Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC
All information is at 30 September 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^		-6.9		-18.6		-32.7	-36.3				-49.6	11.5
Share price		-6.2		-18.9		-35.5	-37.4				-52.2	2.6
MSCI EM Latin America		-6.2		-21.4		-34.1	-39.6				-47.3	16.9
US Dollars:
Net asset value^		-8.1		-21.6		-37.1	-40.2				-51.4	-2.5
Share price		-7.6		-21.8		-39.7	-41.2				-54.0	-10.3
MSCI EM Latin America		-7.7		-24.3		-38.5	-43.4				-49.3	2.1
^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:								311.96p
Net asset value – cum income:								314.15p
Share price:								271.00p
Total Assets#:								£123.7m
Discount (share price to cum income NAV):								13.7%
Average discount* over the month – cum income:								11.6%
Net cash at month end**:								1.4%
Gearing range (as a % of net assets):								0-25%
Net yield##:								7.3%
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			43.7		44.3					46.6
Mexico			42.0		42.6					36.5
Peru			7.4		7.6					2.9
Chile			3.7		3.7					9.8
Colombia			1.4		1.4					4.2
Argentina			0.4		0.4					0.0
Net current assets (inc.Fixed interest)			1.4		0.0					0.0
			-----		-----					-----
Total			100.0		100.0					100.0
			-----		-----					-----
	*excluding net current assets & fixed interest

Sector	% of Total Assets	% of Benchmark
Materials	15.4	13.6
Consumer Discretionary	5.4	6.6
Consumer Staples	24.3	23.8
Financials	31.5	27.0
Health Care	1.0	0.3
Industrials	6.7	6.9
Information Technology	2.3	2.2
Energy	3.1	6.1
Telecommunication Services	6.1	7.7
Utilities	2.8	5.8
Fixed Income	1.2	0.0
Net current assets	0.2	0.0
	-----	-----
Total	100.0	100.0
	-----	-----

Ten Largest Equity Investments (in percentage order)
Company	Country of Risk	% of Equity Portfolio		% of Benchmark
Femsa	Mexico	6.2		3.8
AmBev	Brazil	5.8		5.3
Cemex SAB	Mexico	4.8		2.1
Itau Unibanco	Brazil	4.7		4.7
Walmart de Mexico	Mexico	4.7		3.0
Credicorp	Peru	4.3		1.7
BRF	Brazil	4.2		2.7
America Movil	Mexico	4.0		6.2
Banco Bradesco	Brazil	4.0		4.2
Grupo Financiero Banorte	Mexico	3.9		2.8
Commenting on the markets, Will Landers, representing the Investment Manager noted;
Performance
For the month of September 2015, the Company’s NAV fell by 6.9% and the shares fell by 6.2% (all in sterling) while the Company’s benchmark, the MSCI EM Latin America Free Index, also fell by 6.2%.  Positive contributions to performance stemmed primarily from stock selection in Brazil and cash which averaged 3.1% during the month.  Our lower than benchmark exposure to Brazil also contributed positively.  At the stock level, the largest contributor to performance was a lack of exposure to Petrobras.  The stock suffered as oil fell by 8.4% during the month.  A lack of exposure to iron ore miner Vale also added to performance for the month.        Weighing on returns at the country level was our below benchmark exposure to Colombia, which was a top performer for the month benefiting from an interest rate hike which helped support the currency.  BB Seguridade Participacoes was the largest detractor for the month.  We feel the stock was unfairly punished along with the rest of the market after the downgrade of Brazil to below investment grade.
Transactions/Gearing
During the month we added to our position in BB Seguridade Participacoes taking advantage of the market dislocation to add to a high conviction name. We continued to reduce exposure to Brazilian banks Itau Unibanco and Banco Bradesco as a result of the previously mentioned Brazilian downgrade.  In addition, we reduced exposure to Grupo Televisa in Mexico given concerns over falling broadcast revenues. Net cash was approximately 1.4% at the end of September.
Positioning
We enter the fourth quarter with a defensive, low beta portfolio, with relatively high cash levels that can be utilized if we see attractive and timely market opportunities.  We continue to be below the benchmark exposure in Brazil as we don’t believe the economy has bottomed out yet.  The government’s inability to get its fiscal program approved, which led S&P to downgrade the country below investment grade, continues to weigh on business and consumer confidence.  Mexico remains an overweight as the gradual domestic economic improvement continues, which, along with the successes in the recent second phase of oil field auctions, continue to attract us to that stock market.  In the Andean region, we are looking for a better performance from Peruvian equities following MSCI’s decision not to reclassify the country to its Frontier Markets Index and we remain cautious with regards to Chilean and Colombian equities.
16 October 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.