Seafarer Overseas Growth and Income Fund Portfolio Review – First Quarter 2017
April 2017 – In his portfolio review for the Seafarer Overseas Growth and Income Fund, Andrew Foster remarks on the three factors that he believes spurred the benchmark index’s recent surge. He notes China’s impact on the quarter, especially the outsized contribution of the country’s internet stocks. Andrew explains the Fund’s decision to quit Turkey; to enter the Chinese A-share market; and to establish a new liquidity management program. He concludes by warning investors to remain on guard with respect to China, and to harbor realistic expectations about prospects for profit growth.
Seafarer Overseas Value Fund Portfolio Review – First Quarter 2017
April 2017 – In his portfolio review for the Seafarer Overseas Value Fund, Paul Espinosa discusses performance during the first quarter of 2017 as a point of departure for the Fund. He highlights three new holdings and discusses the allocation of Fund inflows during the quarter. He concludes by reflecting on the strong appreciation of stock markets in the U.S. and in emerging markets.
Field Notes
The investment team shares its insights from research trips, including recent visits to Dubai, Mexico City, and Warsaw.
Letter to Shareholders – Semi-annual Report
November 2016 – In his address to shareholders, Andrew Foster reviews recent developments with the Funds and the Adviser. He discusses the launch of the Seafarer Overseas Value Fund, noting that its strategy is focused on a traditional form of value investing – adapted for the particular challenges inherent to the emerging markets – and as such it embodies an evolution in Seafarer’s investment philosophy. Andrew also addresses the recent closure of the Growth and Income Fund to most new investors, and the intention behind the closure – to ensure that the Fund has adequate capacity to serve existing shareholders’ needs, both in the present and in the future.
News and Commentary
Market Commentary Emerging Markets Briefing – Second Quarter 2017
– Seafarer addresses key questions about emerging markets investing and how U.S. investors can integrate the asset class into long-term portfolios. View the briefing.
Money Life: Interview with Andrew Foster
– In an interview with Money Life’s Chuck Jaffe, Andrew Foster notes that profits in developing markets are growing at a moderate pace, but analysts’ expectations for future growth may be unrealistic. He discusses key risks in these markets, including strained liquidity conditions in China and political instability in Turkey. Listen to the interview.
Seafarer Overseas Value Fund Mutual Fund Observer – Elevator Talk: Paul Espinosa, Seafarer Overseas Value
– In Mutual Fund Observer’s “Elevator Talk” segment, Paul Espinosa discusses his approach to value investing in the developing world. View the article.