The Mosaic Global Fund had a -1.42% return for the month of March.

Global stock markets had another turbulent month with big discrepancies in performance. US stock markets ended in positive territory with Europe lagging behind and the biggest loser Japan lost around 5%. Emerging markets found some strength and started moving higher which has been discussed in previous monthly reports.

Interest rates were lower for the month and commodities regained its momentum again with the energy complex starting the month strongly giving back a lot of those gains by the end of the month but still ending positive. Also gold ended the month flat after having started out strongly. Winners were emerging market bonds.

The Mosaic Global Fund had an overweight bonds and allocations towards European stocks which resulted in a negative month for the Fund. Looking ahead our allocations towards Emerging Markets and European stocks will increase after relative strength there. We will also allocate towards Emerging Market bonds.

Please reach out to us on this email info@cardeainternational.com, or give us a call on +352 202 033 27, to find out more about the Mosaic Global Fund and how the Fund is managed with our Trend and Momentum Filters. We look forward to speaking with you soon.

To Your Investment Success!

Per-Olov Jansson & the Cardea Investment Team

www.cardeainternational.com

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