Interim Management Statement

RNS Number : 2819J

Aberdeen Latin American Inc Fd Ltd

28 June 2011

 

Aberdeen Latin American Income Fund Limited

Interim Management Statement - period to 31 May 2011

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 31 May 2011, 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 31 May 2011

	% of net assets
Vale ADR	5.7
Petrobras ADR	5.4
Banco Bradesco ADR	5.3
America Movil ADR	3.7
Grupo Financiero Banorte	2.6
Tenaris ADR	2.5
Lojas Renner	2.5
Multiplan Empreendimentos	2.3
Formento Economico Mexicano ADR	2.3
Ultrapar ADR	2.2
Total	34.5

Largest fixed income holdings at 31 May 2011

	% of net assets
Brazil (Fed Rep of) 10% 01/01/13	9.3
Brazil (Fed Rep of) 10% 01/01/17	7.2
Mexico (United Mexican States) 8% 11/06/20	5.0
Mexico (United Mexican States) 7.75% 14/12/17	4.6
Mexico (United Mexican States) 8% 07/12/23	4.2
Brazil (Fed Rep of) 10% 01/01/21	2.4
Uruguay (Rep of) 5% 14/09/18	2.1
Peru (Rep of) 7.84% 12/08/20	1.3
Peru (Rep of) 6.95% 12/08/31	1.1
Central Bank of Argentina 2% 04/02/18	0.7
Total	37.9

Number of investments at 31 May 2011

Total

46

Geographic Breakdown as at 31 May 2011

	%
Brazil	59.6
Mexico	29.0
Argentina	3.2
Chile	2.8
Peru	2.4
Uruguay	2.1
Cash	0.9
Total	100.0

General description of Company's financial position as at 31 May 2011

Assets	£'000
Equities	36,828
Fixed income	22,749
Total investments	59,577
Other assets / (liabilities)	1,278
Debt	(4,860)
Net assets	55,995
Gearing	8.7%

Share price information

	as at
	31/05/11
Share Price	109.5p
Undiluted NAV A	105.6p
Subscription Share Price	14.3p

As the Company was launched less than one year ago (16 August 2010) under FSA guidelines no past performance figures are shown..

The Company has today declared its third interim dividend for the year ending 31 August 2011 at a rate of 1p per ordinary share, payable on 29 July 2011 to ordinary shareholders on the register on the record date of 8 July 2011.

Other than as set out above, the Board is not aware of any significant events or transactions which have occurred between 31 May 2011 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 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

28 June 2011

 

END

 

 

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