London, UK, 28 January 2022
Edison issues review on Worldwide Healthcare Trust (WWH)
Worldwide Healthcare Trust (WWH) is managed by Sven Borho and Trevor Polischuk at healthcare specialist investor OrbiMed. While disappointed with the trust's performance in 2021, the managers are upbeat about its prospects in 2022 based on their expectation for a reversal in the underperformance of biotech and Chinese stocks, due to positive industry fundamentals including high levels of innovation. Also, clarity in drug pricing reform could lead to an improvement in investor sentiment towards the healthcare sector. Borho and Polischuk are anticipating an uptick in mergers and acquisitions (M&A) this year, compared with muted levels in 2021, which should provide further support for healthcare stocks.
WWH's board employs a discount control mechanism aiming to ensure a maximum 6% share price discount to ex-income NAV in normal market conditions. The trust's shares are currently trading at a 1.7% discount to its cum-income NAV, which compares to average premiums of 0.0%, 0.1% and 0.1% over the last one, three and five years, respectively. In FY21, WWH's share base increased by about 20%, which raised £380.6m, and so far in FY22, a further c 1.2m shares (c 1.9% of the share base) have been issued, raising c £45.6m.
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