Money Life – Interview with Andrew Foster

August 2024 – In an interview with Money Life’s Chuck Jaffe, Andrew Foster discusses the broad-based EM earnings recovery underway and how overseas markets can help diversify long-term portfolios with non-dollar income streams. Listen

OMFIF – How Deeply Rooted Are China’s Economic Woes?

August 2024 – In OMFIF, Seafarer’s Nicholas Borst writes that China’s slowdown can be traced to four major problems: a real estate correction, weak consumption, deteriorating local government finances, and a constrained private sector.

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.

February 2024 – Nicholas Borst moderated a panel that examined how China’s new economic trajectory will impact global markets and the potential implications for investors.

September 2023 – 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.

Money Life – Interview with Andrew Foster

September 2023 – 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

August 2023 – 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. Holdings Disclosure: 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.

August 2023 – 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.

April 2023 – In an interview with Value Investor Insight, Andrew Foster explains that he searches for companies that can grow with sustainable profitability, and whose stocks are cheap enough to make them relatively immune to economic and cyclical risks.

April 2023 – In Mutual Fund Observer’s profile of the Value Fund, Paul Espinosa describes EM corporates that are expanding internationally, led by management teams with experience in navigating challenging market conditions. Holdings Disclosure: As of March 31, 2023, Samsung Biologics Co., Ltd. comprised 4.3% of the Seafarer Overseas Growth and Income Fund, Samsung Electronics Co., Ltd., Pfd. comprised 3.5% of the Fund, Samsung SDI Co., Ltd. comprised 2.6% of the Fund, Samsung C&T Corp. comprised 1.4% of the Fund, Samsung Electronics, Co., Ltd. comprised 1.4% of the Fund, WH Group, Ltd. comprised 1.3% of the Fund, Ambev SA comprised 2.1% of the Fund, Anheuser-Busch InBev SA comprised 2.2% of the Fund, and DFI Retail Group Holdings, Ltd. comprised 1.4% of the Fund. As of March 31, 2023, Samsung SDI Co., Ltd. comprised 3.1% of the Seafarer Overseas Value Fund, Samsung C&T Corp. comprised 2.0% of the Fund, Samsung C&T Corp., Pfd. comprised 0.2% of the Fund, WH Group, Ltd. comprised 2.7% of the Fund, Ambev SA comprised 2.3% of the Fund, Anheuser-Busch InBev SA comprised 2.8% of the Fund, Melco International Development, Ltd. comprised 3.5% of the Fund, Shangri-La Asia, Ltd. comprised 3.3% of the Fund, and DFI Retail Group Holdings, Ltd. comprised 2.4% of the Fund. View the Top 10 Holdings for the Growth and Income Fund and the Value Fund. As of March 31, 2023, 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. Listen

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.

CFA Society San Francisco – Interview with Nicholas Borst

January 2023 – In an interview with CFA Society San Francisco, Nicholas Borst explains that amid increasing state control over China’s economy and tense U.S.-China relations, there are four underappreciated developments in Chinese companies and corporate governance. Listen

December 2022 – In an interview with Value Investor Insight, Paul Espinosa discusses Value Fund holdings to illustrate how the Fund identifies companies that are undervalued or poised to be more productive.

OMFIF – Brazil is Undergoing a Fintech Revolution

January 2023 – In OMFIF, Seafarer’s Kate Jaquet writes that Brazil is well suited to fintech innovations due to the rigidity of its traditional banks, shifting consumer preferences, and pivotal government initiatives.

Money Life – Interview with Paul Espinosa

January 2023 – In an interview with Money Life’s Chuck Jaffe, Paul Espinosa explains that the Value Fund pursues total return driven by companies with distinct sources of return that are diversified from the overall market. Listen

October 2022 – Nicholas Borst moderated a panel that examined what the strained relationship between the world’s two largest economies means for investors and businesses.

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.

