London, UK, 25 May 2017
Edison issues review on Worldwide Healthcare Trust (WWH)
Worldwide Healthcare Trust (WWH) aims to generate capital growth from a global portfolio of healthcare stocks. While around two-thirds of the portfolio is invested in the US, there is a meaningful c 15% exposure to emerging markets and WWH can invest across all subsectors of the healthcare industry. Since launch, the trust has been managed by Sam Isaly, who is co-founder of OrbiMed Capital, the largest dedicated healthcare investment manager in the world. WWH has a strong investment track record - it has outperformed its benchmarks over one, three, five and 10 years. WWH's discount has been on a narrowing trend since mid-2016; its shares are now in line with cum-income NAV.
WWH's shares are currently trading in line with its cum-income NAV; this compares to the 12-month range of a 1.5% premium to a 13.0% discount. It compares to the average discounts of the last one, three and five years of 4.2%, 4.6% and 4.8%. While aiming to generate capital growth rather than income, WWH pays out 85% of net income in order to maintain its investment trust status. Having declined for three consecutive years, the FY16 annual dividend was a 32% increase versus the prior year; WWH's current dividend yield is 0.7%.
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