Portfolio Review – Third Quarter 2015

October 2015 – In his latest portfolio review, Andrew Foster examines the sharp loss sustained by the Fund during the third quarter. While the Fund outperformed its benchmark, Andrew highlights how emerging market currencies and Chinese shares played outsized roles in dragging the Fund lower. He also notes that despite the currency-induced volatility, he has done little to alter the Fund’s construction in recent months, except for the addition of a corporate bond from Mexico. Andrew concludes with a discussion of how currency depreciation can create dislocations between price and value – especially for companies with long-lived, high-quality assets capable of producing U.S. dollar-denominated revenues.

Portfolio Review

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.

Letter to Shareholders

Field Notes: Istanbul

While Istanbul displays many of the hallmarks of an emerging market mega-city, political strife and security threats put the city’s otherwise vibrant economy at risk. View the Field Notes.

Seafarer Overseas Growth and Income Fund

Investment Objective

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. More...

News and Commentary

Quarterly Briefing – Third Quarter 2015

Daniel Duncan and Andrew Foster discuss the pronounced weakness among emerging market currencies, along with the consequences for stock markets and the Fund. Andrew suggests a slow-moving currency crisis is underway, and he discusses notable differences versus previous currency crises. Lastly, he provides an update on China, including his thoughts on the country’s new currency policy and the government’s attempts to manage the economy and financial markets. View the video.

Fund Strategy – Overview of Risk Management Practices

Daniel Duncan, Andrew Foster, and Kate Jaquet discuss Seafarer’s approach to managing risk and volatility in the Fund. They address three frameworks that Seafarer employs to understand and measure risk in the portfolio. View the video.

Market Commentary – Recent Market Volatility

Daniel Duncan and Andrew Foster discuss the factors contributing to pronounced market volatility, including currency weakness in emerging markets and recent shifts in China’s currency policy. View the video.

Seafarer Fund

SFGIX(Investor) $10.78 –$0.12
SIGIX(Institutional) $10.80 –$0.13
Distribution Ex-date Dec. 15

Shareholder Updates

Fund Resources