September 2022 – In an interview with Financial Advisor, Paul Espinosa discusses the Value Fund’s bottom-up security selection process and how Seafarer’s team finds companies with distinct sources of investment return. Holdings Disclosure: As of June 30, 2022, Qatar Gas Transport Co., Ltd. comprised 2.1% of the Seafarer Overseas Growth and Income Fund, National Central Cooling Co. PJSC (Tabreed) comprised 2.0% of the Fund, DFI Retail Group Holdings, Ltd. comprised 1.6% of the Fund, WH Group, Ltd. comprised 1.3% of the Fund, Moneta Money Bank AS comprised 1.6% of the Fund, Anheuser-Busch InBev SA comprised 2.1% of the Fund, and Ambev SA comprised 2.6% of the Fund. As of June 30, 2022, Qatar Gas Transport Co., Ltd. comprised 4.4% of the Seafarer Overseas Value Fund, National Central Cooling Co. PJSC (Tabreed) comprised 4.3% of the Fund, DFI Retail Group Holdings, Ltd. comprised 3.3% of the Fund, WH Group, Ltd. comprised 3.2% of the Fund, Moneta Money Bank AS comprised 3.2% of the Fund, Anheuser-Busch InBev SA comprised 3.0% of the Fund, and Ambev SA comprised 2.5% of the Fund. View the Top 10 Holdings for the Growth and Income Fund and the Value Fund. Holdings are subject to change.

September 2022 – Lydia So was named a Lead Portfolio Manager of the Seafarer Overseas Growth and Income Fund. She joins Andrew Foster and Paul Espinosa, who remain Lead Portfolio Managers of the Fund.

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.

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.

May 2022 – In The Wire China, Seafarer’s Nicholas Borst writes that China’s household balance sheet is stronger than commonly thought, but its strength depends on residential housing prices remaining high.

Money Life – Interview with Andrew Foster

May 2022 – In an interview with Money Life’s Chuck Jaffe, Andrew Foster notes that emerging markets can offer a source of diversified growth within an investor’s portfolio – but given the volatility of the asset class, a long-term time horizon is essential. Listen

Money Life – Interview with Paul Espinosa

February 2022 – In an interview with Money Life’s Chuck Jaffe, Paul Espinosa explains that the past ten years may have been a lost decade for emerging market investors, but not for EM corporates, which accumulated retained earnings and grew dividends. Holdings Disclosure: As of December 31, 2021, Ambev SA comprised 2.7% of the Seafarer Overseas Growth and Income Fund and 3.4% of the Seafarer Overseas Value Fund. View the Top 10 Holdings for the Growth and Income Fund and the Value Fund. Holdings are subject to change. Listen

January 2022 – In an Asia Society Conference panel, Nicholas Borst explains why the U.S. and China share responsibility for the current state of the deteriorating bilateral investment relationship.

The Diplomat – The Idiosyncrasies of China’s Bond Market

November 2021 – In The Diplomat, Seafarer’s Kate Jaquet writes that China’s bond market appears hampered by unpredictable default mechanisms, non-standardized bond covenants, and unreliable bond ratings.

Money Life – Interview with Andrew Foster

September 2021 – In an interview with Money Life’s Chuck Jaffe, Andrew Foster explains that innovative, globally competitive companies are emerging from the developing world, despite slowing economic growth. Listen

June 2021 – In Advisorpedia, Seafarer’s Steph Gan writes that as leading emerging market indices pursue scalability and replicability, they favor large-capitalization companies and are overweight several scale-dependent sectors. Holdings Disclosure: As of March 31, 2021, Samsung Electronics Co., Ltd. comprised 4.5% of the Seafarer Overseas Growth and Income Fund and Ping An Insurance Group Co. of China, Ltd. comprised 3.6% of the Fund.  The Seafarer Funds did not own shares in the other entities referenced in this commentary.  View the Top 10 Holdings for the Growth and Income Fund and the Value Fund. Holdings are subject to change.

May 2021 – In The Wire China, Seafarer’s Nicholas Borst writes that China’s effort to entrench the Chinese Communist Party within companies is incompatible with its desire to be treated as a modern market-based economy.

