Portfolio Manager Factsheet

August 2019

Biotechnology underperformed the broader markets in August. Political rhetoric around drug pricing and Medicare for All continued ahead of the third U.S. Democratic Presidential debate in September, though we view many of the proposed plans as untenable. Sarepta shares were weak after the unexpected rejection of its Duchenne Muscular Dystrophy treatment golodirsen by the FDA.

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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.