Seafarer®

Pursuing Lasting Progress in Emerging Markets®

Today On Wall St.Is Evergrande China’s Lehman Moment?

In an interview with Today On Wall St., Seafarer’s Nicholas Borst explains why discussion of a ‘Lehman Moment’ in China overlooks the fact that the country’s property sector is grappling with problems distinct from those the U.S. faced in 2008. : As of March 31, 2022, the Seafarer Funds did not own shares in the entities referenced in the video. View the Top 10 Holdings for the Growth and Income Fund and the Value Fund. Holdings are subject to change.

More

Money Life – Interview with Andrew Foster

In an interview with Money Life’s Chuck Jaffe, Andrew Foster notes that emerging markets can offer a source of diversified growth within an investor’s portfolio – but given the volatility of the asset class, a long-term time horizon is essential. Listen

More
Prevailing Winds

Fixing China’s Broken Balance Sheets

Beijing, China

China’s approach to repairing weak balance sheets and preventing financial instability reflects lessons learned from past crises and the current priorities of Xi Jinping.

Fixing China’s Broken Balance Sheets
Seafarer Overseas Growth and Income Fund

Portfolio Review

Krakow, Poland

Kate Jaquet notes that China was the primary contributor to volatility in EM equities in the quarter. She explains that the Growth and Income Fund was not invested in Russia due to corporate governance risks, and she introduces a new Fund holding in Poland.

Portfolio Review
Seafarer Overseas Value Fund

Portfolio Review

Ho Chi Minh City, Vietnam

Paul Espinosa discusses how the Value Fund’s positive performance was driven by holdings that are diversified across Seafarer’s seven sources of value. He reviews the Fund’s limited exposure to the Russia-Ukraine conflict.

Portfolio Review
Seafarer Overseas Value Fund

Portfolio Briefing

Paul Espinosa attributes the Value Fund’s performance to a geographically diverse set of holdings outside of China, and explains that stock selection allowed the Fund to avoid the brunt of the falling Chinese market. He discusses the Value Fund’s limited exposure to the Russia-Ukraine conflict.

Portfolio Briefing

Prevailing Winds

Learn More
Prevailing Winds

How Strong is China’s Household Balance Sheet?

China’s household balance sheet is stronger than commonly thought, but it is still vulnerable to shifts in the real estate market.

How Strong is China’s Household Balance Sheet?
Prevailing Winds

China’s National Balance Sheet – A Framework for Analysis

The risks of China’s economy and debt levels should be evaluated in the context of its national balance sheet – taking into account the interconnected assets and liabilities between households, corporations, financial institutions, and the government.

China’s National Balance Sheet – A Framework for Analysis
Prevailing Winds

Risks and Opportunities: The U.S.-China Financial Relationship

In an Asia Society Conference panel, Nicholas Borst explains why the U.S. and China share responsibility for the current state of the deteriorating bilateral investment relationship.

Risks and Opportunities: The U.S.-China Financial Relationship

News and Commentary

The Wire China – Understanding China’s Household Balance Sheet

In The Wire China, Seafarer’s Nicholas Borst writes that China’s household balance sheet is stronger than commonly thought, but its strength depends on residential housing prices remaining high.

More

Can Value Investing Work in Emerging Markets?

Paul Espinosa reviews the evolution of the emerging markets asset class over the past 40 years. He notes that growth remains the dominant strategy employed by investors, leaving fertile ground for value investors to extract returns.

More

Message to Shareholders Regarding the Conflict in Ukraine

The conflict in Ukraine is of material consequence for both investors generally and shareholders of the Seafarer Funds, and as such Seafarer is monitoring events closely. Seafarer provides a summary of the exposures of the Seafarer Funds to first- and second-order impacts of the conflict.

More

Money Life – Interview with Paul Espinosa

In an interview with Money Life’s Chuck Jaffe, Paul Espinosa explains that the past ten years may have been a lost decade for emerging market investors, but not for EM corporates, which accumulated retained earnings and grew dividends. : As of December 31, 2021, Ambev SA comprised 2.7% of the Seafarer Overseas Growth and Income Fund and 3.4% of the Seafarer Overseas Value Fund. View the Top 10 Holdings for the Growth and Income Fund and the Value Fund. Holdings are subject to change. Listen

More

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 Briefing