Interim Management Statement

RNS Number : 3156J

Aberdeen Latin American Inc Fd Ltd

15 July 2013

 



Aberdeen Latin American Income Fund Limited

Interim Management Statement - period to 31 May 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 31 May 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 31 May 2013

	% of net assets
Banco Bradesco ADR	5.3
Petrobras ADR	5.1
Vale ADR	3.7
Itau Unibanco ADR	3.4
Fomento Economico Mexicano ADR	2.5
Grupo Financiero Banorte	2.4
Ultrapar ADR	2.3
Lojas Renner	2.2
Multiplan Empreendimentos	2.2
Tenaris ADR	2.2
Total	31.3

Ten largest fixed income holdings at 31 May 2013

	% of net assets
Brazil (Fed Rep of) 10% 01/01/17	11.7
Uruguay (Rep of) 5% 14/09/18	8.0
Mex Bonos Desarr Fix Rt 7.5% 03/06/27	6.5
Mex Bonos Desarr Fix Rt 8% 07/12/23	4.1
Brazil (Fed Rep of) 10% 01/01/15	3.3
Mex Bonos Desarr Fix Rt 7.75% 14/12/17	2.9
Brazil (Fed Rep of) 10% 01/01/21	2.1
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
Total	41.2

Number of investments at 31 May 2013

Total

47

Geographic Breakdown as at 31 May 2013

	%
Brazil	56.1
Mexico	24.8
Uruguay	8.6
Chile	3.8
Argentina	2.2
Peru	1.8
Colombia	1.7
Cash	1.0
Total	100.0

General description of Company's financial position as at 31 May 2013

Assets	£'000
Equities	46,034
Fixed income	33,675
Total investments	79,709
Cash	851
Other assets / (liabilities)	1,056
Debt	(9,762)
Net assets	71,854
Net Gearing (a)	12.4%
(a) Net gearing is expressed as a percentage of gross assets (including current year revenue) less cash/cash equivalents, divided by shareholders' funds

Cumulative performance (%)

	as at	1 month	3 months	6 months	1 year	Inception to date
	31/05/2013					(16/08/10)
Share Price	115.5p	-2.7	3.8	15.9	33.1	28.0
NAV A	107.9p	-6.3	-5.7	8.3	19.9	21.0
Sub Share Price	16.5p	-2.9	26.9	112.9	73.7	29.4
Composite Benchmark		-5.2	-6.2	5.7	10.2	10.8

Discrete performance (%)

	31/05/2013	31/05/12
Share Price	33.1	-13.7
NAV A	19.9	-8.9
Sub Share Price	73.7	-33.3
Composite Benchmark	10.2	-7.9

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 Excluding current year revenue.

Past Performance is not a guide to future results

The Company has declared its third interim dividend for the year ending 31 August 2013 at a rate of 1p per ordinary share, payable on 31 July 2013 to ordinary shareholders on the register on the record date of 5 July 2013.

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

12 July 2013

 

END

 

 

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