The Mosaic Global Fund made an estimated 0.71% for the month of May.

May was characterized by continued discussion on both sides of the pond with regard to the future ambitions of Central Banks. The Federal Reserve Chair, Janet Yellen, expressed concerns about the weakening housing market, but on the positive side the US can still show proof of strengthening in other areas of the economy. Overall, markets have been interpreting this as a continued positive stance towards monetary easing; therefore, continued to push stock prices higher. Over in Europe, Mr. Draghi, head of the European Central Bank, is taking the stand that the Bank will aid growth by fighting against the recent low levels of inflation in the Euro zone. This announcement supported increases in European stocks over the month.

The Mosaic Global Fund had a positive month helped by strong performance in our managed futures holdings and our overweight towards long government bonds which showed some really strong returns for the month. On the weak side, our commodity holdings showed small losses. Looking ahead Emerging Markets are showing continued strength and momentum and are receiving (based on our momentum filters) an increased allocation. The US stock markets where we have an overweight holding (based on our momentum filters) are continuing to show good strength compared to other markets, for example the UK market.

Give us a chance to tell you more about our new investment techniques and how we can help you succeed. Please get in touch on info@cardeainternational.com, or give us a call on +352 202 033 27, to find out more. 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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