Portfolio Review – Third Quarter 2019
– Paul Espinosa describes positive contributions from Value Fund holdings that realized their value potential, which helped to offset negative contributions from holdings affected by the Hong Kong protests and U.S.-China trade dispute. He contends that the Fund’s diversification across seven sources of value proved more effective than geographic diversification. Lastly, Paul illustrates how, at a time of uncertainty in the markets, the Value Fund remains focused on individual companies and their operations.
Portfolio ReviewPortfolio Briefing – Third Quarter 2019
– Andrew Foster explains that, amid a slowdown in corporate earnings growth rates in the emerging markets, the Growth and Income Fund’s holdings exhibited resilient corporate performance and earnings growth. Andrew highlights two Fund holdings – Hyundai Mobis and Venture Manufacturing – that have diversified their businesses to sustain growth.
Portfolio BriefingLetter to Shareholders – Annual Report
– In the Annual Report letter, Michelle Foster and Nicholas Borst reflect on the three-year anniversary of the Seafarer Overseas Value Fund. The Fund aims to exploit certain long-term structural changes in the developing world – changes that Seafarer believes will force various companies to realize a portion of the value that is embedded in their balance sheets. In addition, Michelle and Nicholas explain that amid ongoing volatility and uncertainties in emerging markets, Seafarer continues to invest in personnel and resources to better serve the Funds.
Letter to Shareholders
Field Notes
The investment team shares its insights from research trips, including recent visits to Bangkok and Seoul.
Field NotesNews and Commentary
State-owned Enterprises and Investing in China
– State influence over companies in China defies easy categorization and depends on both ownership levels and government policy priorities.
MoreMutual Fund Observer – Emerging Market Value Investing Revisited
– Mutual Fund Observer’s David Snowball provides an update on the long-term case for emerging market value investing. He highlights the Seafarer Overseas Value Fund in an analytical comparison of emerging market value funds.
MorePortfolio Briefings – Third Quarter 2019
– View the Portfolio Briefing videos for the Growth and Income Fund and the Value Fund.
Portfolio Briefing VideosValueWalk – What You Need To Know About Value Investing In Emerging Markets With Seafarer
– In an interview with ValueWalk, Paul Espinosa uses Seafarer’s framework of seven distinct sources of value to illustrate his investment approach and valuation process.
MoreBloomberg – Emerging Market Stock Picker Says Key Is Ignoring Macro “Noise”
– In an interview with Bloomberg, Paul Espinosa explains that he approaches stock selection by tuning out the macro “noise” and focusing on stock-specific research. Paul notes that he examines value stocks in terms of the drivers that produce cash flows, instead of merely weighing the valuation multiples.
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