Portfolio Review – Fourth Quarter 2014

January 2015 – In his portfolio review, Andrew Foster discusses the substantial impact that currencies had on the Fund and the emerging markets throughout the year. He highlights three countries that had an outsized impact on performance – Turkey, India and China. Andrew also addresses the Fund’s greater concentration and the rationale behind it. Lastly, he suggests that investors focus on four key ideas in the year ahead: differentiation, currencies, crisis, and renewed growth, now available at a reasonable price.

Portfolio Review

Letter to Shareholders – Semi-Annual Report

November 2014 – In his address to shareholders, Andrew Foster discusses the performance of the Fund and the emerging markets over the past six months. He describes a structural change that has begun to transform the investment landscape within the developing world: the rise of “value.” Andrew believes “value” will be an important feature of investment in the emerging world for the decade to come. He concludes by offering some updates on Seafarer Capital Partners, including the recent expense reduction on the Fund, and the introduction of new team members at the firm.

Letter to Shareholders

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.

Strategy

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 – Fourth Quarter 2014

– Andrew Foster and Daniel Duncan discuss the Seafarer Fund’s performance, allocation, and outlook. View the video.

Chinese SOEs and the Way Forward

– With the introduction of the “through train” stock program, China’s A-share market is opening up to the world – and some of the state-owned enterprises that populate that market are responding by changing the way they do business.

Shareholder Conference Call

– The Shareholder Conference Call addressed four topics: Fund Retrospective, Performance, a Cross Section of the Seafarer Fund, and Featured Holdings. Listen to the audio replay. View the presentation.

Seafarer Fund

SFGIX(Investor) $11.62 –$0.03
SIGIX(Institutional) $11.63 –$0.03

Shareholder Updates

Fund Resources