Portfolio Manager Monthly Commentary

July 2015

Anacor Pharmaceuticals, Celgene, and Amgen were the top positive contributors to performance during the month. Biogen reported poor second quarter results and reduced guidance for 2015 due to weaker expectations for Tecfidera sales.

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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.