In the first quarter review, Andrew Foster offers an
explanation
for the weak performance of emerging markets. He acknowledges that, despite the Fund’s gains, it was a
bruising quarter
for several holdings in the portfolio. He reflects upon a number of
dramatic shifts
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.
Strategy
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.
More...
–
A tough call: there are several reasons to be positive about Japan; yet the new policies designed to end crippling deflation are risky, and leave little room for error.
Mutual Fund Observer: Seafarer Fund Profile
–
David Snowball, Publisher of the Mutual Fund Observer, offers his analysis and views of the Seafarer Fund.
Shareholder Conference Call
–
The Shareholder Conference Call offered a retrospective of the Fund's first year, a discussion of Fund holdings, and a warning to be wary of inflated expectations for earnings growth from emerging market stocks.
View the
transcript
and
presentation.
Field Notes: Ho Chi Minh City
–
Andrew Foster reports that for all the doubt that looms over Vietnam, he finds every trip there to be a refreshing study in change, growth and progress.
Field Notes: Taipei
–
For investors focused on overseas markets, Taiwan is something of a conundrum: should the country be classified as an “emerging market” or a “developed” one?
The No-Load Fund Investor: Interview
–
In an interview with The No-Load Fund Investor, Andrew Foster explains
why he prefers steady expansion to the eye-catching rates of growth so often associated with the emerging world.
Consuelo Mack WealthTrack: Interview
–
In an interview with Consuelo Mack, Andrew Foster describes what he looks for in an investment:
sustainable growth and current income. He also discusses how China’s growth model is changing,
and how service sectors are likely to lead the way. View video.
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News and Commentary
Field Notes: Tokyo
– A tough call: there are several reasons to be positive about Japan; yet the new policies designed to end crippling deflation are risky, and leave little room for error.
Mutual Fund Observer: Seafarer Fund Profile
– David Snowball, Publisher of the Mutual Fund Observer, offers his analysis and views of the Seafarer Fund.
Shareholder Conference Call
Field Notes: Ho Chi Minh City
– Andrew Foster reports that for all the doubt that looms over Vietnam, he finds every trip there to be a refreshing study in change, growth and progress.
Field Notes: Taipei
– For investors focused on overseas markets, Taiwan is something of a conundrum: should the country be classified as an “emerging market” or a “developed” one?
The No-Load Fund Investor: Interview
Consuelo Mack WealthTrack: Interview