Worldwide Healthcare Trust - Scope for the trust to get back on track in 2024

Worldwide Healthcare Trust’s (WWH’s) co-managers, Sven Borho and Trevor Polischuk, at global healthcare specialist OrbiMed, are disappointed with WWH’s performance as, in recent years, the trust has faced both top-down and bottom-up headwinds. The managers remain confident that investors will return to focusing on positive healthcare industry fundamentals, which include high levels of innovation, accompanied by an elevated number of new product approvals and robust M&A activity ahead of an upcom

Worldwide Healthcare Trust - Healthcare industry prospects are shining brightly

Worldwide Healthcare Trust (WWH) has two co-managers, Sven Borho and Trevor Polischuk, at global healthcare specialist OrbiMed. They are very optimistic about the fundamentals for the healthcare sector. The managers are encouraged by high levels of industry innovation, increased clarity around US drug pricing, which removes a long-term overhang, and the acceleration in M&A, which historically has been an important driver for the performance of healthcare stocks. WWH’s results have already benefi

Worldwide Healthcare Trust - Sticking to the successful long-term strategy

Worldwide Healthcare Trust’s (WWH’s) two co-managers, Sven Borho and Trevor Polischuk at specialist investor OrbiMed, remain positive on the prospects for the global healthcare industry. This view is based on favourable company fundamentals, increased clarity on US drug pricing and an upturn in merger and acquisition (M&A) activity, as pharma companies are using their strong balance sheets to bolster their product pipelines. The trust’s portfolio remains skewed to emerging (smaller-cap) biotech

Worldwide Healthcare Trust - Manager suggests May 2022 was inflexion point

Worldwide Healthcare Trust (WWH) has two co-managers, Sven Borho and Trevor Polischuk at global healthcare specialist OrbiMed. Borho recently presented at the WWH AGM and despite disappointing performance in FY22 (March year-end), which he notes was a ‘mirror image’ of FY21, the manager remains optimistic about the trust’s prospects. He is hopeful that May/June 2022 marked the low point in the absolute and relative performance of biotech stocks and is confident that the focus on favouring emergi

Worldwide Healthcare Trust - Drawing a line under a tough 2021

Worldwide Healthcare Trust (WWH) is managed by Sven Borho and Trevor Polischuk at healthcare specialist investor OrbiMed. While disappointed with the trust’s performance in 2021, the managers are upbeat about its prospects in 2022 based on their expectation for a reversal in the underperformance of biotech and Chinese stocks, due to positive industry fundamentals including high levels of innovation. Also, clarity in drug pricing reform could lead to an improvement in investor sentiment towards t

Worldwide Healthcare Trust - Attractive industry fundamentals and valuations

Worldwide Healthcare Trust (WWH) has two very experienced co-managers, Sven Borho and Trevor Polischuk at healthcare specialist investor OrbiMed. They remain very positive on the outlook for the healthcare sector due to favourable industry fundamentals and relatively attractive valuations. Despite a period of underperformance this year due to the outperformance of large-cap companies and a market rotation from growth to value stocks given increased confidence in a post-pandemic economic rebound,

Worldwide Healthcare Trust - Managers optimistic about 2021 prospects

Worldwide Healthcare Trust (WWH) is managed by Sven Borho and Trevor Polischuk at global healthcare specialist OrbiMed. Although the Democrats have regained control of the Senate, the managers consider it more of a blue ‘trickle’ than a ‘wave’ as they won by the narrowest of margins and they believe President Biden has far more pressing issues to deal with than healthcare reform. Borho and Polischuk are optimistic about the prospects for global healthcare stocks this year, supported by a ‘golden

Worldwide Healthcare Trust - Marking 25 years with strong performance

Worldwide Healthcare Trust (WWH) is celebrating its 25th anniversary. Managed by Sven Borho and Trevor Polischuk at OrbiMed, the trust has an enviable absolute and relative performance track record. The managers remain very constructive on the prospects for the global healthcare sector, suggesting that while President Trump has once again focused on the issue of US drug pricing, his ‘bark is worse than his bite’, and his efforts are a negotiating ploy to get the healthcare industry to the table

Worldwide Healthcare Trust - Managers remain optimistic on sector’s prospects

Worldwide Healthcare Trust (WWH) is managed by Sven Borho and Trevor Polischuk at OrbiMed. They remain very constructive on the prospects for the global healthcare sector – despite headline risk ahead of the 2020 US presidential election – citing industry innovation, which they suggest is at ‘unparalleled’ levels, and has historically been an important driver of the sector’s performance. Although investor concerns about drug pricing in the US remain, Borho and Polischuk say that pharma and biote

Worldwide Healthcare Trust - Managers bullish on healthcare sector outlook

Worldwide Healthcare Trust (WWH) is managed by Sven Borho and Trevor Polischuk at OrbiMed, a major global specialist healthcare investor. They remain constructive on the outlook for the sector, citing strong industry fundamentals, including a ‘golden era’ of innovation, a favourable regulatory environment and undemanding company valuations. There is also the potential for further industry mergers and acquisitions, which should be supportive for the sector’s performance. While WWH suffered a toug

