematic risk analysis, including
ongoing monitoring of country-specific, sector-specific, and issuer-level risks.
In addition, the Board is supported by a specialist Alternative Investment Fund
Manager (AIFM) and Company Secretary, who provide regular updates on market
developments, industry regulation, and relevant legislative or tax changes, enabling
timely and informed oversight.
Leverage Risk
The Company permits the use of gearing to
enhance capital growth. While day-to-day decisions
on leverage levels are delegated to the Portfolio
Manager (OrbiMed) within Board-approved limits,
the strategic setting of these parameters involves
balancing the potential for enhanced returns with the
risk of amplified losses during market downturns.
An inappropriate leverage policy could misalign with
shareholder expectations, increase volatility, or result
in underperformance relative to the Benchmark.
The Board periodically reviews the Company’s leverage limits in consultation
with the AIFM and Portfolio Manager, considering market conditions, risk
tolerance, and long-term strategic objectives.
STRATEGIC REPORT
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
39
PRINCIPAL RISKS AND UNCERTAINTIES MITIGATION
Strategic risks continued
Activism Risk
The increasing visibility of activist investors on
investment trust share registers poses a potential
governance and strategic risk. Activists may seek
to influence the Company’s investment policy, fee
structure, share buyback programme, or strategic
direction, which may not align with the Company’s
long-term objective or those of other shareholders.
In monitoring this risk the Board:
• discusses at each Board meeting the Company’s future development and
strategy;
• reviews the shareholder register at each Board meeting;
• has implemented an active discount/premium control mechanism;
• both the Chair and SID make themselves available to meet with major
shareholders, if requested; and,
• all Directors attend the AGM are available to answer any questions, and
discuss any matters, with shareholders.
Frostrow and OrbiMed maintains regular and transparent communication with
shareholders. Feedback from shareholders, including any shareholder concerns,
are provided to each board meeting.
Investment risks
Performance risks
OrbiMed’s approach is expected to result in
performance that deviates meaningfully from market
indices and other healthcare-focused investment
companies. While this style may enhance long-term
returns, it can also lead to periods of significant under-
or outperformance relative to comparators.
In addition, the Company employs leverage, both through
the use of derivatives and traditional gearing. While
leverage is intended to enhance returns, it also increases
the Company’s exposure to market movements, thereby
amplifying both gains and losses. In periods of market
volatility or adverse performance, the use of leverage may
increase the risk of capital loss and contribute to greater
net asset value volatility.
To manage this risk the Board monitor the portfolio (both performance and
composition) and compliance with the limits (as noted on the previous page) and
on an, at least, annual basis consider the re-appointment of the portfoliomanager.
Investment performance is a primary discussion item at all Board meetings.
OrbiMed reports at each Board meeting on the performance of the Company’s
portfolio, which encompasses the rationale for stock selection decisions, the
make-up of the portfolio, potential new holdings and, derivative activity and
strategy (further details on derivatives can be found in note 16 beginning on
page89).
Unquoted investment risk
The Company invests in unquoted companies with
the objective of achieving enhanced long-term
returns. However, these investments carry a higher
degree of risk compared to quoted securities.
Unquoted holdings are typically illiquid, meaning
they may be more difficult to purchase, realise, or
value accurately. As such, their valuations can be
more volatile and subject to greater uncertainty than
those of listed investments. Valuation of unquoted
investments requires significant judgement and
is conducted in accordance with the accounting
policies set out in Note 1(a) beginning on page 80.
There is a risk that exit proceeds may ultimately be
materially lower than the valuations estimated by
the Company. In addition, external events beyond the
Company’s control — including market conditions,
political developments, or company-specific events
— may significantly affect both the valuation of, and
the Company’s ability to exit from, these investments.
To mitigate this risk the Board and AIFM have set a limit of 10% of the portfolio,
calculated at the time of investment, that can be held in unquoted investments
and have established a robust and consistent valuation policy and process as set
out in Note 1(b) on page 81, which is in line with UK GAAP requirements and the
International Private Equity and Venture Capital (“IPEV”) Guidelines. TheBoard
also monitors the performance of these investments compared to the additional
risks involved.
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Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
40
BUSINESS REVIEW CONTINUED
PRINCIPAL RISKS AND UNCERTAINTIES MITIGATION
Investment risks continued
ESG related risk
Both the Board and the Portfolio Manager recognise
the importance of maintaining a coherent and
credible approach to environmental, social and
governance (“ESG”) considerations. There is a risk
that failure to incorporate ESG factors effectively
into the investment decision-making process could
negatively impact long-term investment returns.
Companies that disregard ESG issues may face
regulatory, reputational, or operational challenges
that could impair their financial performance.
Furthermore, insufficient emphasis on ESG within
the Company’s investment framework may reduce
its attractiveness to current and prospective
shareholders, particularly as investor expectations
and stewardship standards continue to evolve.
A perceived lack of ESG integration could also
affect the Company’s inclusion in ESG-compliant
investment mandates and indices.
The Portfolio Manager provides a periodic update on ESG issues to the Board,
highlighting examples where ESG issues influenced investment decisions and/
or led to engagement with an investee company. The Portfolio Manager also
produces a quarterly ESG update.
The Board ensures that the Portfolio Manager’s ESG approach is in line with
standards elsewhere and the Board’s expectations. A summary of the Portfolio
Manager’s approach to Responsible Investing can be found on page 32.
Operational risks
Counterparty risk
In addition to market and foreign currency risks,
discussed above, the Company is exposed to
risk arising from the use of counterparties. If a
counterparty were to fail, the Company could be
adversely affected through either delay in settlement
or loss of assets.
The most significant counterparty the Company is
exposed to is J.P. Morgan Securities LLC which is
responsible for the safekeeping of the Company’s
assets and provides the overdraft facility to the
Company. As part of the arrangements with
J.P.Morgan Securities LLC they may take assets,
up to 140% of the value of the drawn overdraft, as
collateral and have first priority security interest
or lien over all of the Company’s assets. Such
assets taken as collateral may be used, loaned,
sold, rehypothecated or transferred by J.P. Morgan
Securities LLC. Although the Company maintains
the economic benefit from the ownership of those
assets it does not hold any of the rights associated
with those assets. Any of the Company’s assets
taken as collateral are not covered by the custody
arrangements provided by J.P. Morgan Securities
LLC. The Company is, however, afforded protection
in accordance with SEC rules and U.S. legislation
equal to the value of the assets that have been
rehypothecated.
This risk is managed by the Board through:
• reviews of the arrangements with, and services provided by, the Depositary
and the Custodian and Prime Broker to ensure that the security of the
Company’s assets is being maintained. Legal opinions are sought, where
appropriate, as part of this review. Also, the Board regularly monitors the
credit rating of the Company’s Custodian and Prime Broker;
• monitoring of the assets taken as collateral (further details can be found in
note 16 beginning on page 89);
• reviews of OrbiMed’s approved list of counterparties, the Company’s use of
those counterparties and OrbiMed’s process for monitoring, and adding to,
the approved counterparty list;
• monitoring of counterparties, including reviews of internal control reports and
credit ratings, as appropriate;
• by primarily investing in markets that operate DVP (Delivery Versus Payment)
settlement. The process of DVP mitigates the risk of losing the principal of a
trade during the settlement process; and
• J.P. Morgan Securities LLC is subject to regular monitoring by J.P.Morgan
Europe Limited, the Company’s Depositary, and the Board receives regular
reports from J.P. Morgan Europe Limited.
STRATEGIC REPORT
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
41
PRINCIPAL RISKS AND UNCERTAINTIES MITIGATION
Operational risks continued
Service provider risk
The Company is reliant on the systems of its service
providers to run its business and as such disruption
to, or a failure of, those systems could lead to a
failure to comply with law and regulations leading to
reputational damage and/ or financial loss. Given the
reliance on connected systems by the Company’s
service provider cyber risks are considered to be
heightened currently.
To manage these risks the Board:
• receives a monthly compliance report from Frostrow, which includes, interalia,
details of compliance with applicable laws and regulations;
• reviews internal control reports, key policies, including measures taken to
combat cyber security issues, and also the disaster recovery procedures of its
service providers;
• maintains a risk matrix with details of risks the Company is exposed to, the
controls relied on to manage those risks and the frequency of the controls
operation;
• receives updates on pending changes to the regulatory and legal environment
and progress towards the Company’s compliance with these; and
• has considered the increased risk of cyber-attacks and received reports
and assurance at meetings with its service providers where the information
security controls in place were reviewed.
Emerging risks
The Company has carried out a robust assessment of its
emerging risks, and the procedures in place to identify and
monitor them are described below. The International Risk
Governance Council defines an ‘emerging’ risk as one that is
new, or a known risk appearing in a new or unfamiliar context,
or under new contextual conditions (i.e. re-emerging). Failure
to identify emerging risks may result in reactive responses
rather than proactive management and, in extreme cases,
could render the Company unviable or force a fundamental
change to its structure, objective, or strategy.
The Audit & Risk Committee reviews a risk schedule at its
half-yearly meetings. Emerging risks are discussed during
these sessions and are also considered on an ongoing basis
to ensure that both new and evolving risks are identified and,
where practicable, mitigated.
The Audit & Risk Committee continues to monitor and assess
the following key emerging risks:
• Technological disruption in global healthcare markets,
including the impact of artificial intelligence, precision
medicine, and digital health platforms;
• Evolving ESG expectations and regulatory standards,
particularly relating to climate disclosure, social impact,
and governance frameworks;
• Cybersecurity threats affecting the Company’s service
providers and/or portfolio companies, particularly relating
to the protection of sensitive medical or patient data;
• Long-term changes in global healthcare policy, public
funding models, and innovation frameworks, especially in
the U.S. and emerging markets; and
• Water scarcity is an emerging risk for healthcare
companies reliant on water-intensive manufacturing and
laboratory processes. Constraints on water availability
may increase costs, disrupt production, and necessitate
investment in efficiency or treatment infrastructure. These
pressures could impact margins, supply chain resilience,
and expose companies to reputational risks in water-
stressed regions.
The Committee recognises that such risks can also present
opportunities for companies that adapt early, and it remains
alert to both the threats and potential strategic implications
they may pose.
DISCOUNT/PREMIUM CONTROL
The Board undertakes a regular review of the level of
discount/premium and consideration is given to ways in
which share price performance may be enhanced, including
the effectiveness of marketing, share issuance and share
buybacks, where appropriate.
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 (See Glossary beginning on page
97). 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.
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Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
42
BUSINESS REVIEW CONTINUED
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.
Details of share issuance and share buybacks are set out on
page
49.
SOCIAL, HUMAN RIGHTS AND
ENVIRONMENTAL MATTERS
The Directors, through the Company’s Portfolio Manager,
encourage companies in which investments are made
to adhere to best practice with regard to corporate
governance. In light of the nature of the Company’s
business there are no relevant human rights issues and the
Company does not have a human rights policy.
The Company recognises that social and environmental
issues can have an effect on some of its investee companies.
As an externally-managed investment trust, the Company
does not have any employees or maintain any premises,
nor does it undertake any manufacturing or other physical
operations itself. All its operational functions are outsourced
to third party service providers. Therefore, the Company
has no material, direct impact on the environment or any
particular community and the Company itself has no
environmental, human rights, social or community policies.
The Board of Directors consists of seven Directors, five
of whom are resident in the UK, one in Canada and one in
theU.S. TheBoard holds the majority of its regular meetings
in the UK, with usually one meeting held each year in
NewYork, and has a policy that travel, as far as possible,
is minimal, thereby minimising the Company’s greenhouse
gas emissions. Further details concerning greenhouse
gas emissions can be found within the Report of the
Directors on page 50. Video conferencing continues to be
a very effective way of holding meetings, and this medium
continues to be used alongside in person meetings.
The Portfolio Manager engages with the Company’s
underlying investee companies in relation to their corporate
governance practices and the development of their policies
on social, community and environmental matters (see
page32 for further information).
The Company is committed to carrying out business in an
honest and fair manner with a zero-tolerance approach to
bribery, tax evasion and corruption. As such, policies and
procedures are in place to prevent this. In carrying out its
activities, the Company aims to conduct itself responsibly,
ethically and fairly. The Board expects that the Company’s
principal service providers have appropriate policies in place
and carry out a regular review of their arrangements.
TASKFORCE FOR CLIMATE-RELATED
FINANCIAL DISCLOSURES (“TCFD”)
The Company notes the TCFD recommendations on
climate-related financial disclosures. The Company is an
investment trust with no employees, internal operations
or property and, as such, it is exempt from the UK Listing
Rules requirement to report against the TCFD framework.
GOING CONCERN
The financial statements have been prepared on a going
concern basis. The Directors consider this is the appropriate
basis as the Company has adequate resources to continue
in operational existence for the foreseeable future, being
taken as 12 months from the date of approval of this report
on 4June 2026. The Company’s shareholders are asked
every five years to vote for the continuation of the Company,
this will next be put to shareholders at the Annual General
Meeting to be held in 2029. The content of the Company’s
portfolio, trading activity, the Company’s cash balances and
revenue forecasts, and the trends and factors likely to affect
the Company’s performance are reviewed and discussed at
each Board meeting. The Board has considered a detailed
assessment of the Company’s ability to meet its liabilities
as they fall due, including stress and liquidity tests which
modelled the effects of substantial falls in markets and
significant reductions in market liquidity, on the Company’s
net asset value, its cash flows and its expenses. Further
information is provided in the Audit & Risk Committee Report
beginning on page 61.
STRATEGIC REPORT
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
43
Based on the information available to the Directors at the
date of this report, including the results of these stress
tests, the conclusions drawn in the Viability Statement
below, the Company’s cash balances, and the liquidity of the
Company’s listed investments, the Directors are satisfied that
the Company has adequate financial resources to continue
in operation for at least the next 12 months and that,
accordingly, it is appropriate to continue to adopt the going
concern basis in preparing the financial statements.
VIABILITY STATEMENT
The Directors have assessed the Company’s position and
prospects, including consideration of the Company’s principal
risks, and have formed a reasonable expectation that the
Company will be able to continue in operation and meet its
liabilities as they fall due over the next five financial years. The
Board has chosen a five-year horizon in view of both the long-
term outlook adopted by the Portfolio Manager when making
investment decisions and also the investment horizon adopted
by investors.
To make this assessment, the Audit & Risk Committee has
considered the Company’s financial position, its ability to
liquidate the portfolio and to meet its liabilities as they fall due.
The following points were noted:
• The portfolio is comprised principally of investments
traded on major international stock exchanges. Based on
recent market volumes c.72.5% of the current portfolio
could be liquidated and the funds received within three
trading days. There is no current expectation that the
nature of the investments held within the portfolio will be
significantly different in future.
• The Board has considered the viability of the Company
under various scenarios, including periods of stock market
and economic volatility, and concluded that it would
expect to be able to ensure the financial stability of the
Company due, in large part, to having a diversified portfolio
comprising principally of listed and readily realisable
assets. As illustrated in note 16 to the financial statements,
the Board has considered the following risks with
appropriate sensitivity analysis having been undertaken:
market risk (including foreign currency risk, interest rate
risk and other price risk), liquidity risk and credit risk.
With an ongoing charges ratio of 0.9%, the expenses of the
Company are predictable and modest in comparison with the
assets and there are no known capital commitments which
would alter that position.
• The Company has an overdraft facility which can be used
to meet its liabilities. Details of the Company’s current
liabilities as at 31 March 2026 are set out in notes 10 and
12 to the financial statements.
• The Company has no employees. Therefore, it does not
have redundancy or other employment related liabilities or
responsibilities.
The Audit & Risk Committee, in addition to considering
the potential impact of the Company’s principal risks
and various plausible downside scenarios, has made the
following assumptions in considering the Company’s longer-
term viability:
• There will continue to be demand for investment trusts;
• The Portfolio Manager will continue to adopt a long-term
view when making investments;
• The Company invests principally in the securities of listed
companies traded on international stock exchanges to
which investors will wish to continue to have exposure;
• Shareholders will vote for the continuation of the Company
at the Annual General Meeting to be held in 2029 and at
five-year intervals thereafter;
• Due to the closed-ended nature of the Company, unlike
open-ended funds, it does not have to sell investments
when shareholders wish to sell their shares;
• The Company will continue to be able to fund share
buybacks when required. The Company bought back
121,129,387 shares in the year under review at a total cost
of £396.3million. It had shareholders’ funds in excess of
£1,385.5 million at the year end; and
• The long-term performance of the Company will continue
to be satisfactory.
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Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
44
STAKEHOLDER
GROUP
HOW THE BOARD, THE PORTFOLIO MANAGER AND THE AIFM HAVE ENGAGED WITH THE COMPANY’S
STAKEHOLDERS
Investors The Portfolio Manager and Frostrow, on behalf of the Board, complete a programme of investor relations throughout the year.
An analysis of the Company’s shareholder register is provided to the Directors at each Board meeting along with
marketing reports from Frostrow. The Board reviews and considers the marketing plans on a regular basis. Reports
from the Company’s broker are submitted to the Board on investor sentiment and industry issues.
Key mechanisms of engagement include:
• The Annual General Meeting.
• The Annual and Half-Year Reports.
• The Company’s website which hosts reports, articles and insights, monthly fact sheets and video interviews with the
Portfolio Manager.
• One-on-one and group investor meetings.
• Online and in person seminars with presentations from the Portfolio Manager.
Portfolio
Manager
The Board met regularly with the Company’s Portfolio Manager throughout the year. The Board also receives monthly
performance and compliance reporting.
The Portfolio Manager’s attendance at each Board meeting provides the opportunity for the Portfolio Manager and Board
to further reinforce their mutual understanding of what is expected from both parties.
The Board encourages the Company’s Portfolio Manager to engage with companies and in doing so expects ESG issues
to be an important consideration.
The Board receives an update on Frostrow’s engagement activities by way of a dedicated report at Board meetings and at
other times during the year as required.
Other Service
Providers
The Board and Frostrow, acting in its capacity as AIFM, engage regularly with other service providers both in one-to-one
meetings and via regular written reporting. This regular interaction provides an environment where topics, issues and
business development needs can be dealt with efficiently and collegiately.
The Board together with Frostrow also carried out a review of the service providers’ business continuity plans and
additional cyber security provisions.
The review of the performance of the Portfolio Manager and Frostrow is a continuous process carried out by the Board and
the Management Engagement & Remuneration Committee with a formal evaluation being undertaken annually.
BUSINESS REVIEW CONTINUED
STAKEHOLDER INTERESTS AND BOARD DECISION-MAKING
(SECTION 172 OF THE COMPANIES ACT 2006)
The following disclosure which is required by the Companies Act 2006 and the AIC Code of Corporate Governance, describes
how the Directors have had regard to the views of the Company’s stakeholders in their decision-making.
STRATEGIC REPORT
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
45
BUSINESS REVIEW CONTINUED
WHAT WERE THE KEY AREAS OF ENGAGEMENT?
WHAT ACTIONS WERE TAKEN, INCLUDING MAIN DECISIONS?
• Ongoing dialogue with shareholders concerning
the strategy of the Company, performance and the
portfolio.
• Net asset value and share price performance.
• Composition of the Board and Director tenure.
• The operation of the Company’s discount
management policy.
• The Portfolio Manager and Frostrow meet regularly with shareholders and
potential investors to discuss the Company’s strategy, performance and
portfolio. TheChair of the Board and his successor, William Hemmings, also
met with key shareholders during the year to discuss corporate governance
matters and also the Company’s investment strategy.
• Throughout the year the Board closely monitored the Company’s discount/
premium to NAV per share and received regular updates from the broker.
121,219,387 shares were bought back during the year, and a further 10,373,640
shares were bought back since the year end to 3 June 2026. Nonew shares
were issued during the year, nor following the year end to 3 June 2026. (Please
see the statement from the Chair on pages 6 to 8 for further information.)
• Regular review of the performance and make up of
the investment portfolio.
• The integration of ESG factors into the Portfolio
Manager’s investment processes.
• The Board engaged with the Portfolio Management team to discuss the
Company’s overall performance as well as developments in individual
portfolio companies and wider macroeconomic developments.
• The Portfolio Manager provides a periodic update on ESG issues to the
Board.
• The Directors have frequent engagement with the
Company’s other service providers through the annual
cycle of reporting. This engagement is completed with
the aim of maintaining an effective working relationship
and oversight of the services provided.
• No specific action required as the reviews of the Company’s service providers,
have been positive and the Directors believe their continued appointment is in
the best interests of the Company.
• The Board is cognisant that the trading of the
Company‘s shares at a persistent and significant
discount or premium to the prevailing NAV per share
is not in the interests of shareholders.
Having nearly exhausted the authority granted at the 2025 AGM, the Board
asked shareholders to renew the Company’s authority to buy back shares in the
market at a General Meeting held on 1 October 2025. Shareholders approved the
proposal. Following the year-end, a further General Meeting was held on 2 June
2026 to further renew this authority. Shareholders again approved the proposal.
PERFORMANCE AND FUTURE DEVELOPMENTS
A review of the Company’s year, its performance and
the outlook for the Company can be found in the Chair’s
Statement on pages
6 to 8 and in the Portfolio Manager’s
Review on pages
16 to 31.
The Company’s overall strategy remains unchanged.
ALTERNATIVE PERFORMANCE MEASURES
The Financial Statements (on pages 76 to 95) set out the
required statutory reporting measures of the Company’s
financial performance. In addition, the Board assesses the
Company’s performance against a range of criteria which
are viewed as particularly relevant for investment trusts,
which are explained in greater detail in the Strategic Report,
under the heading ‘Key Performance Indicators’ on page 35.
By order of the Board
Frostrow Capital LLP
Company Secretary
4 June 2026
Board of Directors
DOUG MCCUTCHEON
INDEPENDENT
NON-EXECUTIVE CHAIR
Joined the Board in 2012 and
became Chair in July 2022
Annual Remuneration Year
Ended 2026: £57,494
Committee Membership
Doug attends the Audit & Risk
Committee by invitation and is
a member of the Nominations
and Management Engagement
&
Remuneration Committees.
Shareholding in the Company
300,000
Skills and Experience
Doug is the President of
Longview Asset Management
Ltd., an independent
investment firm that manages
the capital of families,
charitable endowments. Prior
to this, Doug was an investment
banker for
25 years at UBS
and its predecessor firm, S.G.
Warburg, where, most recently,
he was the head of Healthcare
Investment Banking for Europe,
the Middle East, Africa and
Asia- Pacific. Doug is involved
in philanthropic organisations
with a focus on healthcare and
education. He attended Queen’s
University, Canada.
Other Appointments
Doug is a non-executive
Director of Labrador Iron Ore
Royalty Corporation
listed on
the Toronto Stock Exchange.
Standing for re-election: No
SVEN BORHO, CFA
NON-EXECUTIVE DIRECTOR
Joined the Board in 2018
Annual Remuneration Year
Ended 2026: Nil
Committee
Membership
Sven is not a member of any of
the Company’s Committees.
Shareholding in the Company
250,000
Skills and Experience
Sven H. Borho,
CFA, is a
founder and Managing Partner
of
OrbiMed. Sven heads the
public equity team and he is the
portfolio manager for OrbiMed’s
public equity and hedge funds.
He has been a portfolio manager
for the firm’s funds since 1993
and has played an integral role
in the growth of OrbiMed’s asset
management activities.
He started his career in 1991
when he joined OrbiMed’s
predecessor firm as a Senior
Analyst covering European
pharmaceutical firms and
biotechnology companies
worldwide. Sven studied
business administration at
Bayreuth University in Germany
and received a M.Sc. (Econs.),
Accounting and Finance,
from The London School of
Economics.
Other Appointments
Sven is a Managing Partner of
OrbiMed.
Standing for re-election:
Yes
TIM LIVETT, ACMA
INDEPENDENT
NON-EXECUTIVE DIRECTOR
Joined the Board in 2022
Annual Remuneration Year
Ended 2026: £44,495
Committee Membership
A qualified accountant, Tim
is Chair of the Audit & Risk
Committee and is a
member of
the Management Engagement
& Remuneration and
Nominations Committees.
Shareholding in the Company
22,287
Skills and Experience
Tim was formerly the Chief
Financial Officer at Caledonia
Investments PLC. Prior to this
role
he was Chief Financial
Officer at Wellcome Trust, the
global charitable trust focused
on health research, and at
Virgin Atlantic Limited. He
has an extensive and broad
financial background. Tim
studied Chemistry at Oxford
University.
Other Appointments
Tim is a non-executive Director
of British Standards Institution
and of Oxford University
Endowment Management, plus
a Trustee of Babraham Institute;
he chairs the respective Audit
and Risk Committees of
these institutions. He is also a
Director and Trustee of the Shell
Foundation.
Standing for re-election: Yes
DR BINA RAWAL
SENIOR INDEPENDENT
NON-EXECUTIVE DIRECTOR
Joined the Board in 2019
Annual Remuneration Year
Ended 2026: £38,949
Committee Membership
Bina is the Senior Independent
Director and is Chair of the
Nominations Committee. She
is also a member of the Audit
& Risk
and the Management
Engagement & Remuneration
Committees.
Shareholding in the Company
26,060
Skills and Experience
A physician scientist with 25
years’ experience in Research
and Development, Bina
has held senior executive
r
oles in drug development
and scientific evaluation in
four global pharmaceutical
companies. She has also
worked in senior roles with
two medical research funding
organisations: Wellcome Trust
and Cancer Research UK. Bina
is Chair of the social mobility
charity upReach.
Other Appointments
Bina is a non-executive Director
of PHPPlc.
Standing for re-election: Yes
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
46
BOARD OF DIRECTORS CONTINUED
SIAN HANSEN
INDEPENDENT
NON-EXECUTIVE DIRECTOR
Joined the Board in 2024
Annual Remuneration Year
Ended 2026: £36,316
Committee Membership
Sian is a member of the Audit
& Risk, the Management
Engagement & Remuneration
and
the Nominations
Committees.
