The Mosaic Global Fund made an estimated -2.60% for the month of March.

March was marked by high market volatility due to the political situations in the Ukraine/Russia and economic concerns in China and the United States.  Russia re-claimed Crimea through a Crimean regional referendum that was opposed by the Ukrainian parliament, the United States and the European Union.  Also, China faced its first corporate bond default which lead to renewed worries about the current status of the Chinese economy.  There is a perception in the market that China might consider some sort of stimulus to regain the trust of investors. Further, the Federal Reserve Board announced that it might be looking to tighten its monetary policy faster than previously expected.  The aforementioned events created volatility, but stock markets drifted slightly higher near month’s end.

The disparity between markets across the globe was quite significant in March. For example, UK equities and the NASDAQ lost more than 3%, whilst the S&P 500 ended the month unchanged.  The Mosaic Global Fund made money in hedge funds and selected equity positions while commodities and several precious metals positions yielded weak performances. The very choppy market condition also created a difficult situation for trend followers resulting in an overall negative performance. We are examining the strengthening of emerging markets as a developing trend.  In general, emerging markets have been lagging since the bear markets began in 2011.  As a result, many emerging market stocks are more reasonably priced than their developed market peers. We will follow and act on this new trend as necessary.

We have received a lot of requests from investors about our upgraded investment framework and we are more than happy to schedule a time for further discussions at your earliest convenience. 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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