Seafarer's Foster: We're still in 'the bottom of the first' on tariff impacts

Andrew Foster, founder and chief investment officer at Seafarer Capital Partners — manager of the Seafarer Growth and Income Fund — says that it's the "bottom of the first or, maybe, bottom of the second inning with respect to how tariffs will play out," but he notes that emerging markets companies have pushed higher prices back on U.S. consumers, which means the story has a lot of twists and turns left to navigate. Foster also says that domestic investors want to use emerging markets -- and foreign currencies -- to diversify portfolios against what lies ahead, noting that over-exposure to the dollar may lead to greater volatility and risk ahead.

Todd Rosenbluth, head of research at VettaFi, heads to the utilities sector and a long-time established fund for his ETF of the Week.

The second half of today's show is interviews from Wednesday's Fall Round Table for the Active Investment Company Alliance, which Chuck attended and spoke at in New York City. The conversation starts with Ryan Paylor, portfolio manager at Thomas J. Herzfeld Advisors, which recently converted a closed-end fund from a focus on companies located in the Caribbean Basin — it was ticker Symbol CUBA — to one focused on collateralized loan obligations. Paylor explains the thinking behind the move and how shareholders reacted to such a drastic makeover.

Then, long-time activist investor Phil Goldstein of Bulldog Investors discusses the state of shareholder activism and why there seems to be so much less of it than there was just a few years back. Some of the change is good news for consumers — better fund management — while other reasons make it harder for activist moves to succeed.