Shareholding in the Company
3,017
Skills and Experience
Previously Sian was a
non
-executive Director of Pacific
Assets Trust plc and was
Chief Operating Officer of C|T
Group, Executive Director of the
Legatum Institute and before
that, Managing Director of the UK
think tank Policy Exchange.
Earlier in her career, Sian was
a senior equity analyst and
Co-Director of Sales for Asian
Emerging Markets at Société
Générale. Sian enhances
the Board’s knowledge of
sustainability, enabling
meaningful debates with the
Portfolio Manager to take
place. As a thought leader in
political and other forums, she
brings a valuable perspective
on geo-political matters.
Other Appointments
Sian is a non-executive
Director of The Lindsell T
rain
Investment Trust plc.
Standing for re-election: Yes
JO PARFREY, ACA
INDEPENDENT
NON-EXECUTIVE DIRECTOR
Joined the Board in 2022
Annual Remuneration Year
Ended 2026: £36,316
Committee Membership
Jo is Chair of the Management
Engagement & Remuneration
Committee and is a member
of
the Audit & Risk and
Nominations Committees.
Shareholding in the Company
20,000
Skills and Experience
A Chartered Accountant by
training, Jo is an experienced
investor
with a background in
private equity with LGV Capital
Partners Limited, where she was
on the Board. Jo was formerly
a non-executive Director of
Henderson International
Income Trust plc, Guy’s and
StThomas’ Enterprises Limited.
Jo has extensive experience of
both global investment trusts
and healthcare, including life
sciences. Jo studied chemistry
at OxfordUniversity.
Other Appointments
Jo is the non-executive Chair
of Octopus AIMVCT. She
is also the non-executive
Chair of Babraham Research
CampusLimited.
Standing for re-election: Yes
WILLIAM HEMMINGS
INDEPENDENT
NON-EXECUTIVE DIRECTOR
Joined the Board in 2024
Annual Remuneration Year
Ended 2026: £36,316
Committee Membership
William is a member of the
Audit & Risk, the Management
Engagement & Remuner
ation
and Nominations Committees.
Shareholding in the Company
14,500
Skills and Experience
William has extensive
experience in the investment
trust sector from
his previous
roles as Head of Closed End
Funds and Head of Investment
Companies at Aberdeen Group
(formerly Aberdeen Asset
ManagementPLC). He was
also formerly a Non-Executive
Director on the board of Primary
Health Properties Plc and a
Director of the Association of
Investment Trust Companies.
Other Appointments
William is a consultant to board
performance and external
evaluation specialist Cyclico.
Standing for re-election: Yes
GOVERNANCE
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
47
Report of the Directors
The Directors present their Annual
Report on the affairs of the
Company together with the audited
financial statements and the
Independent Auditors’ Report for
the year ended 31 March 2026.
SIGNIFICANT AGREEMENTS
Details of the services provided under these agreements are
included in the Strategic Report on pages 34 to 36.
Alternative investment fund management
agreement
Frostrow is the designated AIFM for the Company on the
terms and subject to the conditions of the alternative
investment fund management agreement between the
Company and Frostrow (the “AIFM Agreement”).
The notice period on the AIFM Agreement with Frostrow is
12 months, termination can be initiated by either party.
Details of the fee payable to Frostrow can be found on
page 36.
Portfolio management agreement
Under the AIFM Agreement Frostrow has delegated the
portfolio management function to OrbiMed, under a portfolio
management agreement between it, the Company and
Frostrow (the “Portfolio Management Agreement”).
OrbiMed receives a periodic fee equal to 0.65% p.a. of the
Company’s NAV and a performance fee as set out in the
Performance Fee section below. Its agreement with the
Company may be terminated by either party giving notice of
not less than 12 months.
Performance fee
Dependent on the level of long-term outperformance of the
Company, OrbiMed is entitled to a performance fee. The
performance fee is calculated by reference to the amount by
which the Company’s NAV performance has outperformed
the Benchmark (see inside front cover for details of the
Benchmark).
The fee is calculated quarterly by comparing the cumulative
performance of the Company’s NAV with the cumulative
performance of the Benchmark since the launch of the
Company in 1995. The performance fee amounts to 15.0% of
any outperformance over the Benchmark. Provision is made
within the daily NAV per share calculation as required and in
accordance with generally accepted accounting standards.
In order to ensure that only sustained outperformance
is rewarded, at each quarterly calculation date any
performance fee payable is based on the lower of:
(i) The cumulative outperformance of the portfolio over the
Benchmark as at the quarter end date; and
(ii) The cumulative outperformance of the portfolio over the
Benchmark as at the corresponding quarter end date in
the previous year
less any cumulative outperformance on which a
performance fee has already been paid.
The effect of this is that outperformance has to be
maintained for a twelve month period before it is paid.
As at 31 March 2026 no performance fees were accrued or
payable (31 March 2025: £nil). Since the last performance
fee was paid in 2021, the Company has underperformed
it’s Benchmark and as such no performance fee has been
provided for in the current or comparative year.
Depositary agreement
The Company appointed J.P. Morgan Europe Limited
(the “Depositary”) as its Depositary in accordance with the
AIFMD on the terms and subject to the conditions of the
Depositary agreement between the Company, Frostrow and
the Depositary (the “Depositary Agreement”).
Under the terms of the Depositary Agreement the Company
has agreed to pay the Depositary a fee calculated at 1.75bp
on net assets up to £150 million, 1.50bps on net assets
between £150 million and £300 million, 1.00bps on net
assets between £300 million and £500 million and 0.50bps
on net assets above £500 million.
The Depositary has delegated the custody and safekeeping
of the Company’s assets to J.P. Morgan Securities LLC
(the “Custodian and Prime Broker”) pursuant to a delegation
agreement between the Company, Frostrow, the Depositary
and the Custodian and Prime Broker (the “Delegation
Agreement”).
The Delegation Agreement transfers the Depositary’s liability
for the loss of the Company’s financial instruments held in
custody by the Custodian and Prime Broker to the Custodian
and Prime Broker as permitted by the AIFMD. The Company
has consented to the transfer and reuse of its assets by the
Custodian and Prime Broker (known as “rehypothecation”)
in accordance with the terms of an institutional account
agreement between the Company, the Custodian and Prime
Broker and certain other J.P. Morgan entities (as defined
therein). See page 36 for further details.
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
48
REPORT OF THE DIRECTORS CONTINUED
Prime brokerage agreement
The Company appointed J.P. Morgan Securities LLC on the
terms and subject to the conditions of the prime brokerage
agreement between the Company, Frostrow and the
Depositary (the “Prime Brokerage Agreement”).
The Custodian and Prime Broker receives interest on the
drawn overdraft as detailed in note 12 on page 88.
The Custodian and Prime Broker is a registered
broker-dealer and is regulated by the United States
Securities and Exchange Commission.
RESULTS AND DIVIDENDS
The results attributable to shareholders for the year and the
transfer to reserves are shown on pages 76 and 77. Details
of the Company’s dividend record can be found on page 5.
Substantial interests in share capital
As at 31 March 2026, the Company had been notified of the
following substantial interest in the Company’s voting rights.
Number of
shares held % held
Rathbones Investment
Management Limited
67,482,629 15.1
This table reflects those shareholders who have notified the
Company of a substantial interest in its shares when they
have crossed certain thresholds and may not reflect their
current holding. The table does not reflect the full range
of investors in the Company. The shareholder register is
principally comprised of private wealth managers and retail
investors owning their shares through a variety of online
platforms. A profile of the Company’s ownership is shown
on page 96.
SHARE CAPITAL
At 31 March 2026, there were 373,412,417 ordinary shares
of 25p each (“shares”) in issue (excluding 228,252,783
shares held in treasury) (2025: 494,631,804 shares in
issue (excluding 107,033,396 shares held in treasury)). All
shares rank equally for dividends and distributions. Each
shareholder is entitled to one vote on a show of hands and,
on a poll, to one vote for every share held.
At the start of the year under review, the Directors had
shareholder authority to issue up to 49,463,180 shares on
a non-pre-emptive basis and, having utilised a proportion
of the authority granted at the 2024 AGM, to buy back up to
45,203,448 shares in the market. At the Company’s AGM held
on 9 July 2025, these authorities expired and new authorities
to allot up to 46,432,453 shares (representing 10% of the
Company’s issued share capital at the time) on a non-pre-
emptive basis and to buy back up to 69,602,221 shares
(representing 14.99% of the Company’s issued share capital
at the time) were granted. After utilising the majority of the
buyback authority granted at the AGM, a renewed authority
to buy back up to 61,086,622 shares was granted at a general
meeting held on 1 October 2025. No new shares were issued
during the year. In total, 121,219,387 shares were repurchased
during the year to be held as treasury shares. Following
the year-end, a further renewed authority to buy back up to
54,510,546 shares was granted at a general meeting held on
2 June 2026. Further information on the Company’s share
issuance and buyback policies can be found on pages 41 and
42.
The giving of powers to issue or buy back the Company’s
shares requires the relevant resolution to be passed by
shareholders. Proposals for the renewal of the Board’s
authorities to issue and buy back shares are detailed in the
Notice of AGM beginning on page 101.
There are no restrictions concerning the transfer of
securities in the Company; no special rights with regard
to control attached to the securities; no restrictions on
voting rights; no agreements between holders of securities
regarding their transfer known to the Company; and no
agreements which the Company is party to that might
affect its control following a successful takeover bid.
DIRECTORS’ & OFFICERS’ LIABILITY
INSURANCE COVER
Directors’ & officers’ liability insurance cover was
maintained by the Company during the year ended
31 March 2026 and to the date of this report. It is intended
that this policy will continue for the year ending 31 March
2027 and subsequent years.
DIRECTORS’ INDEMNITIES
During the year under review and to the date of this report,
indemnities were in force between the Company and each
of its Directors under which the Company has agreed
to indemnify each Director, to the extent permitted by
law, in respect of certain liabilities incurred as a result of
carrying out his or her role as a Director of the Company.
The Directors are also indemnified against the costs of
defending any criminal or civil proceedings or any claim by
the Company or a regulator as they are incurred provided
that where the defence is unsuccessful the Director must
repay those defence costs to the Company. The indemnities
are qualifying third party indemnity provisions for the
purposes of the Companies Act 2006.
A copy of each deed of indemnity is available for inspection
at the Company’s registered office during normal business
hours and will be available for inspection at the Annual General
Meeting. Please refer to the Statement from the Chair on
pages 6 to 8 for details of this year’s AGM arrangements.
GOVERNANCE
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
49
REPORT OF THE DIRECTORS CONTINUED
POLITICAL AND CHARITABLE DONATIONS
The Company has not in the past and does not intend in the
future to make political or charitable donations.
MODERN SLAVERY ACT 2015
The Company does not provide goods or services in the
normal course of business, and as a financial investment
vehicle does not have customers. The Directors do not
therefore consider that the Company is required to make a
statement under the Modern Slavery Act 2015 in relation to
slavery or human trafficking.
ANTI-BRIBERY AND CORRUPTION POLICY
The Board has adopted a zero tolerance approach to
instances of bribery and corruption. Accordingly it expressly
prohibits any Director or associated persons when acting
on behalf of the Company, from accepting, soliciting, paying,
offering or promising to pay or authorise any payment,
public or private in the UK or abroad to secure any improper
benefit for themselves or for the Company.
The Board ensures that its service providers apply the same
standards in their activities for the Company.
A copy of the Company’s Anti Bribery and Corruption Policy
can be found on its website at www.worldwidewh.com. The
policy is reviewed regularly by the Audit & Risk Committee.
CRIMINAL FINANCES ACT 2017
The Company has a commitment to zero tolerance towards
the criminal facilitation of tax evasion.
A copy of the Company’s Prevention of the Facilitation
of Tax Evasion Policy can be found on its website at
www.worldwidewh.com. The policy is reviewed regularly by
the Audit & Risk Committee.
GLOBAL GREENHOUSE GAS EMISSIONS
The Company has no greenhouse gas emissions to report
from its operations, nor does it have responsibility for any
other emissions producing sources under the Companies Act
2006 (Strategic Reports and Directors’ Reports) Regulations
2013 or the Companies (Directors’ Report) and Limited
Liability Partnerships (Energy and Carbon Report) Regulations
2018, including those within the Company’s underlying
investment portfolio. Consequently, the Company consumed
less than 40,000 kWh of energy during the year in respect of
which the Report of the Directors is prepared and therefore is
exempt from the disclosures required under the Streamlined
Energy and Carbon Reporting criteria.
COMMON REPORTING STANDARD (“CRS”)
CRS is a global standard for the automatic exchange of
information commissioned by the Organisation for Economic
Cooperation and Development and incorporated into UK law
by the International Tax Compliance Regulations 2015. CRS
requires the Company to provide certain additional details
to HMRC in relation to certain shareholders. The reporting
obligation began in 2016 and is an annual requirement. The
Registrars, MUFG Corporate Markets, have been engaged to
collate such information and file the reports with HMRC on
behalf of the Company.
CORPORATE GOVERNANCE
The Corporate Governance Report is set out on pages 52
to 60.
ARTICLES OF ASSOCIATION
Amendments of the Company’s Articles of Association
require a special resolution to be passed by shareholders.
The Company is proposing to adopt new articles of
association at the AGM in July. The change proposed will
provide a mechanism to ensure continuity of governance in
the unlikely event that the number of directors falls below
the minimum required. Further details are set out in the
explanatory notes to the resolutions, on pages 107 and 108.
REQUIREMENTS OF THE UK LISTING RULES
The UK Listing Rules require the Company to include
certain information in a single identifiable section of the
Annual Report or a cross reference table indicating where
the information is set out. The Directors confirm that there
are no disclosures to be made under the UK Listing Rules.
UK SANCTIONS
The Board has made due diligence enquiries of the service
providers that process the Company’s shareholder data, to
ensure the Company’s compliance with the UK sanctions
regime. The relevant service providers have confirmed
that they check the Company’s shareholder data against
the UK sanctions list on a daily basis. At the date of this
report, no sanctioned individuals had been identified on
the Company’s shareholder register. The Board notes that
stockbrokers and execution-only platforms also carry out
their own due diligence.
By order of the Board
Frostrow Capital LLP
Company Secretary
4 June 2026
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
50
The Directors are responsible for preparing the Annual
Report and the Financial Statements in accordance with
applicable law and regulations. In preparing these financial
statements, the Directors are required to:
• select suitable accounting policies and apply them
consistently;
• make judgements and estimates that are reasonable
and prudent;
• follow applicable UK accounting standards comprising
FRS 102;
• prepare the financial statements on a going concern
basis unless it is inappropriate to presume that the
Company will continue in business; and
• prepare a director’s report, a strategic report and a
directors’ remuneration report which comply with the
requirements of the Companies Act 2006.
The Directors are responsible for keeping adequate
accounting records that are sufficient to show and explain
the Company’s transactions and disclose with reasonable
accuracy at any time the financial position of the Company
and enable them to ensure that the financial statements
and the Directors’ Remuneration Report comply with
the Companies Act 2006. They are also responsible for
safeguarding the assets of the Company and hence for
taking reasonable steps for the prevention and detection of
fraud and other irregularities.
The Directors are responsible for ensuring that the Report
of the Directors and other information included in the
Annual Report is prepared in accordance with company
law in the United Kingdom. They are also responsible for
ensuring that the Annual Report includes information
required by the UK Listing Rules.
The Directors are also responsible for ensuring that the
Annual Report and the Financial Statements are made
available on a website. The Annual Report and the Financial
Statements are published on the Company’s website at
www.worldwidewh.com and via Frostrow’s website at
www.frostrow.com. The maintenance and integrity of
these websites, so far as it relates to the Company, is the
responsibility of Frostrow. The work carried out by the
Auditors does not involve consideration of the maintenance
and integrity of these websites and, accordingly, the Auditors
accept no responsibility for any changes that have occurred
to the financial statements since they were initially presented
on these websites. Visitors to the websites need to be
aware that legislation in the United Kingdom governing the
preparation and dissemination of the financial statements
may differ from legislation in their jurisdiction.
DISCLOSURE OF INFORMATION TO THE
AUDITORS
So far as the Directors are aware, there is no relevant
information of which the Auditors are unaware.
TheDirectors have taken all steps they ought to have
taken to make themselves aware of any relevant audit
information and to establish that the Auditors are aware of
such information.
RESPONSIBILITY STATEMENT OF THE
DIRECTORS IN RESPECT OF THE ANNUAL
FINANCIAL REPORT
The Directors confirm to the best of their knowledge that:
• the Annual Report and the Financial Statements
have been prepared in accordance with applicable
accounting standards, give a true and fair view of the
assets, liabilities, financial position and the return for the
year ended 31 March 2026; and
• the Annual Report and the Financial Statements,
includes a fair review of the development and
performance of the Company and of its financial
position, together with a description of the principal
risks and uncertainties it faces. Also, that taken as
a whole they are fair, balanced and understandable
and provide the information necessary to assess the
Company’s performance, business model and strategy.
On behalf of the Board
Doug McCutcheon
Chair
4 June 2026
Statement of Directors’ Responsibilities
GOVERNANCE
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
51
THE BOARD AND COMMITTEES
Responsibility for effective governance lies with the Board. The governance framework of the Company reflects the fact that
as an investment company it has no employees and outsources portfolio management to OrbiMed and risk management,
company management, company secretarial, administrative and marketing services to Frostrow.
* The Board believes that Tim Livett has the necessary recent and relevant financial experience to Chair the Company’s Audit & Risk Committee.
Copies of the full terms of reference, which clearly define the responsibilities of each Committee, can be obtained from the
Company Secretary and can be found at the Company’s website at www.worldwidewh.com. Copies will also be available for
inspection on the day of the AGM.
Corporate Governance
Management Engagement &
Remuneration Committee
Chair
Jo Parfrey
All Independent Directors
K
ey responsibilities:
•
to review regularly the
contracts, the performance and
remuneration of the Company’s
principal service providers;
• to set the Directors’
Remuneration Policy; and
• to review the terms and
conditions of the Directors’
appointments.
Audit & Risk Committee
Chair
Tim Livett*
All Independent Directors
(excluding the Chair of the
Company Doug McCutcheon)
K
ey responsibilities:
•
to review the Company’s
financial reports;
• to oversee the risk and control
environment and financial
reporting; and
• to have primary responsibility
for the relationship with the
Company’s external Auditors,
to review their independence
and performance, and to
determine their remuneration.
Nominations Committee
Chair
Dr. Bina Rawal
All Independent Directors
K
ey responsibilities:
•
to review regularly the Board’s
structure and composition; and
• to make recommendations
for any changes or new
appointments; and
• to manage the Board
evaluation process.
THE BOARD
Chair – Doug McCutcheon
Senior Independent Director – Dr. Bina Rawal
Five additional non-executive Directors, all considered independent, except for Sven Borho (see page 46 for
further information).
Key responsibilities:
• to provide leadership and set strategy, values and standards within a framework of prudent effective controls which
enable risk to be assessed and managed;
• to ensure that a robust corporate governance framework is implemented; and
• to challenge constructively and scrutinise performance of all outsourced activities.
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
52
Board of Directors
Entirely non-executive, majority independent
Committees:
• Audit & Risk Committee
• Management Engagement & Remuneration Committee
• Nominations Committee
The Board has a responsibility
for establishing and
assessing internal controls to
ensure the Company operates
effectively, efficiently and
within the risk appetites set by
the Board. As the Company
relies on third-party service
providers for all of its
operations, it obtains regular
reports from these
counterparties on the nature
and effectiveness of controls
within these organisations.
The Company’s principal
service providers are the
Portfolio Manager, OrbiMed,
the AIFM, Company Secretary
and administrator, Frostrow
Capital, the custodian and
depositary, J.P. Morgan and
the registrar, MUFG Corporate
Markets. The Board receives
regular reporting on
compliance with the control
environment and assesses
the effectiveness of the
internal controls through
review of the assurance
reports from each of these
organisations.
In addition, the Company
retains a number of
secondary providers who
report regularly to the Board.
These include the Company’s
legal adviser and the
corporate stockbroker.
The Management
Engagement & Remuneration
Committee formally evaluates
the performance and service
delivery of all third-party
service providers at least
annually and the Audit & Risk
Committee evaluates the
performance of the
Company’s external auditors
annually, following the
completion of the annual audit
process.
Frostrow
(AIFM, Company Secretary, Fund Administrator)
Reporting
• Financial statements
• Liquidity and gearing
• Income forecasts
• Portfolio valuation
• Portfolio transactions
• Letter of representation to the
Board (annually)
• Investment limits and
restrictions (monthly)
• Compliance with investment
policy and guidelines (monthly)
• Compliance report
(semi-annually)
• Internal Controls Report
(annually)
OrbiMed
(Portfolio Management)
Reporting
• Portfolio performance update at each meeting
• Compliance report (semi-annually)
• Effectiveness of control environment (annually)
• Presentations on subjects of interest e.g. Risk Management, ESG,
Investment Compliance (as required)
J.P. Morgan
(Depositary and Custodian)
Reporting
• Depositary’s report (semi-annually)
• Internal Controls Report (annually)
• Presentations on subjects of interest e.g. cyber security (as required)
MUFG Corporate Markets
(Registrar)
• Effectiveness of control environment (annually)
• Presentations on subjects of interest e.g. cyber security (as required)
Eversheds Sutherland
(Legal Adviser)
Principal third-
party service
providers
The Directors:
• receive regular
reporting at
meetings;
• review the assurance
report produced by
each organisation;
• receive additional
reporting on the
control environment
from each of the
principal third-party
service providers; and
• formally evaluate
their performance on
an annual basis.
Secondary
third-party service
providers
The Directors:
• receive regular
reporting on their
activities at
meetings; and
• formally evaluate
their performance on
an annual basis.
INTERNAL CONTROLS & STRUCTURE
Winterflood Securities
(Corporate Broker)
CORPORATE GOVERNANCE CONTINUED
GOVERNANCE
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
53
CORPORATE GOVERNANCE STATEMENT
The Board is committed to maintaining and demonstrating
high standards of corporate governance. The Board has
considered the principles and recommendations of the
AIC Code of Corporate Governance published in February
2024 (the “AIC Code”). The AIC Code addresses all the
principles set out in the UK Corporate Governance Code
(the “UK Code”), as well as setting out additional provisions
on issues that are of specific relevance to the Company.
The Board notes that Provision 29 of the UK Code and
Provision 34 of the AIC Code, which deal with Board
monitoring of internal controls, are effective for accounting
periods beginning on or after 1 January 2026. The Board
continues to review and enhance the Company’s risk
management and internal control framework in preparation
for compliance with this enhanced reporting requirement.
The Board considers that reporting in accordance with
the principles and recommendations of the AIC Code
(which has been endorsed by the Financial Reporting
Council) provides more relevant and comprehensive
information to shareholders. By reporting against the
AIC Code, the Company meets its obligations under the
UK Code (and associated disclosure requirements under
paragraph 6.6.6 of the UK Listing Rules) and as such does
not need to report further on issues contained in the UK
Code which are irrelevant to the Company as an externally
managed investment company, including the provisions
relating to the role of the chief executive, executive
directors’ remuneration and the internal audit function.
The Company has complied with the principles and
recommendations of the AIC Code.
The AIC Code can be viewed at www.theaic.co.uk and the
UK Code can be viewed on the Financial Reporting Council
website at www.frc.org.uk. The Corporate Governance
Report on pages 52 to 60, forms part of the Report of the
Directors on pages 48 to 50.
BOARD LEADERSHIP AND PURPOSE
Purpose and strategy
The purpose and strategy of the Company are described in
the Strategic Report beginning on page 1.
THE BOARD
The Board is responsible for the effective Stewardship of
the Company’s affairs. Strategy issues and all operational
matters of a material nature are considered at its meetings.
The Board consists of seven non-executive Directors, each
of whom, with the exception of Sven Borho, is independent
of OrbiMed and the Company’s other service providers. No
member of the Board is a Director of another investment
company managed by OrbiMed, nor has any Board member
(with the exception of Sven Borho) been an employee of
OrbiMed or any of the Company’s service providers. Further
details regarding the Directors can be found on pages 46 to 47.
The Board carefully considers the various guidelines for
determining the independence of non-executive Directors,
placing particular weight on the view that independence
is evidenced by an individual being independent of mind,
character and judgement. All Directors retire at the AGM each
year and, if appropriate, seek election or re-election. Each
Director has signed a letter of appointment to formalise the
terms of their engagement as a non-executive Director, copies
of which are available on request at Frostrow’s offices.
BOARD CULTURE
The Board aims to consider and discuss differences of
opinion, unique vantage points and to exploit fully areas of
expertise. The Chair encourages open debate to foster a
supportive and co-operative approach for all participants.
Strategic decisions are discussed openly and constructively.
The Board aims to be open and transparent with
shareholders and other stakeholders and for the Company
to conduct itself responsibly, ethically and fairly in its
relationships with service providers.
The Board has gained assurance on whistleblowing
procedures at the Company’s principal service providers
to ensure employees at those companies are supported in
speaking up and raising concerns. No concerns relating to
the Company were raised during the year.
SHAREHOLDER RELATIONS
The Company has appointed Frostrow to provide marketing
and investor relations services, in the belief that a
well-marketed investment company is more likely to grow
over time, have a more diverse, stable list of shareholders
and its shares will trade at close to net asset value per
share over the long run. Frostrow actively promotes the
Company as set out on page 34 and 35.
SHAREHOLDER COMMUNICATIONS
The Board, the AIFM and the Portfolio Manager consider
maintaining good communications with shareholders
and engaging with larger shareholders through meetings
and presentations a key priority. Shareholders are kept
informed by the publication of annual and half-year reports
which include financial statements. These reports are
supplemented by the daily release of the net asset value per
share to the London Stock Exchange and the publication
of monthly fact sheets. All this information, including
interviews with the Portfolio Manager, is available on the
Company’s website at www.worldwidewh.com.
