The Mosaic Global Fund had a -0.19% return for the month of April.

During April we saw European stock markets give back some of the gains produced during the beginning part of the year. US stocks continued to trade within its consolidation that has been ongoing since December last year. The strengthening of the USD against most other major currencies took a breather with the USD losing ground against the Euro and the pound. During April we also saw a lot of focus on a potential Greece exit from the European Union. The last two days of the month the focus instead shifted towards data indicating a weaker US economy which pushed stocks lower.

The much awaited Federal Reserve meeting in April gave no indications to when a potential interest rate hike might take place. One of the strongest stock markets for the month was China, their Central Bank, People’s Bank of China, continued with its monetary easing programs. The oil market continued its strong recovery that began in March but came into full bloom in April with double digit gains as a result.

The Mosaic Global Fund had an almost flat month with small movements making money in stocks, particularly stocks in the Far East and Europe. Our bond holdings, particularly in longer dated bonds, lost money. Our Trend and Momentum filters continue to give stocks a high ranking compared to other assets classes which are resulting in a gradual increased allocation to stocks in the Fund. Going into May we will further increase the allocation to particularly European stocks.

Looking at some other asset classes, emerging market stock markets (EM) took a breather during the latter part of April after a strong move up. Adding to the EM story mentioned in previous months, emerging market bond markets are also continue to show strength compared to its developed market peers. We continue to follow EMs with interest. Commodities, helped by the oil complex gained in strength during the month but will have to continue on this path for us to start allocating. Precious metals continue to show weak performance with Gold moving in a trading range around the 1200 area.

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 and Momentum 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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