Worldwide Healthcare


Rated Fund 2013-20. Invests in a diverse range of healthcare companies

This trust has twice been highly commended in the Best Large Trust category in Money Observer’s annual trust awards, no mean feat given that it was up against more than 100 trusts from a variety of sectors.

It invests in a diversified portfolio of pharmaceutical, biotechnology and healthcare equipment, technology and services companies worldwide. Sven Borho, a founder partner of US-based specialist healthcare fund manager OrbiMed Capital, has run the trust since its inception in 1995. He was joined by co-manager Trevor Polischuk in 2017. They are supported by a team of 80 investment professionals.

The managers seek out innovation and growth in the global healthcare industry, and invest in healthcare companies that offer the greatest return potential. Risk is spread through global exposure and diversification across different healthcare sub-sectors.

At the end of 2019 pharmaceutical and biotech companies each accounted for around 30% of the portfolio, which consisted of almost 70 holdings. Most of the top 10 holdings were large, profitable companies, collectively accounting for 40% of assets. Almost 65% was invested in US stocks, but there was 14% in emerging markets, 11% in Europe and 10% in Asia.

Skerritts Wealth Management, a long-term supporter of the trust, praises its record as the best performer across the whole investment trust sector since 1995. Healthcare is a key theme in its portfolios, given the defensive nature of the sector and the ageing of the world’s population.

The board operates an active discount management policy, so shares in the trust typically trade at around the value of underlying assets.

Narrative and ratings content all as of 01 January 2020.

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Worldwide Healthcare
Frostrow Capital LLP
Closed Ended Investment Company
Sector Specialist: Biotechnology & Healthcare
0.88 %
Risk Rating
3 Year Sharpe
3 Year Alpha
0.7 %
MSCI World Healthcare Net
Fund Size
£ 2.07 billion
Discount Premium
In order to achieve a high level of capital growth, the Company invests in the global healthcare sector and in a diversified portfolio of shares in pharmaceutical and biotechnology companies and related securities in the healthcare sector. It uses gearing, and derivative transactions to mitigate risk and also to enhance returns.
Holding %
Takeda Pharmaceutical Co Ltd 6.10 %
Merck & Co Inc 5.55 %
Alexion Pharmaceuticals Inc 4.55 %
Novartis AG 4.33 %
Boston Scientific Corp 4.21 %
Bristol-Myers Squibb Company 3.71 %
Vertex Pharmaceuticals Inc 3.40 %
Biogen Inc 3.35 %
Pfizer Inc 3.16 %
Mirati Therapeutics Inc 2.40 %
Region %
United States 72.12 %
Asia - Emerging 8.23 %
Europe - ex Euro 7.60 %
Japan 7.49 %
Sector %
Healthcare 97.60 %
Frostrow Capital LLP
WC2A 1AL, London, United Kingdom
Legal Structure
Closed Ended Investment Company


Trevor Polischuk
Joined 03/31/2015

Polischuk joined OrbiMed in 2003 as an analyst covering the major global pharmaceutical industry. Previously, he worked at Lehman Brothers as a senior research analyst covering the U.S. pharmaceutical industry.

Sven Borho
Joined 02/01/2013

Sven H. Borho, CFA, is a founding General Partner of OrbiMed. Mr. Borho is a portfolio manager for OrbiMed’s public equity funds and he heads the firm’s trading efforts. He started his career in 1991 when he joined Mehta and Isaly as a Senior Analyst covering European pharmaceutical firms and biotechnology companies worldwide. In 1993, Mr. Borho became portfolio manager to investment funds under management. Mr. Borho studied business administration at Bayreuth University in Germany and received a M. Sc. (Econ.) from The London School of Economics; he is a citizen of both Germany and Sweden.

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