CORPORATE GOVERNANCE CONTINUED
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
54
CORPORATE GOVERNANCE CONTINUED
The Board monitors the share register of the Company;
it also reviews correspondence from shareholders at
each meeting and maintains regular contact with major
shareholders. Shareholders who wish to raise matters with
a Director may do so by writing to them at the registered
office of the Company.
The Board supports the principle that the AGM be used
to communicate with private investors, in particular.
Shareholders are encouraged to attend the AGM, where
they are given the opportunity to question the Chair, the
Board and representatives of the Portfolio Manager. In
addition, the Portfolio Manager makes a presentation to
shareholders covering the investment performance and
strategy of the Company at the AGM. Voting at the AGM is
conducted on a poll and details of the proxy votes received
in respect of each resolution will be made available on the
Company’s website.
SIGNIFICANT HOLDINGS AND
VOTING RIGHTS
Details of the shareholders with substantial interests in the
Company’s shares, the Directors’ authorities to issue and
repurchase the Company’s shares, and the voting rights of
the shares are set out in the Directors’ Report.
BOARD MEETINGS
The Board meets formally at least four times each
year. A representative of OrbiMed attends all meetings;
representatives from Frostrow are also in attendance at
each Board meeting. The Independent Directors also meet
before each formal Board meeting without representatives
from Frostrow and OrbiMed being present. The Chair
encourages open debate to foster a supportive and
co-operative approach for all participants.
The Board has agreed a schedule of matters specifically
reserved for decision by the Board. This includes establishing
the investment objectives, strategy and the Benchmark,
the permitted types or categories of investments, the
markets in which transactions may be undertaken, the
amount or proportion of the assets that may be invested
in any geography or category of investment or in any one
investment, and the Company’s share issuance and share
buyback policies.
The Board, at its regular meetings, undertakes reviews of
key investment and financial data, revenue projections and
expenses, analyses of asset allocation, transactions and
performance comparisons, share price and net asset value
performance, marketing and shareholder communication
strategies, the risks associated with pursuing the investment
strategy, peer group information and industry issues.
The Chair is responsible for ensuring that the Board
receives accurate, timely and clear information.
Representatives of OrbiMed and Frostrow Capital LLP
report regularly to the Board on issues affecting the
Company.
The Board is responsible for strategy and has established
an annual programme of agenda items under which it
reviews the objectives and strategy for the Company at
each meeting.
CONFLICTS OF INTEREST
Company Directors have a statutory obligation to avoid a
situation in which they (and connected persons) have, or
can have, a direct or indirect interest that conflicts, or may
possibly conflict, with the interests of the Company. The
Board has in place procedures for managing any actual or
potential conflicts of interest. No conflicts of interest arose
during the year under review.
BOARD FOCUS AND RESPONSIBILITIES
With the day to day management of the Company
outsourced to service providers the Board’s primary
focus at each Board meeting is reviewing the investment
performance and associated matters, such as,
inter alia
,
future outlook and strategy, gearing, asset allocation,
investor relations, marketing, and industry issues.
In line with its primary focus, the Board retains
responsibility for all the key elements of the Company’s
strategy and business model, including:
• the Investment Objective, Policy and Benchmark,
incorporating the investment and derivative guidelines
and limits, and changes to these;
• the maximum level of gearing and leverage the
Company may employ;
• a review of performance against the Company’s KPIs;
• a review of the performance and continuing
appointment of service providers; and
• the maintenance of an effective system of oversight,
risk management and corporate governance.
The Investment Objective, Policy, and Benchmark, including
the related limits and guidelines, are set out on pages
10 and 11, along with details of the gearing and leverage
levels allowed.
Details of the principal KPIs and further information on
the principal service providers, their performance and
continuing appointment, along with details of the principal
risks, and how they are managed, are set out in the
Strategic Report.
GOVERNANCE
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
55
The Corporate Governance Report, on pages 52 to 66, includes
a statement of compliance with corporate governance codes
and best practice, and the Business Review (pages 34 to 45)
framework within which the Board operates.
BOARD COMPOSITION AND SUCCESSION
Succession planning
During the year, the Nominations Committee met to consider
who should succeed Doug McCutcheon as Chair of the
Company ahead of his planned retirement in July 2026.
The Board has an approved succession planning policy to
ensure that: (i) there is a formal, rigorous and transparent
procedure for the appointment of new Directors; and (ii) the
Board is comprised of members who collectively display the
necessary balance of professional skills, experience, length
of service and industry/Company knowledge.
Policy on the tenure of the Board Chair and other
Directors
All Directors seek re-election every year. The Board considers
that a Director’s tenure does not necessarily reduce his or
her ability to act independently and assesses each Director’s
independence annually through a formal performance
evaluation.
The Board asked Doug McCutcheon to extend his tenure
on the Board and take on the role of Board Chair from July
2022 in order to oversee the renewal of the Board, including
the retirement and replacement of all but one of the then
Directors as well as changing the composition and leadership
of all of the Board’s Committees.
With the process of Board renewal now complete, going
forward, it is the Board’s intention to limit the tenure of all
Directors and, accordingly, the intention is that no Director will
stand for re-election at the AGM following the ninth anniversary
of their appointment to the Board. Doug McCutcheon will be
retiring from the Board at the conclusion of this year’s Annual
General Meeting.
Portfolio Manager Representative on the Board
The Company was founded in 1995 with OrbiMed as the
Portfolio Manager. Since that time, the Company has
performed strongly, producing a compound net asset
value per share annual return of +13.3%, well above our
Benchmark and making us the third best performing
trust in the UK across all sectors over the period
(Source: Winterflood Investment Trusts).
Since our inception, a representative of OrbiMed has served
as a non-independent Director of the Company, which is
less common in the investment trust sector today than
when the Company was founded.
The current OrbiMed representative on the Board,
SvenBorho, has been a Director for eight years. He does
not sit on any of the Board’s Committees and he does not
receive a salary for serving as a Director.
Appointments to the Board
The Nominations Committee considers annually the skills
possessed by the Board and identifies any skill shortages to
be filled by new Directors.
The rules governing the appointment and replacement
of Directors are set out in the Company’s articles of
association and the aforementioned succession planning
policy. Where the Board appoints a new Director during the
year, that Director will stand for election by shareholders at
the next AGM. Subject to there being no conflict of interest,
all Directors are entitled to vote on candidates for the
appointment of new Directors and on the recommendation
for shareholders’ approval for the Directors seeking re-
election at the AGM. When considering new appointments,
the Board endeavours to ensure that he or she has
the capabilities required to be effective and oversee
the Company’s strategic priorities. This will include an
appropriate range, balance and diversity of skills, experience
and knowledge. The Company is committed to ensuring
that any vacancies arising are filled by the most qualified
candidates.
Diversity policy
The Board supports the principle of Boardroom diversity,
of which gender and ethnicity are two important aspects.
The Company’s policy is that the Board and its committees
should be comprised of directors with a diverse range of
skills, knowledge and experience and that appointments
should be made on merit against objective criteria, including
diversity in its broadest sense.
CORPORATE GOVERNANCE CONTINUED
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
56
The objective of the policy is to have a broad range of
approaches, backgrounds, skills, knowledge and experience
represented on the Board. To this end, achieving a diversity
of perspectives and backgrounds on the Board will be
a key consideration in any director search process. The
Board encourages any recruitment agencies it engages to
find a diverse range of candidates that meet the criteria
agreed for each appointment and, from the shortlist, aims
to ensure that a diverse range of candidates is brought
forward forinterview.
The Board will continue to give due regard to the new
diversity targets in the UK Listing Rules set out below.
The Board will not discriminate unfairly on the grounds of
gender, ethnicity, age, sexual orientation, disability or socio-
economic background when considering the appointment
of a new Director. Candidates’ educational and professional
backgrounds, their cognitive and personal strengths,
are considered against the specification prepared for
eachappointment.
The UK Listing Rules require companies to report against
the following diversity targets:
a) At least 40% of individuals on the board are women;
b) At least one of the senior board positions (Chair, CEO,
CFO or SID) is held by a woman; and
c) At least one individual on the board is from a minority
ethnic background.
As an externally managed investment company, the
Company does not have the positions of CEO or CFO and
therefore, as permitted by the UK Listing Rules, it has not
reported formally against the second target as it is not
applicable. As shown in the tables below, the Company has
met both the first and the third targets. The Board will have
due regard to these targets in future Director recruitment
processes.
In accordance with the UK Listing Rules, the Board has
provided the following information in relation to its diversity
as at the year end.
Number of
Board
Members
Percentage
of the Board
Number of
senior
positions
on the Board*
Men
4 57% n/a
Women
3 43% n/a
Not specified/prefer not to say
– – n/a
Number of
Board
Members
Percentage
of the Board
Number of
senior
positions
on the Board*
White British or other White (including minority-white groups)
6 86% n/a
Mixed/Multiple Ethnic Groups
– – n/a
Asian/Asian British
1 14% n/a
Black/African/Caribbean/Black British – – n/a
Other ethnic group, including Arab – – n/a
Not specified/ prefer not to say – – n/a
* This column is does not apply to the Company as it is externally managed and does not have executive management functions, specifically it does not have a CEO
or CFO. The Chair of the Board is a man and the SID is woman. Also, the Company considers that the chairs of the permanent sub-committees of the Board are
senior roles in an investment company context. Of the three permanent sub-committees of the Board, two are chaired by a woman: the Nominations Committee
and the Management Engagement & Remuneration Committee.
The information above was obtained by asking the Directors to indicate on an anonymous form, how they should be
categorised for the purposes of the UK Listing Rules disclosures.
CORPORATE GOVERNANCE CONTINUED
GOVERNANCE
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
57
MEETING ATTENDANCE
The number of meetings held during the year of the Board and its Committees, and each Director’s attendance level, is
shown below:
Type and number of meetings held in 2025/26
Board
(8)
Audit & Risk
Committee
(2)
Nominations
Committee
(2)
Management
Engagement &
Remuneration
Committee
(2)
Doug McCutcheon~
8 – 2 2
Dr Bina Rawal
8 2 2 2
Tim Livett
7 2 2 1
Sven Borho^
7 – – –
Sian Hansen
8 2 2 2
William Hemmings
8 2 2 2
Jo Parfrey
8 2 2 2
~ Not a member of the Audit & Risk Committee.
^ Sven Borho does not sit on any of the Company’s Committees.
All of the serving Directors attended the Annual General Meeting held on 9 July 2025.
BOARD EVALUATION
Following last year’s external Board evaluation, an internal
review of the Board its committees and individual Directors
(including each Director’s independence) was carried out in
the form of performance evaluation questionnaires.
The review concluded that the Board works in a collegiate,
efficient and effective manner, and there were no material
weaknesses or concerns identified. The Board is satisfied
that the structure, mix of skills and operation of the Board,
its committees, and individual Directors continue to be
effective.
The Board pays close attention to the capacity of individual
Directors to carry out their work on behalf of the Company.
In recommending individual Directors to shareholders for
re-election, it considered their other Board positions and their
time commitments and is satisfied that each Director has the
capacity to be fully engaged with the Company’s business.
The Board has considered the position of all of the Directors
seeking re-election as part of the evaluation process, and
believes that it would be in the Company’s best interests to
propose them for re-election for the following reasons:
Sven Borho joined the Board in June 2018. Sven is a founder
and Managing Partner of OrbiMed and heads their public
Equity team and is the portfolio manager for OrbiMed’s
public equity and hedge funds. Sven does not receive a fee
for being a Director, neither is he a member of any of the
Company’s Committees.
Tim Livett joined the Board in September 2022. A qualified
accountant, Tim is Chair of the Audit & Risk Committee.
Tim was formerly the Chief Financial Officer at Caledonia
Investments PLC. Prior to this role he was Chief Financial
Officer at Wellcome Trust, the global charitable foundation
focused on health research and at Virgin Atlantic Limited. Tim
is a non-executive Director of British Standards Institution and
of Oxford University Endowment Management, plus a Trustee
of Babraham Institute; he chairs the respective Audit and
Risk Committees of these institutions. Tim is also a Director
and Trustee of the Shell Foundation. He has an extensive and
broad financial background.
Jo Parfrey joined the Board in September 2022. Jo is
Chair of the Management Engagement & Remuneration
Committee. She is the non-executive Chair of Octopus
AIM VCT. She is also the non-executive Chair of Babraham
Research Campus Limited. A Chartered Accountant, Jo has
extensive experience of both global investment trusts and
healthcare, including life sciences.
Dr Bina Rawal joined the Board in November 2019.
A physician with 25 years’ experience in life sciences research
and development, she has held senior executive roles in
drug development and scientific evaluation in four global
pharmaceutical companies. She has also worked in senior
roles with two medical research funding organisations. She is
also a non-executive Director of PHP Plc.
Sian Hansen joined the Board in October 2024 and was
previously Chief Operating Officer of C|T Group, Executive
Director of the Legatum Institute and before that, Managing
Director of the UK think tank Policy Exchange. Earlier in her
career, Sian was a senior equity analyst and Co-Director of
Sales for Asian Emerging Markets at Société Générale. Sian
enhances the Board’s knowledge of sustainability, enabling
meaningful debates with the Portfolio Manager to take
place. As a thought leader in political and other forums, she
brings a valuable perspective on geo-political matters. She
CORPORATE GOVERNANCE CONTINUED
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
58
is a non-executive Director of The Lindsell Train Investment
Trust plc.
William Hemmings joined the Board in October 2024 and
has extensive experience in the investment trust sector
from his previous roles as Head of Closed End Funds
and Head of Investment Companies at Aberdeen Group
(formerly Aberdeen Asset Management PLC). He was also
formerly a Non-Executive Director on the board of Primary
Health Properties Plc and a Director of the Association of
Investment Trust Companies. He is consultant to board
performance and external evaluation specialist Cyclico.
The Chair is pleased to report that following a formal
performance evaluation, the Directors’ performance
continues to be effective and they continue to demonstrate
commitment to the role.
TRAINING AND ADVICE
New appointees to the Board are provided with a full
induction programme. The programme covers the
Company’s investment strategy, policies and practices. The
Directors are also given key information on the Company’s
regulatory and statutory requirements as they arise
including information on the role of the Board, matters
reserved for its decision, the terms of reference of the Board
Committees, the Company’s corporate governance practices
and procedures and the latest financial information. It
is the Chair’s responsibility to ensure that the Directors
have sufficient knowledge to fulfil their role and Directors
are encouraged to participate in training courses where
appropriate.
The Directors have access to the advice and services of a
Company Secretary through its appointed representative
which is responsible to the Board for ensuring that Board
procedures are followed and that applicable rules and
regulations are complied with. The Company Secretary
is also responsible for ensuring good information flows
between all parties.
There is an agreed procedure for Directors, in the
furtherance of their duties, to take independent professional
advice if necessary at the Company’s expense.
REVIEW OF TERMS OF ENGAGEMENT AND
PERFORMANCE
The Management Engagement & Remuneration Committee
conducted a formal review of the performance of the AIFM,
the Portfolio Manager and the Company’s principal service
providers, incorporating an assessment of their respective
fee arrangements. Following this review, the Committee
concluded that the performance of each provider remained
satisfactory and that the fees charged were reasonable and
appropriate in the context of the services delivered.
As part of its review of service provider arrangements,
the Committee undertook a comprehensive review of the
Company’s broking arrangements. Following a formal
competitive tender process, Winterflood Securities was
reappointed as broker to the Company.
RISK MANAGEMENT AND INTERNAL
CONTROLS
The Board has overall responsibility for the Company’s
risk management and internal control systems and for
reviewing their effectiveness. The Company applies the
guidance published by the Financial Reporting Council on
internal controls. Internal control systems are designed to
manage, rather than eliminate, the risk of failure to achieve
the business objective and can provide only reasonable
and not absolute assurance against material misstatement
or loss. These controls aim to ensure that the assets of
the Company are safeguarded, that proper accounting
records are maintained and that the Company’s financial
information is reliable. The Directors have a robust process
for identifying, evaluating and managing the significant
risks faced by the Company, which are recorded in a risk
matrix. The Audit & Risk Committee, on behalf of the Board,
considers each risk as well as reviewing the mitigating
controls in place. Each risk is rated for its “likelihood” and
“impact” and the resultant numerical rating determines
its ranking into ‘Principal/Key’, ‘Significant’ or ’Minor’. This
process was in operation during the year and continues in
place up to the date of this report. The process also involves
the Audit & Risk Committee receiving and examining regular
reports from the Company’s principal service providers. The
Board then receives a detailed report from the Audit & Risk
Committee on its findings. The Directors have not identified
any significant failures or weaknesses in respect of the
Company’s internal control systems.
BENEFICIAL OWNERS OF SHARES –
INFORMATION RIGHTS
Beneficial owners of shares who have been nominated by
the registered holder of those shares to receive information
rights under section 146 of the Companies Act 2006 are
required to direct all communications to the registered
holder of their shares rather than to the Company’s registrar,
MUFGCorporate Markets, or to the Company directly.
The Company has adopted a nominee share code which is
set out on the following page.
The annual and half-year financial reports, and a monthly
fact sheet are available to all shareholders. The Board, with
the advice of Frostrow, reviews the format of the annual
CORPORATE GOVERNANCE CONTINUED
GOVERNANCE
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
59
CORPORATE GOVERNANCE CONTINUED
and half-year financial reports so as to ensure they are
useful to all shareholders and others taking an interest
in the Company. In accordance with best practice, the
annual report, including the Notice of the AGM, is sent to
shareholders at least 20 working days before the meeting.
Separate resolutions are proposed for substantive issues.
ANNUAL GENERAL MEETING
The following information to be considered at the
forthcoming annual general meeting is important
and requires your immediate attention.
If you are in any doubt about the action you should take, you
should seek advice from your stock broker, bank manager,
solicitor, accountant or other financial adviser authorised
under the Financial Services and Markets Act 2000 (as
amended). If you have sold or transferred all of your ordinary
shares in the Company, you should pass this document,
together with any other accompanying documents, including
the form of proxy, at once to the purchaser or transferee, or
to the stock broker, bank or other agent through whom the
sale or transfer was effected, for onward transmission to the
purchaser or transferee
The Company’s Annual General Meeting will be held at
Barber-Surgeons’ Hall, Monkwell Square, Wood Street,
Barbican, London EC2Y 5BL on Tuesday, 14 July 2026 from
12.30 p.m. Please refer to the Chair’s Statement beginning
on page 6 for details of this year’s arrangements.
In particular, resolutions relating to the following items will
be proposed at the forthcoming Annual General Meeting.
Resolution 13 Authority to allot shares
Resolution 14 Authority to disapply pre-emption rights
Resolution 15 Authority to sell shares held in treasury
on a non pre-emptive basis
Resolution 16 Authority to buy-back shares
Resolution 17 To adopt new articles of association
Resolution 18 Authority to hold General Meetings (other
than the Annual General Meeting) on at
least 14 clear days’ notice
Resolution 13 will be proposed as an Ordinary Resolution
and resolutions 14 to 18 will be proposed as Special
Resolutions.
The full text of the resolutions can be found in the Notice of
Annual General Meeting on pages 101 to 105. Explanatory
notes regarding the resolutions can be found on pages 106
to 108.
EXERCISE OF VOTING POWERS
The Board and the AIFM have delegated authority to
OrbiMed to vote the shares owned by the Company. The
Board has instructed that OrbiMed submit votes for such
shares wherever possible. This accords with current best
practice whilst maintaining a primary focus on financial
returns. OrbiMed may refer to the Board on any matters of
a contentious nature. The Board has reviewed OrbiMed’s
Voting Guidelines and is satisfied with their approach.
The Company does not retain voting rights on any shares
that are held as collateral in connection with the overdraft
facility provided by J.P. Morgan Securities LLC.
NOMINEE SHARE CODE
Where shares are held in a nominee company name, the
Company undertakes:
• to provide the nominee company with multiple copies of
shareholder communications, so long as an indication
of quantities has been provided in advance; and
• to allow investors holding shares through a nominee
company to attend general meetings, provided the
correct authority from the nominee company is
available.
Nominee companies are encouraged to provide the
necessary authority to underlying shareholders to attend the
Company’s general meetings.
By order of the Board
Frostrow Capital LLP
Company Secretary
4 June 2026
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
60
GOVERNANCE
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
61
INTRODUCTION
FROM THE CHAIR
I am pleased to present this
report to shareholders as
Chair of the Audit & Risk
Committee (the “Committee”),
for the year ended
31March2026.
COMPOSITION AND MEETINGS
The Committee comprises those Directors considered to
be independent by the Board. The Chair of the Company
is not a member of the Committee but attends meetings
by invitation. The Committee met twice during the year
and attendance by each Director is shown in the table on
page 58.
The Board has taken note of the requirements that the
Committee as a whole should have competence relevant
to the sector in which the Company operates and that at
least one member of the Committee should have recent and
relevant financial experience. I am a qualified accountant
and Chair a number of Audit & Risk Committees for other
organisations. The other Committee members have a
combination of financial, investment and other relevant
experience gained throughout their careers. The Committee
is satisfied that it is properly constituted in both respects.
The experience of the Committee members can be assessed
from the Directors’ biographies set out on pages 46 to 47.
RESPONSIBILITIES
The Committee’s main responsibilities during the year were:
1. To review the Company’s Half-Year and Annual Report.
2. To advise the Board on whether the Annual Report,
taken as a whole, is fair, balanced and understandable.
3. To review the risk management and internal control
processes of the Company and its key service
providers. Further details of the Committee’s review
are included in the Principal Risks section beginning on
page 36.
4. To develop and implement a policy for the engagement
of the external Auditors and agreeing the scope of its
work and its remuneration. Also, to be responsible
for the selection process of the external Auditors
(including the leadership of an audit tender process)
and to have primary responsibility for the Company’s
relationship with the external Auditors.
5. To review the quality and effectiveness of the external
audit and the process.
6. To review the independence and objectivity of the
external Auditors.
7. To consider any non-audit work to be carried out by
the Auditors. The Committee reviews the need for
non-audit services to be provided by the Auditors
and authorises such on a case by case basis, having
consideration to the cost effectiveness of the services
and the independence and objectivity of the Auditors.
8. To consider the need for an internal audit function.
9. To assess the going concern and viability of the
Company, including the assumptions used.
10.ToreportitsfindingstotheBoard.
A comprehensive description of the Committee’s role, its
duties and responsibilities, can be found in its terms of
reference which are available for review on the Company’s
website at www.worldwidewh.com.
SIGNIFICANT ISSUES CONSIDERED BY THE
COMMITTEE DURING THE YEAR
Annualreportandfinancialstatements
The production of the Company’s Annual Report (including
the external audit) is a thorough process involving input from
a number of different areas.
In order to be able to confirm that the Annual Report is fair,
balanced and understandable, the Board has requested that
the Committee advise on whether it considers these criteria
have been satisfied. As part of this process the Committee
has considered the following:
• the procedures followed in the production of the Annual
Report, including the processes in place to assure the
accuracy of the factual content;
• the extensive levels of review that were undertaken in
the production process, by the Company’s AIFM and the
Committee;
• the internal control environment as operated by the
Portfolio Manager, AIFM and other service providers; and
• the data and commentary provided within the Annual
Report was presented in a clear and complete manner
and that there was a thorough explanation of financial
performance.
As a result of the work undertaken by the Committee, it has
confirmed to the Board that the Annual Report for the year
ended 31 March 2026, taken as a whole, is fair, balanced and
understandable and provides the information necessary for
shareholders to assess the Company’s financial position,
performance, business model and strategy.
Audit & Risk Committee Report
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
62
AUDIT & RISK COMMITTEE REPORT CONTINUED
The Committee addressed the overall accuracy of the annual
report by considering the draft Annual Report, a letter from
Frostrow in support of the letter of representation made by
the Board to the Auditors and the Auditors’ Report to the
Committee.
Valuation and Existence and Ownership of the
Company’s Investments and Derivatives, including
unquoted investments
The Committee dealt with this matter by:
• ensuring that all investment holdings and cash/
deposit balances had been agreed to an independent
confirmation from the Custodian and Prime Broker or
relevant counterparty. Receiving and reviewing details of
the internal control procedures in place at the Portfolio
Manager, the AIFM and the Custodian and Prime Broker.
In addition, reviewing regular reports received from both
the Custodian and Prime Broker and also the Depositary
(whose role it is to ensure that the Company’s assets are
safeguarded and to verify their valuation);
• reconfirming its understanding of the processes in place
to record investment transactions and income, and to
value the portfolio;
• reviewing and amending, where necessary, the
Company’s register of key risks in light of changes to the
portfolio and the investment environment;
• gaining an overall understanding of the performance of
the portfolio both in capital and revenue terms through
comparison to the Benchmark; and
• conducting a review of how the Company’s derivative
positions were monitored.
The Committee also reviewed the valuation process and
resulting valuations of the unquoted investments, including
a more detailed assessment of the underlying assumptions
used in determining the valuation of the three material
unquoted investments; the Committee was satisfied that
the process was effective and that the valuations were
appropriate. The Company has the ability to make unquoted
investments within its investment portfolio, up to a limit
of 10% of the portfolio at the time of acquisition. Both the
Company’s Directors and the AIFM need to ensure that an
appropriate value is placed on such investments within the
Company’s net asset value. The Committee has worked with
the Company’s Portfolio Manager and the AIFM to establish
clear guidelines for the valuation of unquoted investments,
including the use of valuations produced by independent
external valuers where appropriate.
Valuations are reviewed formally on a six-monthly basis
and, if necessary, on an ad hoc basis in response to material
events such as a significant change in fundamentals,
atakeover approach or an initial public offering (“IPO”). Any
ad hoc changes made to valuations are reflected in the next
day’s published NAV per share, which is announced to the
London Stock Exchange.
