Cumberland Global Mandate and International Fund First Quarter Review

Global equities are up 7.8% (US$) or 10.3% (C$) year to date while commodities are up 1.4% (US$) and global bonds are on course to have their worst quarter of performance since the first quarter of 2009. Both the Dow Jones Industrial Average and the S&P 500 finished the quarter at a new closing record. The S&P 500 was up 10% (US$) for the quarter, which was the best first quarter since 1998 and surpassing its previous high reached on October 9, 2007. Given how challenging the last four years have been, it makes this record all that more remarkable. The S&P 500 is up 131% (US$) from its March 9, 2009 low of 676.53 where its cumulative market capitalization fell to US$5.9 trillion. It has now rebounded to nearly US$14 trillion.

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