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BlackRock Latin Am (BRLA)

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Tuesday 09 August, 2011

BlackRock Latin Am

Half-yearly Report


                 BlackRock Latin American Investment Trust plc                 

The Company's objective is to secure long term capital growth primarily through
investing in quoted securities in Latin America.

Performance Record

Financial Highlights
                                                 30 June   31 December         
                                                    2011          2010   Change
Attributable to ordinary shareholders         (unaudited)     (audited)       %
                                                                               
Assets                                                                         
Net assets (US$'000)                             494,803       524,501     -5.7
Net asset value per ordinary share (cents)      1,128.62      1,196.42     -5.7
- with income reinvested (debt at fair 
value)                                                                     -4.2  
Net asset value per ordinary share (cents)      1,142.82      1,208.28     -5.4
- with income reinvested (debt converted)                                  -3.9
Ordinary share price (mid-market) (cents)       1,075.65      1,200.07    -10.4
- with income reinvested                                                   -8.8
Ordinary share price (mid-market) (pence)*        670.00        766.50    -12.6
- with income reinvested                                                  -11.1
Convertible bond price (cents)                  1,340.00      1,400.00     -4.3
Convertible bond price (pence)*                   834.66        894.20     -6.7

* Based on an exchange rate of 1.60545 (2010: 1.56565).

                                              For the six   For the six        
                                             months ended  months ended        
                                                  30 June       30 June        
                                                     2011          2010  Change
                                               (unaudited)   (unaudited)      %
                                                                              
Revenue                                                                        
Net revenue after taxation (US$'000)                7,772         6,905   +12.6
Revenue return per ordinary share (cents)           17.73         15.75   +12.6
First interim dividend per ordinary share 
(cents)                                              5.00          5.00       -

Source: BlackRock.

Chairman's Statement

Performance

The Company's net asset value ("NAV") with debt converted ended the period at
1,142.82 cents per share (equivalent to 711.84 pence per share), representing a
decrease of 3.9% in US dollar terms (6.3% in sterling terms) over the six
months to 30 June 2011. During the same period, the MSCI Emerging Markets Latin
America Index fell by 1.6% in US dollar terms and 4.0% in sterling terms. The
share price ended the period down at 670.00 pence per share, a fall of 8.8% in US
dollar terms and 11.1% in sterling terms. (All percentages have been calculated
with income reinvested.)

The first half of 2011 has proven to be a challenging phase in Latin American
equity markets which performed disappointingly. The region's equity markets
weakened as investors began to de-risk due largely to the structural risks
which have persisted in the global economy. To put this into some perspective,
the MSCI Emerging Markets Latin America Index closed the period down by 1.6%
while the MSCI Emerging Markets Index was up by 0.8%.

The Company's underperformance against the benchmark was due principally to the
portfolio's overweight position in Brazil and the level of gearing. Further
information on the Company's performance is included in the Investment
Manager's Report.

The fundamentals of the region remain strong, however the equity markets have not 
been immune to the wider sell-off witnessed in global markets. Since the period end, 
the Company's NAV has decreased by 21.3% (in US dollar terms) and by 22.6% (in 
sterling terms) compared to a decrease of 20.4% (in US dollar terms) and 21.7% (in 
sterling terms) in the benchmark index.

Dividends

The Company's revenue return per share amounted to 17.73 cents per share (2010:
15.75 cents per share). The Board is pleased to declare an interim dividend of
5.00 cents per share (2010: 5.00 cents per share), which will be paid on 23
September 2011 to shareholders on the register on 19 August 2011 (ex-dividend
date of 17 August 2011).

Convertible bonds

During the period and up to the date of this report, the Company has issued
2,227 ordinary shares following the conversion of US$20,000 convertible bonds
into ordinary shares. As at 9 August 2011, the Company had 43,841,312 ordinary
shares and US$79,948,000 convertible bonds in issue.

Bondholders will have further opportunities to convert their bonds into
ordinary shares at any time up to 14 September 2012 at a price of US$8.98 per
share (equivalent to £5.59 based on an exchange rate of 1.60545) and between 
15 September 2012 and 1 September 2015 at a price of US$9.83 per ordinary share
(equivalent to £6.12 based on an exchange rate of 1.60545).

Discount control

As part of their discount control policy, the Directors of the Company have the
discretion to make semi-annual tender offers. The Directors announced on 6 July
2011 that they have decided not to implement a semi-annual tender offer in
September 2011. In the six month period ended 30 June 2011 the Company's
ordinary shares traded at an average discount to NAV (allowing for the full
conversion of the bonds) of 1.3 per cent. The discount has widened in recent 
months and in June averaged 4.4 per cent.

The Board monitors the share price, trading volume and prevailing discount/
premium on a regular basis and has resolved, subject to market conditions, to
take such steps as are necessary from time to time to protect the share rating.

Prospects

Although uncertainty remains a major problem over the short term, investors in
Latin American markets should take comfort from the attractive valuations and
the economic growth prospects which are expected to provide a strong foundation
for corporate profits.

Peter Burnell
Chairman
9 August 2011

Interim Management Report and Responsibility Statement

The Chairman's Statement and the Investment Manager's Report give details of
the events which have occurred during the period and their impact on the
financial statements.

Principal risks and uncertainties

The principal risks faced by the Company can be divided into various areas as
follows:

- Performance;

- Income/dividend;

- Regulatory;

- Operational; and

- Financial.

The Board reported on the principal risks and uncertainties faced by the
Company in the Annual Report and Financial Statements for the year ended 
31 December 2010. A detailed explanation can be found on pages 15 and 16 of 
the Annual Report and Financial Statements which are available on the website
maintained by the Investment Manager, BlackRock Investment Management (UK)
Limited, at www.blackrock.co.uk/brla.

In the view of the Board, there have not been any changes to the fundamental
nature of these risks since the previous report and these principal risks and
uncertainties are equally applicable to the remaining six months of the
financial year as they were to the six months under review.

