Worldwide Healthcare Trust PLC Fund Data

In September, the NAV per share total return was -2.4%, the share price total return was -2.1% and the return of the MSCI World Health Care Index on a net total return, sterling adjusted basis (Company's Benchmark) was -0.3%. The macroeconomic climate took a decisive pivot in September with rising Treasury yields, a confirmed rate hike from the U.S. Federal Reserve, and ongoing concentration in artificial intelligence and large-cap tech stocks. All these factors shaped global equities which were volatile in the period but eked a modest positive return by month-end (MSCI World Index; sterling). Healthcare stocks followed a similar pattern but lagged the broader market and finished the month modestly down. The performance of the Trust was indicative of this macro environment. Relative performance began to lag the benchmark following the announcement of an interest hike in the U.S. on 16 September 2026. This was predominantly due to selling pressure in Biotechnology post the announcement, in particular, well-owned high-quality names among healthcare-dedicated investors. A lull in Biotech M&A also contributed to this negative sentiment. Detractions in Biotechnology were exacerbated by additional negative contribution from uniQure, which announced follow-up data for their gene-therapy treatment for Huntington's disease. Whilst robust, the update fell below investor expectations. Outsized losses were also realized in the obesity-player, Structure Therapeutics, despite no fundamental news. Finally of note, the neuroscience company, Xenon Pharmaceuticals, fell after the company disclosed serious neuropsychiatric safety concerns for their key pipeline asset, azetukalner, a novel treatment for depression. We exited the stock. On the positive side, fund losses were partially pared by our collective investments in the liquid biopsy space. Guardant Health is a leading diagnostics company and a pioneer in liquid biopsy. Share price outperformance was principally a reflection of Guardant's improving commercial outlook for their diagnostic tests, particularly "Shield" (expanding reimbursement coverage) and "Guardant360" (FDA approval as a companion diagnostic). Shares of CareDx – a transplant company that uses liquid biopsy and artificial intelligence in a predictive donor model – performed well following a regulatory decision to increase the number of tests over the lifetime of treatment in post-transplant patients combined with strong underlying revenue growth, analyst upgrades, and growing enthusiasm for its expansion into oncology diagnostics. Momentum continued in another AI-driven diagnostics company, Caris Life Sciences, after a solid "beat and raise" 2Q result last month. Finally, the largest contribution in September came from yet another liquid biopsy company, Natera, driven primarily by strong clinical data supporting its Signatera molecular residual disease (MRD) platform, accelerating commercial adoption, and bullish analyst upgrades.

In September, the NAV per share total return was -2.4%, the share price total return was -2.1% and the return of the MSCI World Health Care Index on a net total return, sterling adjusted basis (Company's Benchmark) was -0.3%. The macroeconomic climate took a decisive pivot in September with rising Treasury yields, a confirmed rate hike from the U.S. Federal Reserve, and ongoing concentration in artificial intelligence and large-cap tech stocks. All these factors shaped global equities which were volatile in the period but eked a modest positive return by month-end (MSCI World Index; sterling). Healthcare stocks followed a similar pattern but lagged the broader market and finished the month modestly down. The performance of the Trust was indicative of this macro environment. Relative performance began to lag the benchmark following the announcement of an interest hike in the U.S. on 16 September 2026. This was predominantly due to selling pressure in Biotechnology post the announcement, in particular, well-owned high-quality names among healthcare-dedicated investors. A lull in Biotech M&A also contributed to this negative sentiment. Detractions in Biotechnology were exacerbated by additional negative contribution from uniQure, which announced follow-up data for their gene-therapy treatment for Huntington's disease. Whilst robust, the update fell below investor expectations. Outsized losses were also realized in the obesity-player, Structure Therapeutics, despite no fundamental news. Finally of note, the neuroscience company, Xenon Pharmaceuticals, fell after the company disclosed serious neuropsychiatric safety concerns for their key pipeline asset, azetukalner, a novel treatment for depression. We exited the stock. On the positive side, fund losses were partially pared by our collective investments in the liquid biopsy space. Guardant Health is a leading diagnostics company and a pioneer in liquid biopsy. Share price outperformance was principally a reflection of Guardant's improving commercial outlook for their diagnostic tests, particularly "Shield" (expanding reimbursement coverage) and "Guardant360" (FDA approval as a companion diagnostic). Shares of CareDx – a transplant company that uses liquid biopsy and artificial intelligence in a predictive donor model – performed well following a regulatory decision to increase the number of tests over the lifetime of treatment in post-transplant patients combined with strong underlying revenue growth, analyst upgrades, and growing enthusiasm for its expansion into oncology diagnostics. Momentum continued in another AI-driven diagnostics company, Caris Life Sciences, after a solid "beat and raise" 2Q result last month. Finally, the largest contribution in September came from yet another liquid biopsy company, Natera, driven primarily by strong clinical data supporting its Signatera molecular residual disease (MRD) platform, accelerating commercial adoption, and bullish analyst upgrades.