Seafarer’s research on its portfolio holdings suggests that companies are only beginning to respond to the economic challenges posed by tariffs. While their responses are complicated and likely to evolve further, so far few EM companies seem to be footing the bill for tariffs — instead, it appears that downstream customers will bear the brunt of additional costs, at least initially.

Speaker

• Andrew Foster, Co-Chief Investment Officer and Portfolio Manager

Related Information

• Growth and Income Fund Portfolio Briefing – Third Quarter 2025 (Discussion of Tariffs)

This question about tariffs is one I am particularly obsessed with right now. It's obviously of huge importance to us with our own portfolio holdings at Seafarer, and it has a great deal of import for the broader emerging market investment landscape and investment universe.

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.