– Paul Espinosa notes that macro developments – specifically the U.S.-China trade war and Hong Kong protests – impacted the emerging markets universe, but Value Fund performance was largely driven by company-specific factors. In addition, Paul explains that minority shareholders are increasingly able to realize value in emerging markets due to improving corporate governance, and he cites two portfolio holdings as recent examples.
- Daniel Duncan, Managing Director, Business Development and Client Services
- Paul Espinosa, Portfolio Manager
- Portfolio Review – Third Quarter 2019
- Fund Performance
- White Paper: On Value in the Emerging Markets
- Portfolio Briefing Archives
- The views and information discussed in this video 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.
- As of June 30, 2019, Giordano International, Ltd. comprised 1.4% of the Seafarer Overseas Value Fund, Shangri-La Asia, Ltd. comprised 2.6% of the Fund, WH Group, Ltd. comprised 5.0% of the Fund, Asia Satellite Telecommunications Holdings, Ltd. comprised 6.1% of the Fund, Qualicorp Consultoria e Corretora de Seguros SA comprised 5.0% of the Fund, and Qatar Gas Transport Co., Ltd. comprised 5.0% of the Fund. The Fund did not own shares in Smithfield Foods, Inc. View the Fund’s Top 10 Holdings. Holdings are subject to change.
- Daniel Duncan is a Registered Representative of ALPS Distributors, Inc.