BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC All information is at 31 May 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^ -4.1% -6.8% 12.4% -0.6% 1.2% 88.3% Net asset value^^ -4.2% -7.1% 12.7% 3.3% 0.4% 86.9% Share price -3.4% -3.9% 9.9% -5.4% -5.7% 79.4% MSCI EM Latin America -4.4% -7.0% 8.1% -1.9% 3.8% 101.7% US Dollars: Net asset value^ -6.6% -6.9% 10.7% 3.8% -22.3% 64.7% Net asset value^^ -6.7% -7.2% 11.0% 7.8% -22.9% 63.4% MSCI EM Latin America -6.9% -7.1% 6.4% 2.4% -20.4% 76.3% ^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~: 581.89p Net asset value - cum income and with bond at par value~: 590.79p Net asset value - capital only and with bond at fair value~~: 575.88p Net asset value - cum income and with bond at fair value~~: 584.77p Net asset value - capital with bond converted~~~: 575.88p Net asset value - cum income and with bond converted~~~: 584.77p Share price: 535.00p Total Assets#: £274.52m Discount(share price to cum income NAV with bond at fair value*): 8.5% Average discount* over the month - cum income: 9.2% Gearing at month end**: 4.6% Gearing range (as a % of net assets): 0-25% Net yield: 3.6% Ordinary shares in issue***: 39,361,585 ~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 2,287,662 shares held in treasury. Geographic Regional Exposure % % of Total Equity MSCI EM Latin Assets Portfolio* American Index Brazil 59.0 66.6 57.6 Mexico 20.7 23.4 25.2 Chile 4.1 4.6 9.0 Colombia 2.5 2.8 5.5 Panama 1.1 1.2 0.0 Peru 1.2 1.4 2.7 Net current assets (inc.Fixed interest) 11.4 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 7.2 5.9 Banco Bradesco Brazil 5.6 5.7 Grupo Televisa Mexico 4.6 1.7 Itau Unibanco Brazil 4.6 4.9 FEMSA Mexico 4.4 2.7 CCR Brazil 4.2 1.0 Brasil Foods Brazil 3.3 2.0 Petrobras Brazil 3.2 8.5 BM & F Bovespa Brazil 3.0 1.5 America Movil Mexico 2.9 5.0 Commenting on the markets, Will Landers, representing the investment Manager noted; Summary of Performance over the period For the month of May 2013, the Company posted a decline of 4.2% (NAV at Fair Value) in its NAV while the shares fell by 3.4% (all in sterling) and the Company's benchmark, the MSCI EM Latin America Free Index fell by 4.4%. Fund Manager's Commentary Positive contributions to performance stemmed primarily from stock selection in Mexico and an overweight to Panama. In Mexico, positive contributions came from overweight position in broadcaster Televisa and not owning Grupo Financiero Inbursa. Additional individual contributors included BB Seguridade, Pacific Rubiales, Copa Holdings, and not owning Gerdau. Weighing on performance was stock selection in Brazil and the gearing. The largest individual detractors included Banco Itau, Vale and CBD. During the month we increased exposure to Brazilian fuel distributor Ultrapar which stands to benefit from growth in fuel demand, and utility name Energias do Brasil. We also initiated a position in Mexican cement company Cemex given the expectation of improving results in their US operations. Our exposure to Mexican REITs also increased by adding to our positions in Fibra Uno and Fibra Hotel. These moves were funded by reducing exposure to Vale, Walmart de Mexico and Brasil Foods. Headline news from China has weighed on Vale and we see limited upside from current levels in the short-to-medium term. Walmart de Mexico has missed earnings expectations in each of the last two quarters and we have realized some profits in Brasil Foods. In addition, we exited Mexichem and Gol. Net gearing was 4.6% at the end of May (including bonds as cash). 17 June 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- Jun/17/2013 15:49 GMT
BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC: Portfolio Update
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