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