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Worldwide Healthcare Trust net asset value slips in volatile markets

23rd Nov 2023 14:29

(Alliance News) - Worldwide Healthcare Trust PLC described its investment performance as "disappointing," as it reported a decline in net asset value.

The London-based investor in the global healthcare sector said its NAV at September 30 was 339.3 pence, down 1.2% from 343.5p at March 31.

The first half of the financial year was a volatile period for markets, and the company was not immune to this, it said.

"External events continued to exert their influence, with geopolitics and macroeconomic conditions at the forefront of investors’ minds," the company commented.

NAV per share total return was negative 0.6% during the period, underperforming the benchmark MSCI World Healthcare Index, which rose by 0.8%.

The firm called its investment performance disappointing in recent periods and continues to monitor performance closely.

The largest contributions during the reporting period came from the large capitalisation pharmaceutical companies Novo Nordisk and Eli Lilly, both of which benefitted from their exposure to the rapidly growing GLP-1 anti-obesity therapy market.

The principal detractors from performance were the large capitalisation pharmaceutical company Bristol Myers Squibb and biotechnology company UniQure, the firm noted.

An interim dividend of 0.7p was declared, compared to the 7.0p payout made last year. However, adjusting for a share split which took place in July, the dividend was unchanged.

Shares in Worldwide Healthcare Trust fell 0.8% to 295.71p in London on Thursday afternoon.

By Jeremy Cutler, Alliance News reporter

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