Portfolio Manager Monthly Commentary

August 2015

Incyte, Eleven Biotherapeutics, and Ono Pharmaceutical were the top positive contributors to performance during the month. Amgen shares underperformed due in part to lowered investor expectations for cholesterol drug Repatha.  Bluebird shares were weak due to concerns about a competitive product for sickle cell disease.

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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.