Pursuing Lasting Progress in Emerging Markets®

Seafarer Overseas Value Fund

Message to Shareholders – Portfolio Manager Update

Effective February 6, 2023, Brent Clayton was named a Co-Portfolio Manager of the Seafarer Overseas Value Fund (the “Fund”). Paul Espinosa and Andrew Foster remain Lead Portfolio Manager and Co-Portfolio Manager of the Fund, respectively, and have held their roles since the inception of the Fund in May 2016.

Brent joined Seafarer Capital Partners in 2018. View his biography.

For more information, please see the Fund’s Prospectus.

Seafarer Overseas Value Fund

Portfolio Management

Paul Espinosa, CFA

Lead Manager

Paul joined Seafarer Capital Partners in 2014. He is the Lead Portfolio Manager of the Seafarer Overseas Value Fund and a Lead Manager of the Seafarer Overseas Growth and Income Fund.

Paul’s career has focused on equity analysis in global emerging markets. Previously, he was a London-based equity research analyst at Legg Mason, where he was responsible for stock selection in the industrial and consumer sectors. His portfolio responsibilities included core, small cap, and market-neutral strategies among others. Prior to joining Legg Mason, Paul performed the same function with the same team at Citigroup Asset Management and J.P. Morgan Investment Management in New York. He began his career as a corporate finance analyst at Salomon Brothers’ Financial Institutions Group.

Paul holds an A.B. in Economics with Honors from Brown University. He is a CFA charterholder and a member of the CFA Institute.

Brent Clayton, CFA


Brent joined Seafarer Capital Partners in 2018 and is a Co-Manager of the Seafarer Overseas Value Fund. Prior to joining Seafarer, Brent served as Co-Portfolio Manager, Head of Fundamental Research, and Equity Analyst at LR Global Partners, an investment firm focused on value-based investing in frontier and emerging markets.

Brent holds an A.B. with Honors in Government from Dartmouth College. He is a CFA charterholder and a member of the CFA Institute.

Andrew Foster


Andrew founded Seafarer Capital Partners in 2011. He is the Chief Investment Officer, a Lead Portfolio Manager of the Seafarer Overseas Growth and Income Fund, and a Co-Manager of the Seafarer Overseas Value Fund.

Prior to founding Seafarer, Andrew worked at Matthews International Capital Management, adviser to the Matthews Asia Funds. While there, he served in a number of roles, including Portfolio Manager, Director of Research and Acting Chief Investment Officer. Andrew was responsible for the management of emerging market assets in both public mutual funds and private accounts, including a sub-advisory relationship for Bank of Montreal’s Asian Growth and Income Fund.

Andrew began his career in emerging markets in 1996, when he worked as a management consultant with A.T. Kearney, based in Singapore.

Andrew holds an A.B. in Public Policy and a secondary degree in Economics from Stanford University and an M.B.A. from INSEAD.

For More Information

Individual Investors

(855) 732-9220 (Mon–Fri 9am–8pm ET)

Investment Professionals

(415) 578-5809 (Mon–Fri 9am–8pm ET)
The views and information discussed in this message to shareholders are as of the date of publication, are subject to change, and may not reflect Seafarer’s current views. The views expressed represent an assessment of market conditions at a specific point in time, are opinions only and should not be relied upon as investment advice regarding a particular investment or markets in general. Such information does not constitute a recommendation to buy or sell specific securities or investment vehicles. It should not be assumed that any investment will be profitable or will equal the performance of the portfolios or any securities or any sectors mentioned herein. The subject matter contained herein has been derived from several sources believed to be reliable and accurate at the time of compilation. Seafarer does not accept any liability for losses either direct or consequential caused by the use of this information.