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.
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
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.”
The investment team shares its
insights from research trips,
including recent visits to
Seafarer Overseas Growth and Income Fund
The Fund seeks to provide long-term capital appreciation
along with some current income; it also seeks to mitigate
adverse volatility in returns.
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.