April 2021 – In the Lowy Institute’s The Interpreter, Seafarer’s Nicholas Borst discusses why the lack of transparency around Chinese state-owned enterprises has contributed to growing levels of distrust, both within and outside of China, about the government’s intentions.

Money Life – Interview with Andrew Foster

February 2021 – In an interview with Money Life’s Chuck Jaffe, Andrew Foster compares three countries that dominate EM – China, Taiwan, and South Korea – with other EM countries in terms of valuations and the path to pandemic-related “normalization.” He also discusses China’s evolving role within the EM asset class. Listen

January 2021 – In an Asia Society Conference panel, Nicholas Borst explains how the increase in holdings of Chinese securities by U.S. investors has emerged as a major source of conflict in the U.S.-China economic relationship.

December 2020 – The U.S.-China Economic and Security Review Commission's 2020 Report to Congress quotes Nicholas Borst on China’s stock markets and cites The Evolution of China’s Bond Market by Kate Jaquet.

Money Life – Interview with Andrew Foster

April 2020 – In an interview with Money Life’s Chuck Jaffe, Andrew Foster discusses three factors shaping the outlook for EM countries amid the Covid-19 pandemic: preparedness of healthcare and emergency response systems; deployment of monetary stimulus from central banks; and the presence of companies with resilient balance sheets, strong industrial capacities, and customer demand. Listen.

November 2019 – In an interview with Value Investor Insight, Paul Espinosa uses Seafarer’s framework of seven sources of value to explain his investment approach and discuss several Fund holdings.  Andrew Foster asserts that structural conditions in the emerging markets have changed such that a value strategy can be realized.

November 2019 – In ValueWalk, Seafarer’s Nicholas Borst writes that state control of companies in China is not as simple as ownership: private companies in China may fiercely pursue their own interests in some areas while acquiescing to government priorities in others.

October 2019 – Mutual Fund Observer’s David Snowball provides an update on the long-term case for emerging market value investing. He highlights the Seafarer Overseas Value Fund in an analytical comparison of emerging market value funds.

September 2019 – In an interview with ValueWalk, Paul Espinosa uses Seafarer’s framework of seven distinct sources of value to illustrate his investment approach and valuation process.

Bloomberg – Emerging Market Stock Picker Says Key Is Ignoring Macro “Noise”

September 2019 – In an interview with Bloomberg, Paul Espinosa explains that he approaches stock selection by tuning out the macro “noise” and focusing on stock-specific research. Paul notes that he examines value stocks in terms of the drivers that produce cash flows, instead of merely weighing the valuation multiples.

Money Life – Interview with Andrew Foster

August 2019 – In an interview with Money Life’s Chuck Jaffe, Andrew Foster asserts that while growth in emerging market countries is slowing, the markets are still producing great companies. Increasingly, world-class companies are emerging from these markets. Listen.

Ben Graham Conference – Value in Emerging Markets Panel

June 2019 – At the Ben Graham VI Annual Conference hosted by CFA Society New York, Paul Espinosa applies Seafarer’s seven distinct sources of value to the securities universe within the emerging markets and concludes that the opportunity for value-oriented investments is significant.

The Diplomat – Understanding China’s Bond Ratings

June 2019 – In The Diplomat, Seafarer’s Kate Jaquet writes that the arrival of international credit rating agencies in China could draw greater foreign participation to the Chinese bond market.

U.S.-China Commission – What Keeps Xi Up at Night

February 2019 – In testimony to the U.S.-China Economic and Security Review Commission, Nicholas Borst describes the array of challenges facing the Chinese economy and the structural reforms that would help China achieve sustainable economic growth.

Money Life – Interview with Andrew Foster

January 2019 – In an interview with Money Life’s Chuck Jaffe, Andrew Foster explains three reasons for an improved outlook in emerging markets in 2019: reasonable valuations and stable growth, increasing independence from developed markets, and signs of pragmatic leadership in China. Listen.

November 2018 – The Growth and Income Fund’s Institutional Class (SIGIX) will re-open to new investors on November 19, 2018.