Related party transactions

The Investment Manager is regarded as a related party and details of the
management fees payable are set out in note 3 and note 8. The related party
transactions with the Directors are set out in note 8.

Directors' responsibility statement

The Disclosure and Transparency Rules ("DTR") of the UK Listing Authority
require the Directors to confirm their responsibilities in relation to the
preparation and publication of the Interim Management Report and Financial
Statements.

The Directors confirm to the best of their knowledge and belief that:

- the condensed set of financial statements contained within the half yearly
financial report has been prepared in accordance with the Accounting Standards
Board's Statement `Half Yearly Financial Reports'; and

- the Interim Management Report, together with the Chairman's Statement and the
Investment Manager's Report, include a fair review of the information required
by 4.2.7R and 4.2.8R of the FSA's Disclosure and Transparency Rules.

The half yearly financial report has not been audited or reviewed by the
Company's auditors.

The half yearly financial report was approved by the Board on 9 August 2011 and
the above responsibility statement was signed on its behalf by the Chairman.

Peter Burnell
For and on behalf of the Board
9 August 2011

Investment Manager's Report

Latin American Market Overview

Performance in the period has been disappointing as shown in the Chairman's
Statement. Following strong performance in absolute and in relative terms
during 2010, the portfolio entered 2011 positioned with an overweight of
approximately 4.0% in Brazil, and net gearing of approximately 12.0%, most of
which was deployed in Brazil, and underweight positions in Chile and Colombia.
The underperformance during the year to date stemmed primarily from stock
selection in Brazil and Mexico, an overweight position in Peru, an
off-benchmark position in Colombia, our underweight position in Colombia and
the gearing. The average month end gearing used during the period was 14.0% and
at 30 June 2011 the Company had net gearing of US$68,848,000, equivalent to
13.2% of net assets (net gearing is defined as redeemable shares, loans,
overdrafts and bonds at par value less cash and fixed interest stocks as a
percentage of net assets). The underperformance was somewhat offset by positive
stock selection in Chile and an overweight position in Panama. At the stock
level, positive attribution stemmed from our overweight positions in Brazilian
beverage company Ambev, Panamanian airline Copa Holdings, Mexican beverage
company Femsa, underweight positions in oil giant Petrobrás and not owning
Brazilian steel names Gerdau or CSN. The largest detractors from performance
were our overweight positions in the Canadian listed Colombian oil company
Pacific Rubiales, Brazilian homebuilder Cyrela and Brazilian oil & gas company
OGX, as well as not owning Brazilian wireless name Vivo.

It has been a challenging first half of 2011. Some of the volatility seen in
equity markets so far this year was due specifically to issues in Brazil,
whilst there were other concerns relating to the European debt crisis and the
global growth scare especially in China and the United States. These issues
have led to increasing investor risk aversion and a risk-off trade with respect
to Latin America. As a result, asset classes which are generally considered to
be higher risk, such as Emerging Markets equities in general and Latin America
specifically, underperformed in the period.

Despite the volatility and events in global markets, Latin American equity
valuations continue to compare favourably, trading at a discount to most global
markets. Brazil continues to trade in the bottom half of global valuations at
around 9x 2011(estimate) P/E with earnings growth expected to be approximately
15%. This multiple is still at a discount to all other major Latin American
markets and the 11x multiple for Emerging Markets overall. Once the market
settles down and the focus returns to fundamentals, we believe Latin America
will be in a position to benefit and once again lead the way.

Year-To-Date Performance Figures
                                                 Local                         
Regions/                              MSCI    Currency                         
Indices                            Country    (vs. USD) Local Index             
                                  % change    % change     % change              
                                                                               
Argentina                             -8.2        -5.1         -2.1 (Merval)   
Brazil                                -1.7        -7.6        -10.0 (Ibovespa) 
Chile                                  0.3         0.2         -1.5 (IGPA)     
Colombia                               6.1        -2.0         -8.4 (IGBC)     
Mexico                                 0.1        -5.1         -4.4 (IPC)      
Peru                                 -26.7       -28.2        -19.2 (IGBVL)    
                                                                               
MSCI Latin America                    -1.6   CRB Index          5.8            
MSCI Emerging Asia                    -1.6   Oil (WTI)          1.3            
MSCI Emerging Markets                  0.8        Gold          5.6            
MSCI World                             5.6      Copper         -2.8            
S&P 500                                6.0        Corn         10.4            
MSCI Europe                            1.4    Soybeans         -6.3            

Sources: MSCI, Bloomberg and BlackRock (all figures on a capital only basis).

Brazil ranked as one of the worst performing markets among the region's MSCI
indices and in terms of US dollar returns for the local market. The reasons for
the sell-off in Brazil were a combination of concerns surrounding the new
administration and its commitment to the economic plan in place since 1994 as
well as the structural risks that remain in the global economy. The Central
Bank of Brazil restarted the current hiking process early on, raising rates in
January as well as four more times during the first six months of the year,
totalling 150 basis points, and bringing Brazilian nominal rates back to
12.25%. A further hike in July has widened rates to 12.50%. The goal is to slow 
Brazil's economy enough to get 2012 inflation expectations back to the centre 
of the stated target at 4.5%. We believe they will succeed without derailing 
the middle class growth story we have focused on for the past five years.

Mexico's economic growth surprised on the upside from late January through to
early May. However, it remains heavily dependent on the US economy, which
coupled with weakness in recent macro releases from the United States, ongoing
security issues and political gridlock leads us to be concerned about the
prospects for the Mexican equity market. From a valuation perspective, we do
not find Mexico to be as compelling as Brazil. In addition, the opposition
party PRI which took control of the lower house during the 2009 mid-term
elections, seems intent on positioning itself to take over the presidency next
year. Year to date, the Mexican Bolsa has given back most of what it gained
earlier in the year returning 0.8% in US dollar returns (loss of 5.1% in
sterling terms) during the period.

