The Mosaic Global Fund had a 0.83% return for the month of April.

The political landscape is an ongoing focus with the French election affecting markets in the short term. European stocks continue to be strong and outperforming their US peers who are struggling to keep up only slowly moving higher. The seemingly obvious justification is higher existing valuations in the US stock markets, but there might also be other influences, taking into consideration the ongoing turbulence in the US political arena creating uncertainty.

The bond market continues to strengthen with the emerging market bonds showing the most interest. We mentioned a couple of months ago that it seemed, with the rising value of TIP, the inflation linked bond ETF, that the market anticipated an increase in inflationary pressure. That trend has slowed and TIPs are more moving sideways, indicating no immediate concern.

The commodity sector, represented by the ETF DBC, is continuing to weaken with oil being the major concern. Like last month gold continues to hold firm moving sideways but with large intra month swings. The EUR is strengthening again against most other major currencies and has seemingly almost reversed the negative trend against the USD taking the EUR as low as 1.05 against the dollar during December last year. With both the European stock market and the EUR being strong it seems like the market is anticipating great things to come for Europe despite both economic and political turbulence.

The Mosaic Global Fund posted a positive return for the 5th month in a row with our main gains again coming from the strong European stock markets, emerging markets stocks, US stocks in the form of Nasdaq and bonds both developed and emerging ones.

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 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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