August 2023 – In testimony to the U.S.-China Economic and Security Review Commission, Nicholas Borst discusses the causes of China’s economic slowdown and the risks of local government debt.

May 2023 – After a recent trip to China, Nicholas Borst reports on China’s reopening, the operating environment for the country’s private sector, and Chinese companies’ efforts to expand internationally.

May 2023 – Chinese companies are making an unprecedented effort to expand internationally, yet they face growing restrictions in the U.S. and other global markets.

Money Life – Interview with Andrew Foster

September 2023 – 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

Letter to Shareholders

May 2023 – 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.

April 2023 – In an interview with Value Investor Insight, Andrew Foster explains that he searches for companies that can grow with sustainable profitability, and whose stocks are cheap enough to make them relatively immune to economic and cyclical risks.

April 2023 – In Mutual Fund Observer’s profile of the Value Fund, Paul Espinosa describes EM corporates that are expanding internationally, led by management teams with experience in navigating challenging market conditions. Holdings Disclosure: As of March 31, 2023, Samsung Biologics Co., Ltd. comprised 4.3% of the Seafarer Overseas Growth and Income Fund, Samsung Electronics Co., Ltd., Pfd. comprised 3.5% of the Fund, Samsung SDI Co., Ltd. comprised 2.6% of the Fund, Samsung C&T Corp. comprised 1.4% of the Fund, Samsung Electronics, Co., Ltd. comprised 1.4% of the Fund, WH Group, Ltd. comprised 1.3% of the Fund, Ambev SA comprised 2.1% of the Fund, Anheuser-Busch InBev SA comprised 2.2% of the Fund, and DFI Retail Group Holdings, Ltd. comprised 1.4% of the Fund. As of March 31, 2023, Samsung SDI Co., Ltd. comprised 3.1% of the Seafarer Overseas Value Fund, Samsung C&T Corp. comprised 2.0% of the Fund, Samsung C&T Corp., Pfd. comprised 0.2% of the Fund, WH Group, Ltd. comprised 2.7% of the Fund, Ambev SA comprised 2.3% of the Fund, Anheuser-Busch InBev SA comprised 2.8% of the Fund, Melco International Development, Ltd. comprised 3.5% of the Fund, Shangri-La Asia, Ltd. comprised 3.3% of the Fund, and DFI Retail Group Holdings, Ltd. comprised 2.4% of the Fund. View the Top 10 Holdings for the Growth and Income Fund and the Value Fund. As of March 31, 2023, the Seafarer Funds did not own shares in the other securities referenced in this commentary. Holdings are subject to change.

CSIS ChinaPower Podcast – Interview with Nicholas Borst

March 2023 – In an interview with the CSIS ChinaPower Podcast, Nicholas Borst discusses how growing debt levels in China – concentrated among local governments, real estate developers, and state-owned enterprises – stem from an imbalanced fiscal system, and why they are a source of financial risk. Listen

First Quarter 2023 – A national digital payments platform in India is changing how individuals and merchants transact.

First Quarter 2023 – Dubai is ascending as a global financial center as policies attract foreign capital and companies demonstrate improved corporate governance.

Fourth Quarter 2022 – One reason for Mexico’s slow economic growth is that companies are underinvesting, largely in response to the country’s current political environment.