Cumberland Global Equity Mandate and International Fund Second Quarter Review

Global equities (MSCI World Index) are up 8.8% (US$) or 15.1% (C$) year to date while commodities are down marginally in US$ and global bonds are on course to have their worst quarter of performance since the first quarter of 2009. In addition, gold ended its worst quarter since the start of modern gold trading in 1974. The Dow Jones IndustrialAverage is up 13.8% in the first six months of the year while the S&P 500 is up 12.6%. The U.S. market had its best start to a year since 1999, with the market going through record territory. Yet, the optimism quickly disappeared during June. On a global basis, U.S. stocks consistently ranked among the outperformers during the first half of the year. The big winner is Japan with a gain of 15% (US$) or 33% (JPY), the difference resulting from the substantial decline in the Yen.

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