Portfolio Manager Factsheet

May 2018

Biotech generally had a strong month as investors appear to be becoming less sensitive to drug pricing rhetoric from Washington. Celgene shares underperformed in May due to concerns over the departure of the company’s head of business development and underwhelming data from its partner Jounce in solid tumors.

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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.