Pursuing Lasting Progress in Emerging Markets

Seafarer Overseas Value Fund Portfolio Briefing – First Quarter 2018

Daniel Duncan and Paul Espinosa discuss the top contributors and detractors to Value Fund performance during the quarter. Paul explains that the performance of these holdings was asynchronous to that of the emerging markets index. He concludes by noting that the declines in the index created buying opportunities for the Fund.

Portfolio Briefing

Letter to Shareholders – Semi-annual Report

November 2017 – Andrew Foster offers a personal perspective on recent events in China, within the context of the country’s long-term evolution. Andrew explains that when Xi Jinping assumed the Presidency in 2012, his administration presented a bold plan to undertake economic reform and unlock new growth potential. However, the plan has fallen short over the past five years: reform has largely stalled while Xi consolidated political power. Meanwhile, the economy has remained reliant on excessive credit expansion to stimulate growth. Andrew expresses concern as to whether China will reach its potential.

Letter to Shareholders

News and Commentary

One Belt, One Road – Many Motives

China’s Belt and Road initiative is an ambitious vision for global trade, infrastructure development, and diplomacy. China’s effort to elevate its international status draws on inspiration from the ancient Silk Road, but with broader territorial reach and potentially massive economic, political and social implications. The financial scale of this undertaking dwarfs the U.S. Marshall Plan in current dollar terms, but prompts key questions: how will it be funded, and who will pay for it?

Money Life – Interview with Andrew Foster

In an interview with Money Life’s Chuck Jaffe, Andrew Foster notes that emerging markets currently exhibit speculative characteristics, led by Chinese shares. Andrew highlights the concentration of the emerging market benchmark index in a handful of Chinese internet stocks. Listen to the interview.

Emerging Markets Briefing

Seafarer addresses key questions about emerging markets investing and how U.S. investors can integrate the asset class into long-term portfolios.