Calculation of AIFM, Portfolio Management and
Performance Fees
The AIFM, Portfolio Management and Performance fees
are calculated in accordance with the AIFM and Portfolio
Management Agreements. The Auditors perform agreed upon
procedures over any performance fee payable to the Portfolio
Manager prior to payment. The Auditors also recalculate the
AIFM and Portfolio Management fee as part of the audit.
Recognition of Revenue from Investments
The Committee sought to gain an understanding of the
processes in place to record investment income and
transactions. The Committee requested and received
confirmation from the AIFM that all dividends both received
and receivable had been accounted for correctly. The
Committee noted and acknowledged the segregation of
duties in place between the AIFM and the Custodian and
Prime Broker.
Investment Trust Status
The Committee approached and dealt with ensuring
compliance with Section 1158 of the Corporation Tax Act
2010, by seeking confirmation from Frostrow that the
Company continues to meet the eligibility conditions on a
monthly basis.
OTHER REPORTING MATTERS
Withholding Tax
The Committee monitored the reclamation of withholding
tax, receiving regular updates from Frostrow on the process
and the appointment of specialist local agents.
Investment Performance
The Committee gained an overall understanding of the
performance of the investment portfolio both in capital
and revenue terms through ongoing discussions and
analysis with the Company’s Portfolio Manager and also
with comparison to suitable key performance indicators
(see page 35).
Accounting Policies
During the year the Committee ensured that the accounting
policies, as set out on pages 80 to 83, were applied
consistently throughout the year. In light of there being
no unusual transactions during the year or other possible
reasons, the Committee agreed that there was no reason to
change the policies.
GOVERNANCE
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
63
AUDIT & RISK COMMITTEE REPORT CONTINUED
Material Controls
With effect for accounting periods beginning on or after
1 January 2026, listed investment companies will need to
comply with the updated provision 34 of the AIC Code of
Corporate Governance, which deals with Boar
d monitoring
of controls. The provision mirrors updates made to the UK
Corporate Governance Code.
During the year, the Committee took steps to ensure the
Board would be able to address the new requirements
by revisiting the Company’s risk landscape and internal
controls environment and reflecting on its appropriateness,
applicability and relevance.
Half Year Report and Financial Statements
The Committee reviewed the Half Year Report and Financial
Statements, which are not audited or reviewed by the
external Auditors, to ensure that the accounting policies
used in the Annual Financial Statements were also used at
the half-year stage and that they portrayed a fair balanced
and understandable picture of the period in question.
Going Concern and Viability Statement
Having reviewed the Company’s financial position and
liabilities, the Committee is satisfied that it is appropriate for
the Board to prepare the financial statements on the going
concern basis. Further detail is provided on pages 42 and 43.
The Committee’s review of the Company’s financial position
included consideration of the cash and cash equivalent
position of the Company; the diversification of the portfolio;
and the analysis of portfolio liquidity, which estimated over
72% of the portfolio could be liquidated within one trading
day (based on current market volumes).
The Committee also considered the longer-term viability of
the Company in connection with the Board’s statement in
the Strategic Report on page 43. The Committee reviewed
the Company’s financial position (including its cash flows
and liquidity position), the principal risks and uncertainties
and the results of stress tests. The stress tests included a
number of scenarios which considered the impact of severe
adverse stock market volatility in the form of substantial
market falls and significantly reduced
market liquidity.
The scenarios assumed that ther
e would be no recovery in
asset prices and that listed portfolio companies would not
reinstate dividends. The results demonstrated the impact on
the Company’s NAV, its expenses, its cash flows and its ability
to meet its liabilities. In even the most stressed scenario,
the Company was shown to have sufficient cash, or to be
able to liquidate a sufficient portion of its listed holdings, in
order to be able to meet its liabilities as they fall due. Based
on the information available to the Directors at the time, the
Committee therefore concluded it was reasonable for the
Board to expect that the Company will be able to continue
in operation and meet its liabilities as they fall due over the
next five financial years. The Committee expects that the
Company will continue to exist for the foreseeable future and
at least for the period of the assessment.
Internal Controls and Risk Management
As set out on page 36 the Board is responsible for the risk
assessment and review of internal controls of the Company,
undertaken in the context of the overall investment objective.
The review covers the key business, operational, compliance
and financial risks facing the Company. In arriving at its
judgement of what risks the Company faces, the Board has
considered the Company’s operations in the light of the
following factors:
• the nature of the Company, with all management
functions outsourced to third party service providers;
• the nature and extent of risks which it regards as
acceptable for the Company to bear within its overall
investment objective;
• the threat of such risks becoming a reality; and
• the Company’s ability to reduce the incidence and
impact of risk on its performance.
Against this background, a risk matrix has been developed
which covers key risks the Company faces, the likelihood of
their occurrence and their potential impact, how these risks
are monitored and mitigating controls in place. The Board
has delegated to the Committee the responsibility for the
review and maintenance of the risk matrix and it reviews,
in detail, the risk matrix each time it meets, bearing in mind
any changes to the Company, its environment or service
providers since the last review. Any significant changes to
the risk matrix are discussed with the whole Board.
Principal Service Providers
In addition to reviewing the systems of internal control
in place at the Company’s principal service providers, the
Committee also reviewed the cyber security strategies
adopted by them.
Depositary
During the year, the Committee reviewed reports from the
Depositary on their regulatory oversight and due diligence
duties. Nothing material was brought to the attention of the
Committee, no breaches or pricing errors were reported
during the year.
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
64
AUDIT & RISK COMMITTEE REPORT CONTINUED
Internal Audit
The Committee considered whether there was a need for the
Company to have an internal audit function. As the Company
delegates its day-to-day operations to third parties and has
no employees, the Committee concluded that there was no
such need.
Other Activities During the Year
In addition to carrying out its principal duties, the Committee
also reviewed:
• the Committee’s terms of reference;
• the Company’s policy on the engagement of the external
auditors for non-audit services;
• compliance reports submitted by Frostrow and OrbiMed;
• the Company’s anti-bribery and corruption policy;
• the Company’s commitment to the prevention of the
criminal facilitation of tax evasion; and
• the Company’s audit tender guidelines.
EXTERNAL AUDITORS
Appointment and Tenure
PricewaterhouseCoopers LLP (“PwC”) were initially appointed
on 14 July 2014 following a formal tender process and this
appointment was renewed at each subsequent AGM.
As set out in last year’s Annual Report, the Board
re-appointed PwC following a competitive audit tender
process held in 2023.
Sarah Chandler was the audit partner for the financial year
under review, this was her first audit of the Company.
The Audit
This year the nature and scope of the audit together with
PwC’s audit plan were considered by the Committee on
5 November 2025. I, as Chair of the Committee, had a
separate meeting with them specifically to discuss the audit
and any issues that arose. The Committee then met PwC
on 27 May 2026 to review the outcome of the audit and to
discuss the limited issues that arose. The Committee also
discussed the presentation of the Annual Report with the
Auditors and sought their perspective.
The Auditors were provided with an opportunity to meet with
the Committee without the AIFM or the Portfolio Manager
being present. No concerns were raised by the Auditors
or the Committee in relation to the service provided by
the AIFM, the Portfolio Manager, or any other third-party
service provider. There were no material or significant
adverse matters brought to the Committee’s attention
in respect ofthe 2026 audit, which should be brought to
shareholders’attention.
Independence and Effectiveness
In order to fulfil the Committee’s responsibility regarding the
independence of the Auditors, the Committee reviewed:
• the senior audit personnel in the audit plan for the year;
• the Auditors’ arrangements concerning any conflicts of
interest;
• the extent of any non-audit services; and
• the statement by the Auditors that they remain
independent within the meaning of the regulations and
their professional standards.
Quality and Effectiveness
The Committee reviews the key areas of risk and judgement
as proposed by the external Auditors. One of the key areas
of judgement, as noted earlier in this report, is the valuation
of unquoted investments. The Committee encouraged input
and challenge on this matter to provide additional rigour to
the process.
The Committee reviews the quality and effectiveness of the
external audit by seeking feedback from the key participants
in the process. This year feedback was obtained from
key service providers alongside the Portfolio Manager,
Frostrow and PwC. This was reviewed and collated with
the Committee’s own views of the process to provide a full
assessment.
The Committee is satisfied with the Auditors’ independence
and the effectiveness of the audit process.
The Committee also reviews the outcomes of the FRC’s
annual Audit Quality Reviews and discusses the findings
with the Auditors.
Remuneration
The Committee approved a fee of £78,000 for the audit
for the year ended 31 March 2026 (2025: £75,000). While
this represents an increase on the previous year’s fee, the
Committee believes that the fee is in line with general audit
fees payable for the investment trust sector and is reflective
of the level of work required to audit a listed company.
Non-Audit Services Policy
The Company operates on the basis whereby the provision
of all non-audit services by the Auditors has to be
pre-approved by the Committee. Such services are only
permissible where no conflicts of interest arise, the service
is not expressly prohibited by audit legislation, where the
independence of the Auditors is not likely to be impinged
by undertaking the work and the quality and the objectivity
GOVERNANCE
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
65
AUDIT & RISK COMMITTEE REPORT CONTINUED
of both the non-audit work and audit work will not be
compromised. The Committee will monitor the need for
non-audit work to be performed by the Auditors, if any, in
accordance with the Company’s non-audit services policy.
A copy of the Company’s non-audit services policy can be
found on the Company’s website at www.worldwidewh.com.
No non-audit fees were paid to the Auditors during the year
(2025: £nil).
Auditors’ Reappointment
PwC have indicated their willingness to continue to act as
Auditors for the forthcoming year and a resolution for their
re-appointment will be proposed at the AGM.
The Committee reviews the scope and effectiveness of the
audit process, including agreeing the Auditors’ assessment
of materiality and monitors the Auditors’ independence and
objectivity. It conducted a review of the performance of the
Auditors during the year and concluded that performance
was satisfactory and there were no grounds for change.
As a public company listed on the London Stock Exchange,
the Company is subject to mandatory auditor rotation
requirements. Based on these requirements, another tender
process will be conducted no later than 2034. PwC will not
be eligible to take part in this tender (if they are still in post)
as they will have completed 20 years as the Company’s
Auditors.
The Committee will be mindful of any potential conflicts of
interest. Any firms providing services to the Company within
a two-year period of the date of the audit tender will be
unable to participate.
The Committee has adopted formal audit tender guidelines
to govern the audit tender process.
PERFORMANCE EVALUATION
The Committee’s performance over the past year was
reviewed and discussed as part of this year’s internal Board
evaluation. The evaluation considered the composition of
the Committee and the efficacy of Committee meetings,
as well as assessing the Committee’s role in monitoring
and overseeing the Company’s financial reporting and
accounting, risk management and internal controls,
compliance with corporate governance regulations and also
the assessment of the external audit.
I am pleased to confirm that the evaluation result was
positive and no matters of concern or requirements for
change were highlighted.
AUDIT & RISK COMMITTEE CONFIRMATION
The Audit & Risk Committee confirms that it has carried
out a review of the effectiveness of the system of internal
financial control and risk management during the year, as
set out above and that:
(a) An ongoing procedure for identifying, evaluating and
managing significant risks faced by the Company was in
place for the year under review and up to 4 June 2026.
This procedure is regularly reviewed by the Board; and
(b) It is responsible (on behalf of the Board) for the
Company’s system of internal controls and for reviewing
its effectiveness and that it is designed to manage the
risk of failure to achieve business objectives. This can
only provide reasonable not absolute assurance against
material misstatement or loss.
Tim Livett
Chair of the Audit & Risk Committee
4 June 2026
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
66
INTRODUCTION
FROM THE CHAIR
The Directors’ Remuneration
Report is subject to an annual
advisory vote and therefore
an Ordinary Resolution for
the approval of this report will
be put to shareholders at the
Company’s forthcoming AGM.
The law requires the Company’s Auditors to audit
certain of the disclosures provided in this report. Where
disclosures have been audited, they are indicated as such
and the Auditors’ audit opinion is included in its report to
shareholders on pages 69 to 75.
The Management Engagement & Remuneration Committee
(the “Committee”) considers the framework for the
remuneration of the Directors on an annual basis. It reviews
the ongoing appropriateness of the Directors’ Remuneration
Policy and the individual remuneration of Directors by
reference to the activities and particular complexities of the
Company and comparison with other companies of a similar
structure and size. This is in-line with the AIC Code.
As noted in the Strategic Report, all of the Directors are
non-executive and therefore there is no Chief Executive
Officer. The Company does not have any employees. There is
therefore no Chief Executive Officer or employee information
to disclose.
Directors’ remuneration policy
The Directors’ Remuneration Policy provides that fees
payable to the Directors should reflect the time spent by
the Board on the Company’s affairs and the responsibilities
borne by the Directors and should be sufficient to enable
candidates of high calibre to be recruited. Directors are
remunerated in the form of fees payable monthly in arrears,
paid to the Director personally or to a specified third party.
There are no long-term incentive schemes, share option
schemes, pension arrangements, bonuses, or other benefits
in place and fees are not specifically related to the Directors’
performance, either individually or collectively.
The remuneration for the non-executive Directors is
determined within the limits set out in the Company’s Articles
of Association. The present limit is £350,000 in aggregate per
annum. The amount paid in aggregate to the Directors in 2026
is set out in the table on the following page.
The remuneration for the non-executive Directors is approved
by the Board as a whole. The Chair does not participate in any
discussions relating to their own fee, which is determined by
the remaining non-executive Directors.
A binding resolution to approve the Directors’ Remuneration
Policy was put to shareholders at the Annual General
Meeting held in 2023, and was passed with 99.8% of
shareholders voting in favour of the Resolution. The
aforementioned Directors’ Remuneration Policy provisions
apply until the next time that they are put to shareholders for
the renewal of that approval, which must be at intervals of
not more than three years, or if the Directors’ Remuneration
Policy is varied. As approval of this policy was last granted
by shareholders at the Annual General Meeting held in July
2023, shareholder approval will again be sought at the
Annual General Meeting to be held this year.
Directors’ appointment
None of the Directors has a service contract. The terms of
their appointment provide that Directors shall retire and be
subject to election at the first Annual General Meeting after
their appointment and to re-election annually thereafter up
to and including the Annual General Meeting following the
ninth anniversary of their appointment to the Board.
Theterms also provide that a Director may be removed
without notice and tha
t compensation will not be due on
leaving office.
Directors’ fees
Following a review by the Committee it was agreed that the
Directors’ fees would be increased by 5.0%, with effect from
1 April 2026.
Sven Borho who is a Managing Partner of
OrbiMed, the Company’s Portfolio Manager, has waived his
Director’s fee.
The Committee considered the current year increase is
appropriate and is adequate to ensure retention of Directors
with the relevant skills and experience to support your
Company.
The table overleaf shows the level of fees paid to Directors
and the percentage increase from the prior year.
All of the Directors, as at the date of this report, served
throughout the year. The table overleaf excludes any
employer’s national insurance contributions, if applicable.
The Directors are entitled to be reimbursed for reasonable
expenses incurred by them in connection with the
performance of their duties and attendance at Directors’ and
shareholder meetings.
Directors’ Remuneration Report
GOVERNANCE
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
67
DIRECTORS’ REMUNERATION REPORT CONTINUED
YEAR ENDING
31 MARCH 2027
YEAR ENDED
31 MARCH 2026
YEAR ENDED
31 MARCH 2025
YEAR ENDED
31 MARCH 2024
DIRECTOR
FEE LEVEL
(PER
ANNUM)
%
CHANGE
FEE LEVEL
(PER
ANNUM)
%
CHANGE
FEE LEVEL
(PER
ANNUM)
%
CHANGE
FEE LEVEL
(PER
ANNUM)
%
CHANGE
Chair 60,370 5.0
57,494 1.0
£56,924 5.0 £54,213 2.0
Audit & Risk Committee
Chair
46,720 5.0
44,495 1.0
£44,054 5.0 £41,956 2.0
Senior Independent
Director
40,900 5.0
38,949 1.0
£38,563 5.0 £36,727 2.0
Director 38,140 5.0
36,316 1.0
£35,956 5.0 £34,244 2.0
SUMS PAID TO THIRD PARTIES
None of the fees referred to in the below table were paid to any third party in respect of the services provided by any of the
Directors.
DIRECTORS’ EMOLUMENTS FOR THE YEAR (AUDITED)
DATE OF
APPOINTMENT
TO THE BOARD
FIXED FEES
(£)
2026
TAXABLE
EXPENSES
(£)
†
2026
TOTAL (£)
2026
FIXED FEES
(£)
2025
TAXABLE
EXPENSES
(£)
†
2025
TOTAL (£)
2025
Doug McCutcheon 7 November 2012
57,494 – 57,494
56,924 – 56,924
Dr Bina Rawal
1 November 2019
38,949 – 38,949
38,563 – 38,563
Tim Livett 1 September 2022
44,495 – 44,495
44,054 – 44,054
Sven Borho
+
7 June 2018
– – –
– – –
Sian Hansen
1 October 2024
36,316 – 36,316
17,978 – 17,978
William Hemmings 1 October 2024
36,316 – 36,316
17,978 – 17,978
Jo Parfrey
1 September 2022
36,316 – 36,316
35,956 – 35,956
Humphrey van der Klugt*
15 February 2016
– – –
10,095 – 10,095
Total
249,886 – 249,886
221,548 – 221,548
† Taxable expenses primarily comprise travel and associated expenses incurred by the Directors in attending Board and Committee meetings in London. These
are reimbursed by the Company and, under HMRC Rules, are subject to tax and National Insurance and therefore are treated as a benefit in kind within this
table.
+ Sven Borho has waived his Director’s fee.
* Humphrey van der Klugt retired for the Board on 10 July 2024.
No communications have been received from shareholders regarding Directors’ remuneration.
Directors’ interests in the Company’s shares (audited)
Ordinary
Shares of 2.5p each
31 March
2026
31 March
2025
Doug McCutcheon
300,000
300,000
Dr Bina Rawal
26,060
26,060
Tim Livett
22,287
22,128
Sven Borho
250,000
250,000
Sian Hansen
3,017
3,017
William Hemmings
14,500
7,250
Jo Parfrey
20,000
20,000
635,864
628,455
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
68
Share price total return
The chart below illustrates the total shareholder return
for a holding in the Company’s shares as compared to
the Benchmark, which the Board has adopted as the key
measure of the Company’s performance.
TOTAL SHAREHOLDER RETURN FOR THE TEN
YEARS TO 31 MARCH 2026
Mar
26
Mar
25
Mar
16
Mar
17
Mar
18
Mar
19
Mar
20
Mar
21
Mar
22
Mar
23
Mar
24
Benchmark (Total Return) 143.8%
Rebased to 100 as at 31 March 2016
Source: Morningstar
WWH Share Price (Total Return) 111.3%
%
0
50
100
150
200
250
Relative cost of directors’ remuneration
The bar chart below shows the comparative cost of
Directors’ fees compared with the level of dividend
distribution and ongoing charges for 2025 and 2026.
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(GGU
&KXKFGPFU
&KTGEVQTUŨ
(GGU
cO
&KXKFGPFU
1PIQKPI
%JCTIGU
1PIQKPI
%JCTIGU
#NVGTPCVKXG2GTHQTOCPEG/GCUWTGUGG)NQUUCT[DGIKPPKPIQPRCIG
Annual statement
On behalf of the Board, I confirm that the Directors’
Remuneration Policy, set out on page 66 of this Annual
Report, and the Directors’ Remuneration Report set out on
pages 66 to 68 summarise, as applicable, for the year to
31 March 2026:
(a) the major decisions on Directors’ remuneration;
(b) any substantial changes relating to Directors’
remuneration made during the year; and
(c) the context in which the changes occurred and decisions
have been taken.
Jo Parfrey
Chair of the Management Engagement & Remuneration
Committee
4 June 2026
DIRECTORS’ REMUNERATION REPORT CONTINUED
GOVERNANCE
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
69
REPORT ON THE AUDIT OF THE FINANCIAL
STATEMENTS
Opinion
In our opinion, Worldwide Healthcare Trust PLC’s financial
statements:
• give a true and fair view of the state of the Company’s
affairs as at 31 March 2026 and of its return and cash
flows for the year then ended;
• have been properly prepared in accordance with United
Kingdom Generally Accepted Accounting Practice
(United Kingdom Accounting Standards, including FRS
102 “The Financial Reporting Standard applicable in the
UK and Republic of Ireland”, and applicable law); and
• have been prepared in accordance with the requirements
of the Companies Act 2006.
We have audited the financial statements, included within
the Annual Report, which comprise:
• the Statement of Financial Position as at 31 March 2026;
• the Income Statement for the year then ended;
• the Statement of Changes in Equity for the year then
ended;
• the Statement of Cash Flows for the year then ended;
and
• the notes to the financial statements, which include a
description of the significant accounting policies.
Our opinion is consistent with our reporting to the Audit &
Risk Committee.
Basis for opinion
We conducted our audit in accordance with International
Standards on Auditing (UK) (“ISAs (UK)”) and applicable law.
Our responsibilities under ISAs (UK) are further described
in the Auditors’ responsibilities for the audit of the financial
statements section of our report. We believe that the audit
evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.
Independence
We remained independent of the Company in accordance
with the ethical requirements that are relevant to our
audit of the financial statements in the UK, which includes
the FRC’s Ethical Standard, as applicable to listed public
interest entities, and we have fulfilled our other ethical
responsibilities in accordance with these requirements.
To the best of our knowledge and belief, we declare that non-
audit services prohibited by the FRC’s Ethical Standard were
not provided.
We have provided no non-audit services to the Company in
the period under audit.
Our audit approach
Context
The Company is a standalone Investment Trust Company
and engages Frostrow Capital LLP (the “AIFM”) to manage
its assets.
Overview
Audit scope
• We conducted our audit of the financial statements
using information from the AIFM and J.P. Morgan Europe
Limited (the “Administrator”) with whom the AIFM have
engaged to provide certain administrative functions.
• We tailored the scope of our audit taking into account
the types of investments within the Company, the
involvement of the third parties referred to above, the
accounting processes and controls, and the industry in
which the Company operates.
• We obtained an understanding of the control
environment in place at both the AIFM and Administrator
and adopted a fully substantive testing approach using
reports obtained from the AIFM and service providers.
Key audit matters
• Accuracy, completeness and occurrence of income
• Valuation and existence of investments
Materiality
• Overall materiality: £13,854,000 (2025: £16,868,000)
based on 1% of net assets.
• Performance materiality: £10,391,000 (2025:
£12,651,000).
The scope of our audit
As part of designing our audit, we determined materiality
and assessed the risks of material misstatement in the
financial statements.
Independent Auditors’ Report to the Members of
Worldwide Healthcare Trust PLC
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
70
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF WORLDWIDE HEALTHCARE TRUST PLC CONTINUED
Key audit matters
Key audit matters are those matters that, in the auditors’ professional judgement, were of most significance in the audit of the
financial statements of the current period and include the most significant assessed risks of material misstatement (whether
or not due to fraud) identified by the auditors, including those which had the greatest effect on: the overall audit strategy; the
allocation of resources in the audit; and directing the efforts of the engagement team. These matters, and any comments we
make on the results of our procedures thereon, were addressed in the context of our audit of the financial statements as a
whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
This is not a complete list of all risks identified by our audit.
The key audit matters below are consistent with last year.
KEY AUDIT MATTER HOW OUR AUDIT ADDRESSED THE KEY AUDIT MATTER
Accuracy, completeness and occurrence of income
Refer to the Audit & Risk Committee Report,
Accounting Policies and Notes to the Financial
Statements (Note 2).
Income from investments consists primarily of
dividend income.
Within dividend income there is a risk of incomplete or
inaccurate recognition of revenue through the failure
to recognise proper income entitlements or to apply an
inappropriate accounting treatment.
In addition, the Directors are required to exercise
judgement in determining whether income receivable
in the form of special dividends should be classified
as ‘revenue’ or ‘capital’ in the Income Statement in the
Financial Statements.
We responded to this risk by performing the following audit
procedures:
We obtained an understanding of the processes and controls
around income recognition and classification of special dividends
by reviewing the internal controls reports of the Fund Accountant.
We tested the accuracy of dividend income by agreeing the
dividend rates from investments to independent market data.
We tested occurrence by examining for each investment holding,
that all dividends recorded in the year had been declared in the
market.
To test for completeness, we investigated that the appropriate
dividend income had been received in the year by reference to
independent data of dividends declared for listed investment
holdings held within the year.
As stipulated by the requirements set out in the AIC SORP,
we tested the allocation and presentation of dividend income
between the revenue and capital columns of the Income
Statement by determining reasons behind dividend distributions.
GOVERNANCE
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
71
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF WORLDWIDE HEALTHCARE TRUST PLC CONTINUED
KEY AUDIT MATTER HOW OUR AUDIT ADDRESSED THE KEY AUDIT MATTER
Valuation and existence of investments
Refer to the Audit & Risk Committee Report,
Accounting Policies and Notes to the Financial
Statements (Note 9)
The investment portfolio at 31 March 2026 principally
comprised of listed equity investments and unquoted
equity investments and totalled £1,304,264,000. We
focused on the valuation and existence of investments
because investments represent the principal element
of the net asset value as disclosed in the Statement of
Financial Position in the financial statements.
We tested the valuation of all listed investments by agreeing the
prices used in the valuation to independent third party sources.
We tested the existence of all listed investments by agreeing
the holdings of each investment to an independent confirmation
from the Custodian and Prime Broker, J.P. Morgan Securities
LLC, as at 31 March 2026.
