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Donnerstag, 16.02.2017 16:55 von PR Newswire

PR Newswire

All information is at 31 January 2017 and unaudited.

Performance at month end with net income reinvested   

Net asset value^ 8.3 -5.9 62.1 24.8 -8.5 78.7
Share price 7.0 -6.6 67.9 21.2 -12.9 63.6
MSCI EM Latin America 5.7 -5.7 67.2 24.2 -9.3 93.9
US Dollars:
Net asset value^ 10.3 -3.0 43.7 -4.4 -26.9 29.8
Share price 8.9 -3.7 48.8 -7.2 -30.5     18.8
MSCI EM Latin America 7.6 -2.9 48.3 -4.9 -27.7 40.6

^cum income

^^Date which BlackRock took over the investment management of the Company.

Sources: BlackRock, Standard & Poor’s Micropal

At month end
Net asset value – capital only: 482.94p
Net asset value – cum income: 492.37p
Share price: 421.10p
Total Assets#: £199.2m
Discount (share price to cum income NAV):  14.5%
Average discount* over the month – cum income: 15.1%
Net gearing at month end**: 2.0%
Gearing range (as a % of net assets): 0-25%
Net yield##: 2.2%
Ordinary shares in issue***: 39,369,620
Ongoing charges****: 1.1%

#Total assets include current year revenue.
## calculated using total dividends declared in the last 12 months as at the date of this announcement as a percentage of month end share price.
*The discount is calculated using the cum income NAV (expressed in sterling terms).
**Net cash/net gearing is calculated using debt at par, less cash and cash equivalents and fixed interest investments as a percentage of net assets.
***Excluding 2,071,662 shares held in treasury.
**** Calculated as a percentage of average net assets and using expenses, excluding performance fees and interest costs for the year ended 31 December 2015.

Geographic Exposure

% of Total Assets % of Equity
Portfolio *
American Index
Brazil 66.2 66.7 59.5
Mexico 21.9 22.1 25.4
Peru 4.6 4.7 3.0
Argentina 3.8 3.8 0.0
Chile 1.5 1.5 8.8
Colombia 1.3 1.2 3.3
Net current assets (inc.Fixed interest) 0.7 0.0 0.0
----- ----- -----
Total 100.0 100.0 100.0
----- ----- -----


Sector % of Equity Portfolio * % of Benchmark
Financials 31.1 30.7
Consumer Staples 20.0 16.5
Materials 14.8 16.5
Energy 12.6 8.9
Industrials 5.0 5.8
Telecommunication Services 5.0 5.6
Utilities 4.6 6.4
Consumer Discretionary 3.4 5.6
Information Technology 2.4 1.5
Real Estate 1.1 1.5
Health Care 0.0 1.0
----- -----
Total 100.0 100.0
----- -----

*excluding net current assets & fixed interest

Ten Largest Equity Investments (in percentage order)


Country of Risk
% of
Equity Portfolio
% of
Banco Bradesco Brazil 9.9 6.6
Petrobras Brazil 8.8 6.0
Itau Unibanco Brazil 7.8 6.8
Vale Brazil 5.6 5.7
BM&F Bovespa Brazil 4.0 1.8
AmBev Brazil 3.9 4.6
Femsa Mexico 3.4 2.5
Telefonica Brasil Brazil 3.1 1.2
Cemex SAB Mexico 3.0 2.3
Grupo Mexico Mexico 2.9 2.0

Commenting on the markets, Will Landers, representing the Investment Manager noted;


For the month of January 2017, the Company’s NAV rose by 8.3% and the share price rose by 7.0%, whilst the Company’s benchmark, the MSCI EM Latin America Index rose by 5.7% (all performance figures are in sterling terms).

Stock selection in Brazil was the largest contributor to returns.  An allocation to off-benchmark Argentina added to performance driven mainly by the lifting of capital restrictions and good economic data.  An overweight to Banco Bradesco was the largest contributor to performance.  The stock benefited from the higher than expected rate cut which results in a lower cost of equity and ultimately has a positive impact on the valuation of the bank.  Weighing on returns was stock selection in Peru.  An overweight to Peruvian construction stock Grana y Montero detracted from performance as the company’s pipeline concession failed to gain the necessary financing package (Brazil’s Odebrecht was the largest shareholder in the consortium). 


During the month we reduced exposure to domestic Mexico in favour of non-Mexico Mexican exposure.  As a result, we re-introduced America Movil while reducing exposure to Walmart de Mexico and Groupo Financiero Banorte and exiting Terrafina.  We took profits in Banco Bradesco on the back of strong performance in the stock during the month. 

Net gearing was approximately 2.0% at the end of January.


Brazil remains our largest overweight.  The Brazilian Central Bank cut rates by 75 bps during the month and indicated that it will continue with this faster pace.  Market expectations are for the Selic rate to be below 10% by year end.  This is the main driver for short-term sentiment.  In addition, we expect that the Temer administration will be successful in passing social security reform during 2017, providing a medium to long-term driver for fiscal stability.  Meanwhile, Mexico’s stock market, FX rate, and overall growth prospects continue to be held hostage by uncertainties around President Trump’s administration’s priorities on trade and immigration, leading us to maintain an underweight position in Mexico.  We continue to favour Peru over Chile and Colombia in the Andean region, and maintain an overweight in Argentina.

16 February 2017


Latest information is available by typing on the internet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV terminal).  Neither the contents of the Manager’s website nor the contents of any website accessible from hyperlinks on the Manager’s website (or any other website) is incorporated into, or forms part of, this announcement.