Portfolio Manager Factsheet

May 2019

Neurocrine shares were strong as the stock rebounded from a seasonally weak 1Q earnings report and investor speculation continued regarding the company’s attractiveness as an acquisition target. Alexion shares were weak after a strong start to 2019 with many investors taking profits. We continue to see Alexion as one of the highest quality large biotech companies driven by strong underlying commercial performance and a maturing pipeline.

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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.