Market Commentary

Global markets were mixed during the month of April, with stock markets in general being weaker together with commodities, but with stronger bond markets. The Mosaic Global Fund performance was, -0.26% for the EUR class, over the month. We reduced equity exposure during March together with strong positive performance in one of our hedge fund holdings focusing on credit markets. Our managed futures holdings performed generally well while stocks turned weaker.

Over the coming weeks we are preparing to take advantage of any weakening in global markets, especially the stock market, to again increase our holdings, particularly in the US. The US stock market has been very resilient and has performed among the best in the developed countries. We are maintaining our current allocation in emerging markets. When we look at the present statistics about investors being relatively negative in the short term, we feel that this is suggesting that the medium term uptrends in stock markets still have some way to go. In our view, investors need to be much more positive and fully invested before we see some dramatic moves to the downside again.

The Cardea Team

Per Olov Jansson
CEO Cardea International
perolov.jansson@cardeainternational.com

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