Seafarer®

Pursuing Lasting Progress in Emerging Markets®

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Seafarer offers two funds that seek to participate in the opportunities afforded by progress in the developing world: the Seafarer Overseas Growth and Income Fund and the Seafarer Overseas Value Fund.

Seafarer Overseas Growth and Income Fund Seafarer Overseas Value Fund
Investment objective Long-term capital appreciation with some current income and mitigation of volatility Long-term capital appreciation
Portfolio manager(s) Andrew Foster, Paul Espinosa, and Lydia So Paul Espinosa
Strategy Seeks to offer investors a relatively stable means of participating in developing countries’ growth prospects, while attempting to mitigate adverse volatility in returns. Seeks to produce a minimum long-term rate of return by investing in developing country securities priced at a discount to their intrinsic value.
Intended return profile Benchmark-relative rate of return Minimum hurdle rate of return
Intended risk profile Mitigation of a portion of risk (volatility) inherent to emerging markets No explicit risk profile, but very sensitive to permanent capital loss
Benchmark indices Bloomberg Emerging Markets Large, Mid, and Small Cap Net Return USD Index Morningstar Emerging Markets Net Return USD Index
 Bloomberg Emerging Markets Large, Mid, and Small Cap Net Return USD Index Morningstar Emerging Markets Net Return USD Index
Primary valuation tool Expected growth in free cash flow yield Expected internal rate of return (IRR)
Current income requirement Must hold 80% of net assets in securities that produce income No current income requirement
Typical holdings 40 – 60 positions 30 – 60 positions
Research approach “Bottom up,” issuer-driven analysis and security selection “Bottom up,” issuer-driven analysis and security selection
Geographic range Global emerging markets
+ select frontier markets
+ select developed markets with ties to emerging world		 Global emerging markets
+ select frontier markets
+ select developed markets with ties to emerging world
Primary asset classes Dividend-paying common equity, preferred equity, ADRs, and fixed income securities Common equity, preferred equity, and ADRs
Typical cash position 0% – 2.5% 0% – 10%
Currency risk management Utilize the firm’s proprietary macro currency model to attempt to mitigate risk; hedging possible, but unlikely. Utilize the firm’s proprietary macro currency model to attempt to mitigate risk; hedging possible, but unlikely.
Issuer size All capitalization All capitalization
Typical position size 2.25% 2.5%
Typical largest position size 5.00% 5.00%
Management fee1 0.75% on Seafarer Funds net assets up to $1.5 billion
0.70% on Seafarer Funds net assets over $1.5 billion 		0.75% on Seafarer Funds net assets up to $1.5 billion
0.70% on Seafarer Funds net assets over $1.5 billion
Net expense ratio2 Institutional Class:
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Retail Class: 		Institutional Class:
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Gross expense ratio2 Institutional Class:
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Retail Class: 		Institutional Class:
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Typical annual turnover range 10% – 50% 0% – 30%
Typical range of direct overlap with other fund 20% – 40% of net assets 40% – 60% of net assets
Fund status SIGIX and SFGRX are open; SFGIX is closed to most new investors Open
Inception date
  1. The Seafarer Funds, in the aggregate, pay the Adviser an annual management fee of 0.75% of the aggregate average daily net assets of the Funds up to $1.5 billion and 0.70% of the aggregate average daily net assets of the Funds over $1.5 billion. Each Fund shall pay to the Adviser a monthly fee at the annual rate using the applicable management fee calculated based on the Fund’s pro rata share of the Funds’ combined average daily net assets.
  2. Seafarer Capital Partners, LLC has agreed contractually to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver / Expense Reimbursements (inclusive of acquired fund fees and expenses, and exclusive of brokerage expenses, interest expenses, taxes and extraordinary expenses) to 1.05%, 1.15%, and 1.35% of the Fund’s average daily net assets for the Institutional, Investor, and Retail share classes, respectively. This agreement shall continue at least through August 31, 2026.