Seafarer®

Pursuing Lasting Progress in Emerging Markets™

Seafarer Overseas Growth and Income Fund Portfolio Briefing – First Quarter 2019

– Inbok Song describes five characteristics she looks for in growth-oriented holdings for the Growth and Income Fund. She also discusses two Fund holdings: China Yangtze Power, a Chinese A-Share-listed provider of hydropower, and Techtronic, a Hong Kong-based provider of industrial tools.

Portfolio Briefing

Letter to Shareholders – Semi-annual Report

Lanzhou, China

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.

Letter to Shareholders

Prevailing Winds

China’s Hidden Government Debt

– Local government off-balance sheet borrowing – both a channel of economic stimulus and a source of acute financial risks – complicates measurements of overall government debt in China.

Testimony – What Keeps Xi Up at Night

– In testimony to the U.S.-China Economic and Security Review Commission, Nicholas Borst describes the array of challenges facing the Chinese economy and the structural reforms that would help China achieve sustainable economic growth.

The Prevailing Winds blog by Nicholas Borst tracks economic and financial developments shaping China. Learn more.

News and Commentary

Emerging Markets Briefing

– Seafarer addresses key questions about emerging markets investing and how U.S. investors can integrate the asset class into long-term portfolios.

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.

Field Notes

São Paulo and Rio – Corporate Governance Improves in Brazil

– Corporate governance improvements in Brazil include a continued reduction in the number of share classes outstanding.

Mexico City – Slow Pace of Financial Market Development

– Mexico’s financial markets are developing slowly, with equity listings and retail brokerage activity at low levels.