Seafarer Overseas Growth and Income Fund Portfolio Briefing – First Quarter 2018
– Daniel Duncan and Andrew Foster discuss the Growth and Income Fund’s performance and the pronounced volatility of emerging markets during the quarter. Andrew notes that the volatility, following sustained outperformance in emerging markets, suggests potentially challenging conditions ahead.
Seafarer Overseas Value Fund Portfolio Briefing – First Quarter 2018
– Daniel Duncan and Paul Espinosa discuss the top contributors and detractors to Value Fund performance during the quarter. Paul explains that the performance of these holdings was asynchronous to that of the emerging markets index. He concludes by noting that the declines in the index created buying opportunities for the Fund.
Letter to Shareholders – Semi-annual Report
November 2017 – Andrew Foster offers a personal perspective on recent events in China, within the context of the country’s long-term evolution. Andrew explains that when Xi Jinping assumed the Presidency in 2012, his administration presented a bold plan to undertake economic reform and unlock new growth potential. However, the plan has fallen short over the past five years: reform has largely stalled while Xi consolidated political power. Meanwhile, the economy has remained reliant on excessive credit expansion to stimulate growth. Andrew expresses concern as to whether China will reach its potential.