Portfolio Manager Factsheet

January 2017

Incyte, Vertex, and Amgen were the top positive contributors to performance during the month. Biogen and Shire were the largest negative contributors to performance during the month.

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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.