Seafarer®

Pursuing Lasting Progress in Emerging Markets

Seafarer Overseas Growth and Income Fund Portfolio Review – Fourth Quarter 2016

January 2017 – In his portfolio review for the Seafarer Overseas Growth and Income Fund, Andrew Foster discusses the Fund’s performance in the wake of the U.S. presidential election, and he notes several changes in the Fund’s underlying portfolio construction. He concludes by outlining six important characteristics of the emerging markets asset class that he thinks every investor should know, particularly those who might understandably doubt its continued relevance.

Portfolio Review

Seafarer Overseas Value Fund Portfolio Review – Fourth Quarter 2016

January 2017 – In his portfolio review for the Seafarer Overseas Value Fund, Paul Espinosa discusses the Fund’s performance within a difficult quarter for emerging markets. He highlights the primary contributors and detractors to the portfolio’s performance, and discusses the addition of a new holding. He concludes by reflecting on the major developments in the emerging markets, most notably China’s stricter capital controls.

Portfolio Review

Letter to Shareholders – Semi-annual Report

November 2016 – In his address to shareholders, Andrew Foster reviews recent developments with the Funds and the Adviser. He discusses the launch of the Seafarer Overseas Value Fund, noting that its strategy is focused on a traditional form of value investing – adapted for the particular challenges inherent to the emerging markets – and as such it embodies an evolution in Seafarer’s investment philosophy. Andrew also addresses the recent closure of the Growth and Income Fund to most new investors, and the intention behind the closure – to ensure that the Fund has adequate capacity to serve existing shareholders’ needs, both in the present and in the future.

Letter to Shareholders

News and Commentary

Seafarer Overseas Growth and Income Fund Portfolio Briefing – First Quarter 2017

Daniel Duncan and Andrew Foster discuss the factors affecting Fund and emerging market performance, including currency stability and a pick-up in earnings growth. Andrew describes two portfolio allocation decisions during the quarter: to withdraw the Fund’s capital from Turkey and establish the Fund’s first Chinese A-share position via the Shanghai-Hong Kong Stock Connect. Finally, he expresses concerns regarding rising earnings growth expectations and financial conditions in China. View the video.

Seafarer Overseas Value Fund Portfolio Briefing – First Quarter 2017

Daniel Duncan and Paul Espinosa discuss new Latin America and Middle East holdings in the Value Fund. Paul describes his expectations for Fund performance as independent of the benchmark and representing a “step function.” Lastly, he provides an overview of current research efforts focused on China, the Philippines, and Sri Lanka. View the video.

Market Commentary Emerging Markets Briefing – Second Quarter 2017

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