Seafarer Overseas Growth and Income Fund Portfolio Briefing – Fourth Quarter 2018
– Andrew Foster provides a comparison of the portfolio’s construct before and after the Growth and Income Fund’s restructuring. He explains how new holdings have broadened the growth and value components of the Fund. Andrew also discusses Hyundai Mobis, one of the Fund’s largest holdings, and its role in the portfolio.
Seafarer Overseas Value Fund Portfolio Briefing – Fourth Quarter 2018
– Paul Espinosa discusses how market and stock-specific developments impacted Value Fund holdings, and explains that performance was not dominated by China. Paul describes how he adds to portfolio positions that are experiencing price declines, once he assesses that company fundamentals and valuations are sound.
Letter to Shareholders – Semi-annual Report
November 2018 – Andrew Foster explains that despite unsatisfactory performance, he believes the emerging markets still warrant long-term investment, chiefly because of their potential to decouple from the investment cycle of the developed world. Andrew asserts that current U.S. trade policy will push China toward greater economic independence, and the pace of transformation will likely surprise observers. When the transition is complete, the emerging markets will follow a new and differentiated investment cycle, with China at their center.