BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC: Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC 
All information is at 31 March 2013 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^         -0.8%     8.7%    1.9%    -2.0%    32.7%    100.4%
Net asset value^^        -1.1%     7.8%    4.3%     1.3%    31.8%     99.1%
Share price               1.5%     9.6%   -3.7%    -7.0%    23.8%     89.5%
MSCI EM Latin America     0.0%     8.0%    0.9%     0.3%    34.8%    116.8%
US Dollars:
Net asset value^         -0.8%     1.5%   -3.1%    -1.9%     1.4%     75.5%
Net asset value^^        -1.0%     0.7%   -0.8%     1.5%     0.7%     74.4%
MSCI EM Latin America     0.0%     0.9%   -4.1%     0.4%     3.0%     89.8% 
^cum income - bond at par
^^cum income - bond at fair value since 15 September 2009
^^^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 and 
              with bond at par value~:    627.12p
Net asset value - cum income and 
              with bond at par value~:    628.77p
Net asset value - capital only and with 
                  bond at fair value~~:   621.37p
Net asset value - cum income and with 
                  bond at fair value~~:   623.02p
Net asset value - capital with bond 
                           converted~~~:  621.37p
Net asset value - cum income and with 
                      bond converted~~~:  623.02p
Share price:                                  565.00p
Total Assets#:                              £302.411m
Discount(share price to cum income NAV 
          with bond at fair value*):         9.3%
Average discount* over the month - cum income:   9.8%
Gearing at month end**:                          7.1%
Gearing range (as a % of net assets):           0-25%
Net yield:                                       3.4%
Ordinary shares in issue***:               41,433,247 
~Par value refers to the par-value of the convertible bond which is also the
amount repayable to holders on the maturity of the bond. 
~~Fair value refers to the price at which the bond is currently traded in the
market. The variance in the NAV performance using these different methods to
value the bond is to illustrate the effects of dilution should the bond be
converted. 
~~~Where the current Net Asset Value (including income) in US dollar terms with
bond at fair value exceeds the conversion price of US$9.83 for the convertible
bond, the Net Asset Value is shown on a fully diluted basis, reflecting the
impact of converting the bond at a lower value.  Where the current Net Asset
Value (including income) in US dollar terms with bond at fair value does not
exceed the conversion price, the Net Asset Value will be the same as that
without the conversion of the bond. 
#Total assets include current year revenue. 
*The Discount is calculated based on the methodology for calculation of the Net
Asset Value (expressed in sterling terms) as set out in the preceding statement 
**Gearing is calculated using debt at par, less cash and cash equivalents and
fixed interest investments as a percentage of net assets. 
***Excluding 2,408,065 shares held in treasury. 
Geographic Regional Exposure                                                


                                                                         
                                                                     
                                               %       % of                
                                           Total     Equity    MSCI EM Latin
                                          Assets Portfolio*   American Index


                                                                       
Brazil                                      60.8      65.9              57.6
Mexico                                      21.6      23.4              25.2
Chile                                        4.5       4.9               9.0
Colombia                                     2.8       3.0               5.5
Panama                                       1.2       1.3               0.0
Peru                                         1.4       1.5               2.7
Net current assets (inc.Fixed interest)      7.7       0.0               0.0 
                                       -----     -----             -----
Total                                      100.0     100.0             100.0 
                                       -----     -----             ----- 
                                                                       
 *excluding net current assets & fixed interest                             
                              
Ten Largest Equity Investments (in percentage order)                             


             
                                                                                


         
Company                                 Country of Risk % of equity portfolio  
% of benchmark 
                                                                             
        
Vale                                    Brazil                            9.9    
      6.6
Banco Bradesco                          Brazil                            6.3    
      5.6
Grupo Televisa                          Mexico                            4.8    
      1.6
Itau Unibanco                           Brazil                            4.4    
      4.9
FEMSA                                   Mexico                            4.4    
      2.6
CCR                                     Brazil                            4.3    
      1.1
AmBev                                   Brazil                            3.0    
      4.4
BrasilFoods                             Brazil                            3.0    
      1.7
BM & F Bovespa                          Brazil                            2.8    
      1.4
Petrobras                               Brazil                            2.8    
      7.5 
Commenting on the markets, Will Landers, representing the investment
Manager noted; 
Performance 
For the month of March 2013, the Company posted a decrease of 0.8% (NAV at par)  
in its NAV while the shares appreciated by 1.5% (all in sterling with income 
reinvested) while the Company's benchmark, the MSCI EM Latin America Free Index  
returned 0.0%.  
Performance during the month was helped by our exposure to Panama.  Our low
weighting, relative to the index, in Colombia also helped.  At the stock level,
positive contributors included Bolsa Mexicana, Copa Holdings and Ambev. 
Brazilian shares weighed on performance, particularly Petrobras, where our
exposure was lower than that of the index, which performed well and Vale, which
performed poorly.  Canadian listed Colombian oil producer Pacific Rubiales also
weighed on performance. 
Transactions/Gearing 
During the month we increased exposure to Canadian-listed Colombian oil
producer Pacific Rubiales and Brazilian banks Itau and Banco do Brasil.  In
addition, we introduced Mexican REIT Terrafina and Mexican infrastructure name
IENOVA.  These moves were funded by exiting Fibria as well as reducing exposure
to Banorte, Mexichem, Copa Holdings and Banco Bradesco.  
Net gearing was 7.1% at the end of March (including bonds as cash). 
Positioning 
We remain positioned with a higher than benchmark exposure to Brazil based on
our expectations of a continuation of the middle class growth story along with
a more market friendly tone from the current administration.  Fiscal, monetary
and regulatory uncertainties continue to weigh heavily on the Brazilian
market.  However, the Brazilian equity market continues to rank among the
cheapest in the world and earnings expectations have been moving up for the
past three to four months, which should be supportive going forward.  Mexico,
where we have a below benchmark exposure, currently has amongst the highest
valuations in the world; however, we continue to have a positive view on the
reform agenda being orchestrated by President Pena Nieto's administration.
Liquidity constraints and/or high valuations lead us to remain underweight the
Andean region. 
19 April 2013 
ENDS 
Latest information is available by typing www.brla.co.uk 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 
-0- Apr/19/2013 14:51 GMT
 
 
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