Chile's equity market was ranked first among the region's local markets versus
the US dollar and second to Colombia in respect of the MSCI indices during the
first half of 2011, largely due to the continued infrastructure investments
being made after the devastation caused by last year's earthquake. In addition,
we have also seen positive macro policies from President Piñera's
administration; both of these factors have contributed to the rebound in
Chilean GDP growth. Despite consumer confidence in Chile indicating a belief in
the new administration, equity valuation levels remain expensive in our
opinion.

The Peruvian market has been the worst performing market in the region. We are 
cautious on the prospects for the Peruvian economy given the recent election of 
Ollanta Humala, which will put into question the continuity of successful fiscal 
and monetary policies from the last two administrations.

Colombia's equity market was the region's best performing market among the MSCI
indices during the period. We expect Colombia to continue to benefit from
President Juan Manuel Santos giving continuity to former President Uribe's
successful policies; however, liquidity and market depth continue to be the
major issues for investing in the country.

Portfolio

During the first half of 2011, absolute weights saw the Brazilian weighting
increase by over 440 basis points. Both Mexico and Peru decreased in absolute
terms while Chile increased. On a relative basis the overweight to Brazil,
was increased by approximately 400 basis points and the underweight position 
to Mexico was increased.

In Brazil, we maintained over 75% of gross assets in the country, with
underweight positions in Petrobrás and zero weighting in the steel sector
financing overweight positions in financials, retailers, consumer staples and
iron ore. We remain overweight in homebuilders but have reduced exposure
overall and rotated some of our exposure to the industry. In addition, we
increased exposure to malls & property and oil & gas and reduced exposure to
utilities during the period.

In Mexico, we moved from a neutral weight, largely due to gearing to an
underweight position during the period reducing metals & mining exposure
through Grupo Mexico, while adding to financials through Banorte. Mexico
remains unattractive from a valuation standpoint relative to other
opportunities in the region, especially Brazil.

In Chile, we deployed funds in the banking sector, the telecommunications
sector and the utilities sector from the proceeds generated from the sale of
retailers during the period. Valuations overall in Chile continue to look
expensive.

In Peru, we reduced our exposure by 240 basis points, with the majority
coming from the mining sector. We also reduced exposure to the banking sector
during the period. We began reducing our exposure to Peru in the first quarter
ahead of the presidential election and continued this reduction following the
election results. As mentioned previously, we do not find the prospects for
Peru that attractive with a Humala led administration. We reduced exposure to
an off-benchmark position in Colombia due to less attractive valuation levels.
Venezuela remained at zero, as did domestic Argentina.

Outlook

Despite the current sell-off and investor risk aversion seen so far this year, 
and heightened in the last few trading sessions, Latin America's fundamentals 
remain strong. Valuations, especially in Brazil, are once again at a discount 
to most markets in the world.  Risks to our positive views in the short term 
continue to come mostly from outside the region, especially the aforementioned 
issues in Europe, China and the United States.  We continue to monitor the interest 
rate tightening cycle in Brazil, believed necessary to bring inflation back to 
target, and the implications of the recent Presidential election in Peru and the 
forthcoming October Presidential election in Argentina.  Overall, we continue to 
be positive on the prospects for Latin America and expect Latin America's equity 
markets to be among the first to recover once the recent sharp sell-off subsides.

William Landers
BlackRock Investment Management (UK) Limited
9 August 2011

Geographical and Sector Analysis
30 June 2011

Geographical weightings

               Portfolio Weightings     Benchmark Weightings
                                                            
Brazil                        75.9%                    67.7%
Mexico                        16.0%                    19.2%
Chile                          4.0%                     7.4%
Panama                         1.4%                     0.0%
Colombia                       1.1%                     3.7%
Peru                           1.1%                     2.0%
Argentina                      0.5%                     0.0%
                             ------                   ------
                             100.0%                   100.0%
                             ------                   ------
Sources: BlackRock and MSCI.

Sector weightings

                        Sector Weightings     Benchmark Weightings
                                                                  
Consumer                            24.1%                    17.6%
Financials                          23.1%                    22.5%
Materials                           15.5%                    21.6%
Energy                              15.5%                    15.2%
Telecommunications                   8.3%                     8.7%
Industrials                          7.8%                     7.4%
Utilities                            5.7%                     7.0%
                                   ------                   ------ 
                                   100.0%                   100.0%
                                   ------                   ------ 
Sources: BlackRock and MSCI.

Ten Largest Investments
30 June 2011

Set out below is a brief description by the Investment Manager of the Company's
largest investments.

Vale - 12.7% (2010: 12.1%) is the world's largest producer of iron ore, with
operations in several other commodities, including nickel, copper and alumina.
The company is the lowest cash cost producer of iron ore and is positioned to
benefit from a tight iron ore market and continued growth in demand from
Chinese steel makers.

Itaú Unibanco - 11.1% (2010: 10.8%) is Brazil's largest private sector bank
that has maintained superior profitability levels while participating in the
overall growth in the Brazilian financial system. The bank continues to benefit
from Brazil's growing demand for credit, especially from individuals and small
and medium size enterprises.

Petrobrás - 10.2% (2010: 8.8%) is Brazil's vertically integrated oil company.
The company continues to invest heavily in increasing its production, utilising
free cash flow to guarantee future production growth. Oil finds in the pre-salt
region could transform the company (and Brazil) into one of the world's major
oil producers. The company's share price was adversely impacted by a US$70 billion 
equity offering, which netted the company 5 billion barrels of additional reserves.

América Móvil - 7.2% (2010: 7.7%) is Latin America's leading provider of
wireless telecommunications services. In addition, it holds a 60% stake in
Telmex, Mexico's leading wireline provider, and 100% of Telmex International
and its significant backbone network throughout Latin America.

Banco Bradesco - 5.9% (2010: 5.4%) being Brazil's second largest private sector
bank is in an advantageous position to benefit from the strong demand for
credit in Brazil. Bradesco has one of the largest branch networks in the
country, allowing it to participate fully in Brazil's growing middle class and
its overall financial services needs.

