Seafarer Overseas Growth and Income Fund Portfolio Briefing – Second Quarter 2018
– Daniel Duncan and Andrew Foster discuss how China’s rise as a global hegemon is structurally changing the risk-return profile of the emerging markets. Andrew explains that in response, Seafarer’s approach to balancing the trade-off between growth and income in the Fund is evolving.
Seafarer Overseas Value Fund Portfolio Briefing – Second Quarter 2018
– Daniel Duncan and Paul Espinosa discuss the primary drivers of return in the Value Fund during the quarter. Paul describes key insights gained from recent meetings with company management. He also explains how risk is managed in the portfolio.
Letter to Shareholders – Annual Report
May 2018 – In the Annual Report letter, Andrew Foster states that despite his concerns over China’s increasing centralized government control, the country’s growing economic scale and global prominence mean that it cannot be ignored in an investor’s portfolio. In his view, investors must consider a substantial, structural increase in their exposure to China – through dedicated allocation to a broad array of asset classes. Andrew also notes the Growth and Income Fund’s reduction in operating expenses, consistent with Seafarer’s long-term goals.
Field Notes
The investment team shares its insights from research trips, including recent visits to Bangkok, Beijing, and Hyderabad.
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News and Commentary
Prevailing Winds Fixing China’s Municipal Bond Market
– A viable municipal bond market has developed in China, in response to the growing fiscal needs of local governments – but challenges remain, including high levels of borrowing and the availability of long-term financing. View the post.
The Prevailing Winds blog by Nicholas Borst tracks the economic and financial developments shaping China. Learn more.
Field Notes – Bangkok
– Despite continued military rule in Thailand, a handful of Thai companies stand out with growth strategies linked to development projects on the eastern seaboard and overseas expansion. View the field notes.
One Belt, One Road – Many Motives
– China’s Belt and Road initiative is an ambitious vision for global trade, infrastructure development, and diplomacy. The financial scale of this undertaking dwarfs the U.S. Marshall Plan in current dollar terms, but prompts key questions: how will it be funded, and who will pay for it? View the white paper.