Seafarer®

Pursuing Lasting Progress in Emerging Markets

Seafarer Overseas Growth and Income Fund

Portfolio Briefing – Second Quarter 2019

Paul Espinosa discusses the performance drivers of the Growth and Income Fund, and how they differed from those of the benchmark index. When performance contribution is viewed by country, China was a positive contributor to Fund performance, while it was the largest detractor to index performance.

Portfolio Briefing

Letter to Shareholders – Annual Report

Seoul, South Korea

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

News and Commentary

Prevailing Winds

Visualizing China’s A-Share Market Selloffs

China’s stock market corrections in 2015 and 2018 illustrate the volatility and peculiar tendencies of the A-share market.

A Tale of Two Corrections
Market Commentary

China’s Stock Connect – Insights from the Trading Team

Nicholas Borst speaks with two members of Seafarer’s trading team, Chris Clayton and Alex Lusherovich, about how China’s Stock Connect program is changing the way foreign investors access the A-share market.

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White Paper

The Evolution of China’s Bond Market

The rapid development of China’s domestic bond market, now the third largest in the world, represents a significant step in the opening up of the country’s capital markets.

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Field Notes

Seoul

Companies Find Growth Overseas

Facing a competitive domestic market, nimble Korean companies find growth overseas.

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Tbilisi

Georgia Embraces Transparency

After a dark past, Georgia is embracing transparency. It is noticeable in corporate governance structures, as well as Tbilisi’s skyline.

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