15th Nov 2024 08:57
(Alliance News) - Worldwide Healthcare Trust PLC on Friday said its portfolio manager believes the Republicans taking control of the US presidency and both chambers of Congress will provide a positive backdrop for the healthcare sector.
The London-based investor in the global healthcare sector said its net asset value per share edged up 0.1% to 381.5 pence at September 30 from 381.1p at March 31.
Its NAV total return for the period was 0.6%, outperforming a flat return from its benchmark, the MSCI World Health Care Index on a sterling adjusted basis.
Worldwide Healthcare also declared an unchanged interim dividend of 0.7p per share.
The company said it believes the fundamentals of healthcare - on which it said investors are re-focusing in the pandemic's aftermath - remain strong, and that its portfolio manager is positive about the outlook for the sector.
Looking ahead, Chair Doug McCutcheon said the positive view was "driven in part by strong innovation cycles, elevated patient volumes and an ageing global demographic. [The portfolio manager] also believe[s] that the current high level of merger and acquisition activity in the sector will continue, supported by attractive valuations, healthy balance sheets and an increasing need for larger pharmaceutical and biotechnology companies to address future patent expirations."
Further, following the election of Donald Trump as US president, Chair McCutcheon added: "Finally, [the portfolio manager] also believe[s] that the Republican victory in the US election, having won both the presidency and also control of Congress, will provide a positive backdrop for the healthcare sector, as it is not expected that legislation detrimental to the industry will be enacted.
Worldwide Healthcare shares were down 1.8% to 337.50 pence each on Friday morning in London.
By Tom Budszus, Alliance News slot editor
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