A latex particle comprises an interior core and an outer shell. The core comprises an acrylic or vinyl polymer, and the shell comprises a water soluble alkyd polymer and at least one surfactant. Substantially all or all of the alkyd polymer is present in the shell of the latex particle and substantially none or none or the alkyd polymer is present in the core of the latex particle. Also described is a process for making the latex particle wherein the water soluble alkyd polymer is present as a co-surfactant during polymerization.