Portfolio Manager Monthly Commentary
Biogen, Celgene, and Alexion were the top positive contributors to performance during the month. GW Pharma shares underperformed due to investor concerns that the patients in the phase III Epidiolex study may be receiving a lower dose of drug that might lead to less favorable response rates.
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.