The Mosaic Global Fund had a 0.9% return for the month of Jan.

We started off the year with mostly positive returns for stock markets. Both Europe and Japan continued to show strong performance as did the US technology index Nasdaq. The larger S&P 500 hesitated, but managed to turn positive for the month.

Bonds are continuing to move sideways in what seems to be an attempt to evaluate what’s next in terms of quantitative easing and what new measures the entering president will take. After having sold off dramatically during November and December, Gold recovered strongly in January. The reason seems to be uncertainty on the US fiscal policy and, as discussed in previous reports, how the strength of the US dollar could negatively affect the US economy.

Also, Emerging markets stock markets have been moving higher in a strong fashion and is per the end of the month back at where it started before the US election sell off. We commented in our last monthly report that we are generally positive to stock markets over the coming months and so also Emerging markets. Energy markets was flat to slightly negative for the month with the big looser being natural gas which lost around 16% on expectations of a milder than expected winter.

The Mosaic Global Fund posted a positive return for the month with our main gains coming from equities in Europe, Japan and from Nasdaq. Bonds again showed a mostly flat to slightly positive month with DBC, the commodity market ETF being the biggest loser. We look forward to more positive performance in the coming months on the back of what we see as continued strength in equities both developed and emerging markets.

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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