Market Commentary

The Mosaic Global Fund had a -1.40% estimated performance for the month with an estimated year to date return of 6.93% for the Euro share class.

The month of August 2012 was typically quiet, with stocks continuing their climb higher and bonds moving lower. Gold and silver has again started to show strength moving higher throughout the month, likely driven by the major central banks’ discussions about further monetary easing. European economies are still struggling, even though bond yields have come down during the month.

The Mosaic Global Fund made money in the equity markets but had negative returns in a few of our hedge funds holdings, which determined this month’s negative result.

Our view is that the autumn will usher in higher stock markets globally and we are positioned well to benefit from higher markets. The coming months will most likely see some increased volatility now that the quiet summer is over and we have the US elections around the corner.

We look forward to speaking with you!  Please feel free to contact us at info@cardeainternational.com or visit us at www.cardeainternational.com.

Happy Investing,

The Cardea Team

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

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