Newgate Fixed Income Portfolios
Ranked in top ten of 2012 money managers by Lipper Marketplace

• Lipper Int’l Income Ranking (Global Mandates) – 3 Years
• Lipper US Municipal Income – 3 Years
• Lipper US Municipal Income – 5 Years

PORTFOLIO UPDATE – Emerging Markets (April 2013)
The MSCI Emerging Markets Index gained 0.8% in April, reducing the year-to-date decline to less than 1%. Economic data globally have been disappointing. However, valuations were so depressed (near crisis levels for many countries) and stock analysts so pessimistic that any positive news would have sent stocks higher. (Read more)

PORTFOLIO UPDATE – Global Resources (April 2013)
Commodities and commodity equities declined in April. Global economic data were weaker than expected, as it appears that most of Europe is back in a recession, and the emerging world and the US are slowing. Of the major economies, only Japan is positive, largely attributable to a weak yen. (Read more)