Seafarer®

Pursuing Lasting Progress in Emerging Markets

Seafarer Overseas Value Fund Portfolio Briefing – Third Quarter 2018

Daniel Duncan and Paul Espinosa discuss the primary drivers of return in the Value Fund during the quarter, including the retreat of China holdings tied to consumer discretionary spending. Paul explains how the pullback in emerging markets affects the search for value-oriented Fund holdings.

Portfolio Briefing

Letter to Shareholders – Annual Report

Shenzhen, China

May 2018 – In the Annual Report letter, Andrew Foster states that despite his concerns over China’s increasingly 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.

Letter to Shareholders

News and Commentary

Prevailing Winds How Open Are China’s Capital Markets to Foreign Investment?

The current stock market correction in China is serving as a useful test of the commitment of policymakers to maintaining recent financial reforms in the face of financial volatility. View the post.

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

Seafarer Overseas Growth and Income Fund Message to Shareholders – Portfolio Manager Update

Paul Espinosa and Inbok Song were promoted to Lead Portfolio Managers of the Growth and Income Fund. Andrew Foster remains a Lead Portfolio Manager of the Fund. View the Message to Shareholders and Q&A.

Field Notes

Cape Town

Until South Africa’s structural problems such as corruption and unemployment are addressed, private sector investment, and especially foreign investment, will likely wait on the sidelines. View the Field Notes.

Manila

An ambitious infrastructure spending program is underway in the Philippines. While sorely needed, its implementation may have unintended side effects. View the Field Notes.