AmBev - 4.2% (2010: 4.0%) is Brazil's leading beverages company with operations
throughout the Americas. The company is well positioned to continue to benefit
from its defensive position as the region's largest staples producer, while
maintaining a strong focus on cost containment, a perennial AmBev management
strength. The company is showing good growth in Brazil and in many other
countries in the region while maintaining operating cost discipline throughout
its operations.

OGX - 2.9% (2010: 2.3%) is Brazil's largest private sector oil & gas company in
terms of offshore exploratory acreage. The company is moving ahead with its
exploratory campaign and is potentially looking to farm out part of its Campos
Basin.

Fomento Economico Mexicano - 2.6% (2010: 2.5%) - is a Mexican holding company
controlling Coca-Cola's largest independent bottler - Coca-Cola Femsa with
operations throughout Latin America and Mexico's fastest growing retailing
chain with over 6,300 Oxxo convenience stores throughout Mexico. In addition,
the company exchanged its wholly owned beer subsidiary for a 20% economic
interest in Heineken Group in April of last year.

Grupo Televisa - 2.3% (2010: 2.0%) is Mexico's leading television broadcasting
operator and leading provider of satellite and cable television. The latter has
allowed the company to become a leading provider of broadband internet access
and internet protocol telephony. In October 2010 the company acquired a
significant position in Univision, the leading Hispanic broadcaster in the
United States.

Lojas Renner - 2.0% (2010: 1.7%) is Brazil's largest department store. The
company is seeing growth from the domestic sector, growth in lending and in the
number of shopping malls.

All percentages reflect the value of the holding as a percentage of total
investments. Percentages in brackets represent the value of the holding as at
31 December 2010.

Investments
30 June 2011

                                                            Market             
                                                             value         % of
Country of operation                                       US$'000  investments
                                                                               
Brazil                                                                         
Vale                                                        75,689         12.7
Itaú Unibanco                                           }   66,035         11.1
Itaú Unibanco warrants*                                 }                       
Petrobrás                                               }   60,912         10.2
Petrobrás warrants*                                     }                       
Banco Bradesco                                              34,935          5.9
AmBev                                                       25,290          4.2
OGX                                                     }   17,393          2.9
OGX warrants*                                           }                       
Lojas Renner                                            }   12,073          2.0
Lojas Renner warrants*                                  }                       
CCR                                                         10,903          1.8
PDG Realty                                                  10,116          1.7
Banco do Brasil                                             10,025          1.7
Natura                                                  }    9,798          1.6
Natura warrants*                                        }                       
BM&F Bovespa                                                 9,579          1.6
Cyrela Brazil Realty                                    }    9,138          1.5
Cyrela Brazil Realty warrants*                          }                       
Hypermarcas                                             }    7,550          1.3
Hypermarcas warrants*                                   }                       
Anhanguera Educacional                                       6,379          1.1
BR Malls                                                     6,249          1.0
Localiza Rent a Car                                          6,001          1.0
Queiroz Galvao Participacões                                 5,703          1.0
Magazine Luiza                                               5,461          0.9
Iochpe-Maxion                                                4,369          0.7
Tractebel Energia                                            4,297          0.7
T4F Entretenimento                                           4,033          0.7
Multiplus                                                    4,005          0.7
BR Properties                                                3,831          0.6
Totvs                                                        3,635          0.6
Braskem                                                      3,565          0.6
Cemig                                                        3,301          0.6
Saraiva Livreiros                                            3,223          0.5
Autometal                                                    3,102          0.5
Klabin                                                       3,042          0.5
LPS Brasil                                                   3,041          0.5
Aes Tiete                                                }   2,949          0.5
Aes Tiete warrants*                                      }                      
CTEEP                                                        2,910          0.5
DASA                                                         2,688          0.5
Profarma Distribuidora                                       2,617          0.4
Rossi Residencial                                        }   2,439          0.4
Rossi Residencial warrants*                              }                      
Marisa Lojas                                                 2,133          0.4
Metalfrio Solutions                                          1,728          0.3
Iguatemi Empresa de Shopping Centers                         1,572          0.3
Lupatech                                                     1,023          0.2
                                                           -------        ----- 
                                                           452,732         75.9
                                                           -------        ----- 
Mexico                                                                         
América Móvil                                               43,088          7.2
Fomento Economico Mexicano                                  15,295          2.6
Grupo Televisa                                              13,525          2.3
Genomma Lab Internacional                                    7,106          1.2
Walmart de México                                            5,171          0.9
Grupo Financiero Banorte                                     4,981          0.8
Grupo Mexico                                                 2,637          0.4
Compartamos                                                  2,513          0.4
Empresas ICA                                                 1,372          0.2
                                                           -------        ----- 
                                                            95,688         16.0
                                                           -------        ----- 
Chile                                                                          
Banco Santander-Chile                                        8,056          1.4
Empresa Nacional de Telecom                                  6,433          1.1
E-CL                                                         5,592          0.9
Empresa Nacional de Electricidad                             3,517          0.6
                                                           -------        -----
                                                            23,598          4.0
                                                           -------        ----- 
Panama                                                                         
Copa                                                         8,345          1.4
                                                           -------        -----   
                                                             8,345          1.4
                                                           -------        -----
Colombia                                                                       
Pacific Rubiales Energy                                      6,691          1.1
                                                           -------        -----
                                                             6,691          1.1
                                                           -------        ----- 
Peru                                                                           
Southern Copper                                              2,860          0.5
Minas Buenaventura                                           2,277          0.4
Credicorp                                                    1,120          0.2
                                                           -------        ----- 
                                                             6,257          1.1
                                                           -------        -----
Argentina                                                                      
Ternium                                                      2,807          0.5
                                                           -------        ----- 
                                                             2,807          0.5
                                                           -------        ----- 
Total investments                                          596,118        100.0
                                                           -------        -----

* Outperformance warrants held are linked to underlying listed securities which
have available quoted prices, however the warrants are not listed in their own
right. The valuation of outperformance warrants has been derived from the
quoted prices of underlying securities.

