The Mosaic Global Fund had a 0.51% return for the month of April.

There was a month where most assets gained back some confidence and momentum accelerated in Europe and Emerging Markets more so than in the US. Japan continued to be weak and showed another losing month after the BOJ, the central bank of Japan disappointed the market with less stimulus than expected.

The commodity complex saw another strong month and is starting to gain some real momentum now. The question on everyone’s mind is of course is this recovery in the oil price sustainable or not? The driver behind overall gain in confidence is likely data that came out during the month indicating that the recession previously expected might not occur, at least not at this point. Interest rates finished the month higher and Emerging Market bonds had again a strong month.

The Mosaic Global Fund posted a positive month with Emerging Market bonds and European stocks contributing the most to the positive performance with US stocks lagging behind providing mixed results. Going into May the Fund will continue to have a focus on Emerging Markets both in stocks and bonds as well as expand with allocations into Gold and Commodities.

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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