Daniel Duncan and Andrew Foster discuss developments in Brazil and China that shaped the performance of the emerging markets and the Fund during the second quarter. Daniel probes the effect of the announcement of Britain’s exit from the European Union on the Fund; Andrew explains that Poland provides the majority of the Fund’s EU exposure, and that this event exacerbates an already challenging economic landscape in Poland. Andrew also notes the elevated financial risks in China, stating that his chief concern is growing illiquidity in the corporate sector, as evident by a dramatic increase in accounts receivable.

Speakers

• Daniel Duncan, Managing Director, Business Development and Client Services
• Andrew Foster, Chief Investment Officer

Related Information

• Portfolio Review – Second Quarter 2016
• Fund Performance
• Portfolio Briefing Archives

The performance data quoted represents past performance and does not guarantee future results. Future returns may be lower or higher. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. View the Fund’s most recent month-end performance.

The MSCI Emerging Markets Total Return Index, Standard (Large+Mid Cap) Core, Gross (dividends reinvested), USD is a free float-adjusted market capitalization index designed to measure equity market performance of emerging markets. Index code: GDUEEGF. It is not possible to invest directly in this or any index.

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 May 31, 2016, Bank Pekao SA comprised 4.3% of the Seafarer Overseas Growth and Income Fund, Odontoprev SA comprised 3.2% of the Fund, Vanguard International Semiconductor Corp. comprised 2.1% of the Fund, Samsung Electronics Co., Ltd. comprised 4.3% of the Fund, Taiwan Semiconductor Manufacturing Co., Ltd. (TSMC) comprised 2.9% of the Fund, and Taiwan Semiconductor Manufacturing Co., Ltd., (TSMC) ADR comprised 0.5%. View the Fund’s Top 10 Holdings. Holdings are subject to change.

Daniel Duncan is a Registered Representative of ALPS Distributors, Inc.

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