Seafarer®

Pursuing Lasting Progress in Emerging Markets®

Field Notes: São Paulo and Rio de Janeiro

São Paulo

Vast skyline of São Paulo - one of the most physically massive cities on earth
Major construction underway throughout São Paulo
New freeways stretch to the horizon
Busy streets, with cars and pull carts
Doctors remotely monitor the work of clinical practitioners so as to manage health care costs at Odontoprev
The old floor of the Brazilian commodity exchange. The floor now serves as a storage area - and the new exchange is entirely automated.
Bright skies, as seen through the windows of a gleaming new shopping mall
Public art and murals adorn the city streets
Buildings are often covered with decorative murals
Sao Paulo skyline

Rio de Janeiro

A modern corporate campus
A quiet side street during a morning in Copacabana
Riders on municipal shared bikes, on Avenida Atlántica

The views and information discussed in this commentary are as of the date of publication, are subject to change, and may not reflect the writer's current views. The views expressed represent an assessment of market conditions at a specific point in time, are opinions only and should not be relied upon as investment advice regarding a particular investment or markets in general. Such information does not constitute a recommendation to buy or sell specific securities or investment vehicles. It should not be assumed that any investment will be profitable or will equal the performance of the portfolios or any securities or any sectors mentioned herein. The subject matter contained herein has been derived from several sources believed to be reliable and accurate at the time of compilation. Seafarer does not accept any liability for losses either direct or consequential caused by the use of this information.

As of 8/31/2012, Odontoprev SA comprised 3.6% of the Seafarer Overseas Growth and Income Fund. Holdings are subject to change.

Kate Jaquet is a Registered Representative of ALPS Distributors, Inc.

  1. Source: Bloomberg. The Brazilian real was valued at 1.5633 per US $1 on 6/30/11, versus 2.0121 on 9/14/12.
  2. Source: Bloomberg. The BOVESPA index has fallen 0.5% between 6/30/11 and 9/14/12, as measured in Brazilian real.
  3. Sources: The Economist, “Facing headwinds, Dilma changes course,” 18 August 2012; and Joao Fellet, BBC, “Brazil changes tack with new stimulus plan,” 14 August 2012.