Interim Management Statement

RNS Number : 3060X

Aberdeen Latin American Inc Fd Ltd

09 January 2014

 



Aberdeen Latin American Income Fund Limited

Interim Management Statement - period to 30 November 2013

To the members of Aberdeen Latin American Income Fund Limited

This interim management statement has been produced solely to provide additional information to shareholders as a body to meet the relevant requirements of the UK Listing Authority's Disclosure and Transparency Rules. It should not be relied upon by any other party or for any other purpose.

This interim management statement relates to the period of three months to 30 November 2013, and contains information that covers this period, and up to the date of publication of this interim management statement, unless otherwise specified.

Investment objective

To provide ordinary shareholders with a total return, with an above average yield, primarily through investing in Latin America through a diversified portfolio of equities and fixed income investments.

Benchmark

60% MSCI EM Latin American 10/40 Index and 40% JP Morgan Government Bond Index-Emerging Markets Global Diversified (Latin American carve out). Given that the Manager does not adopt a benchmark approach, performance can vary widely from the benchmark.

Ten largest equity holdings at 30 November 2013

	% of net assets
Petrobras ADR	4.9
Banco Bradesco ADR	4.8
Vale ADR	4.6
Itau Unibanco ADR	3.6
Grupo Financiero Banorte	3.0
Ultrapar ADR	2.6
Fomento Economico Mexicano ADR	2.4
Ambev	2.1
Multiplan Empreendimentos	2.1
Tenaris ADR	2.0
Total	32.1

Ten largest fixed income holdings at 30 November 2013

	% of net assets
Brazil (Fed Rep of) 10% 01/01/17	14.3
Uruguay (Rep of) 5% 14/09/18	8.3
Mex Bonos Desarr Fix Rt 7.5% 03/06/27	6.5
Mex Bonos Desarr Fix Rt 8% 07/12/23	4.2
Mex Bonos Desarr Fix Rt 7.75% 14/12/17	2.7
Brazil (Fed Rep of) 10% 01/01/21	1.9
Peru (Rep of) 7.84% 12/08/20	1.0
Peru (Rep of) 6.95% 12/08/31	0.8
Brazil (Fed Rep of) 6%  15/08/16	0.8
Uruguay (Rep of) 4.25% 05/04/27	0.6
Total	41.1

Number of investments at 30 November 2013

Total

47

Geographic Breakdown as at 30 November 2013

	%
Brazil	55.8
Mexico	25.4
Uruguay	8.9
Chile	3.5
Argentina	2.0
Peru	1.9
Colombia	1.7
Cash	0.8
Total	100.0

General description of Company's financial position as at 30 November 2013

Assets	£'000
Equities	38,452
Fixed income	27,709
Total investments	66,161
Cash	1,051
Other assets / (liabilities)	(1)
Debt	(9,035)
Net assets	58,176
Net Gearing (a)	13.7%
(a) Net gearing is expressed as a percentage of gross assets divided by shareholders' funds

Cumulative performance (%)

	as at	1 month	3 months	6 months	1 year	Inception to date
	30/11/2013					(16/08/10)
Share Price	83.6p	-6.4	-1.4	-25.8	-14.0	-5.0
NAV A	88.1p	-6.8	1.4	-16.4	-9.5	1.1
Sub Share Price	6.8p	-18.2	-10.0	-59.1	-12.9	-47.1
Composite Benchmark		-5.9	0.8	-12.4	-7.4	-2.9

Discrete performance (%)

	30/11/2013	30/11/12	30/11/11
Share Price	-14.0	9.3	-8.1
NAV A	-9.5	11.4	-6.0
Sub Share Price	-12.9	-6.1	-53.5
Composite Benchmark	-7.4	3.8	-5.7

Total return NAV to NAV net income reinvested. GBP. Share price total return is on mid-to-mid basis.

Dividend calculations are to reinvest as at the ex-dividend date. NAV returns based on NAVs with debt valued at fair value.

Source: Aberdeen Asset Managers, Lipper and Morningstar

^A Including current year revenue.

Past Performance is not a guide to future results

The Company held its third AGM on 13 December 2013 at which all resolutions were passed.

The Company has declared its first interim dividend for the year ending 31 August 2014 at a rate of 1p per ordinary share of no par value, payable on 31 January 2014 to ordinary shareholders on the register on the record date of 27 December 2013.

The Company announced on 7 January 2014 that 100 ordinary shares of no par value have been issued following the exercise of subscription rights by holders of a corresponding number of subscription shares. Therefore the total number of shares with voting rights is 65,997,674 and this figure may be used by ordinary shareholders and other investors as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.

During the three months under review the Company bought back and holds in treasury a total of 500,000 ordinary shares. Since the period end the Company bought back and holds in treasury a further 75,000 ordinary shares. The Company holds a total of 575,000 ordinary shares in treasury as at the date of this Interim Management Statement.

Other than as set out above, the Board is not aware of any significant events or transactions which have occurred between 30 November 2013 and the date of publication of this interim management statement which would have a material impact on the financial position of the Company. For latest performance information, please refer to the Company's website, www.latamincome.co.uk.

Please note that the value of investments and the income from them may fall as well as rise.  Investors may not get back the amount they originally invested.

For Aberdeen Latin American Income Fund Limited

Aberdeen Private Wealth Management Limited, Secretary

9 January 2014

 

END

 

 

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