Letter to Shareholders – Annual Report
May 2015 –
In his address to shareholders, Andrew Foster discusses the performance of the Fund during the fiscal year,
which is perhaps best described as
“a tale of two halves.”
He reflects on recent events within China,
and urges investors to carefully observe the country’s economic transition,
regardless of their views about the country’s investment merit.
Next, Andrew provides data on the
three-year performance record of the Fund,
and places that record in some context versus the Fund’s stated investment objectives.
He concludes by introducing Seafarer’s efforts to embrace
new modes of communication with existing and prospective shareholders.
Portfolio Review – First Quarter 2015
April 2015 –
In his portfolio review, Andrew Foster discusses
a position that made an outsized contribution to the Fund’s return during the first quarter.
Next, he reflects on the Fund’s
historical performance record.
He notes the Fund’s
relatively conservative strategy was well-suited
for the difficult conditions that prevailed in the past three years, but he cautions that a change in those conditions – driven by a resumption of earnings growth –
might render the Fund’s strategy less effective.
After discussing some changes in the Fund’s construction, he concedes that he has been
wrong to suggest that currency risk might moderate
– at least so far.
The investment team shares its
insights from research trips,
including recent visits to
Seafarer Overseas Growth and Income Fund
The Fund seeks to provide long-term capital appreciation
along with some current income; it also seeks to mitigate
adverse volatility in returns.
The Fund invests primarily in the securities of companies located in developing countries. The Fund invests in several asset classes including dividend-paying common stocks, preferred stocks, convertible bonds, and fixed-income securities.