The Mosaic Global Fund made an estimated -0.47% for the month of July.

Equity markets continued to struggle during July and fell sharply during the last day of the month. A Portuguese bank was in focus due to its weak finances. This provided a reminder that the European debt crisis still has not been fully resolved. The difference between the performance of European and US stock markets that we discussed in last month’s report continued during July. An example of this is the German stock market which sold off over 5% in July alone.

The Mosaic Global Fund made money in primarily our emerging market holdings and some bond positions with stocks generating mostly negative returns (some US positions ended positive for the month). This resulted in an overall slightly negative return for the Fund overall in July.

Looking ahead our Trend and Momentum strategies are picking up on the weakness in stock markets and will be reducing that allocation going into August. At the same time the portfolio weight in bonds will be increased together with a re-balanced allocation towards the strong US equity markets. This will result in a lower allocation towards stock markets overall.

Give us a chance to tell you more about our new investment techniques and how we can make 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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