For unquoted investments we understood and evaluated the
valuation methodology applied, by reference to the International
Private Equity and Venture Capital Valuation guidelines (IPEV),
and tested the techniques used by the Directors in determining
the fair value of unquoted investments. Our testing, performed
on a sample basis, included:
– assessing the appropriateness of the valuation models used;
– testing the inputs either through validation to appropriate
third party sources, or where relevant, assessing the
reasonableness of significant estimates and judgements
used; and
– assessing the ongoing impact of geopolitical events on the
valuation of investments.
We tested the existence of the unquoted investment portfolio by
agreeing all the holdings to independently obtained third party
confirmations as at 31 March 2026.
How we tailored the audit scope
We tailored the scope of our audit to ensure that we performed enough work to be able to give an opinion on the financial
statements as a whole, taking into account the structure of the Company, the accounting processes and controls, and the
industry in which it operates.
As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial
statements. In particular, we looked at where the Directors made subjective judgements, for example in respect of significant
accounting estimates that involved making assumptions and considering future events that are inherently uncertain.
The impact of climate risk on our audit
In planning our audit, we made enquiries of the Directors and the AIFM to understand the extent of the potential impact of
climate change on the Company’s financial statements. The Directors and the AIFM concluded that there is no material
impact on the financial statements. Our evaluation of this conclusion included challenging key judgements and estimates in
areas where we considered that there was greatest potential for climate change impact, principally in relation to the valuation
of certain hard to value investments. We found this to be consistent with our understanding of the Company’s investment
activities. We also considered the consistency of the climate change disclosures included in the Environmental, Social and
Governance and Climate Change within the financial statements and our knowledge from our audit.
Materiality
The scope of our audit was influenced by our application of materiality. We set certain quantitative thresholds for materiality.
These, together with qualitative considerations, helped us to determine the scope of our audit and the nature, timing and
extent of our audit procedures on the individual financial statement line items and disclosures and in evaluating the effect of
misstatements, both individually and in aggregate on the financial statements as a whole.
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
72
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF WORLDWIDE HEALTHCARE TRUST PLC CONTINUED
Based on our professional judgement, we determined materiality for the financial statements as a whole as follows:
Overall company materiality
£13,854,000 (2025: £16,868,000).
How we determined it 1% of net assets
Rationale for benchmark applied
We believe that net assets is the primary measure used by the shareholders in assessing
the performance of the entity, and is a generally accepted auditing benchmark. This
benchmark provides an appropriate and consistent year on year basis for our audit.
We use performance materiality to reduce to an appropriately low level the probability that the aggregate of uncorrected
and undetected misstatements exceeds overall materiality. Specifically, we use performance materiality in determining the
scope of our audit and the nature and extent of our testing of account balances, classes of transactions and disclosures, for
example in determining sample sizes. Our performance materiality was 75% (2025: 75%) of overall materiality, amounting to
£10,391,000 (2025: £12,651,000) for the Company financial statements.
In determining the performance materiality, we considered a number of factors - the history of misstatements, risk
assessment and aggregation risk and the effectiveness of controls - and concluded that an amount at the upper end of our
normal range was appropriate.
We agreed with the Audit & Risk Committee that we would report to them misstatements identified during our audit above
£692,000 (2025: £843,000) as well as misstatements below that amount that, in our view, warranted reporting for qualitative
reasons.
Conclusions relating to going concern
Our evaluation of the Directors’ assessment of the Company’s ability to continue to adopt the going concern basis of
accounting included:
• evaluating the Directors’ updated risk assessment and considering whether it addressed relevant threats, including wider
macroeconomic uncertainty;
• evaluating the Directors’ assessment of potential operational impacts, considering their consistency with other available
information and our understanding of the business and assessed the potential impact on the financial statements;
• reviewing the Directors’ assessment of the Company’s financial position in the context of its ability to meet future
expected operating expenses, their assessment of liquidity as well as their review of the operational resilience of the
Company and oversight of key third-party service providers;
• assessing the premium/discount the Company’s share price trades as compared to the net asset value per share; and
• assessing the implication of significant reductions in NAV as a result of severe but plausible downside scenario in the
market’s performance on the ongoing ability of the Company to operate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that,
individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern for a period of
at least twelve months from when the financial statements are authorised for issue.
In auditing the financial statements, we have concluded that the Directors’ use of the going concern basis of accounting in
the preparation of the financial statements is appropriate.
However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the Company’s
ability to continue as a going concern.
In relation to the Directors’ reporting on how they have applied the UK Corporate Governance Code, we have nothing material
to add or draw attention to in relation to the Directors’ statement in the financial statements about whether the Directors
considered it appropriate to adopt the going concern basis of accounting.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant
sections of this report.
GOVERNANCE
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
73
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF WORLDWIDE HEALTHCARE TRUST PLC CONTINUED
Reporting on other information
The other information comprises all of the information in
the Annual Report other than the financial statements and
our auditors’ report thereon. The Directors are responsible
for the other information. Our opinion on the financial
statements does not cover the other information and,
accordingly, we do not express an audit opinion or, except to
the extent otherwise explicitly stated in this report, any form
of assurance thereon.
In connection with our audit of the financial statements,
our responsibility is to read the other information and,
in doing so, consider whether the other information is
materially inconsistent with the financial statements or our
knowledge obtained in the audit, or otherwise appears to
be materially misstated. If we identify an apparent material
inconsistency or material misstatement, we are required to
perform procedures to conclude whether there is a material
misstatement of the financial statements or a material
misstatement of the other information. If, based on the work
we have performed, we conclude that there is a material
misstatement of this other information, we are required to
report that fact. We have nothing to report based on these
responsibilities.
With respect to the Strategic Report and Report of the
Directors, we also considered whether the disclosures
required by the UK Companies Act 2006 have been included.
Based on our work undertaken in the course of the audit,
the Companies Act 2006 requires us also to report certain
opinions and matters as described below.
Strategic Report and Report of the Directors
In our opinion, based on the work undertaken in the course
of the audit, the information given in the Strategic Report and
Report of the Directors for the year ended 31 March 2026
is consistent with the financial statements and has been
prepared in accordance with applicable legal requirements.
In light of the knowledge and understanding of the Company
and its environment obtained in the course of the audit, we
did not identify any material misstatements in the Strategic
Report and Report of the Directors.
Directors’ Remuneration
In our opinion, the part of the Directors’ Remuneration Report
to be audited has been properly prepared in accordance with
the Companies Act 2006.
Corporate governance statement
The Listing Rules require us to review the Directors’
statements in relation to going concern, longer-term viability
and that part of the corporate governance statement relating
to the Company’s compliance with the provisions of the
UK Corporate Governance Code specified for our review.
Our additional responsibilities with respect to the corporate
governance statement as other information are described in
the Reporting on other information section of this report.
Based on the work undertaken as part of our audit, we
have concluded that each of the following elements of the
corporate governance statement is materially consistent
with the financial statements and our knowledge obtained
during the audit, and we have nothing material to add or
draw attention to in relation to:
• The Directors’ confirmation that they have carried out a
robust assessment of the emerging and principal risks;
• The disclosures in the Annual Report that describe those
principal risks, what procedures are in place to identify
emerging risks and an explanation of how these are
being managed or mitigated;
• The Directors’ statement in the financial statements
about whether they considered it appropriate to adopt
the going concern basis of accounting in preparing them,
and their identification of any material uncertainties to
the Company’s ability to continue to do so over a period
of at least twelve months from the date of approval of
the financial statements;
• The Directors’ explanation as to their assessment of the
Company’s prospects, the period this assessment covers
and why the period is appropriate; and
• The Directors’ statement as to whether they have a
reasonable expectation that the Company will be able
to continue in operation and meet its liabilities as they
fall due over the period of its assessment, including any
related disclosures drawing attention to any necessary
qualifications or assumptions.
Our review of the Directors’ statement regarding the longer-
term viability of the Company was substantially less in
scope than an audit and only consisted of making inquiries
and considering the Directors’ process supporting their
statement; checking that the statement is in alignment with
the relevant provisions of the UK Corporate Governance
Code; and considering whether the statement is consistent
with the financial statements and our knowledge and
understanding of the Company and its environment obtained
in the course of the audit.
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
74
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF WORLDWIDE HEALTHCARE TRUST PLC CONTINUED
In addition, based on the work undertaken as part of
our audit, we have concluded that each of the following
elements of the corporate governance statement is
materially consistent with the financial statements and our
knowledge obtained during the audit:
• The Directors’ statement that they consider the
Annual Report, taken as a whole, is fair, balanced and
understandable, and provides the information necessary
for the members to assess the Company’s position,
performance, business model and strategy;
• The section of the Annual Report that describes the
review of effectiveness of risk management and internal
control systems; and
• The section of the Annual Report describing the work of
the Audit & Risk Committee.
We have nothing to report in respect of our responsibility
to report when the Directors’ statement relating to the
Company’s compliance with the Code does not properly
disclose a departure from a relevant provision of the Code
specified under the Listing Rules for review by the auditors.
Responsibilitiesforthefinancialstatementsand
the audit
Responsibilities of the Directors for the financial
statements
As explained more fully in the Statement of Directors’
Responsibilities, the Directors are responsible for the
preparation of the financial statements in accordance with
the applicable framework and for being satisfied that they
give a true and fair view. The Directors are also responsible
for such internal control as they determine is necessary to
enable the preparation of financial statements that are free
from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Directors are
responsible for assessing the Company’s ability to continue
as a going concern, disclosing, as applicable, matters related
to going concern and using the going concern basis of
accounting unless the Directors either intend to liquidate
the Company or to cease operations, or have no realistic
alternative but to do so.
Auditors’ responsibilities for the audit of the financial
statements
Our objectives are to obtain reasonable assurance about
whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error,
and to issue an auditors’ report that includes our opinion.
Reasonable assurance is a high level of assurance, but is
not a guarantee that an audit conducted in accordance with
ISAs (UK) will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic
decisions of users taken on the basis of these financial
statements.
Irregularities, including fraud, are instances of non-
compliance with laws and regulations. We design
procedures in line with our responsibilities, outlined above,
to detect material misstatements in respect of irregularities,
including fraud. The extent to which our procedures are
capable of detecting irregularities, including fraud, is detailed
below.
Based on our understanding of the Company and industry,
we identified that the principal risks of non-compliance with
laws and regulations related to breaches of section 1158 of
the Corporation Tax Act 2010, and we considered the extent
to which non-compliance might have a material effect on
the financial statements. We also considered those laws
and regulations that have a direct impact on the financial
statements such as the requirements of the Companies
Act 2006. We evaluated management’s incentives and
opportunities for fraudulent manipulation of the financial
statements (including the risk of override of controls), and
determined that the principal risks were related to posting
inappropriate journal entries to manipulate revenue or to
increase net asset value. Audit procedures performed by the
engagement team included:
• discussions with the AIFM and the Audit & Risk
Committee, including consideration of known or
suspected instances of non-compliance with laws and
regulation and fraud;
• reviewing relevant meeting minutes, including those of
the Audit & Risk Committee;
• assessment of the Company’s compliance with the
requirements of section 1158 of the Corporation Tax Act
2010, including recalculation of numerical aspects of the
eligibility conditions;
• challenging assumptions and judgements made by
management in their significant accounting estimates,
in particular in relation to the valuation of unquoted
investments;
• identifying and testing journal entries, in particular year
end journal entries that meet the fraud risk criteria
posted by the Administrator during the preparation of the
financial statements; and
GOVERNANCE
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
75
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF WORLDWIDE HEALTHCARE TRUST PLC CONTINUED
• designing audit procedures to incorporate
unpredictability around the nature, timing or extent of our
testing.
There are inherent limitations in the audit procedures
described above. We are less likely to become aware of
instances of non-compliance with laws and regulations that
are not closely related to events and transactions reflected
in the financial statements. Also, the risk of not detecting
a material misstatement due to fraud is higher than the
risk of not detecting one resulting from error, as fraud may
involve deliberate concealment by, for example, forgery or
intentional misrepresentations, or through collusion.
Our audit testing might include testing complete populations
of certain transactions and balances, possibly using data
auditing techniques. However, it typically involves selecting
a limited number of items for testing, rather than testing
complete populations. We will often seek to target particular
items for testing based on their size or risk characteristics. In
other cases, we will use audit sampling to enable us to draw
a conclusion about the population from which the sample is
selected.
A further description of our responsibilities for the audit of
the financial statements is located on the FRC’s website at:
www.frc.org.uk/auditorsresponsibilities. This description
forms part of our auditors’ report.
Use of this report
This report, including the opinions, has been prepared
for and only for the Company’s members as a body in
accordance with Chapter 3 of Part 16 of the Companies Act
2006 and for no other purpose. We do not, in giving these
opinions, accept or assume responsibility for any other
purpose or to any other person to whom this report is shown
or into whose hands it may come save where expressly
agreed by our prior consent in writing.
Other required reporting
Companies Act 2006 exception reporting
Under the Companies Act 2006 we are required to report to
you if, in our opinion:
• we have not obtained all the information and
explanations we require for our audit; or
• adequate accounting records have not been kept by the
Company, or returns adequate for our audit have not
been received from branches not visited by us; or
• certain disclosures of Directors’ remuneration specified
by law are not made; or
• the financial statements and the part of the Directors’
Remuneration Report to be audited are not in agreement
with the accounting records and returns.
We have no exceptions to report arising from this
responsibility.
Appointment
We were first appointed by the Company for the financial
year ended 31 March 2015. Our uninterrupted engagement
covers 12 financial years.
Sarah Chandler (Senior Statutory Auditor)
for and on behalf of PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
London
4 June 2026
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
76
2026 2025
NOTES
REVENUE
£’000
CAPITAL
£’000
TOTAL
£’000
REVENUE
£’000
CAPITAL
£’000
TOTAL
£’000
Gains/(Losses) on investments 9
– 120,111 120,111 – (200,614) (200,614)
Exchange losses on currency
balances
– (2,047) (2,047) – (157) (157)
Income from investments 2 12,533 – 12,533 15,243 – 15,243
AIFM, portfolio management and
performance fees
3 (620) (11,769) (12,389) (765) (14,542) (15,307)
Other expenses
4 (1,394) (3) (1,397) (1,252) – (1,252)
Net return/(loss) before finance
charges and taxation
10,519 106,292 116,811 13,226 (215,313) (202,087)
Finance costs
5 (126) (2,402) (2,528) (354) (6,726) (7,080)
Net return/(loss) before taxation
10,393 103,890 114,283 12,872 (222,039) (209,167)
Taxation
6 (920) – (920) (601) – (601)
Net return/(loss) after taxation 9,473 103,890 113,363 12,271 (222,039) (209,768)
Return/(loss) per share
7 2.2p 24.5p 26.7p 2.4p (42.8)p (40.4)p
The “Total” column of this statement is the Income Statement of the Company. The “Revenue” and “Capital” columns are supplementary to
this and are prepared under guidance published by The Association of Investment Companies.
All revenue and capital items in the above statement derive from continuing operations.
The Company has no recognised gains and losses other than those shown above and therefore no separate Statement of Total
Comprehensive Income has been presented.
The accompanying notes are an integral part of these statements.
Income Statement
FOR THE YEAR ENDED 31 MARCH 2026
FINANCIAL STATEMENTS
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
77
SHARE
CAPITAL
£’000
CAPITAL
REDEMPTION
RESERVE
£’000
SHARE
PREMIUM
ACCOUNT
£’000
CAPITAL
RESERVE
£’000
REVENUE
RESERVE
£’000
TOTAL
SHAREHOLDERS’
FUNDS
£’000
At 1 April 2025
15,042 9,564 841,599 794,833 18,308 1,679,346
Net return after taxation
– – – 103,890 9,473 113,363
Final dividend paid in respect of year
ended 31 March 2025
– – – – (8,174) (8,174)
Interim dividend paid in respect of year
ended 31 March 2026
– – – – (2,726) (2,726)
Shares purchased for treasury
– – – (396,339) – (396,339)
At 31 March 2026
15,042 9,564 841,599 502,384 16,881 1,385,470
FOR THE YEAR ENDED 31 MARCH 2025
SHARE
CAPITAL
£’000
CAPITAL
REDEMPTION
RESERVE
£’000
SHARE
PREMIUM
ACCOUNT
£’000
CAPITAL
RESERVE
£’000
REVENUE
RESERVE
£’000
TOTAL
SHAREHOLDERS’
FUNDS
£’000
At 1 April 2024
15,042 9,564 841,599 1,193,396 20,816 2,080,417
Net (loss)/return after taxation
– – – (222,039) 12,271 (209,768)
Final dividend paid in respect of year
ended 31 March 2024
– – – – (11,197) (11,197)
Interim dividend paid in respect of year
ended 31 March 2025
– – – – (3,582) (3,582)
Shares purchased for treasury
– – – (176,524) – (176,524)
At 31 March 2025
15,042 9,564 841,599 794,833 18,308 1,679,346
Statement of Changes in Equity
FOR THE YEAR ENDED 31 MARCH 2026
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
78
NOTES
2026
£’000
2025
£’000
Fixed assets
Investments
9
1,304,264 1,673,659
Derivative – OTC swaps
9 & 10
6,511 1,487
1,310,775 1,675,146
Current assets
Debtors
11
49,459 8,003
Cash
70,821 93,584
120,280 101,587
Current liabilities
Creditors: amounts falling due within one year
12
(42,864) (72,109)
Derivative – OTC swaps
9 & 10
(2,721) (25,278)
(45,585) (97,387)
Net current assets
74,695 4,200
Total net assets
1,385,470 1,679,346
Capital and reserves
Share capital
13
15,042 15,042
Capital redemption reserve
9,564 9,564
Share premium account
841,599 841,599
Capital reserve
17
502,384 794,833
Revenue reserve
16,881 18,308
Total shareholders’ funds
1,385,470 1,679,346
Net asset value per share
14
371.0p 339.5p
The financial statements on pages 76 to 95 were approved by the Board of Directors and authorised for issue on 4 June 2026 and were
signed on its behalf by:
Doug McCutcheon
Chair
The accompanying notes are an integral part of this statement.
Worldwide Healthcare Trust PLC – Company Registration Number 3023689 (Registered in England)
Statement of Financial Position
As at 31 March 2026
FINANCIAL STATEMENTS
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
79
NOTES
2026
£’000
2025
£’000
Net cash outflow from operating activities
18
(775) (1,544)
Purchases of investments and derivatives
(889,411) (1,048,871)
Sales of investments and derivatives
1,329,282 1,272,404
Realised loss on foreign exchange transactions
(2,061) (157)
Net cash inflow from investing activities
437,810 223,376
Shares repurchased
(397,188) (179,317)
Equity dividends paid
(10,900) (14,779)
Interest paid
(2,528) (7,080)
Net cash outflow from financing activities
(410,616) (201,176)
Increase in net cash
26,419 20,656
Cash flows from operating activities include interest received of £2,671,000 (2025: £3,722,000) and dividends received of
£9,563,000 (2025:£12,881,000).
RECONCILIATION OF NET CASH FLOW MOVEMENT TO MOVEMENT IN NET CASH
2026
£’000
2025
£’000
Increase in net cash resulting from cashflows
26,419 20,656
Gains on foreign currency cash and cash equivalents
14 –
Movement in net cash in the year
26,433 20,656
Net cash at 1 April
25,511 4,855
Net cash at 31 March
51,944 25,511
Net cash consists of the drawn overdraft of £18,877,000 (2025: £68,073,000) (see note 12) and cash as per the balance sheet
of £70,821,000 (2025: £93,584,000)
.
The accompanying notes are an integral part of this statement.
Statement of Cash Flows
For the year ended 31 March 2026
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
80
Notes to the Financial Statements
1. ACCOUNTING POLICIES
The principal accounting policies, all of which have been applied consistently throughout the year in the preparation of these
financial statements, are set out below:
(A) Basis of preparation
These financial statements have been prepared in accordance with the Companies Act 2006, FRS 102 ‘The Financial Reporting
Standard applicable in the UK and Ireland’ (‘UK GAAP’) and the guidelines set out in the Statement of Recommended Practice
(‘SORP’), published in July 2022, for Investment Trust Companies and Venture Capital Trusts issued by the Association of
Investment Companies (‘AIC’), the historical cost convention, as modified by the valuation of investments and derivatives at
fair value. The Board has considered a detailed assessment of the Company’s ability to meet its liabilities as they fall due,
including stress and liquidity tests which modelled the effects of substantial falls in markets and significant reductions in
market liquidity (including further stressing the current economic conditions) on the Company’s financial position and cash
flows. Theresults of the tests showed that the Company would have sufficient cash, or the ability to liquidate a sufficient
proportion of its listed holdings, to meet its liabilities as they fall due. Based on the information available to the Directors
at the time of this report, including the results of the stress tests, the Company’s cash balances, and the liquidity of the
Company’s listed investments, the Directors are satisfied that the Company has adequate financial resources to continue in
operation for at least the next 12 months from the date of approval of these financial statements and that, accordingly, it is
appropriate to adopt the going concern basis in preparing these financial statements.
The Company’s financial statements are presented in sterling, being the functional and presentational currency of the
Company.
Allvalues are rounded to the nearest thousand pounds (£’000) except where otherwise indicated.
In addition, investments and derivatives held at fair value are categorised into a fair value hierarchy based on the degree
to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value
measurement in its entirety, which are described as follows:
• Level 1 – Quoted prices in active markets.
• Level 2 – Inputs other than quoted prices included within Level 1 that are observable (i.e. developed using market data),
either directly or indirectly.
• Level 3 – Inputs are unobservable (i.e. for which market data is unavailable).
Presentation of the Income Statement
In order to reflect better the activities of an investment trust company and in accordance with the SORP, supplementary
information which analyses the Income Statement between items of a revenue and capital nature has been presented
alongside the Income Statement. The net revenue return is the measure the Directors believe appropriate in assessing the
Company’s compliance with certain requirements set out in Sections 1158 and 1159 of the Corporation Tax Act 2010.
Critical Accounting Judgements and Key Sources of Estimation Uncertainty
Critical accounting judgements and key sources of estimation uncertainty used in preparing the financial information are
continually evaluated and are based on historical experience and other factors, including expectations of future events that
are believed to be reasonable. The resulting estimates will, by definition, seldom equal the related actual results.
FINANCIAL STATEMENTS
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
81
1. ACCOUNTING POLICIES continued
In the course of preparing the financial statements, the only key source of estimation uncertainty in the process of applying
the Company’s accounting policies, is in relation to the valuation of the unquoted (Level 3) investments. The nature of
estimation means that the actual outcomes could differ from those estimates, possibly significantly. The estimates relate
to the investments where there is no appropriate market price i.e. the private investments. Whilst the board considers the
methodologies and assumptions adopted in the valuation are supportable, reasonable and robust, because of the inherent
uncertainty of valuation, those estimated values may differ significantly from the values that would have been used had
a ready market for the investment existed. As at 31 March 2026, the board has considered the significant judgements, as
set out in ‘(B) Investments’, and concluded that there is no single key assumption used in the valuation of the unquoted
investments, or other key source of estimation uncertainty, that, in the Directors’ opinion has a significant risk of causing a
material adjustment to the carrying values of assets and liabilities within the next financial year.
Unquoted investments are all valued in line with the accounting policy set out below.
(B) Investments
Investments are measured under FRS 102 and are measured initially, and at subsequent reporting dates, at fair value.
Investments are recognised and de-recognised at trade date where a purchase or sale is under a contract whose terms
require delivery within the time frame established by the market concerned. Changes in fair value and gains or losses on
disposal are included in the Income Statement as a capital item.
For quoted securities fair value is either bid price or last traded price, depending on the convention of the exchange on which
the investment is listed.
Fair value is the price for which an asset could be exchanged between knowledgeable, willing parties in an arm’s length
transaction. In estimating the fair value of unquoted investments, the AIFM and Board apply valuation techniques which are
appropriate in light of the nature, facts and circumstances of the investment, and use reasonable current market data and inputs
combined with judgement and assumptions and apply these consistently. The following principles used in determining the
valuation of unquoted investments, are consistent with the International Private Equity and Venture Capital Valuation (“IPEV”)
Guidelines. The assumptions and estimates made in determining the fair value of each unquoted investment are considered at
least each six months or sooner if there is a triggering event. An example of where a valuation would be considered out of the
six-month cycle is the success or failure of a drug under development to meet an anticipated outcome of its trial, announcement
of the company undergoing an initial public offering, or other performance against tangible development milestones.
The primary valuation method applied in the valuation of the unquoted investments is the probability-weighted expected
return method (“PWERM”), which considers on a probability weighted basis the future outcomes for the investment. When
using the PWERM method significant judgements are made in estimating the various inputs into the model and recognising
the sensitivity of such estimates. Examples of the factors where significant judgement is made include, but are not limited to,
the probability assigned to potential future outcomes; discount rates; and, the likely exit scenarios for the investor company,
for example, IPO or trade sale.
Where the investment being valued was itself made recently, or there has been a third party transaction in the investment,
the price of the transaction may provide a good indication of fair value. Using the Price of Recent Investment technique is not
a default and at each reporting date the fair value of recent investments is estimated to assess whether changes or events
subsequent to the relevant transaction would imply a material change in the investment’s fair value.
When using the price of a recent transaction in the valuations the Company looks to ‘re-calibrate’ this price at each valuation
point by reviewing progress within the investment, comparing against the initial investment thesis, assessing if there are any
significant events or milestones that would indicate the value of the investment value has changed materially and considering
whether an alternative methodology would be more appropriate.
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
82
1. ACCOUNTING POLICIES continued
(C) Derivative financial instruments
The Company uses derivative financial instruments (namely put and call options and equity swaps).
All derivative instruments are valued initially, and at subsequent reporting dates, at fair value in the Statement of Financial Position.
The equity swaps are accounted for as Fixed Assets or Current Liabilities.
All gains and losses on over-the-counter (OTC) equity swaps are accounted for as gains or losses on investments. Where
there has been a re-positioning of the swap, gains and losses are accounted for on a realised basis. All such gains and losses
have been debited or credited to the capital column of the Income Statement.
