Portfolio Update
April 09 2008 - 9:57AM
UK Regulatory
MERRILL LYNCH LATIN AMERICAN INVESTMENT TRUST PLC
All information is at 29 February 2008 and unaudited.
Performance at month end is calculated with income reinvested
One Three *Since One Three Five
Month Months 31.03.06 Year Years Years
Sterling:
Net asset value 9.3% 4.6% 59.6% 44.4% 140.3% 543.3%
Share price 19.0% 17.5% 69.1% 54.0% 210.1% 767.0%
MSCI EM Latin American 8.8% 6.9% 66.3% 53.0% 189.2% 575.2%
US Dollars:
Net asset value 9.4% 1.2% 83.0% 46.6% 148.2% 712.6%
MSCI EM Latin American 8.8% 3.4% 90.7% 55.3% 198.8% 752.7%
Sources: BlackRock MLIM, Standard & Poor's Micropal.
*Date which BlackRock MLIM took over the investment management of the Company.
At month end
Net asset value - capital only: 563.68p
Net asset value* - cum income: 564.73p
Share price: 573.50p
Total assets: �269.4m
Premium (share price to capital only NAV): 1.7%
Gearing: -
Net yield: 0.8%
Ordinary shares in issue: 47,789,753
*Includes 2 months net revenue equal to 1.05p
Geographical Regional Exposure % Total Assets
Brazil 72.1
Mexico 20.0
Chile 4.3
Argentina 3.6
Colombia 0.7
Panama 0.4
Net current liabilities (1.1)
-----
Total 100.0
-----
Ten Largest Equity Investments (in alphabetical order)
Company Country of Risk
AmBev Brazil
America Movil Mexico
Banco Bradesco Brazil
Banco Itau Brazil
CVRD Brazil
Grupo Financiero Banorte Mexico
Petroleo Brasileiro Brazil
Tenaris Argentina
Unibanco Uniao Brazil
Usiminas Brazil
Commenting on the markets, Will Landers, representing the investment
Manager noted;
Performance
For the month of February 2008, the Company posted a 9.4% appreciation in its
NAV and an 19.0% appreciation for its shares (all in US dollar terms). This
compared positively with the 8.8% return posted by the Company's benchmark, the
MSCI EM Latin America Free Index.
The outperformance during February was due to positive stock selection in
Mexico, where underweight positions in Telmex and Cemex were the largest
contributors and positive country allocation across the fund. Detractors to
performance related to underweight positions in certain Brazilian steel stocks
as well as Southern Copper in Peru.
Transactions/Gearing
During the month, we did not make significant changes at the country level,
limiting trading to intra-country rotations. In Brazil, we increased our
overweight positions in Banco Bradesco and Banco Ita�, taking profits in
Unibanco and railroad operator ALL. In Mexico, we reduced our exposure to
consumer sensitive stocks (beverages and media), reducing our underweight
positions in Cemex due to attractive valuation. Finally, in Colombia, we
rotated our holdings into recently listed Ecopetrol, reducing our underweight
positions in oil given that we hold Petrobr�s at its maximum weight. Gearing
remained at 0% during the month.
Positioning
Our outlook for Latin America remains positive. Earnings for the fourth quarter
were in line to better in most cases, earnings forecasts have been revised
upwards in Brazil (although these may be a bit high still in Mexico), and
valuation levels continue to be attractive and towards the bottom of emerging
markets. We continue to have exposure to both a continuation of the commodity
cycle, with overweight positions in iron ore and steel, as well as being
overweight consumer-related stocks in Brazil, where the domestic economy
remains strong. We maintain an underweight position in Mexico given concerns
regarding growth and in Chile due to still unattractive valuation levels.
Latest information is available by typing www.blackrock.co.uk/its on the
internet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV
terminal).
9 April 2008
END
Merrill Lynch Latin Ame (LSE:MLLA)
Historical Stock Chart
From Jun 2024 to Jul 2024
Merrill Lynch Latin Ame (LSE:MLLA)
Historical Stock Chart
From Jul 2023 to Jul 2024
