Seafarer Overseas Growth and Income Fund Portfolio Review – Second Quarter 2016
July 2016 – In his latest review of the Fund, Andrew Foster notes that the emerging markets exhibited a degree of stability that has been lacking during the past several years, even as macro events upset other markets worldwide. Andrew also discusses new holdings in the Fund, as well as one notable exit. He concludes by urging investors to re-examine their presumptions regarding the stability of Europe and the outlook for emerging market currencies.
Introducing the Seafarer Overseas Value Fund
|Inception Date||May 31, 2016|
The Fund seeks to produce a minimum long-term rate of return by investing in developing country securities priced at a discount to their intrinsic value.
Paul Espinosa, Lead Manager
Andrew Foster, Co-Manager
Letter to Shareholders – Annual Report
May 2016 – In the Annual Report letter, Andrew Foster reviews the Fund’s performance over the past year. Andrew explains how in the first half of the fiscal year, a “mini-bubble” in Chinese stocks popped, and dragged the Fund lower. However, in the second half of the year, a politically driven rally in Brazil’s currency and shares offset some of the Fund’s losses. Yet Andrew notes with frustration that, despite the second half recovery, the Fund finished the year with material losses, though its performance since inception is positive. Andrew concludes by reflecting on the future of Seafarer Capital Partners, touching upon the firm’s plans for scale, strategies, team and culture.
Field Notes – Moscow
Fourth Quarter 2015 – Despite a serious financial crisis, a number of Russian companies are planning and investing with a long-term horizon in mind. View the Field Notes.