Cash collateral held by counterparties is included within cash, except where there is a right of offset against the
overdraft facility.
(D) Investment income
Dividends receivable are recognised on the ex-dividend date. Where no ex-dividend date is quoted, dividends are recognised
when the Company’s right to receive payment is established. Foreign dividends are grossed up at the appropriate rate of
withholding tax, with the withholding tax recognised in the taxation charge.
Income from fixed interest securities is recognised on a time apportionment basis so as to reflect the effective interest rate.
Deposit interest is accounted for on an accruals basis.
(E) Expenses
All expenses are accounted for on an accruals basis. Expenses are charged through the revenue column of the Income
Statement except as follows:
• expenses which are incidental to the acquisition or disposal of an investment are charged to the capital column of the
Income Statement; and
• expenses are charged to the capital column of the Income Statement where a connection with the maintenance or
enhancement of the value of the investments can be demonstrated. In this respect the portfolio management and AIFM
fees have been charged to the Income Statement in line with the Board’s expected long-term split of returns, in the form
of capital gains and income, from the Company’s portfolio. As a result 5% of the portfolio management and AIFM fees
are charged to the revenue column of the Income Statement and 95% are charged to the capital column of the Income
Statement.
Any performance fee is charged in full to the capital column of the Income Statement.
(F) Finance costs
Finance costs are accounted for on an accruals basis. Finance costs are charged to the Income Statement in line with the
Board’s expected long-term split of returns, in the form of capital gains and income, from the Company’s portfolio. As a result
5% of the finance costs are charged to the revenue column of the Income Statement and 95% are charged to the capital
column of the Income Statement. Finance charges are accounted for on an accruals basis in the Income Statement using the
effective interest rate method and are added to the carrying amount of the instrument to the extent that they are not settled in
the period in which they arise.
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FINANCIAL STATEMENTS
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
83
1. ACCOUNTING POLICIES continued
(G) Taxation
The tax effect of different items of expenditure is allocated between capital and revenue using the marginal basis.
Deferred taxation is provided on all timing differences that have originated but not been reversed by the Statement of
Financial Position date other than those differences regarded as permanent. This is subject to deferred tax assets only
being recognised when it is probable that there will be suitable profits from which the reversal of timing differences can be
deducted. Any liability to deferred tax is provided for at the rate of tax enacted or substantially enacted.
(H) Foreign currency
Transactions recorded in overseas currencies during the year are translated into sterling at the appropriate daily exchange
rates. Assets and liabilities denominated in overseas currencies at the Statement of Financial Position date are translated into
sterling at the exchange rates ruling at that date.
Exchange gains/losses on foreign currency balances
Any gains or losses on the translation of foreign currency balances, including foreign currency overdrafts, whether realised or
unrealised, are taken to the capital or the revenue column of the Income Statement, depending on whether the gain or loss is
of a capital or revenue nature.
(I) Capital redemption reserve
This reserve arose when ordinary shares were redeemed by the Company and subsequently cancelled. When ordinary shares
are redeemed by the Company and subsequently cancelled, an amount equal to the par value of the ordinary share capital is
transferred from the ordinary share capital to the capital redemption reserve.
(J) Capital reserve
The following are transferred to this reserve:
• gains and losses on the disposal of investments;
• exchange differences of a capital nature, including the effects of changes in exchange rates on foreign currency borrowings;
• expenses, together with the related taxation effect, in accordance with the above policies; and
• changes in the fair value of investments and derivatives.
This reserve can be used to distribute realised capital profits by way of dividend or share buybacks. Any gains in the fair value
of investments that are not readily convertible to cash are treated as unrealised gains in the capital reserve. Distributions are
only payable out of the capital reserve if realised capital reserves are greater than the proposed distribution and positive on
the date of distribution.
(K) Revenue reserve
The revenue reserve is distributable by way of dividend. Dividends are only payable out of the revenue reserve if revenue
reserves are greater than the proposed dividend and positive on the date of distribution.
(L) Dividend payments
Dividends paid by the Company on its shares are recognised in the financial statements in the year in which they become
payable and are shown in the Statement of Changes in Equity.
(M) Cash
Cash comprises cash at bank.
Drawn overdrafts are considered a component of cash as they are repayable on demand and form an integral part of the
Company’s cash management.
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
84
2. INCOME FROM INVESTMENTS
2026
£’000
2025
£’000
Income from investments
Overseas dividends
8,131 8,358
UK dividends
1,731 3,163
9,862 11,521
Other income
Derivatives
– 470
Deposit interest
2,671 3,252
Total income from investments
12,533 15,243
Total income comprises:
Dividends
9,862 11,521
Interest
2,671 3,722
12,533 15,243
3. AIFM, PORTFOLIO MANAGEMENT AND PERFORMANCE FEES
2026 2025
REVENUE
£’000
CAPITAL
£’000
TOTAL
£’000
REVENUE
£’000
CAPITAL
£’000
TOTAL
£’000
AIFM fee
124 2,351 2,475
139 2,640 2,779
Portfolio management fee
496 9,418 9,914
626 11,902 12,528
620 11,769 12,389
765 14,542 15,307
See page 48 for further information on the performance fee. No performance fee was payable during the year.
Further details on the above fees are set out in the Strategic Report on pages 35 and 36 and in the Report of the Directors on
page 48.
4. OTHER EXPENSES
2026
£’000
2025
£’000
Directors’ remuneration
250
222
Employer’s NIC on Directors’ remuneration
23
19
Auditors’ remuneration for the audit of the Company’s financial statements
78
75
Depositary and custody fees
191
208
Listing fees
95
98
Registrar fees
72
52
Legal and professional costs
165
157
Other costs
520
421
1,394
1,252
Professional fees (Capital)
3
–
1,397
1,252
Details of the amounts paid to Directors are included in the Directors’ Remuneration Report on page 67.
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FINANCIAL STATEMENTS
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
85
5. FINANCE COSTS
2026 2025
REVENUE
£’000
CAPITAL
£’000
TOTAL
£’000
REVENUE
£’000
CAPITAL
£’000
TOTAL
£’000
Finance costs
126 2,402 2,528
354 6,726 7,080
6. TAXATION
(A) Analysis of charge in year
2026 2025
REVENUE
£’000
CAPITAL
£’000
TOTAL
£’000
REVENUE
£’000
CAPITAL
£’000
TOTAL
£’000
Corporation tax at 25% (2025: 25%)
– – –
– – –
Overseas taxation
920 – 920
601 – 601
920 – 920
601 – 601
(B) Factors affecting the tax charge for the year
Approved investment trusts are exempt from tax on capital gains made within the Company.
The tax charged for the year is lower (2025: lower) than the standard rate of corporation tax of 25% (2025: 25%).
The difference is explained below.
2026 2025
REVENUE
£’000
CAPITAL
£’000
TOTAL
£’000
REVENUE
£’000
CAPITAL
£’000
TOTAL
£’000
Net return/(loss) before taxation
10,393 103,890 114,283
12,872 (222,039) (209,167)
Corporation tax at 25% (2025: 25%)
2,598 25,972 28,570
3,218 (55,510) (52,292)
Non-taxable (gains)/losses on investments
– (29,516) (29,516)
– 50,194 50,194
Overseas withholding taxation
920 – 920
601 – 601
Non taxable dividends
(2,465) – (2,465)
(2,881) – (2,881)
Excess management expenses
(133) 3,544 3,411
(337) 4,977 4,640
Disallowed expenses
– – –
– 339 339
Total tax charge
920 – 920 601 – 601
(C) Provision for deferred tax
No provision for deferred taxation has been made in the current or prior year. The Company has not provided for deferred tax
on capital profits and losses arising on the revaluation or disposal of investments, as it is exempt from tax on these items
because of its status as an investment trust company.
The Company has not recognised a deferred tax asset of £63,944,000 (25% tax rate) (2025: £59,499,000 (25% tax rate)) as
a result of excess management expenses and overdraft expenses. It is not anticipated that these excess expenses will be
utilised in the foreseeable future.
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
86
7. RETURN/(LOSS) PER SHARE
2026
£’000
2025
£’000
The return/(loss) per share is based on the following figures:
Revenue return
9,473
12,271
Capital return/(loss)
103,890
(222,039)
113,363
(209,768)
Weighted average number of ordinary shares in issue during the year
424,478,964
518,984,143
Revenue return per ordinary share
2.2p
2.4p
Capital return/(loss) per ordinary share
24.5p
(42.8)p
26.7p
(40.4)p
The calculation of the total, revenue and capital return/(loss) per ordinary share is carried out in accordance with IAS 33,
“Earnings per Share”, in accordance with the requirements of FRS 102.
8. DIVIDENDS
Under UK Company Law, final dividends are not recognised until they are approved by shareholders and interim dividends are
not recognised until they are paid. They are also debited directly from reserves. Amounts recognised as distributable in these
financial statements were as follows:
2026
£’000
2025
£’000
Final dividend in respect of the year ended 31 March 2024
–
11,197
Interim dividend in respect of the year ended 31 March 2025
–
3,582
Final dividend in respect of the year ended 31 March 2025
8,174
–
Interim dividend in respect of the year ended 31 March 2026
2,726
–
10,900
14,779
In respect of the year ended 31 March 2026, an interim dividend of 0.7p per share was paid on 9 January 2026. A final
dividend of 1.7p will be payable, subject to shareholder approval, on 23 July 2026, the associated ex-dividend date
will be 11
June 2026. The total dividends payable in respect of the year ended 31 March 2026 amount to 2.4p per share
(2025:2.4pper share,). The aggregate cost of the final dividend, based on the number of shares in issue (excluding shares
held in treasury) at 3 June 2026, will be £6,348,000. In accordance with FRS 102 dividends will be reflected in the financial
statements for the year in which they become payable. Total dividends in respect of the financial year, which is the basis on
which the requirements of s1158 of the Corporation Tax Act 2010 are considered, are set outbelow.
2026
£’000
2025
£’000
Revenue available for distribution by way of dividend for the year
9,473
12,271
Interim dividend in respect of the year ended 31 March 2026
(2,726)
–
Final dividend in respect of the year ended 31 March 2026*
(6,171)
–
Interim dividend in respect of the year ended 31 March 2025
–
(3,582)
Final dividend in respect of the year ended 31 March 2025
–
(8,217)
Net retained revenue
576
472
* based on 363,038,777 shares in issue (excluding shares held in treasury) as at 3 June 2026.
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FINANCIAL STATEMENTS
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
87
9. INVESTMENTS AND DERIVATIVE FINANCIAL INSTRUMENTS
QUOTED
INVESTMENTS
£’000
UNQUOTED
INVESTMENTS
£’000
TOTAL
£’000
DERIVATIVE
FINANCIAL
INSTRUMENTS -
NET
£’000
TOTAL
INVESTMENTS
£’000
Cost at 1 April 2025
1,260,233 119,894 1,380,127 – 1,380,127
Investment holdings gains/(losses) at 1 April 2025
306,621 (13,089) 293,532 (23,791) 269,741
Valuation at 1 April 2025
1,566,854 106,805 1,673,659 (23,791) 1,649,868
Movement in the year:
Transfer*
31,118 (31,118) – – –
Purchases at cost
908,049 – 908,049 – 908,049
Sales proceeds/Close-out costs
(1,293,302) (21,456) (1,314,758) (55,216) (1,369,974)
Net movement in investment holdings gains/(losses)
55,076 (17,762) 37,314 82,797 120,111
Valuation at 31 March 2026
1,267,795 36,469 1,304,264 3,790 1,308,054
Cost at 31 March 2026
1,006,331 81,402 1,087,733 – 1,087,733
Investment holding gains/(losses) at 31 March 2026
261,464 (44,933) 216,531 3,790 220,321
Valuation at 31 March 2026
1,267,795 36,469 1,304,264 3,790 1,308,054
* See Note 16. One unquoted investment was transferred to the quoted category following its listing during the year.
The Company received £1,369,974,000 (2025: £1,271,177,000) from investments and derivatives sold in the year. The book
cost of these was £1,200,443,000 (2025: £1,319,008,000). These investments and derivatives have been revalued over time
and until they were sold any unrealised gains/losses were included in the fair value of the investments. The figures disclosed
within this note represent the transactions recorded during the year on an accruals basis and will not necessarily align with
the corresponding cash movement within the Cash Flow Statement due to the timing of transactions settling.
2026
£’000
2025
£’000
Net movement in investment holding gains/(losses) in the year
37,314
(159,939)
Net movement in derivative holding gains/(losses) in the year
82,797
(40,675)
Gains/(losses) on investments
120,111
(200,614)
Purchase transaction costs were £827,000 (2025: £646,000). Sales transaction costs were £949,000 (2025: £915,000). These
comprise mainly commission and stamp duty.
10. DERIVATIVES
2026
£’000
2025
£’000
Fair value of OTC equity swaps - asset
6,511
1,487
Fair value of OTC equity swaps - liability
(2,721)
(25,278)
3,790
(23,791)
See note 9 above for movements during the year.
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
88
11. DEBTORS
2026
£’000
2025
£’000
Amounts due from brokers
45,973
5,281
Withholding taxation recoverable
2,413
1,949
Prepayments and accrued income
1,073
773
49,459
8,003
12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2026
£’000
2025
£’000
Amounts due to brokers
18,638
–
Overdraft drawn*
18,877
68,073
Other creditors and accruals
5,349
4,036
42,864
72,109
* The Company’s borrowing requirements are met through the utilisation of an overdraft facility provided by J.P. Morgan Securities LLC. The overdraft is drawn down
in U.S. dollars. Interest on the drawn overdraft is charged at the United States Overnight Bank Funding Rate plus 45 basis points.
As described on page 93, J.P. Morgan Securities LLC may take investments up to 140% of the value of the overdrawn balance as collateral and has been granted a
first priority security interest or lien over the Company’s assets.
13. SHARE CAPITAL
2026
Number
2025
Number
As at 1 April
494,631,804
545,942,332
Purchase of shares into treasury
(121,219,387)
(51,310,528)
As at year end:
In circulation
373,412,417
494,631,804
In Treasury
228,252,783
107,033,396
Listed
601,665,200
601,665,200
Nominal Value of 2.5p (2025: 2.5p) ordinary shares (£000)
15,042
15,042
During the year, the Company bought back ordinary shares at a cost of £396,339,000 (Year ended 31 March 2025: £176,524,000).
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FINANCIAL STATEMENTS
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
89
14. NET ASSET VALUE PER SHARE
2026 2025
Net asset value per share
371.0p
339.5p
The net asset value per share is based on the assets attributable to equity shareholders of £1,385,470,000 (2025: £1,679,346,000)
and on the number of shares in issue at the year end (excluding those shares held in treasury) of 373,412,417 (2025: 494,631,804)
in issue.
15. RELATED PARTIES AND TRANSACTIONS WITH THE AIFM
The following are considered to be related parties:
• Frostrow Capital LLP (the Company’s AIFM, a related party under the Listing Rules only)
• OrbiMed Capital LLC (the Company’s Portfolio Manager)
• The Directors of the Company
Sven Borho is a Managing Partner at OrbiMed and has waived his Director’s fee of £36,316 (2025: £35,596). Details of
fees paid to OrbiMed by the Company can be found in note 3 on page 84. All material related party transactions have been
disclosed in notes 3 and 4 on page 84.
Details of the remuneration of all Directors can be found on page 67. Details of the Directors’ interests in the capital of the
Company can also be found on page 67.
Three current and two former partners at OrbiMed have a minority financial interest totalling 19.2% in Frostrow, the
Company’s AIFM. Details of the fees paid to Frostrow by the Company can be found in note 3 onpage 84.
16. FINANCIAL INSTRUMENTS
Risk management policies and procedures
The Company’s financial instruments comprise securities and other investments, derivative instruments, cash balances,
overdrafts and debtors and creditors that arise directly from its operations.
As an investment trust, the Company invests in equities and other investments for the long term so as to secure its
investment objective. In pursuing its investment objective, the Company is exposed to a variety of risks that could result in a
reduction in the Company’s net assets.
The main risks that the Company faces arising from its financial instruments are:
(i) market risk (including foreign currency risk, interest rate risk and other price risk)
(ii) liquidity risk
(iii) credit risk
These risks, with the exception of liquidity risk, and the Directors’ approach to the management of them have not changed
from the previous accounting year. The AIFM, in close co-operation with the Board and the Portfolio Manager, co-ordinates
the Company’s risk management.
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
90
16. FINANCIAL INSTRUMENTS continued
Use of derivatives
Equity swaps are used within the Company’s portfolio.
OTC equity swaps
The Company uses OTC equity swap positions to gain access to the Indian and Chinese markets when it is more cost
effective to gain access via swaps or to gain exposure to thematic baskets of stocks.
Offsetting disclosure
Swap trades and OTC derivatives are traded under ISDA
†
Master Agreements. The Company currently has such agreements
in place with Goldman Sachs and JP Morgan.
These agreements create a right of set-off that becomes enforceable only following a specified event of default, or in other
circumstances not expected to arise in the normal course of business. As the right of set-off is not unconditional, for financial
reporting purposes, the Company does not offset derivative assets and derivative liabilities.
† International Swap Dealers Association Inc.
(i) Other price risk
In pursuance of the Company’s Investment Objective the Company’s portfolio, including its derivatives, is exposed to the risk
of fluctuations in market prices and foreign exchange rates.
The Board manage these risks through the use of limits and guidelines, monthly compliance reports from Frostrow and
reports from Frostrow and OrbiMed presented at each Board meeting.
Other price risk exposure
The Company’s gross exposure to other price risk is represented by the fair value of the investments and the underlying
exposure through the derivative investments held at the year end as shown in the table below.
2026 2025
ASSETS
£’000
LIABILITIES
£’000
NOTIONAL*
EXPOSURE
£’000
ASSETS
£’000
LIABILITIES
£’000
NOTIONAL*
EXPOSURE
£’000
Investments
1,304,264 - 1,304,264
1,673,659 – 1,673,659
OTC equity swaps
6,511 (2,721) 254,852
1,487 (25,278) 207,565
1,310,775 (2,721) 1,559,116
1,675,146 (25,278) 1,881,224
* The notional exposure is calculated in accordance with the AIFMD requirements for calculating exposure via derivatives. See glossary beginning on page 97.
Other price risk sensitivity
If market prices of all of the Company’s financial instruments including the derivatives at the Statement of Financial Position
date had been 25% higher or lower (2025: 25% higher or lower) while all other variables remained constant: the revenue return
would have decreased/increased by £0.2 million (2025: £0.2 million); the capital return would have increased/decreased
by £386.0million (2025: £462.8 million); and, the return on equity would have increased/decreased by £385.8million
(2025:£462.6million). The calculations are based on the portfolio as at the respective Statement of Financial Position dates
and are not representative of the year as a whole.
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FINANCIAL STATEMENTS
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
91
16. FINANCIAL INSTRUMENTS continued
(ii) Foreign currency risk
A significant proportion of the Company’s portfolio and derivative positions are denominated in currencies other than sterling
(the Company’s functional currency, and the currency in which it reports its results). As a result, movements in exchange rates
can significantly affect the sterling value of those items.
Foreign currency exposure
The fair values of the Company’s monetary assets and liabilities that are denominated in foreign currencies are shown below.
2026 2025
CURRENT
ASSETS
£’000
CURRENT
LIABILITIES
£’000
INVESTMENTS
£’000
CURRENT
ASSETS
£’000
CURRENT
LIABILITIES
£’000
INVESTMENTS
£’000
U.S. dollar
117,623 (37,515) 1,031,645
98,209 (68,073) 1,371,703
Swiss franc
1,762 – 57,913
1,301 – –
Japanese yen
406 – 31,976
386 – 50,227
Hong Kong dollar
– – 77,356
– – 87,177
Other
651 – 24,183
643 – 22,132
120,142 (37,515) 1,223,073
100,539 (68,073) 1,531,239
Foreign currency sensitivity
The following table details the sensitivity of the Company’s net return for the year and shareholders’ funds to a 10% increase
and decrease in sterling against the relevant currency (2025: 10% increase and decrease).
These percentages have been determined based on market volatility in exchange rates over the previous 12 months. The
sensitivity analysis is based on the Company’s significant foreign currency exposures at each Statement of Financial Position
date.
2026 2025
USD
£’000
YEN
£’000
CHF
£’000
HKD
£’000
USD
£’000
YEN
£’000
CHF
£’000
HKD
£’000
Sterling depreciates
151,391 3,598 6,631 8,595
181,466 5,624 145 9,686
Sterling appreciates
(123,865) (2,944) (5,425) (7,032)
(148,472) (4,601) (118) (7,925)
(iii) Interest rate risk
Interest rate changes may affect:
– the interest payable on the Company’s variable rate borrowings;
– the level of income receivable from floating and fixed rate securities and cash at bank and on deposit;
– the fair value of investments in fixed interest securities.
Interest rate exposure
The Company’s main exposure to interest rate risks is through its overdraft facility with J.P. Morgan Securities LLC, which is
repayable on demand, and its holding in fixed interest securities. The exposure of financial assets and liabilities to fixed and
floating interest rates, is shown below.
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
92
16. FINANCIAL INSTRUMENTS continued
The interest rate exposure is shown in the table below.
2026 2025
FLOATING
RATE
£’000
FLOATING
RATE
£’000
Cash
70,821
101,502
Drawn overdraft
(18,877)
(75,991)
Financed swap positions
(251,062)
(231,356)
(199,118)
(205,845)
All interest rate exposures are held in U.S. dollars.
Cash of £70.8 million (2025: £76.0 million) was held as collateral against the financed swap positions. In 2025 £7.9 million of
the collateral cash was offset against the drawn overdraft.
Interest rate sensitivity
If interest rates had been 1% higher or lower and all other variables were held constant, the Company’s net return for the year
ended 31 March 2026 and the net assets would increase/decrease by £2.0 million (2025: increase/decrease by £2.1 million).
(iv) Liquidity risk
This is the risk that the Company will encounter difficulty in meeting obligations associated with financial liabilities.
Management of the risk
Liquidity risk is not considered significant as the Company is a closed ended vehicle and the majority of the portfolio
is invested in quoted securities that are readily realisable within one week, in normal market conditions. There may be
circumstances where market liquidity is lower than normal. Stress tests have been performed to understand how long the
portfolio would take to realise in such situations. The Board is comfortable that in such a situation the Company would be
able to meet its liabilities as they fall due.
Liquidity exposure and maturity
Contractual maturities of the financial liability exposures as at 31 March 2026, based on the earliest date on which payment
can be required, are as follows:
2026 2025
3 TO 12
MONTHS
£’000
3 MONTHS
OR LESS
£’000
3 TO 12
MONTHS
£’000
3 MONTHS
OR LESS
£’000
Drawn overdraft
– 18,877
– 75,991
Amounts due to brokers and accruals
– 23,987
– 4,036
OTC equity swaps
2,721 –
25,278 –
2,721 42,864
25,278 80,027
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FINANCIAL STATEMENTS
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
93
16. FINANCIAL INSTRUMENTS continued
(v) Credit risk
Credit risk is the risk of failure of a counterparty to discharge its obligations resulting in the Company suffering a financial loss.
The carrying amounts of financial assets best represent the maximum credit risk at the Statement of Financial Position date.
The Company’s quoted securities are held on its behalf by J.P. Morgan Securities LLC acting as the Company’s Custodian and
Prime Broker.
As noted on page 40, certain of the Company’s assets can be held by J.P. Morgan Securities LLC as collateral against the
drawn overdraft provided by them to the Company. As at 31 March 2026 such assets held by J.P. Morgan Securities LLC are
available for rehypothecation (see Glossary on page 99). As at 31 March 2026, assets with a total market value of
£26.5million (2025: £100.8 million) were available to J.P. Morgan Securities LLC to be used as collateral against the drawn
overdraft which equates to 140% of the overdrawn position (calculated on a settled basis).
Credit risk exposure
2026
£’000
2025
£’000
Derivative – OTC equity swaps
6,511
1,487
Current assets:
Other receivables (amounts due from brokers, dividends and interest receivable)
49,459
8,003
Cash
70,821
93,584
(vi) Fair value of financial assets and financial liabilities
Financial assets and financial liabilities are either carried in the Statement of Financial Position at their fair value (investments
and derivatives) or the Statement of Financial Position amount is a reasonable approximation of fair value (due from brokers,
dividends and interest receivable, due to brokers, accrual, cash at bank, and the drawn overdraft).
(vii) Hierarchy of investments
The Company has classified its financial assets designated at fair value through profit or loss and the fair value of derivative
financial instruments using a fair value hierarchy that reflects the significance of the inputs used in making the fair value
measurements. The hierarchy has the following levels:
• Level 1 – quoted prices (unadjusted) in active markets for identical assets or liabilities;
• Level 2 – inputs other than quoted prices included with Level 1 that are observable for the asset or liability, either directly
(i.e. as prices) or indirectly (i.e. derived from prices); and
• Level 3 – inputs for the asset or liability that are not based on observable market data (unobservable inputs).
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
94
16. FINANCIAL INSTRUMENTS continued
As of 31 March 2026
LEVEL 1
£’000
LEVEL 2
£’000
LEVEL 3
£’000
TOTAL
£’000
Investments held at fair value through profit or loss
1,267,795 – 36,469 1,304,264
Derivatives: OTC swaps (assets)
– 6,511 – 6,511
Derivatives: OTC swaps (liabilities)
– (2,721) – (2,721)
Financial instruments measured at fair value
1,267,795 3,790 36,469 1,308,054
As at 31 March 2026, four equity investments (2025: nine) and a deferred consideration investment have been classified as
Level 3. All Level 3 positions have been valued in accordance with the accounting policy set out in Note 1(b). See note 9 for
reconciliation of movements in Level 3 investments.
During 2026 one unquoted investment (2025: two) was transferred to Level 1 following its initial public offering. In 2025
oneLevel 1 investment was transferred to Level 3 following the suspension of its shares.
