The Mexico Fund, Inc.

Transcription

1 The Mexico Fund, Inc. Monthly Summary Report March 212 Prepared By: Impulsora del Fondo México, sc Investment Advisor to the Fund The information presented in this report has been derived from the sources indicated. Neither The Mexico Fund, Inc. nor its Adviser, Impulsora del Fondo México, S.C., has independently verified or confirmed the information presented herein.

2 March 31, 212 I. THE MEXICO FUND DATA End of Month One Month Earlier One Year Earlier Total Net Assets 1 (million US$) $37.39 $ $ NAV per share $27.72 $26.5 $31.68 Closing price NYSE 2 $25.25 $24.6 $29. % Premium (Discount) (8.91%) (7.17%) (8.46%) Shares traded per month 2 (composite figures) 978,547 82, ,448 Outstanding shares 3 13,362,856 13,362,856 13,388,976 Shares on Short Interest Position 2 23,335 22,345 11,458 Note: Past performance is no guarantee of future results. II. PERFORMANCE 4 1 Month 3 Months 6 Months 1 Year Market price 2.64% 15.56% 25.32% -.85% NAV per share 4.6% 16.28% 26.15% -1.42% Bolsa Index 4.93% 15.95% 27.97% -1.91% MSCI Mexico Index 4.96% 15.22% 26.4% -.66% 2 Years 3 Years 5 Years 1 Years Market price 23.89% % 22.44% % NAV per share 18.31% 15.4% 11.17% % Bolsa Index 14.67% % 18.39% % MSCI Mexico Index 17.17% % 11.6% % III. THE MEXICAN STOCK EXCHANGE End of Month One Month Earlier One Year Earlier Bolsa Index 5 39, , ,44.51 Daily avg. of million shares traded Valuation Ratios 6 : P/E P/BV EV/EBITDA Market capitalization (billion US$) $ $51.43 $ Source: Impulsora del Fondo México, S.C. (Impulsora). Impulsora utilizes the spot exchange rate, provided by Bloomberg, to calculate the Fund's Net Asset Value per share (NAV). The NAV is published every business day on the Fund s website 2 Source: New York Stock Exchange. Short interest position as of first fortnight of every month. 3 During March 212, the Fund did not repurchase any of its own shares in the open market. 4 Sources: Lipper, Inc., Bloomberg and Impulsora del Fondo México, S.C. Periods ended on the last US business day of the date of this report. Figures calculated using the dividend reinvestment criteria. 5 Source: Mexican Stock Exchange 6 Source: Impulsora del Fondo México, S.C. Figures represent the average obtained from a representative sample of companies listed on the Bolsa. P/E refers to Price/Earnings, P/BV refers to Price/Book Value and EV/EBITDA refers to Enterprise Value/Earnings Before Interests, Taxes, Depreciation and Amortization. 1

3 IV. THE MEXICAN ECONOMY. End of Month One Month Earlier One Year Earlier Treasury Bills 7 One month 4.24% 4.32% 4.27% Six months 4.51% 4.48% 4.57% One year 4.63% 4.6% 4.75% Long-term Bonds Three years 4.99% 4.92% 5.9% Five years 5.29% 5.% 6.73% Ten years N.A. N.A. N.A. 2 years N.A. 7.24% 8.3% 3 years 7.67% N.A. N.A. Currency Market 8 Exchange Rate (Ps/US$) Ps Ps Ps Inflation Rates on Previous Month V. ECONOMIC COMMENTS. Month Year to Date Last 12 Months Consumer Price Index 9 (CPI).12%.91% 3.87% According to results of the monthly poll conducted during March 212 by Mexico s Central Bank (Banxico), economic analysts of the private sector estimate that Mexico s gross domestic product (GDP) will increase 3.43% during 212 and 3.5% during 213. The inflation rate is estimated by analysts to be 3.78% for 212 and 3.65% for 213. The exchange rate of the peso against the dollar is expected to end 212 at Ps and at Ps towards the end of 213, while the interest rate for the 28-day Cetes (Treasury Bills) is estimated to be 4.44% and 4.81% for the same periods. The complete results of this and past polls are available at Banxico s website, located at 7 Monthly average of weekly auctions as published by Banco de México. N.A. means no auction for such instrument was scheduled for this month. 8 Sources: Bloomberg and Banco de México 9 Source: Banco de México 2

