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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Blackrock Latin American Investment Trust Plc | LSE:BRLA | London | Ordinary Share | GB0005058408 | ORD US$0.10 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 5.00 | 1.31% | 386.00 | 382.00 | 386.00 | 388.00 | 385.00 | 388.00 | 49,857 | 16:35:16 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Mgmt Invt Offices, Open-end | 16.74M | 13.67M | 0.3482 | 11.06 | 151.15M |
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TIDMBRLA
BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC
All information is at 30 September 2016 and unaudited.
Performance at month end with net income reinvested.
One Three One Three Five ^^Since
month months year years years 31.03.06
% % % % % %
Sterling:
Net asset value^ 0.6 8.9 46.6 -0.1 0.7 63.4
Share price 1.8 11.3 49.6 -1.4 -5.5 53.5
MSCI EM Latin America 0.0 8.5 50.5 -1.8 -0.5 75.8
US Dollars:
Net asset value^ -0.2 5.9 25.7 -19.7 -15.9 22.6
Share price 0.9 8.1 28.3 -20.8 -21.1 15.1
MSCI EM Latin America -0.8 5.4 29.0 -21.2 -17.0 31.7
^cum income
^^Date which BlackRock took over the investment management of the Company.
Sources: BlackRock, Standard & Poor's Micropal
At month end
Net asset value - capital only: 444.26p
Net asset value - cum income: 450.61p
Share price: 395.40p
Total Assets#: GBP179.2m
Discount (share price to cum income NAV): 12.3%
Average discount* over the month - cum income: 13.4%
Net gearing at month end**: 2.0%
Gearing range (as a % of net assets): 0-25%
Net yield##: 2.2%
Ordinary shares in issue***: 39,369,620
Ongoing charges****: 1.1%
#Total assets include current year revenue.
## calculated using total dividends declared in the last 12 months as at the
date of this announcement as a percentage of month end share price.
*The discount is calculated using the cum income NAV (expressed in sterling
terms).
**Net cash/net gearing is calculated using debt at par, less cash and cash
equivalents and fixed interest investments as a percentage of net assets.
***Excluding 2,071,662 shares held in treasury.
**** Calculated as a percentage of average net assets and using expenses,
excluding performance fees and interest costs for the year ended 31 December
2015.
Geographic Exposure % of Total % of Equity MSCI EM Latin
Assets Portfolio * American Index
Brazil 62.5 62.0 56.7
Mexico 26.4 26.1 28.2
Peru 6.3 6.2 2.9
Argentina 2.8 2.8 0.0
Chile 1.6 1.6 8.7
Colombia 1.3 1.3 3.5
Net current liabilities -0.9 0.0 0.0
(inc.Fixed interest)
----- ----- -----
Total 100.0 100.0 100.0
----- ----- -----
Sector % of Equity Portfolio % of Benchmark
*
Financials 30.6 29.5
Consumer Staples 25.1 20.6
Energy 12.3 8.7
Materials 10.9 12.9
Industrials 6.5 6.3
Information Technology 4.1 2.1
Consumer Discretionary 3.6 6.5
Telecommunication Services 3.2 5.3
Utilities 2.4 6.1
Real Estate 1.3 1.6
Health Care 0.0 0.4
----- -----
Total 100.0 100.0
----- -----
*excluding net current assets & fixed interest
Ten Largest Equity Investments (in percentage order)
% of % of
Company Country of Equity Portfolio Benchmark
Risk
Itau Unibanco Brazil 9.3 6.1
Petrobras Brazil 8.7 5.7
Banco Bradesco Brazil 8.2 6.2
AmBev Brazil 6.9 5.4
Femsa Mexico 4.5 3.2
Cielo Brazil 3.7 1.9
BRF Brazil 3.5 2.0
Grupo Financiero Banorte Mexico 3.4 2.5
Credicorp Peru 3.3 1.9
Telefonica Brasil Brazil 3.3 1.2
Commenting on the markets, Will Landers, representing the Investment Manager
noted;
Performance
For the month of September 2016, the Company's NAV rose by 0.6% and the share
price rose by 1.8%, while the Company's benchmark, the MSCI EM Latin America
Index, returned 0.0% (all performance figures are in sterling terms).
An allocation to off-benchmark Argentina was the largest contributor to
performance, specifically our position in Pampa Energia which benefited from
OPEC's announcement of an agreement in principle to production cuts. Petrobras
also contributed positively to performance as a result of the OPEC
announcement.
There were no material detractors from performance at the country level during
the month. At the stock level, an overweight to Brazilian rail operator Rumo
weighed on returns suffering as a result of concerns about potentials delays in
concession renewals and the proposed infrastructure package from the
government.
Transactions/Gearing
During the month we reintroduced Vale given attractive valuations and our
becoming more positive on the direction of iron ore prices. We exited Mexican
broadcaster Televisa as the stock was close to our target price and due to
concerns over potential noise around Univision looking to renegotiate the
content agreement as a result of low ratings. We added to our position in the
Brazilian exchange BM&F Bovespa due to attractive valuations following weakness
in the stock after the impeachment vote.
Net gearing was approximately 2.0% at the end of September.
Positioning
We enter the last quarter of 2016 with the highest exposure to Brazil relative
to the benchmark we have had in several quarters. We are confident that the
Temer administration will successfully deliver the necessary fiscal adjustments
to bring back growth while allowing inflation to fall to the Central Bank's
target, thus allowing an aggressive easing cycle that should make growth
sustainable in the 3% plus range from 2018 onwards. We are also overweight
Peru and Argentina on expectations of improving growth and continued pro market
reforms. Chile and Colombia are large underweights on the back of populist
policies in the former and lack of progress on the fiscal side for the latter.
Finally Mexico is an underweight on concerns regarding the impact of the US
election on trade as well as unattractive valuations.
20 October 2016
ENDS
Latest information is available by typing www.blackrock.co.uk/brla on the
internet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV
terminal). Neither the contents of the Manager's website nor the contents of
any website accessible from hyperlinks on the Manager's website (or any other
website) is incorporated into, or forms part of, this announcement.
END
(END) Dow Jones Newswires
October 20, 2016 11:42 ET (15:42 GMT)
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