November 2013 –
In his address to shareholders, Andrew Foster discusses the
of the emerging markets this year. He suggests that
time and perspective
are essential to put the markets in proper context:
important structural changes
are underway, but progress is difficult to perceive – change proceeds slowly, in fits and starts.
Andrew concludes with a discussion of
an acronym coined by Daniel Kahneman.
WYSIATI describes a fallacy that impairs decision-making,
and Andrew believes it is relevant to investors:
prevailing indices used to track emerging markets
as much as they reveal.
Andrew suggests time and perspective are required to overcome any WYSIATI perception bias.
October 2013 -
In his portfolio review, Andrew Foster discusses the Fund’s
performance amid the wild volatility in emerging markets
during the third quarter. Andrew highlights how
currencies exacerbated that volatility,
and he offers some thoughts on what to expect from currencies going forward.
Andrew also addresses China, which performed well
during the quarter, to the apparent surprise of many
investors. As ever, China remains challenging, offering up
both promise and peril: a “boom-let”
is underway in certain service industries; however,
escalating liquidity crunches –
as evidenced by growing stockpiles of “accounts receivable”
on balance sheets – suggest that financial distress could
intensify within the country.
The Fund seeks to provide long-term capital appreciation
along with some current income; it also seeks to mitigate
adverse volatility in returns.
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.
ALPS Distributors, Inc. is the distributor for the
Seafarer Overseas Growth and Income Fund.
Investors should consider the investment
objectives, risks, charges and expenses
carefully before making an investment decision.
This and other information about the Fund is
contained in the
which may be obtained by calling (855) 732-9220.
Please read the
carefully before you invest or send money.
An investment in the Fund involves risk, including possible loss of principal. International investing involves additional risk. These include risks related to social and political instability, market illiquidity, and currency volatility. Investing in foreign securities may involve certain additional risks, exchange-rate fluctuations, limited liquidity, high levels of volatility, and reduced regulation. Emerging markets are often more volatile than developed markets, and investing in emerging markets involves greater risks. Fixed-income investments are subject to additional risks, including but not limited to interest-rate, credit, and inflation risks. Given the potential increased volatility of the Fund, an investment in the Fund should be considered a long-term investment.
Seafarer Capital Partners, LLC700 Larkspur Landing Circle, Suite 105Larkspur, CA 94939