Global Large Cap Portfolio Return of 22.5% for the Quarter Ended March 31st, 2019.

The Gnostic Capital Large Cap Global Portfolio Ended the first quarter of 2019 (03/31/2019) with a portfolio valued at $263.78 USD. This compares to the year end valuation of $215.28 and represents a return of 22.5% for the quarter.

In the quarter ended 03/31/19, the DJIA returned 11.2%, the S&P 500 increased by 13% and the NASDAQ composite index increased by 16.5%. The portfolio performance was very strong in relation to other actively managed funds in the Morningstar universe. Artisan Developing World fund, a small cap #1 international equity fund covered by Morningstar returned 20.4% in USD and was the top international performer in the Morningstar Universe. Four US domestic funds also bested the portfolio for performance in Q1 according to Morningstar; all were classified with smaller cap weights as compared to the Gnostic large cap portfolio

https://www.morningstar.com/articles/921587/the-first-quarter-in-us-equity-funds.html

https://www.morningstar.com/articles/921633/a-solid-start-to-2019-for-internationalstock-funds.html

The Gnostic portfolio return was largely driven by sizable increases in Fintech space (Visa, Mastercard, Adyen, Paypal) valuations.

A number of Fintech ETF product were created early in 2019; capital inflows in the sector and increased investor interest in the core holdings of the portfolio were the likely reasons for outsized gains in those equities; whether these returns can be maintained in subsequent quarters is tricky to divine. On a more fundamental basis, Visa and Mastercard announced a series of modest, but sweeping, pricing increases on their processing offerings. In a business where the economies of scale provide for any pricing increase to fall, almost immediately, to the bottom line; such an announcement is perceived to be good news by investors.