Portfolio Manager Monthly Commentary

May 2016

Incyte, Biogen, and Alexion were the top positive contributors to performance during the month. Gilead and Ono shares underperformed, the latter following conservative company guidance and ensuing broker downgrades. 

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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.