October 2019 – Andrew Foster and Paul Espinosa explain that the earnings of the Growth and Income Fund’s holdings proved steadier than most other emerging market companies, and this led the holdings’ shares to be stable in a falling market. While Andrew and Paul believe the sharp deterioration in 2019 earnings growth expectations is exaggerated, they also note that there may be some “air pockets” in the Chinese stock market in the months and quarters ahead. Lastly, Andrew addresses updates to Seafarer’s team.

October 2019 – Paul Espinosa describes positive contributions from Value Fund holdings that realized their value potential, which helped to offset negative contributions from holdings affected by the Hong Kong protests and U.S.-China trade dispute. He contends that the Fund’s diversification across seven sources of value proved more effective than geographic diversification. Lastly, Paul illustrates how, at a time of uncertainty in the markets, the Value Fund remains focused on individual companies and their operations.