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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Merrill L Lat | LSE:MLLA | 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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 574.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
MERRILL LYNCH LATIN AMERICAN INVESTMENT TRUST PLC All information is at 31 March 2008 and unaudited. Performance at month end is calculated with net income reinvested One Three *Since One Three Five Month Months 31.03.06 Year Years Years Sterling: Net asset value -5.3% -4.1% 51.0% 28.4% 139.4% 459.9% Share price -9.5% -4.0% 53.1% 28.3% 195.2% 629.8% MSCI EM Latin -3.3% -1.2% 60.8% 38.2% 198.1% 517.2% American US Dollars: Net asset value -5.4% -4.2% 73.1% 30.1% 151.8% 604.1% MSCI EM Latin -3.4% -1.4% 84.3% 40.1% 213.5% 676.0% American Sources: BlackRock, Standard & Poor's, Datastream, MSCI *Date which BlackRock took over the investment management of the Company. At month end Net asset value - capital only: 533.36p Net asset value* - cum income: 534.54p Share price: 519.00p Total assets: £254.9m Discount: (share price to capital 2.7% only NAV): Gearing: Nil Net yield: 0.9% Ordinary shares in issue: 47,789,753 *Includes 3 months net revenue equal to 1.18p Geographical Regional Exposure % Total Assets Brazil 69.6 Mexico 21.0 Argentina 4.2 Chile 4.0 Colombia 0.8 Panama 0.4 ----- Total 100.0 ----- Ten Largest Equity Investments (in alphabetical order) Company Country of Risk AmBev Brazil America Movil Mexico Banco Bradesco Brazil Banco Itau Brazil CVRD Brazil Grupo Financiero Banorte Mexico Petrobras Brazil Tenaris Argentina Unibanco Brazil Usiminas Brazil Commenting on the markets, Will Landers, representing the investment Manager noted; Performance For the month of March 2008, the Company posted a 5.4% decline in its NAV while the shares declined 9.6% (all in US dollar terms). This compares with the 3.4% decline posted by the Company's benchmark, the MSCI EM Latin America Index. The underperformance during the month stemmed mainly from negative stock selection in Brazil, where the Company's overweight positions in financial stocks as well as smallcaps (healthcare, insurance and real estate) detracted from performance. On the positive side, overweight positions in Tenaris in Argentina and America Movil in Mexico, as well as our underweight position in Petrobras were positive contributors to performance. Transactions/Gearing During the month, we did not make any significant changes at the country level. Intra-country, in Brazil we increased our positions in Petrobras and CVRD as well as the financial sector during periods of weakness, taking profits in real estate and airlines. We also took some profits in Chilean consumer stocks, shifting such funds to Brazil. Gearing remained at nil during the month. Positioning The Company continues to be positioned with a large overweight position in Brazil, stemming from overweight positions in materials and the maximum weight in energy, as well as being overweight in domestic-oriented names such as banks, real estate, industrials (and even steel companies would fall under this category). We expect that the current commodity cycle will continue for a while, and maintain a positive view on Petrobras (mostly because of its potential new findings offshore) as well as CVRD and the potential for further significant iron ore price increases in 2009. The domestic market is taking the lead in terms of GDP growth as millions of Brazilians have joined the economically active middle class over the past four to five years. Our more cautious view on Mexico stems from our concerns that the economic slow down in the US will eventually have adverse effects on the Mexican economy (so far not very evident), while valuation levels lead to our continued underweight positions in Chile and the Andean region. Latest information is available by typing www.blackrock.co.uk/its on the internet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV terminal). 25 April 2008 END
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