As of 31 March 2025
LEVEL 1
£’000
LEVEL 2
£’000
LEVEL 3
£’000
TOTAL
£’000
Investments held at fair value through profit or loss
1,566,854 – 106,805 1,673,659
Derivatives: OTC swaps (assets)
– 1,487 – 1,487
Derivatives: OTC swaps (liabilities)
– (25,278) – (25,278)
Financial instruments measured at fair value
1,566,854 (23,791) 106,805 1,649,868
(viii) Capital management policies and procedures
The Company’s capital management objectives are to ensure that it will be able to continue as a going concern and to
maximise the income and capital return to its equity shareholders through an appropriate level of gearing or leverage.
The Board’s policy on gearing and leverage is set out on page 11.
As at 31 March 2026 the Company had a net leverage percentage of 12.5% (2025: 12.0%).
The capital structure of the Company consists of the equity share capital, retained earnings and other reserves as shown in
the Statement of Financial Position on page 78.
The Board, with the assistance of the AIFM and the Portfolio Manager, monitors and reviews the broad structure of the
Company’s capital on an ongoing basis. This includes a review of:
– the planned level of gearing, which takes into account the Portfolio Manager’s view of the market;
– the need to buy back equity shares, either for cancellation or to hold in treasury, in light of any share price discount to net
asset value per share in accordance with the Company’s share buy-back policy;
– the need for new issues of equity shares, including issues from treasury; and
– the extent to which revenue in excess of that which is required to be distributed should be retained.
The Company’s objectives, policies and processes for managing capital are unchanged from the preceding accounting year.
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FINANCIAL STATEMENTS
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
95
17. CAPITAL RESERVE
CAPITAL RESERVES
OTHER
£’000
INVESTMENT
HOLDING
GAINS*
£’000
TOTAL
£’000
At 1 April 2025
525,092 269,741 794,833
Net gains/(losses) on investments
169,531 (49,420) 120,111
Expenses and taxation charged to capital
(14,174) – (13,935)
Exchange loss on currency balances
(2,047) – (2,047)
Shares repurchased for Treasury
(396,339) – (396,339)
At 31 March 2026
282,063 220,321 502,384
* Investment holding gains relate to the revaluation of investments and derivatives held at the reporting date. (See note 9 beginning on page 87 for further details).
Under the Company’s Articles of Association, sums within “capital reserves – other” are available for distribution. The figures
disclosed within this note represent the transactions recorded during the year on an accruals basis and will not necessarily
align with the corresponding cash movement within the Cash Flow Statement due to the timing of transactions settling.
18. RECONCILIATION OF OPERATING RETURN/(LOSS) TO NET CASH INFLOW FROM
OPERATING ACTIVITIES
2026
£’000
2025
£’000
Net return/(loss) before finance charges and taxation
116,811
(202,087)
Add: capital (return)/loss before finance charges and taxation
(106,292)
215,313
Revenue return before finance charges and taxation
10,519
13,226
Expenses charged to capital
(11,772)
(14,542)
(Increase)/decrease in other debtors
(300)
1,286
Increase/(decrease) in other creditors
2,162
(629)
Net taxation suffered on investment income
(1,384)
(885)
Net cash outflow from operating activities
(775)
(1,544)
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
96
FINANCIAL CALENDAR
31 March Financial Year End
June Final Results Announced
July Annual General Meeting
30 September Half Year End
November Half Year Results Announced
January/July Dividends Payable
Annual general meeting
The Annual General Meeting of Worldwide Healthcare Trust
PLC will be held at Barber-Surgeons’ Hall, Monkwell Square,
Wood Street, City of London EC2Y 5BL, on Tuesday, 14 July
2026 from 12.30 pm. Please refer to the Statement from the
Chair on pages 6 to 8 for details of this year’s arrangements.
Dividends
The Company pays an interim and a final dividend in
January and July each year. Shareholders who wish to have
dividends paid directly into a bank account, rather than by
cheque to their registered address, can complete a mandate
form for the purpose. Mandates may be obtained from
the Company’s Registrars, MUFG Corporate Markets, on
request. See page 111 for their contact details.
Share prices
The Company’s shares are listed on the London Stock
Exchange under ‘Investment Companies’. The price is given
daily in the Financial Times and other newspapers.
Change of address
Communications with shareholders are mailed to the
address held on the share register. In the event of a change
of address or other amendment this should be notified to the
Company’s Registrars, MUFG Corporate Markets, under the
signature of the registered holder.
Daily net asset value
The daily net asset value of the Company’s shares
can be obtained on the Company’s website at
www.worldwidewh.com and is published daily via the
London Stock Exchange.
Shareholder Information
Profile of the Company’s ownership
% of Ordinary Shares held at 31 March.
2025 2026
Retail 77.4% 83.2%
Mutual Funds
6.8%
5.1%
Pensions
4.1%
2.8%
Investment Trusts
1.9%
1.9%
Fund of Funds
1.3%
1.9%
ETF 1.4% 1.6%
Charities 1.5% 1.6%
Insurance
1.0%
1.1%
Directors
0.3%
0.3%
Corporate 4.3% 0.5%
2
0
2
6
2
0
2
5
FURTHER INFORMATION
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
97
Active share*
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.
Alternative Investment Fund Managers Directive (“AIFMD”)
Agreed by the European Parliament and the Council of the European Union and transported into UK legislation, the AIFMD
classifies certain investment vehicles, including investment companies, as Alternative Investment Funds (AIFs) and requires
them to appoint an Alternative Investment Fund Manager (AIFM) and a depositary to manage and oversee the operations of the
investment vehicle. The Board of the Company retains responsibility for strategy, operations and compliance and the Directors
retain a fiduciary duty to shareholders.
Alternative performance measure (“APM”)
An APM is a numerical measure of the Company’s current, historical or future financial performance, financial position or cash
flows, other than a financial measure defined or specified in the applicable financial framework. In selecting these Alternative
Performance Measures, the Directors considered the key objectives and expectations of typical investors in an investment trust
such as the Company.
Benchmark
The performance of the Company is measured against the MSCI World Health Care Index on a net total return, sterling adjusted
basis. (Please also see page 35).
The net total return is calculated by reinvesting dividends after the deduction of withholding taxes.
Large Cap Biotech
Biotechnology companies with fully-integrated discovery, development and commercial capabilities and considered sustainably
profitable.
Large Cap Pharma
Global, multinational pharmaceutical companies with fully-integrated discovery, development and commercial capabilities.
Discount or premium*
A description of the difference between the share price and the net asset value per share. The size of the discount or premium is
calculated by subtracting the share price from the net asset value per share and is usually expressed as a percentage (%) of the
net asset value per share. If the share price is higher than the net asset value per share the result is a premium. If the share price
is lower than the net asset value per share, the shares are trading at a discount.
Emerging Biotech
Biotechnology companies that do not fit the criteria of Large Cap Biotech, ranging from early-stage development to newly profitable.
Equity swaps
An equity swap is an agreement where one party (counterparty) transfers the total return of an underlying equity position to the
other party (swap holder) in exchange for a payment of the principal, and interest for financed swaps, at a set date. Total return
includes dividend income and gains or losses from market movements. The exposure of the holder is the market value of the
underlying equity position.
The Company currently only uses financed equity swaps, where payment is made on maturity. Financed swaps increase
exposure by the value of the underlying equity position, with no initial outlay and no increase in the investment portfolio’s
value – there is therefore embedded leverage within a financed swap due to the deferral of payment to maturity.
The Company employs swaps for two purposes:
• To gain access to individual stocks in the Indian, Chinese and other emerging markets, where the Company is not locally
registered to trade or is able to gain in a more cost efficient manner than holding the stocks directly; and,
Glossary of Terms and Alternative
Performance Measures (“APMs”)
* Alternative Performance Measure
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
98
GLOSSARY OF TERMS AND ALTERNATIVE PERFORMANCE MEASURES (‘APMS’) CONTINUED
• To gain exposure to thematic baskets of stocks (a Basket Swap). Basket Swaps are used to build exposure to themes, or
ideas, that the Portfolio Manager believes the Company will benefit from and where holding a Basket Swap is more cost
effective and operationally efficient than holding the underlying stocks or individual swaps.
Gearing
Gearing is calculated as the drawn overdraft, less net current assets (excluding dividends), divided by Net Assets, expressed as a
percentage. For years prior to 2013, the calculation was based on borrowings as a percentage of Net Assets.
Generics
Any therapeutics company, domestic or global, that focuses a majority of its efforts (not necessarily 100%) on developing and
selling generic and/or biosimilar prescription and/or OTC products.
Leverage
Leverage is defined in the AIFMD as any method by which the AIFM increases the exposure of an AIF. In addition to the gearing
limit the Company also has to comply with the AIFMD leverage requirements. For these purposes the Board has set a maximum
leverage limit of 140% for both methods. This limit is expressed as a % with 100% representing no leverage or gearing in the
Company. There are two methods of calculating leverage as follows:
The Gross Method is calculated as total exposure divided by Shareholders’ Funds. Total exposure is calculated as net assets,
less cash and cash equivalents, adding back cash borrowing plus derivatives converted into the equivalent position in their
underlying assets.
The Commitment Method is calculated as total exposure divided by Shareholders Funds. In this instance total exposure is
calculated as net assets, less cash and cash equivalents, adding back cash borrowing plus derivatives converted into the
equivalent position in their underlying assets, adjusted for netting and hedging arrangements.
See the definition of Equity Swaps for more details on how exposure through these instruments is calculated.
2026
£’000
2025
£’000
Fair Value Exposure
* Fair Value Exposure*
Investments
1,304,264 1,304,264
1,673,659 1,673,659
OTC equity swaps
3,790 254,852
(23,791) 207,565
1,308,054 1,559,116
1,649,868 1,881,224
Shareholders’ funds
1,385,470
1,679,346
Leverage %
12.5%
12.0%
* Calculated in accordance with AIFMD requirements using the Commitment Method
MSCI World Health Care Index (the Company’s Benchmark)
The MSCI World Health Care Index is designed to capture the large and mid capitalisation segments across 23 developed
markets countries: All securities in the index are classified as healthcare as per the Global Industry Classification Standard
(GICS). Developed Markets countries include: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany,
Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland
the UK and the U.S. The net total return of the Index is used which assumes the reinvestment of any dividends paid by its
constituents after the deduction of relevant withholding taxes. The performance of the Index is calculated in U.S.$ terms.
Because the Company’s reporting currency is £ the prevailing U.S.$/£ exchange rate is applied to obtain a £ based return.
NAV per share (pence)
The value of the Company’s assets, principally investments made in other companies and cash being held, minus any
liabilities. The NAV is also described as ‘shareholders’ funds’ per share. The NAV is often expressed in pence per share after
being divided by the number of shares which have been issued. The NAV per share is unlikely to be the same as the share
* Alternative Performance Measure
FURTHER INFORMATION
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
99
GLOSSARY OF TERMS AND ALTERNATIVE PERFORMANCE MEASURES (‘APMS’) CONTINUED
price which is the price at which the Company’s shares can be bought or sold by an investor. The share price is determined by
the relationship between the demand and supply of the shares.
Net asset value (NAV) per share total return*
The theoretical total return on shareholders’ funds per share, reflecting the change in NAV assuming that dividends paid
to shareholders were reinvested at NAV at the time the shares were quoted ex-dividend. A way of measuring investment
management performance of investment trusts which is not affected by movements in discounts/premiums.
NAV Total Return
2026
p
2025
p
Opening NAV
339.5
381.1
Increase/(decrease) in NAV
31.5
(41.6)
Closing NAV
371.0
339.5
% increase/(decrease) in NAV
9.3%
(10.9)%
Impact of reinvested dividends
0.7%
0.6%
NAV Total Return
10.0%
(10.3)%
Ongoing Charges*
Ongoing charges are calculated by taking the Company’s annualised ongoing charges, excluding finance costs, taxation,
performance fees and exceptional items, and expressing them as a percentage of the average daily net asset value of the
Company over the year.
2026
£’000
2025
£’000
AIFM & Portfolio Management fees (Note 3)
12,389
15,307
Other Expenses – Revenue (Note 4)
1,394
1,252
Total Ongoing Charges
13,783
16,559
Performance fees paid/crystallised
–
–
Total
13,783
16,559
Average net assets
1,517,239
1,984,818
Ongoing Charges
0.9%
0.8%
Ongoing Charges (including performance fees paid or crystallised during the year)
0.9%
0.8%
Rehypothecation
Rehypothecation is the practice by banks and brokers of using, for their own purposes, assets that have been posted as
collateral by clients.
Share Price Total Return*
Return to the investor on mid-market prices assuming that all dividends paid were reinvested.
Share Price Total Return
2026
p
2025
p
Opening share price
297.5
335.0
Increase/(decrease) in share price
36.5
(37.5)
Closing share price
334.0
297.5
% increase/(decrease) in share price
12.3%
(11.2)%
Impact of reinvested dividends
0.8%
0.7%
Share Price Total Return
13.1%
(10.5)%
Spec Pharma
Any other therapeutics company that does not fit the criteria of Large Cap Pharma or Generics that develop and sell
pharmaceutical products, often focused on a limited number of therapeutic areas (or technologies), with a domestic and
sometimes global footprint.
* Alternative Performance Measure
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
100
RETAIL INVESTORS ADVISED BY IFAS
The Company currently conducts its affairs so that its shares can be recommended by Independent Financial Advisers (‘IFAs’)
inthe UK to ordinary retail investors in accordance with the Financial Conduct Authority (‘FCA’) rules in relationship to non-
mainstream investment procedures and intends to continue to do so. The shares are excluded from the FCA’s restrictions
which apply to non-mainstream investment products because they are shares in an investment trust.
INVESTMENT PLATFORMS
The Company’s shares are traded openly on the London Stock Exchange and can be purchased through a stock broker
or other financial intermediary. The shares are available through savings plans (including Investment Dealing Accounts,
ISAs, Junior ISAs and SIPPs) which facilitate both regular monthly investments and lump sum investments in the
Company’s shares. There are a number of investment platforms that offer these facilities. A list of some of them, that is not
comprehensive nor constitutes any form of recommendation, can be found below:
AJ Bell https://www.ajbell.co.uk/
Barclays Smart Investor https://www.smartinvestor.barclays.co.uk/
Bestinvest http://www.bestinvest.co.uk/
Charles Stanley Direct https://www.charles-stanley-direct.co.uk/
Halifax Share Dealing https://www.halifaxsharedealing-online.co.uk/
Hargreaves Lansdown http://www.hl.co.uk/
HSBC https://www.hsbc.co.uk/investments/
iDealing http://www.idealing.com/
Interactive Investor http://www.iii.co.uk/
IWEB http://www.iweb-sharedealing.co.uk/share-dealing-home.asp
The Share Centre https://www.share.com/
RISK WARNINGS
– Past performance is no guarantee of future performance.
– The value of your investment and any income from it may go down as well as up and you may not get back the amount
invested. This is because the share price is determined, in part, by the changing conditions in the relevant stockmarkets in
which the Company invests and by the supply and demand for the Company’s shares.
– As the shares in an investment trust are traded on a stockmarket, the share price will fluctuate in accordance with supply
and demand and may not reflect the underlying net asset value of the shares; where the share price is less than the
underlying value of the assets, the difference is known as the ‘discount’; where the share price is more than the underlying
value of the assets, the difference is known as the ‘premium’. When you sell your shares, you may not get back the
underlying value of the assets or the original amount you invested.
– Although the Company’s financial statements are denominated in sterling, all the holdings in the portfolio are currently
denominated in currencies other than sterling and therefore they may be affected by movements in exchange rates. As a
result, the value of your investment may rise or fall with movements in exchange rates.
– Investors should note that tax rates and reliefs may change at any time in the future.
– The value of ISA and Junior ISA tax advantages will depend on personal circumstances. The favourable tax treatment of
ISAs and Junior ISAs may not be maintained.
How to Invest
FURTHER INFORMATION
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
101
Notice of the Annual General Meeting
Notice is hereby given that the Annual General Meeting of Worldwide Healthcare Trust PLC will be held at Barber-Surgeons’,
Monkwell Square, Wood Street, City of London EC2Y 5BL on Tuesday, 14 July 2026 from 12.30 pm for the following purposes:
Ordinary Resolutions
To consider and, if thought fit, pass the following resolutions which will be proposed as ordinary resolutions:
1. That the Report of the Directors and the audited Financial Statements for the year ended 31March 2026 together with the
Report of the Auditors thereon be received and adopted.
2. To approve the payment of a final dividend of 1.7p per ordinary share for the year ended 31 March 2026.
3. To approve the Company’s dividend policy, as set out on page 34 of the Annual Report for the year ended 31 March 2026.
4. To re-elect Mr Sven Borho as a Director of the Company.
5. To re-elect Ms Sian Hansen as a Director of the Company.
6. To re-elect Mr William Hemmings as a Director of the Company.
7. To re-elect Mr Tim Livett as a Director of the Company.
8. To re-elect Ms Jo Parfrey as a Director of the Company.
9. To re-elect Dr Bina Rawal as a Director of the Company.
10. To re-appoint PricewaterhouseCoopers LLP as the Company’s Auditors and to authorise the Audit & Risk Committee to
determine their remuneration.
11. To approve the Directors’ Remuneration Report for the year ended 31 March 2026.
12. To approve the Directors' Remuneration Policy.
Authority to Allot Shares
13. THAT in substitution for all existing authorities the Directors be and are hereby generally and unconditionally authorised in
accordance with section 551 of the Companies Act 2006 (the “Act”) to exercise all powers of the Company to allot relevant
securities (within the meaning of section 551 of the Act) up to a maximum aggregate nominal amount equal to 10% of
the issued share capital of the Company at 3 June 2026 (or,if changed, the number representing 10% of the issued share
capital of the Company at the date at which this resolution is passed), provided that this authority shall expire at the
conclusion of the Annual General Meeting of the Company to be held in 2027 or 15 months from the date of passing this
resolution, whichever is the earlier, unless previously revoked, varied or renewed, by the Company in General Meeting and
provided that the Company shall be entitled to make, prior to the expiry of such authority, an offer or agreement which
would or might require relevant securities to be allotted after such expiry and the Directors may allot relevant securities
pursuant to such offer or agreement as if the authority conferred hereby had not expired.
Special Resolutions
To consider and, if thought fit, pass the following resolutions which will be proposed as special resolutions:
Disapplication of Pre-Emption Rights
14. THAT in substitution for all existing powers (and in addition to any power conferred on them by resolution 15 set out in the
notice convening the Annual General Meeting at which this resolution is proposed (“Notice of Annual General Meeting”))
the Directors be and are hereby generally empowered pursuant to Section 570 of the Companies Act 2006 (the“Act”) to
allot equity securities (within the meaning of Section 560 of the Act) for cash pursuant to the authority conferred on them
by resolution 13 set out in the Notice of Annual General Meeting or otherwise as if Section 561(1) of the Act did not apply
to any such allotment:
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
102
NOTICE OF THE ANNUAL GENERAL MEETING CONTINUED
(a) pursuant to an offer of equity securities open for acceptance for a period fixed by the Directors where the equity securities
respectively attributable to the interests of holders of shares in the capital of the Company (“Shares”) are proportionate
(asnearly as may be) to the respective numbers of Shares held by them but subject to such exclusions or other
arrangements in connection with the issue as the Directors may consider necessary, appropriate or expedient to deal with
equity securities representing fractional entitlements or to deal with legal or practical problems arising in any overseas
territory, the requirements of any regulatory body or stock exchange, or any other matter whatsoever;
(b) provided that (otherwise than pursuant to sub-paragraph (a) above) this power shall be limited to the allotment of equity
securities up to an aggregate nominal value equal to 10% of the issued share capital of the Company at 3 June 2026
(or, if changed, the number representing 10% of the issued share capital of the Company at the date at which this
resolution is passed) and provided further that (i) the number of equity securities to which this power applies shall be
reduced from time to time by the number of treasury shares which are sold pursuant to any power conferred on the
Directors by resolution 15 set out in the Notice of Annual General Meeting and (ii) no allotment of equity securities shall
be made under this power which would result in Shares being issued at a price which is less than the net asset value per
Share as at the latest practicable date before such allotment of equity securities as determined by the Directors in their
reasonable discretion; and
such power shall expire at the conclusion of the next Annual General Meeting of the Company after the passing of this
resolution or 15 months from the date of passing this resolution, whichever is earlier, unless previously revoked, varied or
renewed by the Company in General Meeting and provided that the Company shall be entitled to make, prior to the expiry
of such authority, an offer or agreement which would or might otherwise require equity securities to be allotted after such
expiry and the Directors may allot equity securities pursuant to such offer or agreement as if the power conferred hereby
had not expired.
15. THAT in substitution for all existing powers (and in addition to any power conferred on them by resolution 14 set out in
the Notice of Annual General Meeting) the Directors be and are hereby generally empowered pursuant to Section 570 of
the Companies Act 2006 (the “Act”) to sell relevant shares (within the meaning of Section 560 of the Act) if, immediately
before the sale, such shares are held by the Company as treasury shares (as defined in Section 724 of the Act (“treasury
shares”)), for cash as if Section 561(1) of the Act did not apply to any such sale provided that:
(a) this power shall be limited to the sale of relevant shares having an aggregate nominal value equal to 10% of the issued
share capital of the Company at 3 June 2026 (or, if changed, the number representing 10% of the issued share capital
of the Company at the date at which this resolution is passed) and provided further that the number of relevant shares
to which power applies shall be reduced from time to time by the number of Shares which are allotted for cash as if
Section 561(1) of the Act did not apply pursuant to the power conferred on the Directors by resolution 14 set out in the
Notice of Annual General Meeting,
and such power shall expire at the conclusion of the next Annual General Meeting of the Company after the passing
of this resolution or 15 months from the date of passing this resolution, whichever is earlier, unless previously revoked,
varied or renewed by the Company in General Meeting and provided that the Company shall be entitled to make, prior
to the expiry of such authority, an offer or agreement which would or might otherwise require treasury shares to be sold
after such expiry and the Directors may sell treasury shares pursuant to such offer or agreement as if the power conferred
hereby had not expired.
Authority to Repurchase Ordinary Shares
16. THAT the Company be and is hereby generally and unconditionally authorised in accordance with section 701 of the
Companies Act 2006 (the “Act”) to make one or more market purchases (within the meaning of section 693 of the Act) of
ordinary shares in the capital of the Company (“Shares”) (either for retention as treasury shares for future reissue, resale,
transfer or cancellation), provided that:
(a) the maximum aggregate number of Shares authorised to be purchased shall be that number of shares which is equal
to 14.99% of the issued share capital of the Company as of the value of the date of the passing of this resolution;
FURTHER INFORMATION
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
103
NOTICE OF THE ANNUAL GENERAL MEETING CONTINUED
(b) the minimum price (exclusive of expenses) which may be paid for a Share is 2.5 pence;
(c) the maximum price (exclusive of expenses) which may be paid for a Share is an amount equal to the greater of
(i)105% of the average of the middle market quotations for a Share as derived from the Daily Official List of the
London Stock Exchange for the five business days immediately preceding the day on which that Share is purchased
and (ii) the higher of the price of the last independent trade and the highest then current independent bid on the
London Stock Exchange as stipulated in the technical standards referred to in Article 5(6) of the Market Abuse
Regulation (EU) No. 596/2014 (which forms part of UK law by virtue of the European Union (Withdrawal) Act 2018);
(d) the authority hereby conferred shall expire at the conclusion of the Annual General Meeting of the Company to be held
in 2027 or, if earlier, on the expiry of 15 months from the date of the passing of this resolution unless such authority is
renewed prior to such time; and
(e) the Company may make a contract to purchase Shares under this authority before the expiry of such authority which
will or may be executed wholly or partly after the expiration of such authority, and may make a purchase of Shares in
pursuance of any such contract.
Adoption of New Articles of Association
17. THAT the Articles of Association set out in the document produced to this meeting and signed by the Chairman of the
meeting for the purposes of identification be and are hereby approved and adopted as the Articles of Association of the
Company in substitution for and to the exclusion of the existing Articles of Association of the Company.
General Meetings
18. THAT the Directors be authorised to call general meetings (other than the Annual General Meeting of the Company) on
not less than 14 clear days’ notice, such authority to expire on the conclusion of the next Annual General Meeting of the
Company, or, if earlier, on the expiry 15 months from the date of the passing of the resolution.
By order of the Board Registered Office:
One Wood Street
London EC2V 7WS
Frostrow Capital LLP
Company Secretary
4 June 2026
NOTES
1. Members are entitled to appoint a proxy to exercise all or any of their rights to attend and to speak and vote on their behalf at the meeting. A shareholder may
appoint more than one proxy in relation to the meeting provided that each proxy is appointed to exercise the rights attached to a different share or shares held
by that shareholder. A proxy need not be a shareholder of the Company.
2. A vote withheld is not a vote in law, which means that the vote will not be counted in the calculation of votes for or against the resolutions. If no voting indication
is given, a proxy may vote or abstain from voting at his/her discretion. A proxy may vote (or abstain from voting) as he or she thinks fit in relation to any other
matter which is put before the meeting.
3. This year, hard copy forms of proxy have not been included with this notice. Members can vote by: logging onto https://uk.investorcentre.mpms.mufg.com/
and following instructions; requesting a hard copy form of proxy directly from the registrars, MUFG Corporate Markets at shareholderenquiries@cm.mpms.
mufg.com or in the case of CREST members, utilising the CREST electronic proxy appointment service in accordance with the procedures set out below. To
be valid any proxy form or other instrument appointing a proxy must be completed and signed and received by post or (during normal business hours only) by
hand at MUFG Corporate Markets, PXS1, CentralSquare, 29 Wellington Street, Leeds LS1 4DL no later than 12.30 p.m. on Friday, 10 July 2026. Alternatively if
you are an institutional shareholder you may also be able to appoint a proxy electronically via the proxymity platform (see note 14 below). Shareholders can
vote electronically via the Investor Centre, a free app for smartphone and tablet provided by MUFG Corporate Markets (the Company’s registrar). It allows you
to securely manage and monitor your shareholdings in real time, take part in online voting, keep your details up to date, access a range of information including
payment history and much more. The app is available to download on both the Apple App Store and Google Play, or by scanning the relevant QR code below.
