The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Mar 31, 2026
The Seafarer Overseas Growth and Income Fund's core philosophy is that long-term investment success in emerging markets is achieved by identifying robust, diversified sources of non-U.S. dollar growth and income through bottom-up structural analysis rather than tactical asset rotation. During the first quarter of 2026, the fund gained 3.10%, outperforming its benchmark indices which recorded negative returns. Strong early-quarter performance driven by artificial intelligence enthusiasm and technology holdings, such as Samsung Electronics and Samsung SDI, was partially offset by a sharp market sell-off in March triggered by military conflicts in the Middle East. Geopolitical tensions, particularly regarding disruptions in the Strait of Hormuz, rising commodity prices, and inflationary pressures represent significant macro headwinds. In response, the fund has maintained a disciplined posture, introducing new positions in ASMPT, HD Hyundai Marine Solution, and NARI Technology, while exiting fully valued holdings. The managers remain constructive on the durability and 22% forecasted earnings growth of their portfolio companies, believing that long-term valuation and performance ultimately align with underlying cash flow generation and resilient business operations.
Long-term emerging market outperformance is driven by bottom-up selection of robust, diversified dividend and earnings streams rather than tactical macroeconomic or sector bets.
The manager maintains a constructive outlook on the portfolio's durability despite ongoing geopolitical volatility and macro disruptions. Highlighting a projected portfolio earnings growth of 22% for the year and a gross portfolio yield of 3.3%, they emphasize that long-term fundamental alignment will eventually override short-term market noise.
Moderate Conviction Bullish
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