Interim Management Statement

RNS Number : 3423U

Aberdeen Latin American Inc Fd Ltd

20 December 2011

 



Aberdeen Latin American Income Fund Limited

Interim Management Statement - 3 months ended 30 November 2011

To the members of Aberdeen Latin American Income Fund Limited

This interim management statement ('IMS') 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 IMS relates to the 3 month period from 1 September 2011 to 30 November 2011, and contains information that covers this period, and the period from 1 December 2011 up to the date of publication of this IMS, 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 GBI-EM Global Diversified (Latin America 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 2011

	% of net assets
Petrobras ADR	6.0
Banco Bradesco ADR	5.1
Vale ADR	5.1
America Movil ADR	3.4
Formento Economico Mexicano ADR	2.7
Itau Unibanco	2.5
Tenaris ADR	2.5
Multiplan Empreendimentos	2.4
Ultrapar ADR	2.3
Lojas Renner	2.3
Total	34.3

Ten largest fixed income holdings at 30 November 2011

	% of net assets
Brazil (Fed Rep of) 10% 01/01/13	10.8
Brazil (Fed Rep of) 10% 01/01/17	7.9
Mexico (United Mexican States) 8% 11/06/20	5.1
Mexico (United Mexican States) 8% 07/12/23	4.3
Brazil (Fed Rep of) 10% 01/01/21	2.7
Mexico (United Mexican States) 7.75% 14/12/17	2.7
Uruguay (Rep of) 5% 14/09/18	2.5
Peru (Rep of) 6.95% 12/08/31	1.4
Peru (Rep of) 7.84% 12/08/20	1.4
Mexico (United Mexican States) 7.5% 03/06/27	1.1
Total	39.9

Source: Aberdeen Asset Managers Limited

Number of investments at 30 November 2011

Total

46

Geographic Breakdown as at 30 November 2011

	%
Brazil	59.9
Mexico	28.2
Peru	2.8
Chile	2.6
Uruguay	2.5
Argentina	2.5
Colombia	1.1
Cash	0.4
Total	100.0

Source: Aberdeen Asset Managers Limited

General description of Company's financial position as at 30 November 2011

Assets	£'000
Equities	32,079
Fixed income	21,500
Total investments	53,579
Other assets / (liabilities)	1,047
Debt	(5,086)
Net assets	49,540
Gearing	10.3%

Cumulative performance (%)

	as at	1 month	3 months	6 months	1 year	Inception To date
	30/11/2011					(16/08/10)
Share Price	97.0p	0.8	-4.0	-9.3	-8.1	1.1
NAV A	94.0p	-1.6	-5.7	-8.9	-6.7	-0.8
Subscription Share Price	8.3p	-25.0	-34.0	-42.1	-53.5	-35.3
Composite Benchmark		-2.4	-4.7	-7.5	-5.7	1.0

Discrete performance (%)

Year ending:				30/11/11
Share Price				-8.1
NAV A				-6.7
Subscription Share Price				-53.5
Composite Benchmark				-5.7

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 held its first AGM on 12 December 2011 and all the resolutions were duly passed. The Company also held an EGM on 12 December 2011 and the two special resolutions were duly passed.

On 12 December 2011, the Company declared an unchanged first interim dividend for the year ending 31 August 2012 at a rate of 1p per ordinary share, payable on 31 January 2012 to ordinary shareholders on the register on the record date of 23 December 2011. Dividends will be payable quarterly, all in the form of interim dividends. It is the Company's aim to pay a minimum dividend of 4.25p per ordinary share for the financial year ending 31 August 2012 and to grow dividends over time

Other than as set out above, the Board is not aware of any significant events or transactions which have occurred between 30 November 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 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

20 December 2011

 

END

 

 

IMSDKKDNNBDDCBB