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 BriefingPortfolio Briefing – Second Quarter 2019
– As the Value Fund reaches its three-year anniversary, Paul Espinosa reflects on its performance relative to his expectations at the Fund’s inception. Paul also discusses how Seafarer’s framework of seven distinct sources of value in emerging markets informs each step of the Fund’s investment process.
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 Seoul and Tbilisi.
Field NotesNews and Commentary
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 CorrectionsChina’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.
MoreThe 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.
MoreField Notes
Seoul
Companies Find Growth Overseas
– Facing a competitive domestic market, nimble Korean companies find growth overseas.
MoreTbilisi
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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