The total number of investments held at 30 June 2011 was 59 (30 June 2010: 60).
All investments are in equity shares unless otherwise stated.

Income Statement
for the six months ended 30 June 2011

                                  Revenue                         Capital                            Total  
                                  US$'000                         US$'000                           US$'000  
                      Six months ended Year ended       Six months ended Year ended      Six months ended  Year ended
                    30.06.11   30.06.10  31.12.10    30.06.11    30.06.10  31.12.10    30.06.11    30.06.10  31.12.10
            Notes (unaudited)(unaudited) (audited) (unaudited) (unaudited) (audited) (unaudited) (unaudited) (audited)
                                                                                                                      
(Losses)/   
gains on                                                                      
investments                                                                    
held at                                                                         
fair value                                                                        
through                                                                        
profit or                                                                      
loss                      -          -         -     (31,436)    (60,254)   95,606     (31,436)    (60,254)   95,606
     
Changes in  
the 
value of
convertible
bonds 
held
at
fair
value
through
profit
or
loss                       -          -         -       4,805       4,800    (9,587)      4,805       4,800    (9,587)
     
Exchange 
losses                     -          -         -         (87)       (464)     (347)        (87)       (464)     (347)
     
Income from 
investments
held
at
fair
value
through
profit
or 
loss            2     10,179      8,977    16,823           -           -         -      10,179       8,977    16,823
     
Other
income          2          2          1         1           -           -         -           2           1         1 
     
Investment
management
and
performance
fees            3       (597)      (493)   (1,097)     (1,790)     (1,477)   (6,198)     (2,387)     (1,970)   (7,295)
     
Other 
operating
expenses        4       (487)      (563)   (1,119)       (515)       (507)     (743)     (1,002)     (1,070)   (1,862)
                       -----      -----    ------      ------      ------    ------      ------      ------    ------ 
Net return
before
finance
costs
and 
taxation               9,097      7,922    14,608     (29,023)    (57,902)   78,731     (19,926)    (49,980)   93,339
     
Finance
costs                   (350)      (357)     (697)     (1,050)     (1,073)   (2,091)     (1,400)     (1,430)   (2,788)
                       -----      -----    ------      ------      ------    ------      ------      ------    ------ 
Net return
on ordinary
activities
before
taxation               8,747      7,565    13,911     (30,073)    (58,975)   76,640     (21,326)    (51,410)   90,551
     
Taxation on
ordinary 
activities              (975)      (660)   (1,367)        978         243      (454)          3        (417)   (1,821)
                       -----      -----    ------      ------      ------     ------     ------      ------    ------ 
Net return
on ordinary
activities
after
taxation               7,772      6,905    12,544     (29,095)    (58,732)   76,186     (21,323)    (51,827)   88,730 
                       -----      -----    ------      ------      ------    ------      ------      ------    ------ 
Undiluted
return per
ordinary
share 
(cents)         7      17.73      15.75     28.62      (66.37)    (133.98)    173.79      (48.64)    (118.23)   202.41
                      ======     ======    ======      ======      ======     ======      ======      ======    ======
Diluted
return per 
ordinary
share
(cents)*        7      17.73      15.75     24.74      (66.37)    (133.98)    165.49      (48.64)    (118.23)   190.23
                      ======     ======    ======      ======      ======     ======      ======      ======    ======

The total column of this statement represents the Income Statement of the
Company. The supplementary revenue and capital columns are both prepared under
guidance published by the Association of Investment Companies ("AIC"). The
Company had no recognised gains and losses other than those disclosed in the
Income Statement. All items in the above statement derive from continuing
operations and no operations were acquired or discontinued during the period.
All income is attributable to the equity holders of BlackRock Latin American
Trust plc.

*The basis of calculating diluted return per ordinary share has been revised 
and comparatives restated. Refer to note 7 for further details.

Reconciliation of Movements in Shareholders' Funds
for the six months ended 30 June 2011

                                        Share     Capital          Non-                                    
                            Share     premium  redemption distributable     Capital     Revenue            
                          capital     account     reserve       reserve    reserves     reserve       Total
                          US$'000     US$'000     US$'000       US$'000     US$'000     US$'000     US$'000
for the six months                                                                                         
ended 30 June 2011                                                                                         
(unaudited)                                                                                                
                                                                                                           
At 31 December 2010        4,384      11,687       4,602         4,356     481,637      17,835     524,501 
Return for the period          -           -           -             -     (29,095)      7,772     (21,323)
Share issue costs              -         (66)          -             -           -           -         (66)
Shares issued on 
conversion of                                                                                              
convertible bonds              -          20           -             -           -           -          20
Dividends paid 1               -           -           -             -           -      (8,329)     (8,329)
                           -----      ------       -----         -----     -------      ------     ------- 
At 30 June 2011            4,384      11,641       4,602         4,356     452,542      17,278     494,803 
                           -----      ------       -----         -----     -------      ------     ------- 
for the six months                                                                                         
ended 30 June 2010                                                                                         
(unaudited)                                                                                                
At 31 December 2009        4,739      11,655       4,247         4,356     405,451      12,962     443,410 
Return for the period          -           -           -             -     (58,732)      6,905     (51,827)
Shares cancelled            (355)          -         355             -           -           -           - 
Dividends paid 2               -           -           -             -           -      (5,479)     (5,479)
                           -----      ------       -----         -----     -------      ------     ------- 
At 30 June 2010            4,384      11,655       4,602         4,356     346,719      14,388     386,104 
                           -----      ------       -----         -----     -------      ------     ------- 
for the year ended 
31 December 2010                                                                                        
(audited)                                                                                                  
                                                                                                           
At 31 December 2009        4,739      11,655       4,247         4,356     405,451      12,962     443,410 
Return for the year            -           -           -             -      76,186      12,544      88,730 
Shares issued on  
conversion of                                                                                              
convertible bonds              -          32           -             -           -           -          32
Share cancelled from 
treasury                    (355)          -         355             -           -           -           - 
Dividends paid 3               -           -           -             -           -      (7,671)     (7,671)
                           -----      ------       -----         -----     -------      ------     ------- 
At 31 December 2010        4,384      11,687       4,602         4,356     481,637      17,835     524,501 
                           -----      ------       -----         -----     -------      ------     ------- 

1. Second interim dividend in respect of the year ended 31 December 2010 of
19.00 cents per share declared on 17 February 2011 and paid on 13 April 2011.

