Portfolio Manager Factsheet

June 2017

Clovis, Alexion, and Celgene were the top positive contributors to performance during the month. Incyte shares underperformed following epacadostat data updates at the ASCO conference that faced some criticism from investors.

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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.