In the first quarter review, Andrew Foster offers an
for the weak performance of emerging markets. He acknowledges that, despite the Fund’s gains, it was a
for several holdings in the portfolio. He reflects upon a number of
underway in global markets, including the structural
slump in commodities.
Andrew admits to a
divided view of Japan: he recognizes that the prescription
(aggressive monetary policy) is the correct treatment for what ails the country
(deflation), but he is worried that there is a dangerous, “go-for-broke” quality to the curative. Lastly, he notes the
pendulum of sentiment
has swung away from China, providing new opportunities for the Fund to invest there.
October 2012 – In his semi-annual address to shareholders, Andrew Foster discusses several topics,
beginning with valuations in emerging markets, which he describes as
broadly fair. Next, he offers his
thoughts on changes in China’s growth model and
how the service sector is likely to be at the forefront of the transition.
Andrew notes, however, two areas where China may falter:
he’s worried about the possibility of military conflict, but he’s even more
concerned about the country’s leadership. He sees some signs that it is
growing more ideologically rigid at a time when flexibility is paramount.
Lastly, Andrew offers a few comments about
Seafarer’s progress to date.
The Fund seeks to provide long-term capital appreciation
along with some current income; it also seeks to mitigate
adverse volatility in returns.
The Fund invests primarily in the securities of companies located in developing countries. The Fund invests in several asset classes including dividend-paying common stocks, preferred stocks, convertible bonds, and fixed-income securities.
ALPS Distributors, Inc. is the distributor for the
Seafarer Overseas Growth and Income Fund.
Investors should consider the investment
objectives, risks, charges and expenses
carefully before making an investment decision.
This and other information about the Fund is
contained in the
which may be obtained by calling (855) 732-9220.
Please read the
carefully before you invest or send money.
An investment in the Fund involves risk, including possible loss of principal. International investing involves additional risk. These include risks related to social and political instability, market illiquidity, and currency volatility. Investing in foreign securities may involve certain additional risks, exchange-rate fluctuations, limited liquidity, high levels of volatility, and reduced regulation. Emerging markets are often more volatile than developed markets, and investing in emerging markets involves greater risks. Fixed-income investments are subject to additional risks, including but not limited to interest-rate, credit, and inflation risks. Given the potential increased volatility of the Fund, an investment in the Fund should be considered a long-term investment.
Seafarer Capital Partners, LLC700 Larkspur Landing Circle, Suite 105Larkspur, CA 94939