2. Second interim dividend in respect of the year ended 31 December 2009 of
12.50 cents per share declared on 17 February 2010 and paid on 14 April 2010.

3. Second interim dividend paid in respect of the year ended 31 December 2009
of 12.50 cents per share declared on 17 February 2010 and paid on 14 April 2010
and the first interim dividend for the year ended 31 December 2010 of 5.00
cents per share declared on 3 August 2010 and paid on 24 September 2010.

During the period the Company incurred purchase transaction costs of US$97,000,
(six months ended 30 June 2010: US$180,000; year ended 31 December 2010:
US$314,000) and sales transaction costs of US$125,000 (six months ended 30 June
2010: US$197,000; year ended 31 December 2010: US$343,000). All transaction
costs have been included within the capital column of the Income Statement.

Balance Sheet
as at 30 June 2011
                                               30 June        30 June    31 December
                                                  2011           2010           2010
                                               US$'000        US$'000        US$'000
                                  Notes     (unaudited)    (unaudited)      (audited)
Fixed assets                                                                        
                                                                                    
Investments held at fair value 
through profit or loss                        596,118        478,246        641,050
                                             --------        -------      --------- 
Current assets                                                                      
Debtors                                         3,413          3,692          3,960 
Cash                                           11,124          4,813              5 
                                             --------        -------      ---------  
                                               14,537          8,505          3,965 
Creditors - amounts falling due                                                     
within one year                                                                     
                                                                                    
Bank overdrafts                                     -              -           (232)
Other creditors                                (8,698)        (3,023)        (8,303)
                                             --------        -------      --------- 
                                               (8,698)        (3,023)        (8,535)
                                             --------        -------      --------- 
Net current assets/(liabilities)                5,839          5,482         (4,570)
                                             --------        -------      --------- 
Total assets less current 
liabilities                                   601,957        483,728        636,480 
                                                                                    
Creditors - amounts falling due                                                     
after more than one year                                                            
                                                                                    
Non equity redeemable shares                      (24)           (24)           (24)
                                                                                    
Convertible bonds held at fair
value through profit or loss                 (107,130)       (97,600)      (111,955) 
                                             --------        -------      --------- 
Net assets                                    494,803        386,104        524,501 
                                             --------        -------      --------- 
Capital and reserves                                                                
Share capital                         6         4,384          4,384          4,384 
Share premium account                          11,641         11,655         11,687 
Capital redemption reserve                      4,602          4,602          4,602 
Non distributable reserve                       4,356          4,356          4,356 
Capital reserves                              452,542        346,719        481,637 
Revenue reserve                                17,278         14,388         17,835 
                                             --------        -------      --------- 
Total equity shareholders'  
funds                                         494,803        386,104        524,501 
                                             --------        -------      --------- 
Net asset value per ordinary       
share (cents) - debt at fair value    7      1,128.62         880.80       1,196.42
                                             --------        -------      --------- 
Net asset value per ordinary    
share (cents) - debt converted        7      1,142.82         918.67       1,208.28 
                                             --------        -------      --------- 

Cash Flow Statement
for the six months ended 30 June 2011
                                            Six months     Six months           Year
                                                 ended          ended          ended
                                               30 June        30 June    31 December
                                                  2011           2010           2010
                                               US$'000        US$'000        US$'000
                                           (unaudited)    (unaudited)      (audited)
                                                                                    
Net cash inflow from operating 
activities                                      9,606          5,446          9,344
                                                                                    
Servicing of finance                                                                
Finance costs                                  (1,400)        (1,641)        (3,002)
Taxation paid                                    (496)          (417)          (863)
                                               ------        -------        ------- 
Capital expenditure and financial                                                   
investment                                                                          
                                                                                    
Purchase of investments                       (92,361)      (214,359)      (362,368)
Proceeds from sale of investments             105,006        217,050        359,952 
Capital expenses                                 (522)          (740)          (685)
                                               ------        -------        ------- 
Net cash inflow/(outflow) from capital
expenditure and financial investment           12,123          1,951         (3,101)
                                               ------        -------        ------- 
Equity dividends paid                          (8,329)        (5,479)        (7,671)
                                               ------        -------        ------- 
Net cash inflow/(outflow) before
financing                                      11,504           (140)        (5,293)
                                               ------        -------        ------- 
Financing                                                                           
                                                                                    
Share issue expenses paid                         (66)             -              - 
                                               ------        -------        ------- 
Net cash outflow from financing                   (66)             -              - 
                                               ------        -------        ------- 
Increase/(decrease) in cash in the 
period                                         11,438           (140)        (5,293)   
                                               ------        -------        ------- 

Reconciliation of Net Return before Finance Costs and Taxation to Net Cash Flow
from Operating Activities

                                            Six months     Six months           Year
                                                 ended          ended          ended
                                               30 June        30 June    31 December
                                                  2011           2010           2010
                                               US$'000        US$'000        US$'000
                                           (unaudited)    (unaudited)      (audited)
                                                                                    
Net return before finance costs and 
taxation                                      (19,926)       (49,980)        93,339 
Losses/(gains) on investments held at
fair value through profit or loss              31,436         60,254        (95,606)
Fair value adjustment for the 
convertible bonds                              (4,805)        (4,800)         9,587 
Exchange losses of a capital nature                87            464            347 
Non-operating expenses of a capital 
nature                                            515            507            743 
(Increase)/decrease in accrued income              (8)           182           (954)
Increase/(decrease) in creditors                2,307         (1,181)         1,888 
                                              -------         ------         ------ 
Net cash inflow from operating 
activities                                      9,606          5,446          9,344 
                                              -------         ------         ------ 

Notes to the Financial Statements
for the six months ended 30 June 2011

1. Principal activity and basis of preparation

The Company conducts its business so as to qualify as an investment trust
company within the meaning of sub-sections 1158-1165 of the Corporation Tax Act
2010. The half yearly financial statements have been prepared on the same basis
as the accounting policies set out in the Company's financial statements as at
31 December 2010, unless otherwise stated.

