The Mosaic Global Fund had a -0.22% return for the month of Sept.

September showed signs of volatility across the spectrum of asset classes. Bonds where mostly flat but with large intra-month volatility. There where disparity between performance on the equity side with US large cap being more negative and the more technology heavy Nasdaq showed more resilience. European and Asian stocks were also volatile but again ended the month very close to where they started.

In Emerging markets, we also saw volatility but with a slightly more positive undertone with both stocks and bonds moving slightly higher. Gold continue to show some weakness after a strong rally since the beginning of the year and started selling off towards the end of the month. The commodity sector, ETF DBC, showed strength and closed the month in a strong way. With the US election coming up in the near term, less than a month, we are seeing market participants cautious in the run up to the election, this tends to cause the volatility we are seeing. When the election is over we expect some more sustained moves across the board.

The Mosaic Global Fund posted a slightly negative month with a slightly positive development in our stock position. Unfortunately, this could not offset the negative performance in our bond holdings resulting in a negative overall outcome.

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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