Portfolio Manager Factsheet

July 2018

Biotechnology saw outsized strength in July, partially catalyzed by surprise positive top-line data for an Alzheimer’s disease treatment called BAN2401 being developed by Eisai and partner Biogen, a key holding of the Trust. CRISPR shares underperformed due to academic reports of off-target toxicities from gene editing techniques. We continue to believe CRISPR’s platform and approach poses the least risk among the gene editing companies and see off-target effects as unlikely.

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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.