Global Large Cap Model Portfolio Return of 13.8% for the Quarter Ended 06/30/2017.

The Gnostic Capital Management Large Cap Global Account closed out the second quarter of 2017 with a value of $181.91 USD per share. This compares to the value of $159.76 in the prior quarter and $149.76 reported at the end of 2016.

The quarterly return generated represented the highest result, since inception, more than sixteen years ago.

The 2017 six month return, as of June 30th, stood at 21.5%.

Traditionally, this author would counsel caution on the heels of such a record breaking quarter. Irrational exuberance typically arises at the tail end of a multi-year bull market and bull markets generally end badly and unexpectedly. However, based upon the increases in certain global currencies, vs the portfolio functional currency (USD), in the prior quarter, it would appear that the majority of the businesses owned by the account are setting up for positive earnings surprises in the months ahead.

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