May 2014 –
In his address to shareholders, Andrew Foster reflects on the
numerous shocks
that weighed upon the emerging markets during the past year. Despite such challenges, stock prices were
remarkably resilient;
Andrew asserts this was because equities in the developing world were
(and are) inexpensive. During a year beset by many troubles,
China was the most worrisome market of all.
Andrew acknowledges his concerns, but encourages shareholders to
peer over the “great wall of worry.”
The Middle Kingdom is engaged in a sweeping set of economic reforms
that have the potential to put the country on an improved path.
The final section of the letter includes
announcements of interest to shareholders.
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...
–
The Shareholder Conference Call addressed three topics:
Fund Retrospective, Confronting China’s Great Wall of Worry,
and a Cross Section of the Seafarer Fund.
Listen to the audio replay.
View the presentation.
Field Notes: Capetown
–
Cape Town is home to many of South Africa’s service sector industries. Some of the best companies may yet be able to capitalize on the African continent’s growth prospects.
Field Notes: Mexico City
–
Mexico is moving forward with long overdue reforms in multiple sectors; we believe the deeply ingrained bureaucracy of some Mexican institutions may begin to erode.
News and Commentary
Shareholder Conference Call
– The Shareholder Conference Call addressed three topics: Fund Retrospective, Confronting China’s Great Wall of Worry, and a Cross Section of the Seafarer Fund. Listen to the audio replay. View the presentation.
Field Notes: Capetown
– Cape Town is home to many of South Africa’s service sector industries. Some of the best companies may yet be able to capitalize on the African continent’s growth prospects.
Field Notes: Mexico City
– Mexico is moving forward with long overdue reforms in multiple sectors; we believe the deeply ingrained bureaucracy of some Mexican institutions may begin to erode.