ABEN LATI
Aberdeen Latin American Income Fund Limited
Interim Management Statement - period to 31 May 2014
To the members of Aberdeen Latin American Income Fund Limited
This interim management statement has been produced solely to provide additional information to shareholders as a body to meet the relevant requirements of the UK Listing Authority's Disclosure and Transparency Rules. It should not be relied upon by any other party or for any other purpose.
This interim management statement relates to the period of three months to 31 May 2014, and contains information that covers this period, and up to the date of publication of this interim management statement, unless otherwise specified.
Investment objective
To provide ordinary shareholders with a total return, with an above average yield, primarily through investing in Latin America through a diversified portfolio of equities and fixed income investments.
Benchmark
60% MSCI EM Latin American 10/40 Index and 40% JP Morgan Government Bond Index-Emerging Markets Global Diversified (Latin American carve out). Given that the Manager does not adopt a benchmark approach, performance can vary widely from the benchmark.
Ten largest equity holdings at 31 May 2014
% of net assets | |
Banco Bradesco ADR | 4.8 |
Petrobras ADR | 4.5 |
Vale ADR | 3.7 |
Itau Unibanco ADR | 3.2 |
Grupo Financiero Banorte | 2.5 |
Fomento Economico Mexicano ADR | 2.3 |
Ambev | 2.1 |
Lojas Renner | 2.1 |
Multiplan Empreendimentos | 2.1 |
Ultrapar ADR | 1.9 |
Total | 29.2 |
Ten largest fixed income holdings at 31 May 2014
% of net assets | |
Brazil (Fed Rep of) 10% 01/01/17 | 16.2 |
Uruguay (Rep of) 5% 14/09/18 | 7.9 |
Colombia (Rep of) 9.85% 28/06/27 | 4.9 |
Mex Bonos Desarr Fix Rt 8% 07/12/23 | 4.5 |
Mex Bonos Desarr Fix Rt 7.5% 03/06/27 | 2.5 |
Brazil (Fed Rep of) 10% 01/01/21 | 2.1 |
Mex Bonos Desarr Fix Rt 7.75% 14/12/17 | 2.0 |
Peru (Rep of) 7.84% 12/08/20 | 1.1 |
Peru (Rep of) 6.95% 12/08/31 | 0.9 |
Peru (Rep of) 6.95% 12/08/31 | 0.8 |
Total | 42.9 |
Number of investments at 31 May 2014
(Equities and Fixed Income) | 50 |
Geographic Breakdown as at 31 May 2014
% | |
Brazil | 55.1 |
Mexico | 19.6 |
Uruguay | 8.5 |
Colombia | 6.6 |
Chilie | 4.4 |
Peru | 3.4 |
Argentina | 1.8 |
Cash | 0.6 |
Total | 100.0 |
General description of Company's financial position as at 31 May 2014
Assets | £'000 | |
Equities | 35,830 | |
Fixed income | 28,091 | |
Total investments | 63,921 | |
Cash | 1,459 | |
Other assets / (liabilities) | (1) | |
Debt | (8,823) | |
Net assets | 56,556 | |
Net Gearing (a) | 13.0% | |
(a) Gearing is expressed as a percentage of gross assets divided by shareholders' funds | ||
Cumulative performance (%)
as at | 1 month | 3 months | 6 months | 1 year | 3 years | Inception to date | |
31/05/2014 | (16/08/10) | ||||||
Share Price | 78.8p | 0.6 | 10.8 | -3.4 | -28.3 | -17.6 | -8.2 |
NAV A | 86.2p | 2.3 | 11.7 | 0.3 | -16.2 | -8.5 | 1.4 |
Sub Share Price | -5.3 | 47.5 | -33.3 | -72.7 | -68.4 | -64.7 | |
Composite Benchmark | 1.9 | 10.4 | 1.7 | -10.9 | -9.6 | -1.3 |
Discrete performance (%)
31/05/2014 | 31/05/13 | 31/05/12 | |
Share Price | -28.3 | 33.1 | -13.7 |
NAV A | -16.2 | 19.9 | -8.9 |
Sub Share Price | -72.7 | 73.7 | -33.3 |
Composite Benchmark | -10.9 | 10.2 | -7.9 |
Total return NAV to NAV net income reinvested. GBP. Share price total return is on mid-to-mid basis.
Dividend calculations are to reinvest as at the ex-dividend date. NAV returns based on NAVs with debt valued at fair value.
Source: Aberdeen Asset Managers, Lipper and Morningstar
A Including current year revenue.
Past Performance is not a guide to future results
During the period from 1 March 2014 to date the Company has bought back in the market for treasury 295,000 Ordinary shares for cash at a discount to the prevailing net asset value per share. As at xx June 2014 there are 990,000 Ordinary shares held in treasury and 65,582,674 Ordinary shares remaining in issue.
The Company has declared its third interim dividend for the year ending 31 August 2013 at a rate of 1p per ordinary share, payable on 31 July 2014 to ordinary shareholders on the register on the record date of 4 July 2014.
Other than as set out above, the Board is not aware of any significant events or transactions which have occurred between 31 May 2014 and the date of publication of this interim management statement which would have a material impact on the financial position of the Company. For latest performance information, please refer to the Company's website, www.latamincome.co.uk.
Please note that that the value of investments and the income from them may fall as well as rise. Investors may not get back the amount they originally invested.
For Aberdeen Latin American Income Fund Limited
Aberdeen Private Wealth Management Limited, Secretary
25 June 2014
This information is provided by RNS
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