The Mosaic Global Fund had a 1.16% return for the month of Dec.

During December stock markets, especially in Europe and Asia, performed strongly. The oil complex had a strong start to the month after which they went into a sideways movement. Bond markets globally recovered somewhat after the strong selloff, increase in interest rates, that we saw following the US election. The question on ever one’s mind seems to be if the US election could have seen the bottom of the bond markets and that we will now see raising interest rates from here.

Gold continued to struggle and lost a lot of ground during the month showing signs to bottom out in the last week and a half of the year. The USD strengthened considerably after the US elections and stayed strong the month out. It is very clear that investors are expecting a strengthening US economy, which can be seen in both the stock market prices and as well in the currency.

Emerging Markets sold off around 10% after the elections but started recovering almost immediately and have gone sideways ever since with high volatility. Despite the negative discussions around the US and Mexico it is difficult for us to see that Emerging Markets will not also benefit from stronger equity markets that we foresee in the coming months ahead.

The Mosaic Global Fund posted a positive return for the month with strong gains in our European and Asian stock positions. Bonds continued to hold performance back with flat to negative performance across the board both in developed and emerging markets.

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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