Seafarer Overseas Growth and Income Fund Portfolio Review – Fourth Quarter 2016
January 2017 – In his portfolio review for the Seafarer Overseas Growth and Income Fund, Andrew Foster discusses the Fund’s performance in the wake of the U.S. presidential election, and he notes several changes in the Fund’s underlying portfolio construction. He concludes by outlining six important characteristics of the emerging markets asset class that he thinks every investor should know, particularly those who might understandably doubt its continued relevance.
Seafarer Overseas Value Fund Portfolio Review – Fourth Quarter 2016
January 2017 – In his portfolio review for the Seafarer Overseas Value Fund, Paul Espinosa discusses the Fund’s performance within a difficult quarter for emerging markets. He highlights the primary contributors and detractors to the portfolio’s performance, and discusses the addition of a new holding. He concludes by reflecting on the major developments in the emerging markets, most notably China’s stricter capital controls.
Letter to Shareholders – Semi-annual Report
November 2016 – In his address to shareholders, Andrew Foster reviews recent developments with the Funds and the Adviser. He discusses the launch of the Seafarer Overseas Value Fund, noting that its strategy is focused on a traditional form of value investing – adapted for the particular challenges inherent to the emerging markets – and as such it embodies an evolution in Seafarer’s investment philosophy. Andrew also addresses the recent closure of the Growth and Income Fund to most new investors, and the intention behind the closure – to ensure that the Fund has adequate capacity to serve existing shareholders’ needs, both in the present and in the future.
Field Notes – Dubai
Fourth Quarter 2016 – Despite humble origins, firms in the United Arab Emirates are now benefiting from sophisticated management teams. View the Field Notes.