Portfolio Return of 6.6% for the Quarter Ended June 30th, 2018.

The large cap global portfolio closed out the quarter with a net asset value of $229.38 USD per share. This compares to a value of $215.14 at the end of March 2018 and $206.39 at the end of 2017. The six month return of the portfolio, as of June 30th, stood at 11.1%.

By way of comparison, the DJIA has generated a return of -2.2% in the first six months of 2018. The S&P 500 has produced a return of 1.7% for that same period. The NASDAQ generated a return of 8.8% for the first six months of 2018.

The relative outperformance of the tech heavy NASDAQ, against the moribund DJIA, is generally consistent with late cycle bull markets.

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