Portfolio Manager Monthly Commentary

October 2015

Regeneron Pharmaceuticals, Amgen, and Alexion Pharmaceuticals were the top positive contributors to performance during the month. Illumina shares underperformed due to poor third quarter financial results and reduced 2015 guidance.

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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.