Portfolio Manager Monthly Commentary

June 2015

Alexion, Receptos, and Gilead Sciences were the top positive contributors to performance during the month. Puma shares performed poorly following the presentation of the full results of the phase III ExteNET trial of neratinib at the American Society of Clinical Oncology meeting.

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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.