January 2024 – Andrew Foster reports that amid a weak EM backdrop, the Growth and Income Fund’s holdings are forecast to produce, in the aggregate, modest positive earnings growth in 2023. He describes how the Fund’s performance drivers were quite different from those of the EM benchmark in the quarter.

Speakers

• Andrew Foster, Chief Investment Officer and Portfolio Manager
• Natalia Urbanek, National Accounts Manager, Business Development and Client Services

Related Information

• Portfolio Review – Fourth Quarter 2023
• Portfolio Review – Third Quarter 2022 (“Outlook”) (from archives, mentioned in video)
• Fund Performance
• Portfolio Briefing Archives

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.

The Morningstar Emerging Markets Net Return USD Index is an index that measures the performance of emerging markets targeting the top 97% of stocks by market capitalization. The index does not incorporate Morningstar’s environmental, social, or governance (ESG) criteria. Index code: MEMMN. It is not possible to invest directly in an index.

As of December 31, 2023, securities mentioned in the video comprised the following weights in the Seafarer Overseas Growth and Income Fund: China Foods, Ltd. (1.2%), Want Want China Holdings, Ltd. (1.3%), Hermès International SCA (1.8%), Itaú Unibanco Holding SA ADR (2.1%), XP, Inc. (2.7%), Wal-Mart de Mexico SAB de CV (2.7%), Coca-Cola Femsa SAB de CV ADR (1.5%), Hyundai Mobis Co., Ltd. (4.6%), Coway Co., Ltd. (1.6%), Sanlam, Ltd. (3.5%), Tata Motors, Ltd. (0.9%), and Raia Drogasil SA (1.0%). View the Fund’s Top 10 Holdings. Holdings are subject to change.

Sources: ALPS Fund Services, Inc.; Bloomberg; Seafarer; J.P. Morgan, “Emerging Markets Equity Strategy Steering Board,” January 5, September 28 and December 21, 2023.

Natalia Urbanek is a Registered Representative of ALPS Distributors, Inc.