Interim Management Statement

RNS Number : 5580Y

Aberdeen Latin American Inc Fd Ltd

23 December 2010

 



Aberdeen Latin American Income Fund Limited

Interim Management Statement - period to 30 November 2010

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 from launch on 16 August 2010 to 30 November 2010, 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 2010

	% of net assets
Vale ADR	6.5
Banco Bradesco ADR	5.9
Petrobras ADR	5.4
America Movil ADR	4.6
Tenaris ADR	3.0
Grupo Financiero Banorte	2.8
Lojas Renner	2.7
Formento Economico Mexicano ADR	2.6
Multiplan Empreendimentos	2.6
Natura Cosmeticos	2.3
Total	38.2

Largest fixed income holdings at 30 November 2010

	% of net assets
Brazil (Fed Rep of) 10% 01/01/13	9.8
Brazil (Fed Rep of) 10% 01/01/17	7.8
Mexico (United Mexican States) 7.75% 14/12/17	4.9
Mexico (United Mexican States) 8% 07/12/23	4.5
Mexico (United Mexican States) 8% 11/06/20	4.4
Uruguay (Rep of) 3.7% 26/06/37	2.3
Peru (Rep of) 7.84% 12/08/20	2.2
Peru (Rep of) 6.95% 12/08/31	2.1
Brazil (Fed Rep of) 10% 01/01/21	1.8
Total	39.7

Number of investments at 30 November 2010

Total

44

Geographic Breakdown as at 30 November 2010

	%
Brazil	59.2
Mexico	28.8
Peru	3.9
Chile	2.9
Argentina	2.8
Uruguay	2.1
Cash	0.3
Total	100.0

General description of Company's financial position as at 30 November 2010

Assets	£'000
Equities	37,618
Fixed income	21,931
Total investments	59,550
Other assets / (liabilities)	806
Debt	(5,137)
Net assets	55,219
Gearing	9.3%

Cumulative performance (%)

				Inception
	as at	1 month	3 months	to date
	30/11/2010			(16/08/10)
Share Price	110.0p	-0.7	5.5	10.0
Undiluted NAV A	105.1p	-0.5	8.4	6.3
Subscription Share Price	21p	0.0	25.4	64.7
Benchmark		-1.0	5.7	7.1

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

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

Source: Aberdeen Asset Managers Limited, Factset, and Morningstar.

^A Excluding current year revenue.

The Company declared its inaugural first interim dividend for the year ending 31 August 2011 at a rate of 1p per ordinary share, payable on 31 January 2011 to ordinary shareholders on the register on the record date of 24 December 2010.

Other than as set out above, the Board is not aware of any significant events or transactions which have occurred between 30 November 2010 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 past performance is not necessarily a guide to the future and 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

23 December 2010

 

END

 

 

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