BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC All information is at 30 June 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^ -10.1% -15.5% -0.4% -6.7% -0.9% 69.2% Net asset value^^ -10.2% -15.7% -0.8% -3.1% -1.8% 67.8% Share price -13.1% -17.7% -3.8% -17.7% -9.6% 55.9% MSCI EM Latin America -9.0% -15.4% -3.6% -4.9% 3.0% 83.5% US Dollars: Net asset value^ -10.1% -15.6% -3.6% -5.4% -24.5% 48.1% Net asset value^^ -10.2% -15.8% -4.0% -1.7% -25.1% 46.8% MSCI EM Latin America -9.0% -15.5% -6.8% -3.6% -21.5% 60.5% ^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~: 521.16p Net asset value - cum income and with bond at par value~: 531.01p Net asset value - capital only and with bond at fair value~~: 515.18p Net asset value - cum income and with bond at fair value~~: 525.03p Net asset value - capital with bond converted~~~: 515.18p Net asset value - cum income and with bond converted~~~: 525.03p Share price: 465.00p Total Assets#: £250.98m Discount(share price to cum income NAV with bond at fair value*): 11.4% Average discount* over the month - cum income: 10.3% Gearing at month end**: 6.4% Gearing range (as a % of net assets): 0-25% Net yield: 4.2% 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 2,212,662 shares held in treasury. Geographic Regional Exposure % % of Total Equity MSCI EM Latin Assets Portfolio* American Index Brazil 58.1 65.6 55.8 Mexico 21.3 24.0 26.8 Chile 4.2 4.7 9.5 Colombia 2.3 2.6 5.7 Panama 1.4 1.6 0.0 Peru 1.3 1.5 2.2 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 5.3 5.7 Itau Unibanco Brazil 5.0 4.6 Banco Bradesco Brazil 4.6 5.1 FEMSA Mexico 4.3 2.8 CCR Brazil 4.1 1.0 BM & F Bovespa Brazil 3.9 1.5 Grupo Televisa Mexico 3.5 1.8 Brasil Foods Brazil 3.3 2.0 America Movil Mexico 3.2 5.8 AmBev Brazil 2.5 4.4 Commenting on the markets, Will Landers, representing the investment Manager noted; Summary of Performance over the period For the month of June 2013, the Company posted a 10.2% (NAV at Fair Value) decrease in its NAV while the shares fell by 13.1% (all in sterling) and the Company's benchmark, the MSCI EM Latin America Free Index fell by 9.0%. Fund Manager's Commentary Positive contributions to performance stemmed primarily from stock selection in Mexico and our above benchmark exposure to Panama. In Mexico, positive contributions came from Femsa, broadcaster Televisa and toll road operator Pinfra. Panamanian airline Copa Holdings also contributed positively during the month. Weighing on performance were Colombia and Chile which performed well, but where we were below benchmark weighting. The overweight to Brazil also detracted but was somewhat offset by stock selection. The largest individual detractors included America Movil, Pacific Rubiales and CCR as well as not owning Ecopetrol, which performed well. During the month we increased exposure to BM&F Bovespa, Banco Itau and Cemex. We also initiated a position Brazilian mall/property name Iguatemi. Our exposure to Mexican property stocks also increased as we added to our position in REIT Fibra Hotelera and initiated a position in Vesta. These moves were funded by reducing exposure to Vale, Natura, Televisa, and Pinfra. In addition, we exited Sabesp and Macquarie Real Estate. 15 July 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- Jul/15/2013 12:36 GMT
BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC: Portfolio Update
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