COLUMBIA, Md., Oct. 28,
2022 /PRNewswire/ -- The Mexico Fund, Inc. (NYSE:
MXF) announced today that the Board of Directors of the Fund (the
"Board" of the "Fund") and Impulsora del Fondo México, S.C.
("Impulsora"), the Fund's investment adviser, have renewed the
Fund´s Expense Limitation Agreement ("ELA") between the Fund and
Impulsora. The ELA was initially announced on March 12, 2019, with the objective to support the
long-term performance of the Fund and to further the interests of
Fund stockholders by continuing to deliver a competitive investment
vehicle providing exposure to Mexican equities.
Under the ELA, the Fund and Impulsora have committed to a 1.40%
ordinary expense ratio (excluding amounts payable via the
performance adjustment factor under the Fund's Investment Advisory
Agreement, taxes, interest, brokerage fees and any non-recurring
expenses), for fiscal year 2023, beginning on November 1, 2022, through October 31, 2023, so long as Fund net assets
remain greater than $260 million.
Impulsora will waive fees and/or reimburse expenses (excluding
amounts payable via the performance adjustment factor under the
Fund's Investment Advisory Agreement, taxes, interest, brokerage
fees and any non-recurring expenses) to the extent necessary so
that the Fund´s ordinary annual expense ratio does not exceed 1.40%
in the period. When Fund net assets are below the threshold of
$260 million, Impulsora will still
waive fees in an amount necessary to maintain the expense ratio of
the Fund's variable ordinary expenses at 1.20%, in addition to the
amount of $520,000. These figures
represent the expense ratio of the Fund's variable ordinary
expenses and the maximum amount of the Fund's fixed ordinary
expenses necessary to maintain a total ordinary operating expense
ratio of 1.40% when Fund net asset are $260
million.
About The Mexico Fund, Inc.
The Mexico Fund, Inc. is a non-diversified closed-end
management investment company with the investment objective of
long-term capital appreciation through investments in securities,
primarily equity, listed on the Mexican Stock Exchange. The Fund
provides a vehicle to investors who wish to invest in Mexican
companies through a managed non-diversified portfolio as part of
their overall investment program.
This release may contain certain forward-looking statements
regarding future circumstances. These forward-looking statements
are based upon the Fund's current expectations and assumptions and
are subject to various risks and uncertainties that could cause
actual results to differ materially from those contemplated in such
forward-looking statements including, in particular, the risks and
uncertainties described in the Fund's filings with the Securities
and Exchange Commission. Actual results, events, and performance
may differ. Readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date
hereof. The Fund undertakes no obligation to release publicly any
revisions to these forward looking statements that may be made to
reflect events or circumstances after the date hereof or to reflect
the occurrence of unanticipated events. The inclusion of any
statement in this release does not constitute an admission by The
Mexico Fund or any other person that the events or circumstances
described in such statement are material.
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SOURCE The Mexico Fund, Inc.