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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 2.00 | 0.51% | 398.00 | 397.00 | 399.00 | 398.00 | 398.00 | 398.00 | 23,546 | 16:29:55 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Mgmt Invt Offices, Open-end | 16.74M | 13.67M | 0.3482 | 11.43 | 156.25M |
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TIDMBRLA
BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC
All information is at 31 December 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^ 0.7 0.9 49.2 5.0 -6.0 65.0
Share price 1.5 -0.4 45.9 2.8 -10.1 53.0
MSCI EM Latin America 2.1 4.3 56.8 7.2 -4.8 83.4
US Dollars:
Net asset value^ -0.4 -4.0 25.0 -21.6 -25.1 17.7
Share price 0.4 -5.3 22.2 -23.3 -28.5 9.1
MSCI EM Latin America 0.9 -0.8 31.5 -20.0 -24.3 30.7
^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: 444.47p
Net asset value - cum income: 454.71p
Share price: 393.75p
Total Assets#: GBP184.5m
Discount (share price to cum income NAV): 13.4%
Average discount* over the month - cum income: 14.7%
Net gearing at month end**: 2.3%
Gearing range (as a % of net assets): 0-25%
Net yield##: 2.3%
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 64.5 65.0 57.9
Mexico 23.7 23.8 26.7
Peru 4.9 4.9 3.0
Argentina 3.3 3.4 0.0
Chile 1.6 1.6 9.0
Colombia 1.3 1.3 3.4
Net current assets 0.7 0.0 0.0
(inc.Fixed interest)
----- ----- -----
Total 100.0 100.0 100.0
----- ----- -----
Sector % of Equity Portfolio % of Benchmark
*
Financials 31.3 30.2
Consumer Staples 22.4 17.2
Materials 13.6 15.1
Energy 12.9 9.4
Industrials 5.3 5.9
Utilities 4.4 6.5
Consumer Discretionary 3.5 5.8
Telecommunication Services 3.1 5.8
Information Technology 2.6 1.7
Real Estate 0.9 1.4
Health Care 0.0 1.0
----- -----
Total 100.0 100.0
----- -----
*excluding net current assets & fixed interest
Ten Largest Equity Investments (in percentage order)
Country of % of % of
Company Risk Equity Portfolio Benchmark
Banco Bradesco Brazil 9.2 6.1
Petrobras Brazil 9.0 6.4
Itau Unibanco Brazil 7.4 6.4
Vale Brazil 4.5 4.6
AmBev Brazil 3.9 4.5
BM&F Bovespa Brazil 3.8 1.7
Femsa Mexico 3.8 2.7
Grupo Financiero Banorte Mexico 3.5 2.4
BRF Brazil 3.1 1.7
Telefonica Brasil Brazil 3.1 1.2
Commenting on the markets, Will Landers, representing the Investment Manager
noted;
Performance
For the month of December 2016, the Company's NAV increased by 0.7% and its
share price rose by 1.5%, whilst the Company's benchmark, the MSCI Latin
America Free Index, rose by 2.1% (all performance figures are in sterling
terms).
Stock selection in Brazil and Mexico was the primary detractor from returns.
Higher than benchmark exposure to Petrobras and Vale weighed on returns given
weakness in the energy and material stocks. Our lower than benchmark exposure
to Chile was the largest contributor to returns driven mainly by weak activity
levels and continued low levels of business confidence. In a month where Latin
America was basically flat there were no material positive contributors to
performance at the stock level.
Transactions/Gearing
During the month we adjusted our banking exposure in Brazil by adding to
Bradesco, reducing Itau Banco and introducing Banco do Brasil. We increased
our position in Banco Bradesco as we expect better upside relative to Itau
Banco. Banco Bradesco had underperformed due to concerns about their merger
with HSBC Brazil. We introduced Banco do Brasil given our positive view on the
management changes, cost cutting initiatives and falling provisions, which
should contribute positively to its return on equity, expansion and earnings
growth in coming years. We reduced exposure to Ambev, taking the name to an
underweight given weak demand for their Brazilian operations; we expect a
better entry point sometime in 2017.
Net gearing was approximately 2.3% at the end of December.
Positioning
We enter 2017 maintaining a large overweight in Brazil. We expect the Central
Bank to begin cutting rates more aggressively in its first meeting of the year
on January 11th, potentially bringing rates back to the single digits by the
end of the year or early 2018. This should be the main driver for improved
economic activity in the short-term. By the end of the second quarter, the
passage of social security reform will ensure that medium to long-term fiscal
numbers improve, thus providing the economy with a path for sustainable
growth. Meanwhile, we maintain the underweight in Mexico as the market looks
to digest whatever policies will be pursued by the incoming Trump
administration and their potential impact on trade and immigration. Peru
remains our favoured Andean country, and the changes in the finance ministry in
Argentina should result in a higher focus on fiscal reforms, which should be
positive for investor confidence in that country.
16 January 2017
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
January 16, 2017 09:20 ET (14:20 GMT)
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