4 VI. PORTFOLIO OF INVESTMENTS AS OF MARCH 31, 212 (UNAUDITED) Percent of Shares Held COMMON STOCK % Value Net Assets Airports 1,, Grupo Aeroportuario del Sureste, S.A.B. de C.V. Series B $6,875, % Beverages 1,865, Arca Continental, S.A.B. de C.V. 8,887, , Coca-Cola Femsa, S.A.B. de C.V. Series L 5,729, ,85, Fomento Económico Mexicano, S.A.B. de C.V. Series UBD 31,654, , Grupo Modelo, S.A.B. de C.V. Series C 4,874, ,146, Building Materials 18,, Cemex, S.A.B. de C.V. Series CPO 13,854, Chemical Products 3,5, Mexichem, S.A.B. de C.V. 13,477, Construction and Infrastructure 3,, Empresas ICA, S.A.B. de C.V. 5,74, Consumer Products 6,6, Kimberly-Clark de México, S.A.B. de C.V. Series A 14,636, Financial Groups 1,47, Banregio Grupo Financiero, S.A.B. de C.V. Series O 4,3, ,2, Grupo Financiero Banorte, S.A.B. de C.V. Series O 18,68, ,684, Food 4,82, Grupo Bimbo, S.A.B. de C.V. Series A 11,227, ,5, Grupo Herdez, S.A.B. de C.V. 3,11, ,328, Health Care 3,6, Genomma Lab Internacional, S.A.B. de C.V. Series B 6,553, Holding Companies 1,, Alfa, S.A.B. de C.V. Series A 14,364, ,62, Grupo Carso, S.A.B. de C.V. Series A1 5,72, ,436, Housing 1,3, Urbi Desarrollos Urbanos, S.A.B. de C.V. 1,554, Media 4,5, Grupo Televisa, S.A.B. Series CPO 19,14, Mining 6,711,782 Grupo México, S.A.B. de C.V. Series B 21,145, ,5 Industrias Peñoles, S.A.B. de C.V. 5,19, ,254,

5 Percent of Shares Held COMMON STOCK Value Net Assets Retail 14,5 First Cash Financial Services, Inc. 4,481, ,, Grupo Comercial Chedraui, S.A.B. de C.V. Series B 5,29, ,62, El Puerto de Liverpool, S.A.B. de C.V. Series C-1 13,34, ,83, Wal-Mart de México, S.A.B. de C.V. Series V 36,42, ,398, Steel 315,4 Ternium, S.A. 7,468, Stock Exchange 3,2, Bolsa Mexicana de Valores, S.A.B. de C.V. Series A 6,452, Telecommunications Services 34,268, América Móvil, S.A.B. de C.V. Series L 42,611, , NII Holdings, Inc. 4,577, ,189, Total Common Stock $336,3, % Securities SHORT-TERM SECURITIES 13.39% Principal Amount Repurchase Agreements $33,546,34 BBVA Bancomer, S.A., 4.47%, dated 3/31/12, due 4/2/12 repurchase price $33,554,635 collateralized by Bonos del $33,546,34 9.6% Gobierno Federal. Time Deposits Comerica Bank,.6%, dated 3/31/12, due 4/2/12 16,29, Total Short-Term Securities 49,575, Total Investments 385,65, Liabilities in Excess of Other Assets (15,218,75) (4.11) Net Assets Equivalent to $27.72 per share on 13,362,856 shares of capital stock outstanding $37,387,115 1.% 4

6 VII. THE MEXICO FUND, INC. CHARTS Price, NAV and Volume March 212 US$ per share Volume NAV Price 14, 12, 1, 8, 6, 4, shares traded 2, Sources: New York Stock Exchange and Impulsora del Fondo México, S.C. Past performance is no guarantee of future results. 9.5% Discount (Market Price/NAV) March % 8.5% 8.% 7.5% 7.% Source: Impulsora del Fondo México, S.C. Past performance is no guarantee of future results. 5

7 VII. THE MEXICO FUND, INC. CHARTS (continued) Bolsa Index and Traded Volume March ,7 8 index 39,3 38,9 38,5 38,1 37,7 Volume Index million shares 37, Source: Mexican Stock Exchange. Past performance is no guarantee of future results. Monthly Price and NAV January March 212 US$ per share NAV Price Price as provided by the NYSE and NAV as provided by Impulsora del Fondo México, S.C. Past performance is no guarantee of future results