Seafarer®

Pursuing Lasting Progress in Emerging Markets

Seafarer Overseas Growth and Income Fund Portfolio Review – Fourth Quarter 2016

January 2017 – In his portfolio review for the Seafarer Overseas Growth and Income Fund, Andrew Foster discusses the Fund’s performance in the wake of the U.S. presidential election, and he notes several changes in the Fund’s underlying portfolio construction. He concludes by outlining six important characteristics of the emerging markets asset class that he thinks every investor should know, particularly those who might understandably doubt its continued relevance.

Portfolio Review

Seafarer Overseas Value Fund Portfolio Review – Fourth Quarter 2016

January 2017 – In his portfolio review for the Seafarer Overseas Value Fund, Paul Espinosa discusses the Fund’s performance within a difficult quarter for emerging markets. He highlights the primary contributors and detractors to the portfolio’s performance, and discusses the addition of a new holding. He concludes by reflecting on the major developments in the emerging markets, most notably China’s stricter capital controls.

Portfolio Review

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.

Letter to Shareholders

Field Notes – Dubai

Fourth Quarter 2016 – Despite humble origins, firms in the United Arab Emirates are now benefiting from sophisticated management teams. View the Field Notes.

Field Notes

News and Commentary

Market Commentary Changes to Chinese Currency Policy – Update

Daniel Duncan and Andrew Foster provide an update to their August 2015 video that addressed China’s steps to liberalize how its currency trades against the U.S. dollar. Andrew notes that, just over one year later, China is rolling back some of those liberalizations. He suggests that these policy changes are signs of strained liquidity conditions, and that risks in China’s financial system are consequently elevated. View the video.

Seafarer Overseas Growth and Income Fund Portfolio Briefing – Fourth Quarter 2016

Daniel Duncan and Andrew Foster discuss the losses in the emerging markets and the Growth and Income Fund during the fourth quarter. Andrew notes that the Fund’s losses were spurred by the performance of certain emerging market currencies in the aftermath of the U.S. presidential election. View the video.

Seafarer Overseas Value Fund Portfolio Briefing – Fourth Quarter 2016

Daniel Duncan and Paul Espinosa discuss the top contributors and detractors to Value Fund performance during the fourth quarter. Paul relates certain of those holdings to the seven sources of value in emerging markets that he defined in a recent white paper. View the video.