Portfolio Update

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC
All information is at 31 March 2016 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^		13.6			18.7		-8.6		-34.5				-42.7	31.3
Share price		14.6			16.7		-9.7		-35.4				-44.4	22.3
MSCI EM Latin America		16.7			22.3		-5.9		-34.0				-38.7	43.0
US Dollars:
Net asset value^		16.6			15.2		-11.8		-38.2				-48.8	8.5
Share price		17.5			13.1		-13.0		-39.2				-50.4	0.9
MSCI EM Latin America		20.4			19.2		-8.9		-37.6				-45.0	18.5
^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:										361.58p
Net asset value – cum income:										363.84p
Share price:										317.00p
Total Assets#:										£143.3m
Discount (share price to cum income NAV):										12.9%
Average discount* over the month – cum income:										14.0%
Net gearing at month end**:										0.7%
Gearing range (as a % of net assets):										0-25%
Net yield##:										4.4%
Ordinary shares in issue***:										39,369,620
Ongoing charges****:										1.1%
#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 2015.
Geographic Exposure
			% of Total Assets			% of Equity Portfolio*						MSCI EM Latin American Index
Brazil			50.9			50.5						49.6
Mexico			37.7			37.4						34.2
Peru			5.9			5.9						3.0
Chile			2.8			2.8						9.6
Argentina			1.9			1.9						0.0
Colombia			1.5			1.5						3.6
Net current liabilities (inc.Fixed interest)			-0.7			0.0						0.0
			-----			-----						-----
Total			100.0			100.0						100.0
			-----			-----						-----
Sector			% of Equity Portfolio*				% of Benchmark
Materials			12.5				12.5
Consumer Discretionary			5.7				6.7
Consumer Staples			24.2				21.7
Financials			32.6				30.3
Health Care			0.5				0.4
Industrials			6.3				6.7
Information Technology			3.4				2.1
Energy			6.4				6.8
Telecommunication Services			5.6				6.8
Utilities			2.8				6.0
Fixed Income			0.9				0.0
Net current liabilities			-1.6				0.0
			-----				-----
Total			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
Itau Unibanco	Brazil	7.5		5.6
AmBev	Brazil	6.7		5.2
Banco Bradesco	Brazil	6.1		5.3
Femsa	Mexico	5.3		3.7
Cemex	Mexico	4.4		2.0
Grupo Financiero Banorte	Mexico	4.1		2.9
Petrobras	Brazil	3.6		3.8
Walmart de Mexico	Mexico	3.5		2.6
Cielo	Brazil	3.4		1.7
Credicorp	Peru	3.2		1.8
Commenting on the markets, Will Landers, representing the Investment Manager noted; Performance For the month of March 2016, the Company posted a 13.6% increase in its NAV and the shares appreciated by 14.6% (all in sterling) while the Trust’s benchmark, the MSCI EM Latin America Free Index, returned 16.7%.  Weighing on returns was stock selection in Brazil.  Overweights to Mexico and Argentina also weighed on performance.  At the stock level, the largest individual detractor from performance was our underweight to Petrobras, which benefited from both the recovery in oil prices and the potential for political change in Brazil. An overweight to pulp stock Fibria Celulose, also detracted from performance as the stock suffered due to the appreciation of the Brazilian Real during the month.                A below benchmark exposure to Chile contributed positively as the country was a laggard on the back of mixed macroeconomic indicators.   The largest contributor to performance was a lack of exposure to regional jet manufacturer Embraer, which suffered as a result of the strength in the Brazilian Real. An over benchmark weighting to Brazilian insurance stock BB Seguridade Participacoes also contributed to performance benefiting from the improved sentiment in Brazil around the previously mentioned potential political changes.                 Transactions/Gearing During the month we increased exposure to Brazil, reduced exposure to Mexico and redeployed our cash position.  In Brazil, we reintroduced Petrobras, increased our position in Ambev and began adding back to our banking positions via Itau Unibanco and Banco Bradesco.  These moves were a way to add additional Brazilian market exposure back to the portfolio given the dramatic changes in the political landscape in March.  We took some profits in Mexico, reducing exposure to names which we felt would suffer from a rotation away from Mexico, such as Gentera and Grupo Financiero Banorte.  In addition, we increased our underweight to America Movil and reduced our overweight to Femsa, which remains a top holding in the portfolio.  Net cash was approximately 0.7% at the end of March. Positioning The short-term investment prospects in Brazil remain binary.  We feel the market will perform in line with March if there is a change in the country’s administration as well as a change in fiscal and monetary policy.  However, if President Rousseff’s administration were to stay in place with the same fiscal and monetary policies that have led the country into a long-lived recession and caused rating agencies to downgrade the country’s debt back below investment grade rating, we would expect market performance to be similar to performance seen earlier in the first quarter.  We increased our position in Brazil during March, believing that the change scenario currently looks more likely to happen.  The portfolio remains overweight Mexico given the continued gradual improvement in the domestic economy and the proactive moves by both the Banco de Mexico and the Finance Ministry during the first quarter to adjust the federal budget to a lower oil price reality and to stem the devaluation of the peso.  In the Andean region, the April presidential election in Peru is the most important factor to watch during the upcoming quarter.
18 April 2016
ENDS
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