Portfolio Review – Fourth Quarter 2019
– Andrew Foster and Paul Espinosa attribute performance of the Growth and Income Fund and the benchmark index to a year-end surge in large-cap growth stocks, propelled by news of the U.S.-China “Phase 1” trade deal. Andrew provides an update on the transition in the Fund’s growth component holdings. He also discusses how the outbreak of the COVID-19 virus is testing the credibility of President Xi’s administration, and how the work stoppage in China might trigger a payments crisis.
Portfolio ReviewPortfolio Review – Fourth Quarter 2019
– Paul Espinosa explains how Value Fund performance was derived from a balance between return of capital to shareholders and changing growth expectations, while the benchmark index’s return was driven by a narrow set of technology companies. Paul discusses a new Fund holding, a South Korea-based provider of marketing and communication services, and why he believes the company is gradually unlocking value embedded in its balance sheet.
Portfolio ReviewLetter to Shareholders – Semi-annual Report
– Paul Espinosa describes how Seafarer’s active, bottom-up investment strategies address a challenge faced by the Funds’ shareholders and by Seafarer: ever-decreasing rates of return on capital. Paul explains that Seafarer continues to derive investment returns from individual companies that display specific Growth and Income or Value characteristics – not from characteristics that relate to geography or sector.
Letter to Shareholders
Field Notes
The investment team shares its insights from research trips, including recent visits to Beijing and Delhi.
Field NotesNews and Commentary
Portfolio Briefings – Fourth Quarter 2019
– View the Portfolio Briefing videos for the Growth and Income Fund and the Value Fund.
Portfolio Briefing VideosValue Investor Insight – Sources of Value
– In an interview with Value Investor Insight, Paul Espinosa uses Seafarer’s framework of seven sources of value to explain his investment approach and discuss several Fund holdings. Andrew Foster asserts that structural conditions in the emerging markets have changed such that a value strategy can be realized.
Value Investor Insight InterviewState-owned Enterprises and Investing in China
– State influence over companies in China defies easy categorization and depends on both ownership levels and government policy priorities.
MoreMutual Fund Observer – Emerging Market Value Investing Revisited
– Mutual Fund Observer’s David Snowball provides an update on the long-term case for emerging market value investing. He highlights the Seafarer Overseas Value Fund in an analytical comparison of emerging market value funds.
MoreBeijing – Technology Reigns
– Beijing’s technology companies are focused on smart city initiatives, big data, and artificial intelligence.
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