Portfolio Manager Factsheet

January 2019

Sources of alpha generation were numerous with no notable exceptions. Allocation effect across small and mid-cap biotech stocks, large cap pharma, and generic drug stocks were all-favourable. Detractors were more diverse in nature.  Merck & Co. was the largest, but no fundamental news drove the decline. 

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Worldwide Healthcare Trust PLC conducts its affairs so that its shares can be recommended by independent financial advisers (IFAs) to retail private investors. The shares are excluded from the Financial Conduct Authority's (FCA's) restrictions which apply to non-mainstream investment products because they are shares in a UK-listed investment trust.