Portfolio Manager Factsheet

September 2017

Puma Biotechnology, Alnylam, and Beigene were the top positive contributors to performance during the month. Incyte shares underperformed due to investor risk aversion following the presentation of updated epacadostat at the ESMO conference.

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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.