Under FRS26 "Financial instruments: Measurements" the Company has designated
its assets and liablities as being measured as "fair value through profit or
loss". The fair value of fixed asset investments is deemed to be the bid market
value at the close of business on the balance sheet date. The taxation charge
has been calculated by applying an estimate of the annual effective tax rate to
any profit for the period.

The Company's financial statements have been prepared in accordance with UK
Generally Accepted Accounting Practice ("UK GAAP") and with the Statement of
Recommended Practice "Financial Statement of Investment Companies" ("SORP")
revised in January 2009.

2. Income
                                            Six months   Six months         Year
                                                 ended        ended        ended
                                               30 June      30 June  31 December
                                                  2011         2010         2010
                                            (unaudited)  (unaudited)    (audited)
                                               US$'000      US$'000      US$'000
                                                                                
Overseas dividends                              10,041        7,849       14,735
Interest income                                    138        1,128        2,088
                                                ------        -----       ------
                                                10,179        8,977       16,823
Interest receivable and other income:                                           
Deposit interest                                     2            1            1
                                                ------        -----       ------
Total                                           10,181        8,978       16,824
                                                ======        =====       ======

3. Investment management and performance fees

The investment management fee has been calculated at 0.85% per annum on the NAV
plus 0.34% on the US$79,948,000 convertible bonds. The Investment Manager is
also entitled to a performance fee equal to 10% of any outperformance of the
NAV per share against the benchmark, the MSCI Emerging Markets Latin America
Index (in US dollar terms on a total return basis) plus a hurdle of 1%. The
performance fee is capped at 1% of NAV.

No performance fee was payable in respect on the period ended 30 June 2011 (six
months ended 30 June 2010: nil; year ended 31 December 2010: US$2,907,000).

4. Operating expenses
                                            Six months   Six months         Year
                                                 ended        ended        ended
                                               30 June      30 June  31 December
                                                  2011         2010         2010
                                            (unaudited)  (unaudited)    (audited)
                                               US$'000      US$'000      US$'000
                                                                                
Custody fee                                         91          146          267
Directors' emoluments                              158          144          267
Other administration costs                         238          273          585
                                                   ---          ---        -----
                                                   487          563        1,119
                                                   ===          ===        =====
5. Dividends

The Board has declared a first interim dividend of 5.00 cents (2010: 5.00 cents)
payable on 23 September 2011 to shareholders on the register as at 19 August 2011. 
The total cost of this dividend, based on 43,841,312 ordinary shares in issue at 
9 August 2011 is US$2,192,000 (30 June 2010: 43,835,522 shares and cost US$2,192,000).

6. Share capital
                                                         Number of        Nominal
                                                         shares in          value
                                                             issue        US$'000
Allotted, called-up and fully paid share capital                                 
comprised:                                                                       
                                                                                 
Ordinary shares of 10 cents each                                                 
At 31 December 2010                                     43,839,085          4,384
                                                                                 
Conversion of bonds into ordinary shares                     2,227              -
                                                        ----------          -----
At 30 June 2011                                         43,841,312          4,384
                                                        ==========          =====

No ordinary shares were repurchased during the period or in respect of the six
months ended 30 June 2010 or the year ended 31 December 2010. 2,227 ordinary
shares were issued following the conversion of US$20,000 convertible bonds.

At 30 June 2011, the Company had 43,841,312 shares in issue. There were no
shares held in treasury.

7. Returns and net asset value per ordinary share

                                           30 June           30 June        31 December
                                              2011              2010               2010
                                        (unaudited)       (unaudited)          (audited)
Net revenue return attributable 
to ordinary shareholders                                                                
(US$'000)                                    7,772             6,905             12,544 
                                                                                        
Net capital return attributable 
to ordinary shareholders                                                                
(US$'000)                                  (29,095)          (58,732)            76,186
                                        ----------        ----------         ----------
Total return attributable to     
ordinary shareholders (US$'000)            (21,323)          (51,827)            88,730
                                        ==========        ==========         ==========  
Equity shareholders' funds 
(US$'000)                                  494,803           386,104            524,501
                                        ==========        ==========         ==========  
Net revenue return on which the 
diluted earnings per share has                                                          
been calculated                              7,772             6,905             13,048
                                                                                        
Net capital return on which the
diluted earnings per share has                                                          
been calculated                            (29,095)          (58,732)            87,285
                                        ----------        ----------         ---------- 
Net total return attributable to 
ordinary shareholders (US$'000)*           (21,323)          (51,827)           100,333
                                        ----------        ----------         ---------- 
The weighted average number of  
ordinary shares in issue during                                                         
the period, on which the return                                                         
per ordinary share was                                                                  
calculated, was:                        43,840,192        43,835,522         43,836,049
                                        ----------        ----------         ---------- 
The weighted average number of   
ordinary shares in issue during                                                         
the period, on which the diluted                                                        
return per ordinary share was                                                           
calculated, was:                        43,840,192        43,835,522         52,744,207
                                        ----------        ----------         ---------- 

*Where dilution occurs, the net returns are adjusted for items relating to the convertible 
bonds.  The basis of calculating diluted returns has been revised and comparative information 
restated.  Total earnings for the period are tested for dilution. Once dilution has been 
determined individual revenue and capital earnings are adjusted. Bond finance costs for the 
period, net of tax, are reversed together with the fair value adjustment on the convertible 
bonds.