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
104
4. In the case of a member which is a company, the instrument appointing a proxy must be executed under its seal or signed on its behalf by a duly authorised
officer or attorney or other person authorised to sign. Any power of attorney or other authority under which the instrument is signed (or a certified copy of it)
must be included with the instrument.
5. The return of a completed proxy form, other such instrument or any CREST Proxy Instruction or appointing a proxy via Proxymity (as described below) will not
prevent a shareholder attending the meeting and voting in person if he/she wishes to do so.
6. Any person to whom this notice is sent who is a person nominated under section 146 of the Companies Act 2006 to enjoy information rights (a “Nominated
Person”) may, under an agreement between him/her and the shareholder by whom he/she was nominated, have a right to be appointed (or have someone else
appointed) as a proxy for the meeting. If a Nominated Person has no such proxy appointment right or does not wish to exercise it, he/she may, under any such
agreement, have a right to give instructions to the shareholder as to the exercise of voting rights.
7. The statement of the rights of shareholders in relation to the appointment of proxies in paragraphs 1 and 3 above does not apply to Nominated Persons. The
rights described in these paragraphs can only be exercised by shareholders of the Company.
8. Pursuant to regulation 41 of the Uncertificated Securities Regulations 2001, only shareholders registered on the register of members of the Company (the
“Register of Members”) at the close of business on Friday, 10 July 2026 (or, in the event of any adjournment, on the date which is two days before the
time of the adjourned meeting) will be entitled to attend and vote or be represented at the meeting in respect of shares registered in their name at that time.
Changes to the Register of Members after that time will be disregarded in determining the rights of any person to attend and vote at the meeting.
9. As at 3 June 2026 (being the last business day prior to the publication of this notice) the Company’s issued share capital consists of 601,665,200 ordinary
shares, carrying one vote each. The Company holds 238,626,423 shares in treasury. Therefore, the total voting rights in the Company as at 3 June 2026 are
363,038,777.
10. CREST members who wish to appoint a proxy or proxies through the CREST electronic proxy appointment service may do so by using the procedures described
in the CREST Manual. CREST Personal Members or other CREST sponsored members, and those CREST members who have appointed a service provider(s),
should refer to their CREST sponsor or voting service provider(s), who will be able to take the appropriate action on their behalf.
11. In order for a proxy appointment or instruction made using the CREST service to be valid, the appropriate CREST message (a “CREST Proxy Instruction”) must
be properly authenticated in accordance with the specifications of Euroclear UK and International (“CRESTCo”), and must contain the information required for
such instruction, as described in the CREST Manual. The message, regardless of whether it constitutes the appointment of a proxy or is an amendment to the
instruction given to a previously appointed proxy must, in order to be valid, be transmitted so as to be received by the issuer’s agent (ID RA10) no later than
48 hours excluding non-business hours before the time appointed for holding the meeting. For this purpose, the time of receipt will be taken to be the time (as
determined by the timestamp applied to the message by the CREST Application Host) from which the issuer’s agent is able to retrieve the message by enquiry
to CREST in the manner prescribed by CREST. After this time any change of instructions to proxies appointed through CREST should be communicated to the
appointee through other means.
12. CREST members and, where applicable, their CREST sponsors, or voting service providers should note that CRESTCo does not make available special
procedures in CREST for any particular message. Normal system timings and limitations will, therefore, apply in relation to the input of CREST Proxy
Instructions. It is the responsibility of the CREST member concerned to take (or, if the CREST member is a CREST personal member, or sponsored member,
orhas appointed a voting service provider, to procure that his CREST sponsor or voting service provider(s) take(s)) such action as shall be necessary to ensure
that a message is transmitted by means of the CREST system by any particular time. In this connection, CREST members and, where applicable, their CREST
sponsors or voting system providers are referred, in particular, to those sections of the CREST Manual concerning practical limitations of the CREST system and
timings.
13. The Company may treat as invalid a CREST Proxy Instruction in the circumstances set out in Regulation 35(5)(a) of the Uncertificated Securities
Regulations 2001.
14. If you are an institutional investor you may also be able to appoint a proxy electronically via the Proxymity platform, a process which has been agreed by the
Company and approved by the Registrar. For further information regarding Proxymity, please go to www.proxymity.io. Your proxy must be lodged by 12.30pm
on 10 July 2026 in order to be considered valid or, in the event of any adjournment, 48 hours, excluding non-business days, before the time of the adjourned
meeting. Before you can appoint a proxy via this process you will need to have agreed to Proxymity’s associated terms and conditions. It is important that
you read these carefully as you will be bound by them and they will govern the electronic appointment of your proxy. An electronic proxy appointment via the
Proxymity platform may be revoked completely by sending an authenticated message via the platform instructing the removal of your proxy vote.
15. In the case of joint holders, where more than one of the joint holders purports to appoint a proxy, only the appointment submitted by the most senior holder will
be accepted. Seniority is determined by the order in which the names of the joint holders appear in the Register of Members in respect of the joint holding (the
first named being the most senior).
16. Members who wish to change their proxy instructions should submit a new proxy appointment using the methods set out above. Note that the cut-off time for
receipt of proxy appointments (see above) also applies in relation to amended instructions; any amended proxy appointment received after the relevant cut-off
time will be disregarded.
17. Members who have appointed a proxy using the hard-copy proxy form and who wish to change the instructions using another hard-copy form, should contact
MUFG Corporate Markets on 0371 664 0300 or +44 371 664 0300. Calls are charged at the standard geographic rate and will vary by provider. Calls outside the
United Kingdom are charged at the applicable international rate. Lines are open 09.00 to 17.30 Monday to Friday excluding public holidays in England and Wales.
18. If a member submits more than one valid proxy appointment, the appointment received last before the latest time for the receipt of proxies will take precedence.
19. In order to revoke a proxy instruction, members will need to inform the Company. Members should send a signed hard copy notice clearly stating their intention
to revoke a proxy appointment to MUFG Corporate Markets, PXS1, 29 Wellington Street, Central Square, Leeds LS1 4DL.
In the case of a member which is a company, the revocation notice must be executed under its common seal or signed on its behalf by an officer of the
company or an attorney for the company. Any power of attorney or any other authority under which the revocation notice is signed (or a duly certified copy of
such power of attorney) must be included with the revocation notice. If a member attempts to revoke their proxy appointment but the revocation is received
after the time for receipt of proxy appointments (see above) then, subject to paragraph 4 above, the proxy appointment will remain valid.
NOTICE OF THE ANNUAL GENERAL MEETING CONTINUED
FURTHER INFORMATION
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
105
Location of the Annual General Meeting
Barber- Surgeons’ Hall, Monkwell Square, Wood Street, Barbican, London EC2Y 5BL
to be held from 12.30 pm on Tuesday, 14 July 2026
How To Vote
If you hold your shares directly you can:
• Log on to https://uk.investorcentre.mpms.mufg.com/ and follow the instructions; or
• Request a hard copy form of proxy from the Company’s registrars, MUFG Corporate Markets, by emailing
shareholderenquiries@cm.mpms.mufg.com or by calling +44 (0)371 664 0300 and returning the completed form to MUFG
Corporate Markets, PXS1, Central Square, 29Wellington Str
eet, Leeds LS1 4DL, no later than 12.30 pm on Friday, 10 July 2026.
If you hold your shares via an investment platform (e.g. Hargreaves Lansdown) or a nominee, you should contact them to
enquire about arrangements to vote.
P
P
Barber-Surgeons’ Hall
Monkwell Square
LONDON WALL
LONDON WAL
CHEAPSIDE
GRESHAM STREET
ALDERSGATE STREET
LOTHBURY
POULTRY
Barbican
Moorgate
St. Pauls
Bank
MOORGATE
MOORFIELDS
ROPEMAKER ST
PRINCESS ST
FORE STREET
WOOD STREET
B
A
S
I
N
G
H
A
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L
S
T
NOTICE OF THE ANNUAL GENERAL MEETING CONTINUED
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
106
Explanatory Notes to the Resolutions
Resolution 1 – To receive and adopt the Annual
Report and Financial Statements
The Annual Report and Financial Statements for the year
ended 31 March 2026 will be presented to the Annual
General Meeting (“AGM”). These accounts accompany this
Notice ofMeeting.
Resolution 2 – To approve a Final Dividend
The rationale for the payment of a final dividend is set
out in the Statement from the Chair beginning on page 6,
in the Business Review on page 34 and the Report of the
Directors on page 49.
Resolution 3 – Approval of the Company’s Dividend
Policy
Resolution 3 seeks shareholder approval of the Company’s
dividend policy, which is set out on page 34.
Resolutions 4 to 9 – Re-election of Directors
Resolutions 4 to 9 deal with the re-election of the Directors.
Biographies of each of the Directors can be found on
pages46 to 47 of the annual report.
The Board has confirmed, following a performance review,
that the Directors standing for re-election and election
continue to perform effectively.
Resolution 10 – Re-appointment of Auditors and
the determination of their remuneration
Resolution 11 relates to the re-appointment of
PricewaterhouseCoopers LLP as the Company’s
independent Auditors to hold office until the next AGM of the
Company and also authorises the Audit & Risk Committee
to set their remuneration (see pages 64 and 65 for further
information).
Resolution 11 – Directors’ Remuneration Report
The Directors’ Remuneration Report is set out in full in the
annual report on pages 66 to 68.
Resolution 12 – Directors’ Remuneration Policy
The Directors’ Remuneration Policy is set out on page 66.
Resolutions 13, 14 and 15 – Issue of Shares
Ordinary Resolution 13 in the Notice of AGM will renew
the authority to allot the unissued share capital up to an
aggregate nominal amount equal to 10% of the aggregate
nominal amount of the Company’s issued share capital
on 3 June 2026, being the nearest practicable date prior
to the signing of this Report (or if changed, the number
representing 10% of the issued share capital of the
Company at the date at which the resolution is passed).
Such authority will expire on the date of the next AGM or
after a period of 15 months from the date of the passing
of the resolution, whichever is earlier. This means that the
authority will have to be renewed at the next AGM.
When shares are to be allotted for cash, Section 551 of
the Companies Act 2006 (the “Act”) provides that existing
shareholders have pre-emption rights and that the new
shares must be offered first to such shareholders in
proportion to their existing holding of shares. However,
shareholders can, by special resolution, authorise the
Directors to allot shares otherwise than by a pro rata issue to
existing shareholders. Special Resolution 14 will, ifpassed,
give the Directors power to allot for cash equity securities
up to an aggregate nominal amount equal to 10% of the
Company’s share capital on 3 June 2026 (or if changed, the
number representing 10% of the issued share capital of the
Company at the date at which the resolution is passed), as
if Section 551 of the Act does not apply. This is the same
nominal amount of share capital which the Directors are
seeking the authority to allot pursuant to Resolution 15.
This authority will also expire on the date of the next Annual
General Meeting or after a period of 15months, whichever
is earlier. This authority will not be used in connection with a
rights issue by the Company.
Under the Companies (Acquisition of Own Shares) (Treasury
Shares) Regulations 2003 (as amended) (the “Treasury
Share Regulations”) the Company is permitted to buyback
and hold shares in treasury and then sell them at a later
date for cash, rather than cancelling them. The Treasury
Share Regulations require such sale to be on a pre-emptive,
pro rata, basis to existing shareholders unless shareholders
agree by special resolution to disapply such pre-emption
rights. Accordingly, in addition to giving the Directors power
to allot unissued share capital on a non pre-emptive basis
pursuant to Resolution 14, Resolution15, if passed, will
give the Directors authority to sell shares held in treasury
on a non pre-emptive basis. No dividends may be paid on
any shares held in treasury and no voting rights will attach
to such shares. The benefit of the ability to hold treasury
shares is that such shares may be resold. This should give
the Company greater flexibility in managing its share capital,
and improve liquidity in its shares. It is the intention of the
Board that any re-sale of treasury shares would only take
place at a premium to the cum income net asset value per
share. It is also the intention of the Board that sales from
FURTHER INFORMATION
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
107
treasury would only take place when the Board believes
that to do so would assist in the provision of liquidity to the
market. The number of treasury shares which may be sold
pursuant to this authority is limited to an aggregate nominal
amount equal to 10% of the Company’s share capital on
3 June 2026 (or if changed, the number representing 10%
of the issued share capital of the Company at the date at
which the resolution is passed) (reduced by any equity
securities allotted for cash on a non-pro rata basis pursuant
to Resolution 14, as described above). This authority will
also expire on the date of the next Annual General Meeting
or after a period of 15months, whichever is earlier.
The Directors intend to use the authority given by
Resolutions 13, 14 and 15 to allot shares and disapply
pre-emption rights only in circumstances where this will
be clearly beneficial to shareholders as a whole. The issue
proceeds would be available for investment in line with
the Company’s investment policy. No issue of shares will
be made which would effectively alter the control of the
Company without the prior approval of shareholders in
general meeting.
New Shares will only be issued at a premium to the
Company’s cum income net asset value per share at the
time of issue.
Resolution 16 – Share Repurchases
The Directors wish to renew the authority given by
shareholders at the previous AGM and also at subsequent
General Meetings. The principal aim of a share buyback
facility is to enhance shareholder value by acquiring shares
at a discount to net asset value, as and when the Directors
consider this to be appropriate. The purchase of Shares,
when they are trading at a discount to net asset value per
share should result in an increase in the net asset value
per share for the remaining shareholders. This authority,
if conferred, will only be exercised if to do so would result
in an increase in the net asset value per share for the
remaining shareholders and if it is in the best interests
of shareholders generally. Any purchase of shares will be
made within guidelines established from time to time by the
Board. It is proposed to seek shareholder authority to renew
this facility for another year at the AGM.
Under the current Listing Rules, the maximum price that
may be paid on the exercise of this authority must not
exceed the higher of (i) 105% of the average of the middle
market quotations for the shares over the five business days
immediately preceding the date of purchase and (ii)the
higher of the last independent trade and the highest current
independent bid on the trading venue where the purchase is
carried out. The minimum price which may be paid is 2.5p
per Share. Existing shares which are purchased under this
authority will either be cancelled or held as Treasury Shares.
Special Resolution 16 in the Notice of AGM will renew the
authority to purchase in the market a maximum of 14.99%
of the issued share capital of the Company as at the date
of the passing of the resolution, 14.99% of the issued share
capital of the Company as changed by that resolution.
Such authority will expire on the date of the next AGM or
after a period of 15 months from the date of passing of the
resolution, whichever is earlier. This means in effect that the
authority will have to be renewed at the next AGM or earlier
if the authority has been exhausted.
Resolution 17 – New Articles of Association
Under Special Resolution 17, the Company is proposing to
adopt new Articles of Association to introduce additional
contingency provisions relating to the election of directors
at general meetings. These amendments reflect recent
market guidance and are intended to ensure the orderly
and effective governance of the Company in the event that
insufficient directors are elected at a general meeting.
Set out below is a summary of the main differences
between the current and the proposed new Articles of
Association (the “New Articles”).
The Company is proposing to adopt new Articles of
Association to introduce additional contingency provisions
relating to the election of directors at general meetings.
These amendments reflect recent market guidance and are
intended to ensure the orderly and effective governance
of the Company in the event that insufficient directors are
elected at a general meeting.
The new provisions operate automatically in the limited
circumstances where, following a general meeting at which
directors are to be elected or re-elected, the Board would
be left with none or only one director in office. In such
circumstances, the provisions allow for a small number of
retiring directors to be temporarily re-appointed for the sole
purpose of maintaining continuity, protecting shareholders’
interests and convening a further general meeting to elect
directors.
Any such appointments are strictly interim and are designed
to protect shareholders’ interests and ensure compliance
with applicable legal and regulatory requirements.
A copy of the current Articles and of the proposed New
Articles marked up to show the proposed amendments
EXPLANATORY NOTES TO THE RESOLUTIONS CONTINUED
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
108
will be available for inspection at the Company’s registered office
during normal business hours and will be available for inspection
at the Annual General Meeting, in each case until conclusion of the
meeting.”
Resolution 18 – General Meetings
Special Resolution 18 seeks shareholder approval for the Company
to hold General Meetings (other than the AGM) at 14 clear days’
notice. The Board confirms that the shorter notice period would
only be used where it was merited by the purpose of the meeting.
Recommendation
The Board considers that the resolutions relating to the above items
are in the best interests of shareholders as a whole. Accordingly,
the Board unanimously recommends to the shareholders that
they vote in favour of the above resolutions to be proposed at the
forthcoming AGM as the Directors intend to do in respect of their
own beneficial holdings totalling 635,864 shares.
EXPLANATORY NOTES TO THE RESOLUTIONS CONTINUED
FURTHER INFORMATION
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
109
Regulatory Disclosures
ALTERNATIVE INVESTMENT FUND
MANAGERS DIRECTIVE (“AIFMD”)
DISCLOSURES
Investment objective and leverage
A description of the investment strategy and objectives of
the Company, the types of assets in which the Company
may invest, the techniques it may employ, any applicable
investment restrictions, the circumstances in which it may
use leverage, the types and sources of leverage permitted
and the associated risks, any restrictions on the use of
leverage and the maximum level of leverage which the AIFM
and Portfolio Manager are entitled to employ on behalf of
the Company and the procedures by which the Company
may change its investment strategy and/or the investment
policy can be found on pages 10 and 11 under the heading
“Investment Strategy”.
The table below sets out the current maximum permitted
limit and actual level of leverage for the Company as a
percentage of net assets.
Gross
Method
Commitment
Method
Maximum level of leverage 140.0% 140.0%
Actual level at 31 March 2026
117.6% 112.5%
REMUNERATION OF AIFM STAFF
Following completion of an assessment of the application
of the proportionality principle to the FCA’s AIFM
Remuneration Code, the AIFM has disapplied the pay-out
process rules with respect to it and any of its delegates.
This is because the AIFM considers that it carries out
non- complex activities and is operating on a small scale.
Further disclosures required under the AIFM Rules can
be found within the Investor Disclosure Document on the
Company’s website: www.worldwidewh.com.
SECURITY FINANCING TRANSACTIONS
DISCLOSURES
As defined in Article 3 of Regulation (EU) 2015/2365,
securities financing transactions (SFT) include repurchase
transactions, securities or commodities lending and
securities or commodities borrowing, buy-sellback
transactions or sell-buyback transactions and margin
lending transactions. Whilst the Company does not engage
in such SFT’s, it does engage in Total Return Swaps (TRS)
therefore, in accordance with Article 13 of the Regulation,
the Company’s involvement in and exposure to Total Return
Swaps for the accounting year ended 31 March 2026 are
detailed below.
Global data
Amount of assets engaged in TRS
The following table represents the total value of assets
engaged in TRS:
£’000 % of AUM
TRS
3,790 0.3
Concentration Data
Counterparties
The following table provides details of the counterparties
and their country of incorporation (based on gross volume
of outstanding transactions with exposure on a gross basis)
in respect of TRS as at the balance sheet date:
Country of
Incorporation £’000
Goldman Sachs U.S.A.
254,852
JPMorgan U.S.A.
–
Aggregate transaction data
Type, quality, maturity, tenor and currency of collateral
No collateral was received by the Company in respect of TRS
during the year to 31 March 2026. The collateral provided by
the Company to the above counterparties is set out below.
Type Currency Maturity Quality £’000
Cash USD less than 1 day n/a
70,822
Maturity tenor of TRS
The following table provides an analysis of the maturity
tenor of open TRS positions (with exposure on a gross
basis) as at the balance sheet date:
Maturity
TRS
Value
£’000
3 to 12 months
254,852
Settlement and clearing
OTC derivative transactions (including TRS) are entered
into by the Company under an International Swaps
and Derivatives Associations, Inc. Master Agreement
(“ISDA Master Agreement”). An ISDA Master Agreement
is a bilateral agreement between the Company and a
counterparty that governs OTC derivative transactions
(including TRS) entered into by the parties. All OTC
derivative transactions entered under an ISDA Master
Agreement are netted together for collateral purposes,
therefore any collateral disclosures provided are in respect
of all OTC derivative transactions entered into by the
Company under the ISDA Master agreement, not just total
return swaps.
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
110
Safekeeping of collateral
There was no non-cash collateral provided by the Company
in respect of OTC derivatives (including TRS) with the
counterparties noted above as at the statement of financial
position date.
Return and cost
All returns from TRS transactions will accrue to the
Company and are not subject to any returns sharing
arrangements with the Company’s AIFM, Portfolio Manager
or any other third parties. Returns from those instruments
are disclosed in Note 9 to the Company’s financial
statements.
REGULATORY DISCLOSURES CONTINUED
FURTHER INFORMATION
Worldwide Healthcare Trust PLC Annual Report for the year ended 31 March 2026
111
Company Information
Directors
Doug McCutcheon (Chair of the Board)
Dr Bandhana (Bina) Rawal (Senior
Independent Director and Chair of
the Nominations Committee)
Tim Livett, ACMA (Chair of the
Audit & RiskCommittee)
Sven Borho, CFA
Sian Hansen
William Hemmings
Jo Parfrey, ACA (Chair of the
Management Engagement &
Remuneration Committee)
Company Registration Number
3023689 (Registered in England)
The Company is an investment
company as defined under Section 833
of the Companies Act 2006
Website
Website: www.worldwidewh.com
Registered Office
One Wood Street
London EC2V 7WS
Alternative Investment Fund
Manager, Company Secretary and
Administrator
Frostrow Capital LLP
25 Southampton Buildings, London
WC2A 1AL
Telephone: 0203 008 4910
E-mail: info@frostrow.com
Website: www.frostrow.com
Authorised and regulated by the Financial Conduct
Authority
If you have an enquiry about the
Company or if you would like to receive
a copy of the Company’s monthly fact
sheet by e-mail, please
contact Frostrow
Capital using the above
e-mail address.
Portfolio Manager
OrbiMed Capital LLC
601 Lexington Avenue, 54th Floor
New York NY 10022
Website: www.orbimed.com
Registered under the U.S. Securities & Exchange
Commission
Depositary
J.P. Morgan Europe Limited
25 Bank Street London
E14 5JP
Independent Auditors
PricewaterhouseCoopers LLP
7 More London Riverside,
London
SE1 2RT
Custodian and Prime Broker
J.P. Morgan Securities LLC
Suite 1, Metro Tech Roadway
Brooklyn, NY 11201
USA
Stockbroker
Winterflood Securities Limited
Riverbank House
2 Swan Lane
London EC4R 3GA
Registrars
MUFG Corporate Markets
Central Square
29 Wellington Street
Leeds LS1 4DL
E-mail: shareholderenquiries@
cm.mpms.mufg.com
Telephone (in UK): 0371 664 0300†
Telephone (from overseas):
+ 44 371 664 0300†
Inv
estor Centre:
https://uk.investorcentre.mpms.mufg.com/
Website: www.mpms.mufg.com/en/
mufg-corporate-markets/
Please contact the Registrars if you
hav
e a query about a certificated
holding in the Company’s shares.
† Calls are charged at the standard geographic rate
and will vary by provider. Calls outside the UK are
charged at the applicable international rate. Lines
are open between 09.00 and 17.30 Monday to Friday
excluding public holidays in England and Wales.
Investor Centre
You can register online to view your
holdings using the Investor Centre,
aservice offered by MUFG Corporate
Markets at https://uk.investorcentre.
mpms.mufg.com/
The Investor Centre is an online service
enabling you to quickly and easily
access and maintain your shareholding
online – reducing the need for
paperwork and providing 24 hour
access to your shareholding details.
Through the Investor Centre you may:
• Cast your proxy vote online;
• View your holding balance and get
an indicative valuation;
• View movements on your holding;
• Update your address;
• Register and change bank mandate
instructions so that dividends can be
paid directly to your bank account;
• Elect to receive shareholder
communications electronically; and
• Access a wide range of shareholder
information including the ability to
download shareholder forms.
Share Price Listings
The price of your shares can be found
in various publications including the
Financial Times, The Daily Telegraph,
The Times and The Scotsman.
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
Shares: SEDOL : BN455J5
ISIN : GB00BN455J50
BLOOMBERG : WWH LN
EPIC : WWH
Foreign Account Tax
Compliance Act (“FATCA”)
Global Intermediary Identification
Number (GIIN) : FIZWRN.99999.SL.826
Legal Entity Identifier (LEI) :
5493003YBCY4W1IMJU04
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DISCLAIMERS
The MSCI information (relating to the Benchmark) may only be used for your internal use, may not be reproduced or redis-
seminated in any form and may not be used as a basis for or a component of any financial instruments or products or in-
dices. 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
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CBP008251
WORLDWIDE HEALTHCARE TRUST PLC
25 SOUTHAMPTON BUILDINGS
LONDON
WC2A 1AL
WWW.WORLDWIDEWH.COM
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A member of the Association of Investment Companies
Disability Act
Copies of this annual report and other documents issued by the Company are available from the Company Secretary. If needed, copies
can be made available in a variety of formats, including Braille, audio tape or larger type as appropriate. You can contact the Registrar
to the Company, MUFG Corporate Markets, which has installed telephones to allow speech and hearing impaired people who have
their own telephone to contact them directly, without the need for an intermediate operator, for this service please call 0800 731 1888.
Specially trained operators are available during normal business hours to answer queries via this service. Alternatively, if you prefer to
go through a ‘typetalk’ operator (provided by the RNID) you should dial 18001 followed by the number you wish to dial.