Interim Management Statement

RNS Number : 6758G

Aberdeen Latin American Inc Fd Ltd

02 July 2012

 



Aberdeen Latin American Income Fund Limited

Interim Management Statement - period to 31 May 2012

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 2012, 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 2012

	% of net assets
Banco Bradesco ADR	4.6
Vale ADR	4.4
Petrobras ADR	4.3
Itau Unibanco ADR	2.7
Grupo Aeroportuario ADR	2.6
America Movil ADR	2.6
Multiplan Empreendimentos	2.5
Grupo Financiero Banorte	2.5
Femsa	2.4
Ultrapar ADR	2.2
Total	30.8

Ten largest fixed income holdings at 31 May 2012

	% of net assets
Brazil (Fed Rep of) 10% 01/01/15	7.7
Brazil (Fed Rep of) 10% 01/01/17	7.1
Mexico (United Mexican States) 8% 11/06/20	4.8
Mexico (United Mexican States) 8% 07/12/23	4.1
Mexico (United Mexican States) 7.75% 14/12/17	2.9
Brazil (Fed Rep of) 10% 01/01/21	2.4
Brazil (Fed Rep of) 10% 01/01/14	2.1
Uruguay (Rep of) 5% 14/09/18	2.1
Peru (Rep of) 7.84% 12/08/20	1.3
Mexico (United Mexican States) 7.5% 03/06/27	1.1
Total	35.6

Number of investments at 31 May 2012

Total

50

Geographic Breakdown as at 31 May 2012

	%
Brazil	54.0
Mexico	28.1
Chile	3.5
Uruguay	2.6
Peru	2.4
Argentina	1.7
Colombia	1.3
Cash	6.4
Total	100.0

General description of Company's financial position as at 31 May 2012

Assets	£'000
Equities	40,561
Fixed income	26,526
Total investments	67,087
Other assets / (liabilities)	5,405
Debt	(10,070)
Net assets	62,422
Gearing	16.2%

Cumulative performance (%)

	as at	1 month	3 months	6 months	1 year	Inception to date
	31/05/2012					(16/08/10)
Share Price	90.5p	-11.2	-13.3	-4.8	-13.7	-3.8
NAV A	92.4p	-4.9	-10.0	0.4	-8.5	-0.4
Sub Share Price	9.5p	-22.4	-22.4	15.2	-33.3	-25.5
Composite Benchmark		-5.2	-10.8	-0.4	-7.9	0.6

Discrete performance (%)

	31/05/2012
Share Price	-13.7
NAV A	-8.5
Sub Share Price	-33.3
Composite Benchmark	-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 par.

Source: Aberdeen Asset Managers, Factset and Morningstar

^A Excluding current year revenue.

The Company has declared its third interim dividend for the year ending 31 August 2012 at a rate of 1p per ordinary share, payable on 31 July 2012 to ordinary shareholders on the register on the record date of 6 July 2012.

The Company drew down the balance of its revolving credit facility prior to the month end and invested the proceeds in line with its objective post the month end.

Other than as set out above, the Board is not aware of any significant events or transactions which have occurred between 31 May 2012 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

2 July 2012

 

END

 

 

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