Worldwide Healthcare Trust - Expecting a less turbulent industry environment

Worldwide Healthcare Trust (WWH) is managed by Sven Borho and Trevor Polischuk of specialist healthcare investor OrbiMed. The managers are positive on the outlook for healthcare stocks in 2019, following a volatile period for global equities so far in 2018. They see reduced political pressure on the sector following the US mid-term elections and believe there will be more of a focus on company fundamentals. The managers cite a series of novel therapeutic products under development, which could m

Worldwide Healthcare Trust - Positive industry fundamentals

Worldwide Healthcare Trust (WWH) is managed by Sven Borho and Trevor Polischuk, of OrbiMed, one of the world’s leading specialist healthcare investors. The managers are very excited about the prospects for the global healthcare sector for the balance of the year. The threat of regulated drug pricing in the US is abating and the sector is experiencing a period of high innovation, which could lead to the launch of therapies with multi-billion-dollar sales potential. Within the key US market, the r

Worldwide Healthcare Trust - Business as usual under new lead manager

Worldwide Healthcare Trust (WWH) is managed by OrbiMed Capital, a leading specialist healthcare investment company. Since December 2017, following the departure of Sam Isaly, its lead manager is Sven Borho, who is a founding partner of OrbiMed and has been involved with the management of WWH since the trust’s launch in April 1995. Borho is bullish on the outlook for the global healthcare sector due to continued innovation, a benign regulatory environment, an expected acceleration in mergers and

Investing in healthcare across the globe

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

Finding investment opportunities in healthcare

Worldwide Healthcare Trust (WWH) aims to generate long-term capital growth from investing in a portfolio of global healthcare stocks; a differentiating feature is the trust’s c 15% exposure to emerging markets. Following a change in mandate in 2010, WWH now invests in all sectors of the healthcare industry. Performance versus its benchmarks is particularly strong over three, five and 10 years. Sam Isaly has been lead manager since launch in 1995; he is co-founder of the world’s largest specialis

Morning Note – 22 April 2024

Benefits of scale set to materialise

Frenkel Topping - Resilient with strong growth potential

FY 2023 was a challenging year for Frenkel with higher interest rates encouraging clients to place money into lower margin money market funds. Despite this, sales grew +32% (supported by recurring revenue +9% and +51% in non-recurring), EBIT margins remained strong at 22% and adj. EPS grew +17% (taking into account the higher number of shares). FY 2024 has seen a solid start to transactional business and there is a strong pipeline of new FUM opportunities both of which support further growth. Wi

LSL Property Services (LSL LN) - Transformation & market recovery

2023 results are, as indicated in its February pre-close update, “slightly ahead of market expectations”. Current trading continues to improve, with 1Q24 underlying operating profit up yoy, “reflecting the benefits of the Group’s transformation programme completed in 2023 as well as improving market conditions.” With net cash of £35m at end 2023, the Board approved 7.4p final DPS and £7m buy back.

S&U - PBT ahead, encouraging volume trends

S&U reported FY24 PBT of £33.6m, down from £41.4m in FY23 on higher funding and regulatory costs and higher impairments in Advantage in H2. PBT was 2% ahead of our forecast as stronger revenues – up 12% to £115.4m – and better costs offset higher-than-expected impairments. Net receivables grew to a record at both Advantage and Aspen and management noted particular strength in Q4 and a good trading environment in the current year. Having absorbed a significant rise in funding cost as well as addi

Hardman & Co Insight: 2023 was an annus horribilis for Quoted UK Infrastructure and Renewable Energy

The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no

Foresight Solar Fund - Termination of coverage

Edison Investment Research is terminating coverage on ABC Arbitrage (ABCA), paragon (PGN), Foresight Solar Fund (FSFL), Kendrion (KENDR), Lithium Power International (LPI), Triple Point Energy Transition (TENT), 4iG (4IG), e-therapeutics (ETX), Pharnext (ALPHA) and Shield Therapeutics (STX). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our web

International Public Partnerships - Consistently and responsibly delivering

International Public Partnerships’ (INPP’s) FY23 results show that it continues to deliver consistent and predictable returns for investors, while delivering environmental and social benefits for the individuals and communities that are served by its assets. Despite this strong performance and a substantial need for private infrastructure funding, the macroeconomic environment has weighed on INPP’s share price, in common with the wider sector. Regardless, attractive returns are available from th

LIBERUM: PensionBee: Strong start to the new financial year

Regional REIT - Performing as expected ahead of refinancing

In a challenging market, Regional REIT’s (RGL’s) FY23 operational and financial performance was robust, in line with expectations and previous guidance. Investor focus remains on the company’s loan to value (LTV) reduction and bond refinancing plans, explored in detail in our previous note and RGL will provide an update on this in due course.

LIBERUM: PayPoint: On track for £100m of EBITDA in FY 26

Witan

Business as usual for WTAN’s executive team, while the board reviews investment management arrangements…

LIBERUM: Speedy Hire: Weakness in FY 24 but recovery in FY 25

Hybridan Small Cap Feast - 22 April 2024

22nd April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi

Foxtons Group (FOXT LN) - 1Q24 IMS shows real momentum

Foxtons Group plc first quarter revenue rose 9% to £35.7m (1Q23: £32.9m) with growth delivered across all business segments. Trading is in line with management's expectations.