Pursuing Lasting Progress in Emerging Markets®

Market Commentary

Navigating the Complexities of SOEs in Emerging Markets

Nicholas Borst, Paul Espinosa, and Andrew Foster explain that when evaluating emerging market companies, state control matters, more so than state ownership. Andrew outlines “exception” cases in which it can make sense to invest alongside a state control party, but explains that he wants to see state control decline over time, as more commercially oriented actors take greater control.


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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 December 31, 2020, China Foods, Ltd. comprised 1.6% of the Seafarer Overseas Growth and Income Fund, and Ping An Insurance Group Co. of China, Ltd. comprised 3.6% of the Fund. View the Fund’s Top 10 Holdings. As of December 31, 2020, China Foods, Ltd. comprised 3.6% of the Seafarer Overseas Value Fund. View the Fund’s Top 10 Holdings. As of December 31, 2020, the Seafarer Funds did not own shares in the other securities referenced in this video. Holdings are subject to change.
Daniel Duncan is a Registered Representative of ALPS Distributors, Inc.