July 2020 – Paul Espinosa describes how large cap, cyclical companies led performance of the Value Fund, while small caps detracted from performance. He explains that the Fund is adding large caps and “gems” (companies with high returns on capital, good management and capital discipline) with once-in-a-cycle valuation levels. Paul highlights the addition of Mondi, a global packaging and paper company, to the portfolio.
As of March 31, 2020, Cherkizovo Group PJSC comprised 1.7% of the Seafarer Overseas Value Fund. The Fund did not own shares in Mondi Group. View the Fund’s Top 10 Holdings. Holdings are subject to change.
How did the Fund perform? 0:40.480
Top performing holdings were large cap, cyclical companies; top detractors were small caps 1:07.680
Were there any additions or deletions to the Fund? 3:04.840
Added one high liquidity large cap: Mondi, a global packaging and paper company 3:17.520
Deleted one low liquidity small cap: Cherkizovo, a Russian meat producer and processor 4:55.800
Where is the Fund finding opportunities for value in the EM? 5:46.200
The Fund is adding large caps and “gems” (companies with high returns on capital, good management and capital discipline) with once-in-a-cycle valuation levels 5:58.960
New mid and large cap holdings are expected to improve the portfolio’s liquidity and scalability 7:26.520