Money Life – Interview with Andrew Foster

February 2018 – In an interview with Money Life’s Chuck Jaffe, Andrew Foster notes that emerging markets currently exhibit speculative characteristics, led by Chinese shares. Andrew highlights the concentration of the emerging market benchmark index in a handful of Chinese internet stocks. Listen.

Money Life – Interview with Andrew Foster

April 2017 – In an interview with Money Life’s Chuck Jaffe, Andrew Foster notes that profits in developing markets are growing at a moderate pace, but analysts’ expectations for future growth may be unrealistic. He discusses key risks in these markets, including strained liquidity conditions in China and political instability in Turkey. Listen.

March 2017 – In Mutual Fund Observer’s “Elevator Talk” segment, Paul Espinosa discusses his approach to value investing in the developing world.

Citywire USA – Interview with Andrew Foster

January 2017 – In an interview with Citywire USA, Andrew Foster provides an outlook for emerging markets and describes his investment approach.

Barron’s – Emerging Markets Roundtable: Where to Invest Now

November 2016 – At the Barron’s emerging markets roundtable, Andrew Foster joins three other portfolio managers to discuss the outlook and risks in emerging markets.

Money Life – Interview with Andrew Foster

August 2016 – In an interview with Money Life’s Chuck Jaffe, Andrew Foster describes a structural change that has begun to transform the investment landscape within the developing world: the rise of “value.” Andrew suggests that the prerequisites for realizing a “value” strategy in developing markets are materializing, slowly but steadily, with improvements in accounting and legal standards, the proliferation of change-of-control investors, and the development of local currency debt markets. Listen.

Morningstar – Emerging Markets: Not Quite at the Bottom Yet

June 2016 – Andrew Foster and Jason Stipp of Morningstar discuss valuations and prospects for growth in the emerging markets, along with the "decoupling" that is taking place in monetary and currency policies.

May 2016 – Seafarer launched the Seafarer Overseas Value Fund on May 31, 2016. The Fund applies a value discipline to emerging markets, where Seafarer estimates discounts to intrinsic worth are prevalent and compelling. Though distinct from Seafarer's Growth and Income strategy, the new Value strategy uses the same bottom-up, fundamental research process that is a hallmark of Seafarer’s philosophy. Seafarer believes the Value strategy has the potential to capitalize on long-term, structural changes in the emerging markets.

Money Life – Interview with Andrew Foster

April 2016 – In an interview with Money Life’s Chuck Jaffe, Andrew Foster discusses the qualities that distinguish an emerging market. Andrew asserts that emerging markets are, by definition, beset by financial shocks, economic fragility, and governance shortcomings. While such dysfunctions beget unwelcome volatility, they also provide an opportunity to make basic improvements and progress, which can lead to sustainable growth. Listen.

Morningstar – What's Going on in China?

July 2015 – In an interview with Morningstar, Andrew Foster discusses the causes of recent volatility in the Chinese stock market, and what it means for China’s economy.

June 2015 – In an interview with Value Investor Insight, Andrew Foster discusses the Seafarer Overseas Growth and Income Fund’s strategy and holdings, and his approach to value investing in the developing world.

May 2015 – The Mutual Fund Observer offers its analysis and views of the Seafarer Overseas Growth and Income Fund.

May 2012 – In an interview with Bloomberg, Andrew Foster discusses Seafarer’s investment strategy and the opportunities he sees in emerging markets.

Investing Daily – Emerging Market Stocks: The BRIC Is Just the Beginning

May 2012 – In an interview with Investing Daily, Andrew Foster addresses the economic transition taking place in some emerging markets and the investment opportunities arising from this shift.

March 2012 – In an interview with David Snowball, Andrew Foster discusses why he founded Seafarer and the characteristics that distinguish Seafarer Overseas Growth and Income Fund.

February 2012 – The primary investment objective of this new, no-load fund is to provide investors with long-term capital appreciation along with some current income. As a secondary objective, the Fund seeks to mitigate adverse volatility in returns.