The Mosaic Global Fund made an estimated -2.57% for the month of Sept.
During September we saw the Scots voting no to leaving the United Kingdom and Alibaba, the Chinese e-commerce company, broke the record for the largest IPO ever with a value of $ 25 billion. The stock had a very strong first day of trading and rallied 38%. At the months FOMC meeting officials kept with previous messages in regards to tapering and interest rates levels, but the perception is that US interest rates could be raised earlier than markets had previously expected. This anticipated rate hikes had a dampening effect on both stocks and bonds and gave the US dollar support to appreciate against most other currencies.
September saw increased volatility in global asset classes. As an example Emerging Markets (represented by the ETF EEM) lost almost 8% for the month. Commodities together with Gold and Silver continued to trend down strongly and lost close to 8% respectively (ETFs DBC and DBP). The German stock market showed relative strength against the UK and the US which had weak months.
Looking ahead our Trend and Momentum filters are picking up on the weakening in the equities markets and will re-balance towards less risky assets going into October.
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Per-Olov Jansson & the Cardea Investment Team