Portfolio Manager Factsheet

May 2017

Puma, Regeneron, and Aerie were the top positive contributors to performance during the month. Alexion shares underperformed following news of an investigation of sales practices in Brazil and changes in management.

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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.