Worldwide Healthcare Trust PLC Fund Data

In June, the NAV per share total return was +9.6%, the share price total return was +10.2% and the return of the MSCI World Health Care Index on a net total return, sterling adjusted basis (Company’s Benchmark) was +6.7%. Following the strong rebound in global equity markets after the initial escalation of the Iran conflict in March, market momentum moderated during June. After early-month volatility, the MSCI World Index finished the month modestly higher, returning +0.9% (total return, sterling). In contrast, healthcare stocks delivered a particularly strong performance, especially during the second half of the month. The dominant market theme was a rotation out of technology and other recent winners into lagging sectors such as healthcare. Within healthcare, biotechnology, pharmaceuticals, life science tools and diagnostics, and healthcare services all generated robust returns. The largest contributor to performance in June was once again Eli Lilly. Building on strong gains in May, the shares moved higher on continued optimism surrounding sales growth and the long-term opportunity for the company’s next-generation obesity portfolio. Another emerging obesity company, Structure Therapeutics, rebounded sharply during the month (more than 35% in local currency), making it the second-largest contributor. uniQure was also among the top contributors. Its shares appreciated approximately 80% (local currency) after the company announced alignment with the U.S. FDA on the filing requirements for AMT-130, its gene therapy candidate for Huntington’s disease, with a regulatory submission now expected in the third quarter of calendar 2026. The announcement was well ahead of investor expectations and helped alleviate concerns regarding regulatory uncertainty following a prolonged period of leadership changes at the FDA. The only detractor of import was once again Boston Scientific. The share price continued to decline in June as investors and analysts continue to lower sales expectations for 2026. We again reduced exposure to both Boston Scientific and the medical technology sector in the month. Overall, excess performance in June was driven primarily by both our allocation to, and stock selection within, the biotechnology sector. On average, the biotechnology holdings in the portfolio appreciated more than 18%, while our proprietary M&A basket returned nearly 20%, compared with +8.1% for the biotechnology component of the Benchmark. Stock selection within life science tools and diagnostics also contributed meaningfully to relative performance, led by Natera and Guardant Health. These gains were partially offset by our significant underweight position in large-cap pharmaceuticals, which outperformed during the month as investors rotated into more defensive areas of the market. Looking ahead to July and August, the second-quarter earnings season will begin in earnest. Expectations for the medical technology sector remain relatively subdued, with investors continuing to monitor procedure volumes and healthcare utilization trends closely. Within pharmaceuticals, earnings expectations are more varied, reflecting the wide dispersion in growth profiles across the sector. More important, however, are likely to be the numerous clinical and pipeline catalysts scheduled over the coming months, which, if positive, should continue to support investor sentiment and drive value creation across healthcare.

In June, the NAV per share total return was +9.6%, the share price total return was +10.2% and the return of the MSCI World Health Care Index on a net total return, sterling adjusted basis (Company’s Benchmark) was +6.7%. Following the strong rebound in global equity markets after the initial escalation of the Iran conflict in March, market momentum moderated during June. After early-month volatility, the MSCI World Index finished the month modestly higher, returning +0.9% (total return, sterling). In contrast, healthcare stocks delivered a particularly strong performance, especially during the second half of the month. The dominant market theme was a rotation out of technology and other recent winners into lagging sectors such as healthcare. Within healthcare, biotechnology, pharmaceuticals, life science tools and diagnostics, and healthcare services all generated robust returns. The largest contributor to performance in June was once again Eli Lilly. Building on strong gains in May, the shares moved higher on continued optimism surrounding sales growth and the long-term opportunity for the company’s next-generation obesity portfolio. Another emerging obesity company, Structure Therapeutics, rebounded sharply during the month (more than 35% in local currency), making it the second-largest contributor. uniQure was also among the top contributors. Its shares appreciated approximately 80% (local currency) after the company announced alignment with the U.S. FDA on the filing requirements for AMT-130, its gene therapy candidate for Huntington’s disease, with a regulatory submission now expected in the third quarter of calendar 2026. The announcement was well ahead of investor expectations and helped alleviate concerns regarding regulatory uncertainty following a prolonged period of leadership changes at the FDA. The only detractor of import was once again Boston Scientific. The share price continued to decline in June as investors and analysts continue to lower sales expectations for 2026. We again reduced exposure to both Boston Scientific and the medical technology sector in the month. Overall, excess performance in June was driven primarily by both our allocation to, and stock selection within, the biotechnology sector. On average, the biotechnology holdings in the portfolio appreciated more than 18%, while our proprietary M&A basket returned nearly 20%, compared with +8.1% for the biotechnology component of the Benchmark. Stock selection within life science tools and diagnostics also contributed meaningfully to relative performance, led by Natera and Guardant Health. These gains were partially offset by our significant underweight position in large-cap pharmaceuticals, which outperformed during the month as investors rotated into more defensive areas of the market. Looking ahead to July and August, the second-quarter earnings season will begin in earnest. Expectations for the medical technology sector remain relatively subdued, with investors continuing to monitor procedure volumes and healthcare utilization trends closely. Within pharmaceuticals, earnings expectations are more varied, reflecting the wide dispersion in growth profiles across the sector. More important, however, are likely to be the numerous clinical and pipeline catalysts scheduled over the coming months, which, if positive, should continue to support investor sentiment and drive value creation across healthcare.