Portfolio Review – First Quarter 2015

April 2015 – In his portfolio review, Andrew Foster discusses SPARC, a position that made an outsized contribution to the Fund’s return during the first quarter. Next, he reflects on the Fund’s historical performance record. He notes the Fund’s relatively conservative strategy was well-suited for the difficult conditions that prevailed in the past three years, but he cautions that a change in those conditions – driven by a resumption of earnings growth – might render the Fund’s strategy less effective. After discussing some changes in the Fund’s construction, he concedes that he has been wrong to suggest that currency risk might moderate – at least so far.

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 – First Quarter 2015

Andrew Foster and Daniel Duncan discuss the Seafarer Fund’s performance since inception, and how the Fund’s strategy seeks “sustainable growth.” They also address the impact of currency risk, and how the recent deceleration in growth in the developing markets might soon subside. View the video.

Currency Risk, In Context

Andrew Foster discusses how currency risk impacts the portfolios of long-term investors in the developing world. View the video.

Field Notes: Mumbai

Andrew Foster was moved – literally – to write about a recent trip to Mumbai. What he learned portends well for the future of India.

Seafarer Fund

SFGIX(Investor) $12.52 +$0.02
SIGIX(Institutional) $12.54 +$0.02
Distribution Ex-date June 23

Shareholder Updates

Fund Resources