Portfolio Briefing – Second Quarter 2024
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– Andrew Foster examines two events shaping EM this year: a broad-based earnings recovery and currency weakness. He discusses the Growth and Income Fund’s performance and provides his assessment of the portfolio companies’ fundamentals and earnings growth. Paul Espinosa introduces a new Fund holding in China/Hong Kong.
MorePortfolio Briefing – Second Quarter 2024
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– Brent Clayton reviews the key drivers of Value Fund performance, noting that gains in India and China were offset by declines in Brazil and Georgia. He and Paul Espinosa discuss takeaways from their research trip to China and Korea, including a new Fund holding – Hongkong Land – and corporate reactions to the Value-up program in Korea.
MoreMumbai: Advancements in Infrastructure
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– The accelerating pace of infrastructure projects in India is fueling hopes for the country’s future.
MorePortfolio Review –
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– Kate Jaquet discusses how India, South Korea, and consumer sector holdings impacted the Growth and Income Fund’s performance. She introduces DBS Group, a new financial services holding, and explains that Seafarer continues to research opportunities in China despite the uncertain economic outlook.
Portfolio ReviewPortfolio Review –
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– Paul Espinosa describes how the Value Fund’s performance was driven by stocks off the radar of mainstream international investors, and China holdings. He notes that the Fund incurs more company-specific risk than market risk by virtue of its stock selection process focused on the seven sources of value.
Portfolio ReviewThe Wire China – The Financial Fallout from China’s Property Market
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– 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.
MorePrevailing Winds
After the Boom: What China’s Slowing Economy Means for Global Markets
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– 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 MarketsThe Balance Sheets at Risk from China’s Property Slowdown
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– 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 SlowdownCan Consumption Save the Chinese Economy?
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– To avoid a long-term slowdown in economic growth, Chinese policymakers need to change tactics and boost household consumption.
MoreNews and Commentary
Consuelo Mack WealthTrack – Interview with Andrew Foster
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– 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
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– 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
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– 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
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– 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
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– 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
Mumbai: Cashless is King
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– A national digital payments platform in India is changing how individuals and merchants transact.
MoreDubai: A New Beacon for Capital
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– Dubai is ascending as a global financial center as policies attract foreign capital and companies demonstrate improved corporate governance.
MoreMexico City: Corporate Underinvestment
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– One reason for Mexico’s slow economic growth is that companies are underinvesting, largely in response to the country’s current political environment.
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