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CM's Perspective on the Brexit Vote

For the U.S. economy, we believe the largest impact of the UK leaving the EU, at least in the short run, is the strengthening of the U.S. dollar. An increase in the value of the U.S. dollar could lead to tighter financial conditions, though we don’t believe this will be enough to push the U.S. into a recession. Along with other mixed U.S. economic data points, the Brexit vote will likely force the Fed to continue its easy monetary policy. We see this as bullish for commodities such as gold, oil and other hard assets over the long run.

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Disclosures: Numbers shown in this report have been rounded.

Century Management reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs. The information provided in this client update should not be considered a recommendation to purchase or sell any particular security. It should not be assumed that any of the security transactions, holdings or sectors discussed were or will prove to be profitable, or that the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance of the securities discussed herein.

Positions held within each individual account may not be the same from one account to the next. Individual securities may be traded at different times as well as receive different execution prices. In addition, individual accounts may be pursuing similar objectives, but may have different investment restrictions.

Certain statements included herein contain forward-looking statements, comments, beliefs, assumptions, targets and opinions that are based on Century Management’s current expectations, estimates, projections, assumptions, targets and beliefs. Words such as expects, anticipates, believes, estimates, projects, targets and any variations of such words or other similar expressions are intended to identify such forward-looking statements.

These statements, beliefs, projections, comments, opinions, assumptions, and targets are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in, or implied by, such forward-looking statements.

You are cautioned not to place undue reliance on these forward-looking statements, which reflect Century Management’s judgment only as of the date hereof. Century Management disclaims any responsibility to update its views, as well as any of these forward-looking statements to reflect new information, future events or otherwise.

Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind, including, without limitation, no warranties regarding the accuracy or completeness of the material.

Century Management is an independent registered investment adviser.  A full description of Century Management’s investment strategies and risks are supplied in our Form ADV Part 2. To receive Form ADV Part 2 or if you have any questions about this report, please contact your client service representative at 1-800-664-4888, write to us at 805 Las Cimas Parkway, Suite 430, Austin, Texas 78746, or email us via our website at www.centman.com.  You may find ADV Part 2 at www.centman.com