The Mosaic Global Fund had a 4.15% estimated performance for the month with an estimated year to date return of 8.59% for the EUR share class.

During July, there has been continued attention on Europe and its debt crisis. Spain and Italy’s regulators have been banning short selling in their domestic equity markets, and some regions in Spain have gone so far as to ask their central governments for bailouts to be able to meet their payments. During the month, Mr. Draghi, the European Central Bank President, also made a statement announcing that he would ‘do, whatever it takes to save the Euro’. The exact meaning of these words area still unclear, but was met with rallying stock markets in anticipation of more quantitative easing.

July was a very good month for the fund and the majority of our holdings showed good returns. As previously mentioned, we have gradually increased the stock market exposure in the portfolio, which had positive effects this month. Also, we have focused on the grains markets , since across the spectrum, these were the strongest performing markets, returning over 15% for the month for both corn and soybean meal. Our trend following holdings benefited strongly from these rallies due to their long positions and they also benefited from continued relatively strong bond markets as well as strongly trending currency markets.

The returns generated this month by The Mosaic Global Fund clearly demonstrate the benefits of Multi Asset class investing – offering growth from  markets generally not included in most investors’ portfolios. This is an excellent example of how the way in which we invest our client’s money is very different to most of our competitors. Our portfolio is not just a variation of the standard 60 percent stocks /40 percent bonds portfolio, it is actually a completely different proposition. Our model is well proven given such solid growth in these turbulent markets.

Finally we look forward to speaking with you in the near term, please feel free to contact us at info@cardeainternational.com or visit us at www.cardeainternational.com. We also hope that you have had some well-deserved vacation and have enjoyed the summer.

Happy Investing!

The Cardea Team

Per Olov Jansson
CEO Cardea International
perolov.jansson@cardeainternational.com

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