Seafarer®

Pursuing Lasting Progress in Emerging Markets®

Seafarer Overseas Value Fund

Portfolio Briefing – Fourth Quarter 2020

Paul Espinosa discusses how Value Fund performance was led by a strong comeback of holdings that had sold off earlier in the year due to the pandemic. He describes the current risks associated with investment in the Fund and other asset classes, and notes that risk management requires diversification of the drivers of investment return.

Portfolio Briefing

Letter to Shareholders – Semi-annual Report

Guiyang, China

Kate Jaquet discusses how Seafarer’s team has adapted to remote work this year. She describes two risks in China that she is closely monitoring: indebted property developers and the troubled banking sector. Lastly, Kate explains that accelerated digitalization and evolving capital markets create investment opportunities in the developing world for the long-term investor.

Letter to Shareholders

News and Commentary

Prevailing Winds

How Exposed Are U.S. Investors to China?

U.S. investors have invested more in China than the official statistics indicate, but remain less important as a financing source for Chinese companies than policymakers and the media may imagine.

How Exposed Are U.S. Investors to China?
Prevailing Winds

Tracking China’s Foreign Debt

China leads the emerging markets in foreign debt, but a closer analysis reveals that China’s foreign borrowing is less risky than it appears, and is manageable relative to the size of the economy.

Tracking China’s Foreign Debt
Prevailing Winds

Have Foreign-listed Chinese Stocks Been a Bad Deal for Investors?

Contrary to the assertions of many critics, foreign-listed Chinese firms – particularly those listed in the U.S. – have provided attractive returns for investors over the past decade.

More
Prevailing Winds

The China Investment Dilemma – Part IV

How to Navigate a Tumultuous U.S.-China Relationship

Nicholas Borst offers a disciplined approach to navigating the challenges posed by the volatile U.S.-China relationship.

More

China’s Indebted Residential Property Development Sector

As the Chinese economy faces headwinds on multiple fronts, its residential property sector – rife with opaque financing and cross-currency debt – presents risks to Chinese authorities.

More