The Mosaic Global Fund had a 0.58% return for the month of Oct.

Global stock markets continued to trend up for the month. Japan where the strongest stock market after Shinzo Abe was re-elected as Prime Minister. The Nikkei 225 (Japanese stock market index) traded at its highest point in over 20 years.

The commodity markets saw a strong rally during October primarily driven by the oil complex where both oil and gas markets rose by between 10-15%. Reduced supply is seen as the driver behind the strong price increases. In the bond market interest rates continued to rise and the 10-year US treasury hit a seven-month high. The USD also strengthened, after a long period of weakening, with markets speculating on who will replace Janet Yellen as the new chair of the Federal Reserve.

While Japanese stocks rallied strongly the US also continued up with S&P and Nasdaq being the strongest markets with European stock lagging somewhat, but still with positive performance. Gold was strong in the middle of the month and it was looking like a new leg up in the positive trend could be in the cards but ended the month flat. Also Emerging Market stock markets are continuing to move up strongly continuing the trend that started already in the beginning of the year.

The Mosaic Global Fund posted another positive return for the month with our main gains coming from Emerging Market and Nasdaq stocks with other stock markets also producing returns. We saw minor losses in our bond market holdings.

Please reach out to us on this email, or give us a call on +352 202 033 27, to find out more about the Mosaic Global Fund. We look forward to speaking with you soon.

To Your Investment Success!

Per-Olov Jansson & the Cardea Investment Team


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