Portfolio Briefing – Fourth Quarter 2019
– Paul Espinosa describes how large cap technology companies contributed to the performance of both the Growth and Income Fund and the benchmark index, but the Fund also benefited from unique holdings outside of technology. Paul highlights two Fund holdings – Richter Gedeon and Qualicorp – as he explains how Seafarer seeks growing cash flows, the return of cash flows to shareholders, and drivers of growth that are endogenous to a company.
Portfolio BriefingPortfolio Briefing – Fourth Quarter 2019
– Paul Espinosa explains that while large cap technology companies led performance of the emerging markets universe, Value Fund performance was chiefly driven by contributions from stocks unrelated to technology or China. Paul describes the sell discipline of the Value Fund as a constant reassessment of whether the return the Fund derives as an investor in a company is lower than the company’s return on equity.
Portfolio BriefingLetter to Shareholders – Semi-annual Report
– Paul Espinosa describes how Seafarer’s active, bottom-up investment strategies address a challenge faced by the Funds’ shareholders and by Seafarer: ever-decreasing rates of return on capital. Paul explains that Seafarer continues to derive investment returns from individual companies that display specific Growth and Income or Value characteristics – not from characteristics that relate to geography or sector.
Letter to Shareholders
Field Notes
The investment team shares its insights from research trips, including recent visits to Delhi and Bangkok.
Field NotesNews and Commentary
Value Investor Insight – Sources of Value
– In an interview with Value Investor Insight, Paul Espinosa uses Seafarer’s framework of seven sources of value to explain his investment approach and discuss several Fund holdings. Andrew Foster asserts that structural conditions in the emerging markets have changed such that a value strategy can be realized.
Value Investor Insight InterviewState-owned Enterprises and Investing in China
– State influence over companies in China defies easy categorization and depends on both ownership levels and government policy priorities.
MoreMutual Fund Observer – Emerging Market Value Investing Revisited
– Mutual Fund Observer’s David Snowball provides an update on the long-term case for emerging market value investing. He highlights the Seafarer Overseas Value Fund in an analytical comparison of emerging market value funds.
MoreValueWalk – What You Need To Know About Value Investing In Emerging Markets With Seafarer
– In an interview with ValueWalk, Paul Espinosa uses Seafarer’s framework of seven distinct sources of value to illustrate his investment approach and valuation process.
MoreDelhi – Smoked Out
– Hazardous air pollution in Delhi exposes the politics of India’s environmental ambitions.
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