BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC: Portfolio Update

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
 
 
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