Portfolio Manager Monthly Commentary

May 2015

Synageva BioPharma, Bluebird Bio, and Neurocrine Biosciences were the top positive contributors to performance during the month. Fluidigm shares performed poorly due to weak first quarter earnings and 2015 guidance.

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The Biotech Growth 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.