Portfolio Manager Factsheet

August 2017

Biogen, Vertex, and Illumina were the top positive contributors to performance during the month. Clovis shares underperformed due to the U.S. approval of a competing drug.

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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.