Seafarer Overseas Growth and Income Fund Portfolio Briefing – Second Quarter 2018
– Daniel Duncan and Andrew Foster discuss how China’s rise as a global hegemon is structurally changing the risk-return profile of the emerging markets. Andrew explains that in response, Seafarer’s approach to balancing the trade-off between growth and income in the Fund is evolving.
Seafarer Overseas Value Fund Portfolio Briefing – Second Quarter 2018
– Daniel Duncan and Paul Espinosa discuss the primary drivers of return in the Value Fund during the quarter. Paul describes key insights gained from recent meetings with company management. He also explains how risk is managed in the portfolio.
Letter to Shareholders – Annual Report
May 2018 – In the Annual Report letter, Andrew Foster states that despite his concerns over China’s increasing centralized government control, the country’s growing economic scale and global prominence mean that it cannot be ignored in an investor’s portfolio. In his view, investors must consider a substantial, structural increase in their exposure to China – through dedicated allocation to a broad array of asset classes. Andrew also notes the Growth and Income Fund’s reduction in operating expenses, consistent with Seafarer’s long-term goals.