BlackRock Latin Am Portfolio Update
16 Octobre 2015 - 5:37PM
UK Regulatory
TIDMBRLA
BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC
All information is at 30 September 2015 and unaudited.
Performance at month end with net income reinvested
One Three One Three Five ^^Since
month months year years years 31.03.06
% % % % % %
Sterling:
Net asset value^ -6.9 -18.6 -32.7 -36.3 -49.6 11.5
Share price -6.2 -18.9 -35.5 -37.4 -52.2 2.6
MSCI EM Latin America -6.2 -21.4 -34.1 -39.6 -47.3 16.9
US Dollars:
Net asset value^ -8.1 -21.6 -37.1 -40.2 -51.4 -2.5
Share price -7.6 -21.8 -39.7 -41.2 -54.0
-10.3
MSCI EM Latin America -7.7 -24.3 -38.5 -43.4 -49.3 2.1
^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: 311.96p
Net asset value - cum income: 314.15p
Share price: 271.00p
Total Assets#: GBP123.7m
Discount (share price to cum income NAV): 13.7%
Average discount* over the month - cum income: 11.6%
Net cash at month end**: 1.4%
Gearing range (as a % of net assets): 0-25%
Net yield##: 7.3%
Ordinary shares in issue***: 39,369,620
Ongoing charges****: 1.2%
#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
2014.
Geographic Exposure
% of Total % of Equity MSCI EM Latin American
Assets Portfolio * Index
Brazil 43.7 44.3 46.6
Mexico 42.0 42.6 36.5
Peru 7.4 7.6 2.9
Chile 3.7 3.7 9.8
Colombia 1.4 1.4 4.2
Argentina 0.4 0.4 0.0
Net current assets (inc.Fixed 1.4 0.0 0.0
interest)
----- ----- -----
Total 100.0 100.0 100.0
----- ----- -----
*excluding net current assets & fixed interest
Sector % of Total Assets % of Benchmark
Materials 15.4 13.6
Consumer Discretionary 5.4 6.6
Consumer Staples 24.3 23.8
Financials 31.5 27.0
Health Care 1.0 0.3
Industrials 6.7 6.9
Information Technology 2.3 2.2
Energy 3.1 6.1
Telecommunication 6.1 7.7
Services
Utilities 2.8 5.8
Fixed Income 1.2 0.0
Net current assets 0.2 0.0
----- -----
Total 100.0 100.0
----- -----
Ten Largest Equity Investments (in percentage order)
% of % of
Company Country of Risk Equity Portfolio Benchmark
Femsa Mexico 6.2 3.8
AmBev Brazil 5.8 5.3
Cemex SAB Mexico 4.8 2.1
Itau Unibanco Brazil 4.7 4.7
Walmart de Mexico Mexico 4.7 3.0
Credicorp Peru 4.3 1.7
BRF Brazil 4.2 2.7
America Movil Mexico 4.0 6.2
Banco Bradesco Brazil 4.0 4.2
Grupo Financiero Banorte Mexico 3.9 2.8
Commenting on the markets, Will Landers, representing the Investment Manager
noted;
Performance
For the month of September 2015, the Company's NAV fell by 6.9% and the shares
fell by 6.2% (all in sterling) while the Company's benchmark, the MSCI EM Latin
America Free Index, also fell by 6.2%.
Positive contributions to performance stemmed primarily from stock selection in
Brazil and cash which averaged 3.1% during the month. Our lower than benchmark
exposure to Brazil also contributed positively. At the stock level, the
largest contributor to performance was a lack of exposure to Petrobras. The
stock suffered as oil fell by 8.4% during the month. A lack of exposure to
iron ore miner Vale also added to performance for the month.
Weighing on returns at the country level was our below benchmark exposure to
Colombia, which was a top performer for the month benefiting from an interest
rate hike which helped support the currency. BB Seguridade Participacoes was
the largest detractor for the month. We feel the stock was unfairly punished
along with the rest of the market after the downgrade of Brazil to below
investment grade.
Transactions/Gearing
During the month we added to our position in BB Seguridade Participacoes taking
advantage of the market dislocation to add to a high conviction name. We
continued to reduce exposure to Brazilian banks Itau Unibanco and Banco
Bradesco as a result of the previously mentioned Brazilian downgrade. In
addition, we reduced exposure to Grupo Televisa in Mexico given concerns over
falling broadcast revenues.
Net cash was approximately 1.4% at the end of September.
Positioning
We enter the fourth quarter with a defensive, low beta portfolio, with
relatively high cash levels that can be utilized if we see attractive and
timely market opportunities. We continue to be below the benchmark exposure in
Brazil as we don't believe the economy has bottomed out yet. The government's
inability to get its fiscal program approved, which led S&P to downgrade the
country below investment grade, continues to weigh on business and consumer
confidence. Mexico remains an overweight as the gradual domestic economic
improvement continues, which, along with the successes in the recent second
phase of oil field auctions, continue to attract us to that stock market. In
the Andean region, we are looking for a better performance from Peruvian
equities following MSCI's decision not to reclassify the country to its
Frontier Markets Index and we remain cautious with regards to Chilean and
Colombian equities.
16 October 2015
ENDS
Latest information is available by typing www.blackrock.co.uk/brla 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.
END
(END) Dow Jones Newswires
October 16, 2015 11:37 ET (15:37 GMT)
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