Portfolio Manager Factsheet

December 2017

Celgene, Vertex Pharmaceuticals, and BeiGene were the top positive contributors to performance during the month. Juno underperformed due to an incremental update at ASH for its CD19 CAR-T program that fell short of high investor expectations.

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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.