Portfolio Briefing – First Quarter 2024
– Andrew Foster explains that as markets rose on speculation around AI, the Growth and Income Fund’s performance was driven by holdings in India and South Korea as well as consumer stocks. He describes how DBS Group, a new holding, fits into the strategy, as a stable grower that has the capacity to pay high dividends. Lydia So discusses robust cash flow generation at Hermès.
MorePortfolio Briefing – First Quarter 2024
– Paul Espinosa discusses the Value Fund’s performance and notes that the Fund is finding value in companies that are “off the beaten path” in the EM universe. He and Brent Clayton report on the Fund’s search for value in China. Brent highlights the potential for improved corporate governance in South Korea.
MoreThe Wire China – The Financial Fallout from China’s Property Market
– In The Wire China, Seafarer’s Nicholas Borst writes that China’s economic recovery will continue to disappoint unless urgent reforms are enacted to revive the property market and restructure local government debt. : As of December 31, 2023, the Seafarer Funds did not own shares in the securities referenced in the article. View the Top 10 Holdings for the Growth and Income Fund and the Value Fund. Holdings are subject to change.
MoreAfter the Boom: What China’s Slowing Economy Means for Global Markets
– Nicholas Borst moderated a panel that examined how China’s new economic trajectory will impact global markets and the potential implications for investors.
After the Boom: What China’s Slowing Economy Means for Global MarketsPortfolio Review –
– Andrew Foster suggests that the Growth and Income Fund’s outperformance in 2023 was due to the stability of its underlying profit growth, amid a market caught off guard by weak and falling earnings. He introduces two new Fund holdings and discusses the counterintuitive strength of EM currencies.
Portfolio ReviewPortfolio Review –
– Brent Clayton describes how the Value Fund’s performance was driven by Latin American holdings and company-specific efforts to unlock balance sheet value. He reports on the operational turnaround efforts at Tata Motors, a new Fund holding.
Portfolio ReviewThe Balance Sheets at Risk from China’s Property Slowdown
– The fallout from the end of China’s property boom will continue for many years as its effects ripple through the balance sheets of property developers, banks, and local governments.
The Balance Sheets at Risk from China’s Property SlowdownPrevailing Winds
Learn MoreCan Consumption Save the Chinese Economy?
– To avoid a long-term slowdown in economic growth, Chinese policymakers need to change tactics and boost household consumption.
MoreTestimony – China’s Economy: Implications for Investors
– In testimony to the U.S.-China Economic and Security Review Commission, Nicholas Borst discusses the causes of China’s economic slowdown and the risks of local government debt.
Testimony – China’s Current EconomyChina’s Reopening and Corporate Expansion Overseas
– After a recent trip to China, Nicholas Borst reports on China’s reopening, the operating environment for the country’s private sector, and Chinese companies’ efforts to expand internationally.
MoreNews and Commentary
Consuelo Mack WealthTrack – Interview with Andrew Foster
– In an interview with Consuelo Mack, Andrew Foster states that the investment case for emerging markets lies in individual companies rather than countries. : As of September 30, 2023, securities mentioned in the video comprised the following weights in the Seafarer Overseas Growth and Income Fund: Xinhua Winshare Publishing and Media Co., Ltd. (0.9%), Alibaba Group Holding, Ltd. (2.7%), Samsung Electronics Co., Ltd. Pfd. (3.1%), Samsung Electronics Co., Ltd. (1.5%), and Samsung Biologics Co., Ltd. (3.0%). The Seafarer Funds did not own shares in the other securities referenced in this video. View the Top 10 Holdings for the Growth and Income Fund and the Value Fund. Holdings are subject to change.
MoreValue Investor Insight – Bottoms Up
– In an interview with Value Investor Insight, Paul Espinosa discusses Anheuser-Busch InBev’s improved performance in non-U.S. markets and ongoing efforts to deleverage its balance sheet.
Value Investor Insight InterviewMoney Life – Interview with Andrew Foster
– In an interview with Money Life’s Chuck Jaffe, Andrew Foster discusses how some EM companies are transforming from government-owned entities to private sector enterprises, and reaping productivity gains in the process, while others are reshaping entire industries. Listen
MoreMutual Fund Observer – In Conversation with Andrew Foster
– In an interview with Mutual Fund Observer, Andrew Foster explains why he expects the biggest fundamental change in EM stocks to come through stock buybacks. : As of September 30, 2023, the Seafarer Funds did not own shares in the securities referenced in the article. View the Top 10 Holdings for the Growth and Income Fund and the Value Fund. Holdings are subject to change.
MoreLetter to Shareholders
– Lydia So explains that the current environment presents opportunities to invest in durable businesses that can consolidate and gain market share, as less competitive companies either fail or retreat from markets. She describes the characteristics she seeks in growth securities.
Letter to ShareholdersFund Resources
Field Notes
Explore Our MapMumbai: Cashless is King
– A national digital payments platform in India is changing how individuals and merchants transact.
MoreDubai: A New Beacon for Capital
– Dubai is ascending as a global financial center as policies attract foreign capital and companies demonstrate improved corporate governance.
MoreMexico City: Corporate Underinvestment
– One reason for Mexico’s slow economic growth is that companies are underinvesting, largely in response to the country’s current political environment.
More![[Chrome]](/_layout/images/ua/chrome.png)
![[Firefox]](/_layout/images/ua/firefox.png)
![[Opera]](/_layout/images/ua/opera.png)
![[Microsoft Edge]](/_layout/images/ua/edge.png)