BlackRock Latin American Investment Trust Plc - Portfolio Update
The information contained in this release was correct as at
https://www.londonstockexchange.com/exchange/news/market-news/market-news-home.html.
All information is at
Performance at month end with net income reinvested
One Three One Three Five
month months year years years
% % % % %
Sterling:
Net asset value^ 6.5 16.9 64.3 46.9 76.8
Share price 3.1 24.9 70.0 59.6 90.0
MSCI EM Latin America
6.0 19.3 61.5 58.2 108.3
(Net Return)^^
US Dollars:
Net asset value^ 4.3 18.6 75.5 63.1 70.1
Share price 1.0 26.7 81.6 77.2 82.8
MSCI EM Latin America
3.8 21.0 72.4 75.7 100.3
(Net Return)^^
^cum income
^^The Company’s performance benchmark (the MSCI EM Latin America Index) may be calculated on either a Gross or a Net return basis. Net return (NR) indices calculate the reinvestment of dividends net of withholding taxes using the tax rates applicable to non-resident institutional investors, and hence give a lower total return than indices where calculations are on a Gross basis (which assumes that no withholding tax is suffered). As the Company is subject to withholding tax rates for the majority of countries in which it invests, the NR basis is felt to be the most accurate, appropriate, consistent and fair comparison for the Company.
Sources: BlackRock, Standard & Poor’s Micropal
At month end
Net asset value - capital only: 509.13p Net asset value - including income: 516.04p Share price: 494.00p Total assets#: £169.2m Discount (share price to cum income NAV): 4.3% Average discount* over the month – cum income: 3.2% Net gearing at month end**: 10.1% Gearing range (as a % of net assets): 0-25% Net yield##: 4.0% Ordinary shares in issue(excluding 2,181,662 shares held in 29,448,641 treasury): Ongoing charges***: 1.23%
#Total assets include current year revenue.
##The yield of 4.0% is calculated based on total dividends declared in the last 12 months as at the date of this announcement as set out below (totalling
2025 Q1 Interim dividend of
2025 Q2 Interim dividend of
2025 Q3 Interim dividend of
2025 Q4 Interim dividend of
*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.
*** The Company’s ongoing charges are calculated as a percentage of average daily net assets and using the management fee and all other operating expenses excluding finance costs, direct transaction costs, custody transaction charges, VAT recovered, taxation and certain non-recurring items for the year ended
Geographic Exposure % of Total Assets % of Equity MSCI EM Latin America
Portfolio * Index
Brazil 63.3 64.0 59.7
Mexico 22.2 22.5 25.9
Peru 7.6 7.7 5.6
Multi-Country 2.7 2.7 0.0
Chile 1.7 1.7 7.0
Argentina 1.4 1.4 0.0
Columbia 0.0 0.0 1.8
Net current assets
(inc. fixed 1.1 0.0 0.0
interest)
----- ----- -----
Total 100.0 100.0 100.0
===== ===== =====
^Total assets for the purposes of these calculations exclude bank overdrafts, and the net current assets figure shown in the table above therefore excludes bank overdrafts equivalent to 11.3% of the Company’s net asset value.
Sector % of Equity Portfolio* % of Benchmark*
Financials 26.2 33.3
Materials 22.8 21.2
Industrials 15.7 9.2
Consumer Staples 11.8 11.2
Consumer Discretionary 11.3 2.0
Energy 6.5 8.4
Real Estate 2.6 1.6
Health Care 1.7 0.7
Information Technology 1.4 0.4
Utilities 0.0 8.1
Communication Services 0.0 3.9
----- -----
Total 100.0 100.0
===== =====
* excluding net current assets & fixed interest
Country of Risk % of % of
Company Equity Portfolio Benchmark
Vale: Brazil
ADS 8.4
Equity 1.3 7.0
Petrobrás: Brazil
Equity 0.9
Equity ADR 3.7 3.5
Preference Shares ADR 1.9 4.0
Southern Copper Peru 5.5 2.2
Localiza Rent A Car Brazil
Equity 4.2 1.0
Preference Shares 0.2
Nu Holdings Ltd Brazil 4.2 5.7
Walmart de México y Centroamérica Mexico 4.1 1.9
Cyrela Brazil Realty: Brazil
Equity 3.3
Preference Shares 0.3
Grupo Financiero Banorte Mexico 3.5 3.2
Grupo Aeroportuario del Sureste Mexico 3.4 0.7
StoneCo Ltd Brazil 3.4 0.4
Commenting on the markets,
The Company’s NAV rose by +4.3% in February, outperforming the benchmark, the MSCI Emerging Markets Latin America Index, which returned +3.8% on a net basis over the same period. All performance figures are in US dollar terms with dividends reinvested.
Latin American Markets (+3.8%) underperformed
At the portfolio level, our underweight to
From a security lens, an underweight position to
On the flipside, IT services firm, Globant, weighed most on returns over the month. The
We made very few changes to the portfolio in February. We took advantage of share price weakness in NU Holdings to reduce our underweight position, funded by modest reductions in Banco do
Outlook
We remain constructive on Latin American equities. Strong inflows, a softer US dollar and resilient commodity prices have continued to support the region into 2026, while valuations remain reasonable despite a powerful start to the year. As we have previously highlighted, we believe Latin American equity markets are relatively insulated from geopolitical shocks such as the recent escalation of tensions in the
In
In
While global uncertainty and trade-related risks persist, the region still offers a compelling diversification profile. Relatively high real rates provide policy optionality, and valuations look particularly attractive versus developed markets.
ENDS
Latest information is available by typing www.blackrock.com/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.
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