The Mosaic Global Fund made an estimated 2.41% for the month of Aug.
August gave us employment data from the US that was weaker than expected. This lead to a general strengthening of bond markets globally. Also the continued disagreements between Russia and Ukraine together with continued weak growth in Europe further helped the bond markets to finish off the month in a strong fashion. Stock markets also saw new rallies, recovering from July’s negative development. The US market showed continued strength with NASDAQ being the strongest performer, but also the UK had its strongest month in quite some time. The German stock market continues to be weak and ended the months only slightly plus.
On the commodity front both the energy complex as well as gold and silver continued their down trends during the month. Emerging markets continued its strong performance and has had a really nice run over the last 6 months despite all negative publicity for many of the emerging market nations. This we feel is just to show how little the actual ongoing news flow has to do with the development of markets.
The Mosaic Global Fund had a strong month fueled by strong returns in stocks but the majority of gains came from our bond market holdings. The trend part of our portfolio exited both commodities and our precious metals holding’s last month due to the developing down trends. Our stock market exposure has been medium during August and will be increased going into September.
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Per-Olov Jansson & the Cardea Investment Team