March 2022 – The risks of China’s economy and debt levels should be evaluated in the context of its national balance sheet – taking into account the interconnected assets and liabilities between households, corporations, financial institutions, and the government.

March 2022 – China’s household balance sheet is stronger than commonly thought, but it is still vulnerable to shifts in the real estate market.

May 2022 – China’s approach to repairing weak balance sheets and preventing financial instability reflects lessons learned from past crises and the current priorities of Xi Jinping.

August 2022 – As China faces major economic headwinds, Beijing’s attempts to stimulate growth are constrained by large contingent liabilities and a struggle for fiscal control with local governments.

February 2024 – 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.

May 2022 – In The Wire China, Seafarer’s Nicholas Borst writes that the strength of China’s household balance sheet depends on residential housing prices remaining high.

Today On Wall St. – Is Evergrande China’s Lehman Moment?

May 2022 – In an interview with Today On Wall St., Seafarer’s Nicholas Borst explains why discussion of a “Lehman Moment” in China overlooks the fact that the country’s property sector is grappling with problems distinct from those the U.S. faced in 2008. Holdings Disclosure: As of March 31, 2022, the Seafarer Funds did not own shares in the entities referenced in the video. View the Top 10 Holdings for the Growth and Income Fund and the Value Fund. Holdings are subject to change.

The Diplomat – China’s Interventionist Approach to Managing Financial Risks

July 2022 – In The Diplomat, Seafarer’s Nicholas Borst writes that China’s new approach to cleaning up the financial sector is likely to result in a more state-centric economy. Holdings Disclosure: As of June 30, 2022, the Seafarer Funds did not own shares in the entities referenced in the article. View the Top 10 Holdings for the Growth and Income Fund and the Value Fund. Holdings are subject to change.

OMFIF – China’s Economic Recovery is Balance Sheet Constrained

October 2022 – In OMFIF, Seafarer’s Nicholas Borst writes that Beijing can no longer spare its own balance sheet if it wants to both stimulate the economy and keep local governments solvent. Holdings Disclosure: As of September 30, 2022, the Seafarer Funds did not own shares in the entities referenced in the article. View the Top 10 Holdings for the Growth and Income Fund and the Value Fund. Holdings are subject to change.

March 2023 – In an article for China Leadership Monitor, Nicholas Borst examines the scale of China’s debt problem and how policymakers can put the country’s balance sheet on firmer footing. Holdings Disclosure: As of December 31, 2022, Alibaba Group Holding, Ltd. comprised 3.9% of the Seafarer Overseas Growth and Income Fund. View the Seafarer Overseas Growth and Income Fund’s Top 10 Holdings. As of December 31, 2022, the Seafarer Funds did not own shares in the other securities referenced in this commentary. Holdings are subject to change.

CSIS ChinaPower Podcast – Interview with Nicholas Borst

March 2023 – In an interview with the CSIS ChinaPower Podcast, Nicholas Borst discusses how growing debt levels in China – concentrated among local governments, real estate developers, and state-owned enterprises – stem from an imbalanced fiscal system, and why they are a source of financial risk.

February 2024 – 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. Holdings Disclosure: 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.