Portfolio Manager Factsheet

February 2017

Biogen, Incyte, and Celgene were the top positive contributors to performance during the month. Gilead shares underperformed following the release of 2017 guidance that was well below 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.