Portfolio Manager Factsheet

September 2018

Biotechnology was weak in September, with investors appearing to adopt a risk-off mentality moving into the Q3 earnings season and year end. Stock reactions to positive updates in emerging biotechnology were largely muted. CRISPR shares underperformed due to an unfavourable intellectual property patent ruling against the company’s gene editing technology platform and increased perceived risk following a secondary offering ahead of first data from the company’s beta thalassemia gene editing trial.

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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.