Seafarer Overseas Growth and Income Fund Portfolio Review – Third Quarter 2018
November 2018 – Andrew Foster notes that several Growth and Income Fund holdings rebounded during the quarter, and the Fund largely sidestepped a correction in Chinese technology stocks. He describes the impact of the Fund’s restructuring on the portfolio composition. Lastly, Andrew observes that conditions in the emerging markets are materially better than they might appear, but secondary effects from U.S. tariffs on China present a critical risk.
Seafarer Overseas Value Fund Portfolio Review – Third Quarter 2018
October 2018 – Paul Espinosa explains how the extension of price discovery related to the trade dispute between the U.S. and China – from companies directly impacted by tariffs to companies indirectly affected – has impacted the performance of various Value Fund holdings. He also discusses the Fund’s deployment of cash during a period of pressure on the prices of emerging market equities, as well as the addition of one new portfolio holding.
Letter to Shareholders – Annual Report
May 2018 – In the Annual Report letter, Andrew Foster states that despite his concerns over China’s increasingly 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.