The actual number of ordinary  
shares in issue at the end of                                                           
each period, on which the                                                               
undiluted net asset value was                                                           
calculated, was:                        43,841,312         43,835,522        43,839,085
                                        ----------        ----------         ---------- 
The number of ordinary shares in  
issue at the end of each period,                                                        
on which the diluted net asset                                                          
value was calculated, was:              52,744,207         52,744,207        52,744,207
                                        ----------        ----------         ---------- 
Undiluted return per share                   Cents             Cents              Cents 
                                                                                        
Revenue return per share                     17.73             15.75              28.62 
                                                                                        
Capital return per share                    (66.37)          (133.98)            173.79 
                                        ----------        ----------         ---------- 
Total return per share                      (48.64)          (118.23)            202.41 
                                        ==========        ==========         ==========  
Net asset value per share - debt 
at fair value                             1,128.62            880.80           1,196.42
                                                                                        
Ordinary share price 
(mid-market)*                             1,075.65            921.60           1,200.07
                                        ==========        ==========         ========== 
Diluted return per share**                                                              
                                                                                        
Revenue return per share                     17.73             15.75              24.74 
                                                                                        
Capital return per share                    (66.37)          (133.98)            165.49 
                                        ----------        ----------         ---------- 
Total return per share                      (48.64)          (118.23)            190.23 
                                        ==========        ==========         ==========  
Net asset value per share - debt           US$'000           US$'000            US$'000 
converted                                                                               
                                                                                        
Net assets with convertible      
bonds at fair value per balance                                                         
sheet                                      494,803           386,104            524,501
                                                                                        
Add back convertible bonds at 
fair value                                 107,130            97,600            111,955
                                                                                        
Accrued interest on convertible 
bonds at balance sheet date                    840               840                840
                                        ----------        ----------         ---------- 
Adjusted net assets following 
conversion of the convertible                                                           
bonds (a)                                  602,773           484,544            637,296
                                        ==========        ==========         ========== 
Number of ordinary shares for  
NAV                                     43,841,312        43,835,522         43,839,085
                                                                                        
Number of ordinary shares           
arising on conversion of                                                                
convertible bonds (US$79,948,000                                                        
@ US$8.98) (30 June 2010 and 
31 December 2010: US$79,968,000 
@ US$8.98)                               8,902,895         8,908,685          8,905,122
                                        ----------        ----------         ---------- 
Number of ordinary shares 
following conversion of                                                                 
convertible bonds NAV (b)               52,744,207        52,744,207         52,744,207
                                        ==========        ==========         ========== 
Net asset value per share - debt 
converted (cents) (a/b)                   1,142.82            918.67           1,208.28
                                        ==========        ==========         ========== 

* The Company's share price is quoted in sterling and the above represents the
US dollar equivalent.
** ** For the periods ending 30 June 2011 and 30 June 2010 there was no dilution.  
Comparative information has been restated.

8. Related party disclosure

BlackRock Investment Management (UK) Limited ("BlackRock") provides management
and administration services to the Company under a contract which is terminable
on six months' notice. Details of the fees receivable by BlackRock in relation
to these services are set out in note 3.

The investment management fee for the six months ended 30 June 2011 amounted to
US$2,387,000 (six months ended 30 June 2010: US$1,970,000; year ended 31
December 2010: US$4,388,000). No performance fee was payable for the six months
ended 30 June 2011 (six months ended 30 June 2010: nil; year ended 31 December
2010: US$2,907,000).

At the period end, an amount US$6,545,000 was outstanding in respect of these
fees (six months ended 30 June 2010: US$1,351,000; year ended 31 December 2010:
US$4,159,000).

The Board consists of six non-executive Directors, all of whom are considered
to be independent by the Board. None of the Directors has a service contract
with the Company. With effect from 1 January 2011, the Chairman receives an
annual fee of £39,000 (US$61,000), the Chairman of the Audit Committee/Senior
Independent Director receives an annual fee of £30,000 (US$47,000) and each of
the other Directors receives an annual fee of £26,000 (US$41,000).

At the period end members of the Board held ordinary shares and convertible
bonds in the Company as set out below:

                                                           Ordinary Convertible
                                                             shares       bonds
                                                                               
P C D Burnell (Chairman)                                      3,000         100
The Earl St Aldwyn                                            1,470         100
Dr M Doctor                                                       -           -
A Monteiro de Castro                                         47,000         100
D R O'Conor                                                  12,007           -
L A Whitehead                                                 6,037         100

9. Contingent liabilities

There were no contingent liabilities at 30 June 2011 (2010: nil).
10. Publication of non statutory accounts

The financial information contained in this half yearly report does not
constitute statutory accounts as defined in section 435 of the Companies Act
2006. The financial information for the six months ended 30 June 2011 and 
30 June 2010 has not been audited.

The information for the year ended 31 December 2010 has been extracted from the
latest published audited financial statements, which have been filed with the
Registrar of Companies, unless otherwise stated. The report of the auditors on 
those accounts contained no qualification or statement under sections 498(2) 
or (3) of the Companies Act 2006.

11. Annual results

The Board expects to announce the annual results for the year ending 
31 December 2011 as prepared under UK GAAP in mid February 2012. Copies of the
results announcement can be obtained from the Secretary on 020 7743 3000. The
annual report should be available by the beginning of March 2012, with the
Annual General Meeting being held in May 2012.

For further information, please contact:

Jonathan Ruck Keene, Managing Director, Investment Companies, BlackRock
Investment Management (UK) Limited
Tel: 020 7743 2178

Peter Burnell - Chairman
Tel: 01434 632292

Emma Phillips, Media & Communication, BlackRock Investment Management (UK)
Limited
Tel: 020 7743 2922

Henrietta Guthrie, Lansons Communications
Tel: 020 7294 3612

9 August 2011
12 Throgmorton Avenue
London EC2N 2DL


The Half Yearly Financial Report will also be available on the BlackRock
Investment Management website at 
http://www.blackrock.co.uk/content/groups/uksite/documents/literature/blk047183.pdf. 
Neither the contents of the Manager's website nor the contents of any website 
accessible from hyperlinks onthe Manager's website (or any other website) is 
incorporated into, or forms part of, this announcement.


                                             

a d v e r t i s e m e n t