The Mosaic Global Fund had a 0.38% return for the month of May.

Global stock markets continued moving higher with, as mentioned several times in previous commentaries, European, International and emerging market stocks being the strongest. Especially the US small and mid-cap stocks are having a hard time to move higher indicating that the strong rise following the US election might finally have hit a wall. It seems like stocks, generally, have been running ahead of themselves and might need a breather in the coming weeks and months.

The Euro surged during May both against the Pound Sterling and the USD. The weakening of the pound is likely to be connected to the signs that UK’s ruling party had lost its strong lead heading into the election. In the US, Donald’s Trump’s suggested connections with Russia lead to uncertainty and brought the USD down with it. This has also lead to another month with continued strength in the bond market which keeps moving higher.

Oil is leading the commodity aggregate lower with a failed deal by OPEC to continue with extended production cuts, pushing prices lower. Gold, flat for the fourth month in a row, but with continued volatility being positively influenced by a short lived sell off in equities and the increased uncertainty both in the US and in the UK.

The Mosaic Global Fund posted a positive return for themonth with our main gains, again, coming from strong stock markets and a continued rise in bonds.

Please reach out to us on this email info@cardeainternational.com, or give us a call on +352 202 033 27, to find out more about the Mosaic Global Fund and how the Fund is managed with our Trend Filters. 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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