Portfolio Briefing –
– Andrew Foster reports that the Growth and Income Fund’s performance was driven by recoveries in Asian, Eastern European, and semiconductor holdings. Lydia So introduces three new growth positions in Mexico and India, and Paul Espinosa discusses the Fund’s value holdings.
Portfolio BriefingPortfolio Briefing –
– Paul Espinosa discusses how Value Fund performance was driven in part by cyclical holdings that outperformed against headwinds. He notes that the Fund intends to provide shareholders with a differentiated source of return that is diversified from the market and shareholders’ other investments.
Portfolio BriefingChina 2023 Outlook
– Nicholas Borst discusses recent volatility affecting Chinese stocks and highlights four underappreciated aspects of investing in China. He also examines these topics in a Letter to Shareholders.
MoreLetter to Shareholders – Semi-annual Report
– In light of volatile markets and changing sentiment towards China, Nicholas Borst reports that Seafarer will continue to “seek truth through facts” when investing in China, through thorough analysis of corporate earnings, balance sheets, and governance structures.
Letter to ShareholdersBrazil’s Fintech Revolution
– Fintech companies in Brazil are upending the country’s banking system, serving consumers in new ways, and offering millions of Brazilians their first bank accounts.
MorePortfolio Review –
– Andrew Foster reports that the Growth and Income Fund’s holdings in China and South Korea accounted for the majority of the Fund’s decline, while holdings in Latin America and Eastern Europe were relatively stable. While noting several risks that weigh heavily on the EM asset class, he is optimistic about long-term investment returns due to growing corporate earnings and low valuations.
Portfolio ReviewPortfolio Review –
– Paul Espinosa discusses the holdings that impacted the Value Fund’s performance – including Melco, Itaú Unibanco, and Ambev – and explains how they reflect Seafarer’s value ethos. He reports that Siam Cement, a new Fund holding, distinguishes itself through its balance sheet management, regional expansion, and dividend payments.
Portfolio ReviewPrevailing Winds
Learn MoreU.S.-China Economic Conflict: Implications for Investors and the Business Community
– Nicholas Borst moderated a panel that examined what the strained relationship between the world’s two largest economies means for investors and businesses.
U.S.-China Economic Conflict: Implications for Investors and the Business CommunitySecurity Over Growth: China’s New Economic Approach
– A growing sense of internal and external vulnerability has led Xi Jinping to emphasize security and political concerns in China’s economic policy.
Security Over Growth: China’s New Economic ApproachThe Balance Sheet Constraints on China’s Economic Stimulus
– As China faces major economic headwinds, Beijing’s attempts to stimulate growth are constrained by large contingent liabilities and a struggle for fiscal control with local governments.
The Balance Sheet Constraints on China’s Economic StimulusNews and Commentary
Emerging Markets Briefing
– Seafarer addresses key questions about emerging markets investing and how U.S. investors can integrate the asset class into long-term portfolios.
Emerging Markets BriefingOMFIF – China’s Economic Recovery is Balance Sheet Constrained
– In OMFIF, Seafarer’s Nicholas Borst writes that Beijing can no longer spare its own balance sheet if it wants to both stimulate the economy and keep local governments solvent. : As of September 30, 2022, the Seafarer Funds did not own shares in the entities referenced in the article. View the Top 10 Holdings for the Growth and Income Fund and the Value Fund. Holdings are subject to change.
MoreFinancial Advisor – Finding Hidden Value in Emerging Markets
– In an interview with Financial Advisor, Paul Espinosa discusses the Value Fund’s bottom-up security selection process and how Seafarer’s team finds companies with distinct sources of investment return. : As of June 30, 2022, Qatar Gas Transport Co., Ltd. comprised 2.1% of the Seafarer Overseas Growth and Income Fund, National Central Cooling Co. PJSC (Tabreed) comprised 2.0% of the Fund, DFI Retail Group Holdings, Ltd. comprised 1.6% of the Fund, WH Group, Ltd. comprised 1.3% of the Fund, Moneta Money Bank AS comprised 1.6% of the Fund, Anheuser-Busch InBev SA comprised 2.1% of the Fund, and Ambev SA comprised 2.6% of the Fund. As of June 30, 2022, Qatar Gas Transport Co., Ltd. comprised 4.4% of the Seafarer Overseas Value Fund, National Central Cooling Co. PJSC (Tabreed) comprised 4.3% of the Fund, DFI Retail Group Holdings, Ltd. comprised 3.3% of the Fund, WH Group, Ltd. comprised 3.2% of the Fund, Moneta Money Bank AS comprised 3.2% of the Fund, Anheuser-Busch InBev SA comprised 3.0% of the Fund, and Ambev SA comprised 2.5% of the Fund. View the Top 10 Holdings for the Growth and Income Fund and the Value Fund. Holdings are subject to change.
MoreMessage to Shareholders – Portfolio Manager Update
Effective August 31, 2022, Lydia So was named a Lead Portfolio Manager of the Seafarer Overseas Growth and Income Fund. She joins Andrew Foster and Paul Espinosa, who remain Lead Portfolio Managers of the Fund.
Message to ShareholdersThe Diplomat – China’s Interventionist Approach to Managing Financial Risks
– In The Diplomat, Seafarer’s Nicholas Borst writes that China’s new approach to cleaning up the financial sector is likely to result in a more state-centric economy. : As of June 30, 2022, the Seafarer Funds did not own shares in the entities referenced in the article. View the Top 10 Holdings for the Growth and Income Fund and the Value Fund. Holdings are subject to change.
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