Market Commentary

The Mosaic Global Fund’s estimated performance for the month of Sept is -2.21%, which brings the estimated year to date return to -2.00%.

During September the unrest in Syria together with an unclear situation in regards to tapering or not in the US, disturbed asset markets in the beginning of the month. It became clear later on in the month that tapering was increasingly unlikely due to a weaker than expected US recovery that lead markets to rally. Overall stronger GDP data from various other countries also added to the positive climate.

During the August decline in stock markets our Tend Filters turned negative on stocks indicating that initial negative trends had been established in the majority of global equity markets. Due to this, the Fund substantially decreased its stock market exposure to around 5% of capital to protect capital in the beginning of September. At the same time, we increased exposure to commodity markets which had started to turn their negative trends around.

Our Managed Futures holdings continued to struggle with overall non-trending markets and generated losses in the Fund; although, our hedge fund holdings posted positive returns mostly driven by strong equity markets. The Fund made money in currencies, with the Swiss Franc as well as the British Pound against the US Dollar. Overall, the negative performance of the commodity markets affected our long commodity positions and brought the Fund to a negative return for the month.

Have you had a chance to speak with us about our newly implemented Trend and Momentum Filters yet? If not, please drop us an email on, info@cardeainternational.com, or give us a call on, +352 202 033 27, to find out more.

We look forward to speaking with you shortly.

To Your Investment Success!

Per-Olov Jansson & the Cardea Investment Team

www.cardeainternational.com

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