Pursuing Lasting Progress in Emerging Markets®

Seafarer Overseas Growth and Income Fund

Portfolio Holdings 1

Security34 Country Sector Style2 Date Shares Value
Sources: ALPS Fund Services, Inc., Bloomberg, Seafarer.
  1. This portfolio data should not be relied upon as a complete listing of the Fund’s holdings, as information on particular holdings may be withheld if it is in the Fund’s interest to do so. Typically, information on a holding is withheld if the Fund is actively transacting in the security (e.g., establishing or exiting the position), and the Fund’s Portfolio Manager believes in good faith that public disclosure could impede that effort. As of 3/31/24, no Fund holdings have been withheld from this portfolio data.
  2. Investment Styles

    The Growth and Income Fund selects a range of securities by employing distinct research capabilities across three investment styles.

    Style Characteristics of Holdings
    Balanced Moderately underappreciated growth Typically moderately elevated current yield
    Growth Higher growth potential Typically lower current yield; sometimes no yield (dividend policy not yet established)
    Value Lower growth potential Typically higher current yield; sometimes no yield (dividends canceled under financial stress)

    Please note that the classification of a given security within one of three investment styles (Balanced, Growth, Value) is not driven by observable security characteristics (e.g., price/earnings or price/book ratios, or estimated growth rates) but rather by the specialist Seafarer research team that discovered, researched, and introduced the security to the portfolio. In other words, the provenance of the security's introduction to the portfolio determines its classification rather than any observable characteristics or descriptive statistics. A security's characteristics might change or fluctuate over time, but its “style” will typically remain fixed throughout.

  3. The Fund has two distinct holdings in the stock of Samsung Electronics: a larger position in the company’s preferred shares (as seen in the Top 10 Holdings table) and a smaller position in the company’s ordinary common shares. While the two securities are distinct (different prices, different dividends, etc.), if the two securities were aggregated, Samsung Electronics would comprise the second largest holding in the Fund as of 3/31/24.
  4. Please note that XP, Inc. ADR is classified as a “Value” holding of the Seafarer Overseas Growth and Income Fund, even as some of its characteristics and descriptive statistics might otherwise associate it with a “Growth” investment style. XP, Inc. is classified as a “Value” holding not because of those characteristics, but rather because Seafarer's Value team discovered, researched, and introduced the position to the Fund's portfolio; and the provenance of a security's introduction to the portfolio determines its classification rather than any observable characteristics. In this case, XP, Inc. was originally a subsidiary of another holding in the portfolio, a Brazilian bank called Itaú Unibanco Holding SA. Itaú had a large shareholding in XP, Inc.; Seafarer's Value team recognized that XP's worth was not sufficiently recognized within Itaú’s capitalization, creating a potential “value” investment opportunity. Seafarer's Value team consequently introduced Itaú to the Fund’s portfolio. Later, Itaú chose to distribute its shareholding in XP to its own underlying shareholders; as such, the Fund received shares of XP as a dividend from Itaú. The Fund thus became a direct shareholder in XP, and has continued to hold its shares in XP since that time. As the provenance of the original research for Itaú was Seafarer's Value team – and the Fund's holding in Itaú begat the position in XP – XP is classified as a “Value” holding today.
This portfolio data is provided for informational purposes only. It does not constitute a recommendation or an offer for a particular security or fund, nor should it be taken as a solicitation or recommendation to buy or sell securities or other investments.
Portfolio holdings are “as of” the date indicated, are subject to change without notice, and may not represent current or future portfolio composition.
This portfolio data is published at the discretion of the Fund’s investment adviser. Unlike the Fund’s regulatory filings, the portfolio holdings and presentation on this page are not required to conform to Generally Accepted Accounting Principles (GAAP) and Securities and Exchange Commission (SEC) presentation requirements. Therefore, the portfolio holdings and presentation on this page may differ from the complete portfolio of investments in the annual and semi-annual reports to shareholders filed with the SEC on Form N-CSR, and the complete portfolio of investments in the first and third quarter SEC Form N-PORT filings for each fiscal year.