Pursuing Lasting Progress in Emerging Markets

Seafarer Overseas Growth and Income Fund Portfolio Briefing – Fourth Quarter 2018

Andrew Foster provides a comparison of the portfolio’s construct before and after the Growth and Income Fund’s restructuring. He explains how new holdings have broadened the growth and value components of the Fund. Andrew also discusses Hyundai Mobis, one of the Fund’s largest holdings, and its role in the portfolio.

Portfolio Briefing

Seafarer Overseas Value Fund Portfolio Briefing – Fourth Quarter 2018

Paul Espinosa discusses how market and stock-specific developments impacted Value Fund holdings, and explains that performance was not dominated by China. Paul describes how he adds to portfolio positions that are experiencing price declines, once he assesses that company fundamentals and valuations are sound.

Portfolio Briefing

Letter to Shareholders – Semi-annual Report

Lanzhou, China

November 2018 – Andrew Foster explains that despite unsatisfactory performance, he believes the emerging markets still warrant long-term investment, chiefly because of their potential to decouple from the investment cycle of the developed world. Andrew asserts that current U.S. trade policy will push China toward greater economic independence, and the pace of transformation will likely surprise observers. When the transition is complete, the emerging markets will follow a new and differentiated investment cycle, with China at their center.

Letter to Shareholders

News and Commentary

White Paper Discussion China’s Campaign to Develop Advanced Technologies

– Nicholas Borst speaks with Inbok Song about his white paper on China’s campaign to develop advanced technologies. Nicholas describes the government’s desire to move up the economic value chain and reduce dependency on foreign-controlled technology. He also addresses the impact of U.S.-China trade tensions on China’s technology campaign. View the video.

White Paper Discussion China’s Belt and Road Initiative

– Nicholas Borst and Steph Gan examine China’s Belt and Road initiative, the topic of a white paper written by Steph. They discuss China’s motivations behind its ambitious vision for global trade and infrastructure development, as well as the risks of the initiative. View the video.

Prevailing Winds

Looking Back on China’s 2018

China experienced a tumultuous 2018 full of headwinds that drove down equity markets and economic sentiment, but trade growth and private sector resilience remain positive long-term trends.

Tracking China’s External Debt

China leads the emerging markets in external debt, but a closer analysis reveals that China’s foreign borrowing is less risky than it appears, and is manageable relative to the size of the economy.

The Prevailing Winds blog by Nicholas Borst tracks economic and financial developments shaping China. Learn more.