Seafarer®

Pursuing Lasting Progress in Emerging Markets®

Seafarer Overseas Growth and Income Fund

Portfolio Briefing – Second Quarter 2025

Andrew Foster explains that currency gains and holdings in the financial and consumer sectors drove the Growth and Income Fund’s performance. Nicholas Borst compares market returns in Hong Kong versus mainland China and assesses U.S.-China trade relations. Andrew discusses a change in how EM currencies operate relative to the U.S. dollar.

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Seafarer Overseas Value Fund

Portfolio Briefing – Second Quarter 2025

Paul Espinosa discusses the fundamental drivers of the Value Fund’s performance in the quarter: return of capital, the “Breakup Value” source of value, and emerging revenue growth. Brent Clayton reports on the state of corporate governance reform in South Korea. Paul describes the shared qualities of the Fund’s bank holdings.

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Prevailing Winds

China’s Models of Competition

Beijing, China

China’s unique models of competition help explain why some industries flourish while others stagnate.

China’s Models of Competition

Money Life – Interview with Andrew Foster

In an interview with Money Life’s Chuck Jaffe, Andrew Foster reports on the growing earnings and strengthening currencies in emerging markets. He discusses the importance of gaining exposure to non-U.S. dollar sources of return, including diversified streams of investment income. Listen

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Seafarer Overseas Growth and Income Fund

Portfolio Review

Xiamen, China
Xiamen, China

Andrew Foster reports that amid the market tumult driven by anticipation of a trade war, it felt eerily calm in the emerging markets. Emerging currencies produced gains, and comprised about one quarter of the Growth and Income Fund’s gains. Andrew introduces two new Fund holdings, and emphasizes that in the current unpredictable macro environment, Seafarer remains a bottom-up, micro-driven firm.

Portfolio Review
Seafarer Overseas Value Fund

Portfolio Review

León, Mexico

Paul Espinosa notes that the Value Fund and EM benchmark rose in a quarter dominated by tariff-related headlines. He reports that the Fund added a new bank holding, Banorte, due to its dividend yield, profit margin stability, and surplus capital. Amid the uncertainty of global tariffs, Paul explains why investors should consider diversifying away from the U.S. dollar into international assets.

Portfolio Review

Prevailing Winds

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Prevailing Winds

What’s Wrong with Chinese Corporate Profits?

State-owned firms’ disproportionate control of corporate profits sheds light on the biggest challenge facing the Chinese economy.

What’s Wrong with Chinese Corporate Profits?
Prevailing Winds

America First Investment Policy: What it Means for U.S.-China Relations

In an interview with the National Committee on U.S.-China Relations, Nicholas Borst discusses the implications of the U.S. administration’s new America First Investment Policy for U.S.-China economic and trade relations.

America First Investment Policy: What it Means for U.S.-China Relations
Prevailing Winds

China 2025 Outlook

After a recent trip to China, Nicholas Borst reports that while the Chinese economy is showing some signs of stabilization, there are still long-term structural problems holding back economic growth.

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News and Commentary

White Paper

Revisiting the Seven Sources of Value in Emerging Markets

Abu Dhabi, United Arab Emirates

Brent Clayton examines the practical lessons Seafarer’s Value team has learned in its pursuit of seven distinct sources of value in emerging markets.

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Ask Seafarer

Perspective on the Fate of U.S. Dollar Dominance

Why might the U.S. dollar weaken under an aggressive tariff scheme, rather than strengthen as is commonly believed?

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Emerging Markets Briefing

Seafarer addresses how to invest in the emerging markets for the next decade.

Emerging Markets Briefing
News Release

Seafarer Reveals Key Drivers of Performance in Emerging Markets Value Investing

Seafarer published a white paper that examines the practical lessons Seafarer’s Value team has learned in its pursuit of seven distinct sources of value in the emerging markets.

News Release
Market Commentary

Surge in Dollar Convertible Bonds From Chinese Companies

Chongqing, China

An unprecedented surge in dollar-denominated convertible bonds issued by Chinese companies warrants the attention of global investors.

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Field Notes

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Field Notes

Seoul: The Corporate Big Leagues

The outsized influence of South Korea’s large family-run conglomerates in daily life was driven home at the ballpark.

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Field Notes

Seoul: Taxes, and the Corporate Value-up Program

A new national initiative in South Korea aims to improve the capital efficiency of listed corporates and bring about better treatment of minority shareholders.

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Field Notes

São Paulo: Pharmacies on Every Corner

Pharmacies in Brazil are becoming service hubs and occupying a more prominent role in the healthcare industry.

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