Portfolio Manager Factsheet

October 2018

Biotechnology was weak in October due to a broad and severe market correction that had an outsized impact on high-beta growth sectors such as biotech. While a significant portion of the portfolio is invested in large cap biotechnology names trading at historically low valuations, they were not as defensive in the October downturn as we would have hoped.

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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.