Seafarer®

Pursuing Lasting Progress in Emerging Markets®

Field Notes

Mumbai: Advancements in Infrastructure

The accelerating pace of infrastructure projects in India is fueling hopes for the country’s future.

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Seafarer Overseas Growth and Income Fund

Portfolio Review

Singapore
Singapore

Kate Jaquet discusses how India, South Korea, and consumer sector holdings impacted the Growth and Income Fund’s performance. She introduces DBS Group, a new financial services holding, and explains that Seafarer continues to research opportunities in China despite the uncertain economic outlook.

Portfolio Review
Seafarer Overseas Value Fund

Portfolio Review

Batumi, Georgia
Batumi, Georgia

Paul Espinosa describes how the Value Fund’s performance was driven by stocks off the radar of mainstream international investors, and China holdings. He notes that the Fund incurs more company-specific risk than market risk by virtue of its stock selection process focused on the seven sources of value.

Portfolio Review
Seafarer Overseas Growth and Income Fund

Portfolio Briefing – First Quarter 2024

Andrew Foster explains that as markets rose on speculation around AI, the Growth and Income Fund’s performance was driven by holdings in India and South Korea as well as consumer stocks. He describes how DBS Group, a new holding, fits into the strategy, as a stable grower that has the capacity to pay high dividends. Lydia So discusses robust cash flow generation at Hermès.

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Seafarer Overseas Value Fund

Portfolio Briefing – First Quarter 2024

Paul Espinosa discusses the Value Fund’s performance and notes that the Fund is finding value in companies that are “off the beaten path” in the EM universe. He and Brent Clayton report on the Fund’s search for value in China. Brent highlights the potential for improved corporate governance in South Korea.

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The Wire China – The Financial Fallout from China’s Property Market

In The Wire China, Seafarer’s Nicholas Borst writes that China’s economic recovery will continue to disappoint unless urgent reforms are enacted to revive the property market and restructure local government debt. : As of December 31, 2023, the Seafarer Funds did not own shares in the securities 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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Prevailing Winds

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Prevailing Winds

The Balance Sheets at Risk from China’s Property Slowdown

The fallout from the end of China’s property boom will continue for many years as its effects ripple through the balance sheets of property developers, banks, and local governments.

The Balance Sheets at Risk from China’s Property Slowdown
Prevailing Winds

Can Consumption Save the Chinese Economy?

To avoid a long-term slowdown in economic growth, Chinese policymakers need to change tactics and boost household consumption.

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News and Commentary

Consuelo Mack WealthTrack – Interview with Andrew Foster

In an interview with Consuelo Mack, Andrew Foster states that the investment case for emerging markets lies in individual companies rather than countries. : As of September 30, 2023, securities mentioned in the video comprised the following weights in the Seafarer Overseas Growth and Income Fund: Xinhua Winshare Publishing and Media Co., Ltd. (0.9%), Alibaba Group Holding, Ltd. (2.7%), Samsung Electronics Co., Ltd. Pfd. (3.1%), Samsung Electronics Co., Ltd. (1.5%), and Samsung Biologics Co., Ltd. (3.0%). The Seafarer Funds did not own shares in the other securities referenced in this video. View the Top 10 Holdings for the Growth and Income Fund and the Value Fund. Holdings are subject to change.

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Value Investor Insight – Bottoms Up

In an interview with Value Investor Insight, Paul Espinosa discusses Anheuser-Busch InBev’s improved performance in non-U.S. markets and ongoing efforts to deleverage its balance sheet.

Value Investor Insight Interview

Money Life – Interview with Andrew Foster

In an interview with Money Life’s Chuck Jaffe, Andrew Foster discusses how some EM companies are transforming from government-owned entities to private sector enterprises, and reaping productivity gains in the process, while others are reshaping entire industries. Listen

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Mutual Fund Observer – In Conversation with Andrew Foster

In an interview with Mutual Fund Observer, Andrew Foster explains why he expects the biggest fundamental change in EM stocks to come through stock buybacks. : As of September 30, 2023, the Seafarer Funds did not own shares in the securities 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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Letter to Shareholders

Tianjin, China

Lydia So explains that the current environment presents opportunities to invest in durable businesses that can consolidate and gain market share, as less competitive companies either fail or retreat from markets. She describes the characteristics she seeks in growth securities.

Letter to Shareholders

Field Notes

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Field Notes

Mumbai: Cashless is King

A national digital payments platform in India is changing how individuals and merchants transact.

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Field Notes

Dubai: A New Beacon for Capital

Dubai is ascending as a global financial center as policies attract foreign capital and companies demonstrate improved corporate governance.

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Field Notes

Mexico City: Corporate Underinvestment

One reason for Mexico’s slow economic growth is that companies are underinvesting, largely in response to the country’s current political environment.

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