October 2026 – Lydia So explains how the Growth and Income Fund’s performance drivers differed from those of the EM benchmark, and introduces two new holdings in Malaysia. Kate Jaquet notes that the Fund’s broad South Korean exposure helped mitigate volatility in Korean technology stocks. Lydia describes how Seafarer’s bottom-up approach balances participation in AI-related growth with the pursuit of other diversified sources of return.

October 2026 – Brent Clayton explains that Value Fund performance reflected a diverse set of company-specific drivers, in contrast to the EM benchmark’s growing concentration in technology. He and Paul Espinosa discuss new investments in Greece and the Philippines. Paul describes how the Value team is finding opportunities in markets the benchmark is leaving behind, guided by price and Seafarer’s seven sources of value.

Money Life – Interview with Andrew Foster

August 2026 – In an interview with Money Life’s Chuck Jaffe, Andrew Foster describes a two-pronged story in the emerging markets: an acute bubble has formed among certain AI stocks; yet at the same time, broad-based earnings growth is underway and projected to continue (based on consensus estimates). He emphasizes the importance of diversification through non-U.S. dollar sources of return. Holdings Disclosure: As of June 30, 2026, securities mentioned in the commentary comprised the following weights in the Seafarer Overseas Growth and Income Fund: Samsung Electronics Co., Ltd., Pfd. (7.0%), and Samsung Electronics Co., Ltd. (0.8%). The Seafarer Funds did not own shares in the other securities referenced in this commentary. View the Seafarer Overseas Growth and Income Fund’s Top 10 Holdings. Holdings are subject to change. Listen

August 2026 – AI-linked equities appear to be in a precarious bubble fueled by unsustainable spending, infrastructure constraints, uncertain returns, duplicative investment, and speculative valuations that could unravel quickly if investor funding retreats.

August 2026 – Andrew Foster explains that while the EM benchmark’s gain was largely propelled by AI-linked stocks, the Growth and Income Fund’s performance was more broadly diversified. He reports that the Fund reduced its exposure to South Korea as it leaned away from what he sees as an acute AI bubble. He lays out five signs of that bubble, but he remains optimistic about the broad-based EM earnings boom that is underway.

July 2026 – Paul Espinosa reports that while the EM benchmark’s returns were narrowly concentrated in the technology sector, the Value Fund’s performance was derived from indirect AI exposure and non-tech holdings, such as financials. He discusses the concentration of risk in the benchmark and explains why the Fund is likely to deliver a return profile that differs from that of the benchmark.