Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC
All information is at 30 June 2015 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^	-2.3		-4.6		-17.7	-19.4				-24.5	37.0
Share price	-7.8		-6.6		-20.5	-21.9				-33.2	26.5
MSCI EM Latin America	-2.0		-2.2		-16.5	-21.9				-23.0	48.6
US Dollars:
Net asset value^	0.7		1.1		-24.4	-19.1				-20.5	24.4
Share price	-4.9		-1.1		-26.9	-21.7				-29.7	14.8
MSCI EM Latin America	1.0		3.6		-23.2	-21.7				-19.0	34.7
^cum income ^^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:							388.66p
Net asset value – cum income:							397.24p
Share price:							345.00p
Total Assets#:							£157.3m
Discount (share price to cum income NAV):							13.2%
Average discount* over the month – cum income:							11.6%
Net cash at month end**:							1.7%
Gearing range (as a % of net assets):							0-25%
Net yield##:							5.6%
Ordinary shares in issue***:							39,369,620
Ongoing charges****:							1.2%
#Total assets include current year revenue. ## calculated using total dividends declared in the last 12 months as at the date of this announcement as a percentage of month end share price. *The discount is calculated using the cum income NAV (expressed in sterling terms). **Net cash/net gearing is calculated using debt at par, less cash and cash equivalents and fixed interest investments as a percentage of net assets. ***Excluding 2,071,662 shares held in treasury. **** Calculated as a percentage of average net assets and using expenses, excluding performance fees and interest costs for the year ended 31 December 2014.
Geographic Exposure
		% of Total Assets		% of Equity Portfolio *					MSCI EM Latin American Index
Brazil		48.7		49.8					52.9
Mexico		37.0		37.8					31.6
Peru		6.9		7.1					2.8
Chile		3.8		3.9					8.6
Colombia		1.4		1.4					4.1
Net current assets (inc.Fixed interest)		2.2		0.0					0.0
		-----		-----					-----
Total		100.0		100.0					100.0
		-----		-----					-----

*excluding net current assets & fixed interest

Sector	% of Total Assets	% of Benchmark
Materials	16.2	13.1
Consumer Discretionary	7.2	7.3
Consumer Staples	21.3	20.8
Financials	32.5	28.7
Health Care	1.3	0.4
Industrials	5.5	5.9
Information Technology	2.9	2.5
Energy	2.9	8.1
Telecommunication Services	5.4	7.8
Utilities	2.6	5.4
Fixed Income	1.1	0.0
Net current assets	1.1	0.0
	-----	-----
Total	100.0	100.0
	-----	-----

Ten Largest Equity Investments (in percentage order)
Company	Country of Risk	% of Equity Portfolio		% of Benchmark
Itau Unibanco	Brazil	7.1		5.3
Banco Bradesco	Brazil	6.0		5.3
AmBev	Brazil	5.4		5.1
Cemex	Mexico	4.7		2.1
FEMSA	Mexico	4.6		2.9
BB Seguridade	Brazil	4.5		1.3
America Movil	Mexico	3.8		6.1
BRF	Brazil	3.7		2.4
Credicorp	Peru	3.7		1.7
Grupo Televisa	Mexico	3.6		3.3
Commenting on the markets, Will Landers, representing the Investment Manager noted;
Performance
For the month of June 2015, the BlackRock Latin American Investment Trust posted a 2.3% decrease in its NAV and the shares fell by 7.8% (all in sterling) while the Trust’s benchmark, the MSCI EM Latin America Free Index, returned -2.0%.
Weighing on performance was stock selection in Mexico, especially real estate stocks as they suffered on concerns over interest rates moving up.  Within Mexico, real estate stocks Vesta and Fibra Hotelera were the largest detractors given the aforementioned concerns about interest rates.  A lack of exposure to Petrobras also weighed on returns as the stock rallied on the announcement of their market friendly business plan. With regards to Petrobras, we continue to be concerned with the lack of a clear path to production growth and deleveraging.  Positive contributions to performance stemmed from an underweight to Chile which saw economic activity disappoint during the month.  The largest contributor for the month was Brazilian insurance stock BB Seguridade which continues to post strong growth despite the weak economy.
Transactions/Leverage
During June we reintroduced Vale given attractive valuation levels and expectations of a more favourable iron ore price environment in the medium term.  We also added to our position in Cielo given the stock’s defensive characteristics and resilient earnings profile.  These moves were funded by reducing our position in Cosan due to concerns regarding the company’s overall strategy. We also reduced exposure to Brazilian banks due to ongoing macroeconomic headwinds.
Net cash was approximately 1.7% at the end of June.
Positioning
Overall the Company remains defensively positioned.  Uncertainties regarding the timing and strength of an eventual economic rebound in Brazil and President Rousseff’s low popularity leave us with an underweight in the region’s largest market.  Mexico remains an overweight given the market’s overall defensive characteristics as well as the gradual improvements felt in its domestic economy.  Chile and Colombia remain as large underweights given issues with copper and oil prices as well as the negative impacts of fiscal reform still being felt in the local economies.  Peru remains an overweight given attractive valuation levels and expectations of a faster economic recovery vis-à-vis its Andean neighbours.
14 July 2015
ENDS
Latest information is available by typing www.blackrock.co.uk/brla 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.