Letter to Shareholders – Semi-Annual Report

November 2014 – In his address to shareholders, Andrew Foster discusses the performance of the Fund and the emerging markets over the past six months. He describes a structural change that has begun to transform the investment landscape within the developing world: the rise of “value.” Andrew believes “value” will be an important feature of investment in the emerging world for the decade to come. He concludes by offering some updates on Seafarer Capital Partners, including the recent expense reduction on the Fund, and the introduction of new team members at the firm.

Letter to Shareholders

Portfolio Review – Third Quarter 2014

October 2014 – In his portfolio review, Andrew Foster discusses the recent volatility in markets and highlights specific holdings that had an impact on performance. He also analyzes changes in the Fund’s construct stemming from the addition of six new holdings and the deletion of six older ones. Andrew concludes by discussing a critical change that is subtly but surely re-shaping the financial markets of the developing world – and along with it, Seafarer’s investment philosophy: the rise of “value.”

Portfolio Review

Seafarer Overseas Growth and Income Fund

Investment Objective

The Fund seeks to provide long-term capital appreciation along with some current income; it also seeks to mitigate adverse volatility in returns.

Strategy

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. More...

News and Commentary

Chinese SOEs and the Way Forward

With the introduction of the “through train” stock program, China’s A-share market is opening up to the world – and some of the state-owned enterprises that populate that market are responding by changing the way they do business.

Shareholder Conference Call

The Shareholder Conference Call addressed four topics: Fund Retrospective, Performance, a Cross Section of the Seafarer Fund, and Featured Holdings. Listen to the audio replay. View the presentation.

Field Notes: Hong Kong

Paul Espinosa reflects on the Hong Kong student protests: the reality on the ground, the views of Hong Kong residents, and what it means within the Chinese context.