Portfolio Manager Monthly Commentary

April 2015

Innate Pharma, Bluebird Bio, and GW Pharmaceuticals were the top positive contributors to performance during the month. Biogen reported weaker than expected first quarter results. In particular, sales of multiple sclerosis drugs Tecfidera and Tysabri fell short of estimates.

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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.