8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  February 28, 2014

The Mexico Fund, Inc.

(Exact name of registrant as specified in its charter)

Maryland	811-02409	13 306 9854
(State or other	(Commission	(I.R.S. Employer
jurisdiction	File Number)	Identification No.)
of incorporation)

1900 K Street, NW

Washington, DC 20006

(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code:

(202) 261-7941

(none)

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01            Regulation FD Disclosure

Pursuant to Regulation FD Rules 100-103, The Mexico Fund, Inc. (the “Fund”) furnishes the Monthly Summary Report of the Fund’s Investment Adviser.

Item 9.01            Financial Statements and Exhibits

 (d)            Exhibits

The following exhibit is filed as part of this report:

    (i)          February 2014 Monthly Summary Report

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		The Mexico Fund, Inc.
Date:   March 7, 2014	By:	/s/ Sander M. Bieber
		Sander M. Bieber
		Assistant Secretary

EX-99

The Mexico Fund, Inc.

Monthly Summary Report

February 2014

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.

February 28, 2014

I. The Mexico Fund Data	End of  Month	One Month Earlier	One Year Earlier
Total  Net Assets1 (million US$)	$385.48	$394.20	$426.89
NAV per share	$25.79	$26.82	$31.90
Closing price NYSE2	$25.98	$27.52	$32.12
% Premium (Discount)	0.74%	2.61%	0.69%
Shares traded per month2 (composite figures)	1,235,644	1,427,987	1,365,927
Outstanding shares3	14,947,072	14,700,450	13,381,884
Shares on Short Interest Position2	29,147	34,718	232,896

Note: Past performance is no guarantee of future results.

 

II. Performance4	1 Month	3 Months	6 Months	1 Year
Market price	-5.90%	-7.72%	-0.93%	-10.15%
NAV per share	-3.84%	-8.00%	-1.50%	-10.13%
Bolsa IPC Index	-4.36%	-9.71%	-0.83%	-15.22%
MSCI Mexico Index	-3.96%	-9.43%	-0.49%	-13.70%
	2 Years	3 Years	5 Years	10 Years
Market price	28.32%	29.87%	288.13%	303.66%
NAV per share	17.63%	13.77%	207.15%	266.21%
Bolsa IPC  Index	-1.11%	-4.31%	148.49%	224.03%
MSCI Mexico Index	1.21%	-0.69%	146.80%	192.43%

III. The Mexican Stock Exchange		End of Month	One Month Earlier	One Year Earlier
Bolsa IPC Index5		38,782.89	40,879.75	44,120.99
Daily avg. of million shares traded		306.5	302.9	402.2
Valuation Ratios6: P/E		17.06	17.94	19.77
	P/BV	2.58	2.94	3.07
	EV/EBITDA	9.01	9.34	9.63
Market capitalization (billion US$)		$508.83	$529.56	$576.73

 

1 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 www.themexicofund.com.

 

2Source: NYSE Euronext. Short interest position as of first fortnight of every month.

 

3 During February 2014, under its Equity Shelf Program, the Fund issued 246,622 shares at market prices above NAV.

4Sources: Lipper, Inc., Bloomberg and Impulsora del Fondo México, S.C. Periods ended on the last US business day of the date of this report. Performance figures for the Fund take into account the reinvestment of distributions; however, performance figures for the Bolsa Index and MSCI Mexico Index do not.

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.

IV. The Mexican Economy.
	End of Month	One Month Earlier	One Year Earlier
Treasury Bills7
One month	3.16%	3.14%	4.19%
Six months	3.52%	3.55%	4.25%
One year	3.78%	3.65%	4.31%
Long-term Bonds
Three years	4.86%	5.06%	4.51%
Five years	5.09%	5.27%	4.68%
Ten years	N.A.	6.46%	5.03%
20 years	7.44%	N.A.	N.A.
30 years	7.43%	7.59%	6.10%
Currency Market8
Exchange Rate  (Ps/US$)	Ps. 13.2492	Ps. 13.3573	Ps. 12.7793
	Month	Year to Date	Last 12 Months
Inflation Rates on Previous Month
Consumer Price Index9 (CPI)	0.89%	0.89%	4.48%

V. Economic Comments.

According to results of the monthly poll conducted during February 2014 by Mexico’s Central Bank (Banxico), economic analysts of the private sector estimate that Mexico’s gross domestic product (GDP) will increase 3.23% during 2014 and 3.91% during 2015. The inflation rate is estimated by analysts to be 4.01% for 2014 and 3.60% for 2015. The exchange rate of the peso against the dollar is expected to end 2014 at Ps. 12.93 and at Ps. 12.85 towards the end of 2015, while the interest rate for the 28-day Cetes (Treasury Bills) is estimated to be 3.52% and 4.16% for the same periods. The complete results of this and past polls are available at Banxico’s website, located at www.banxico.org.mx.

 

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.

VI. Portfolio of Investments As of February 28, 2014 (Unaudited)

			Percent of
Shares Held	COMMON STOCK  - 90.52%	Value	Net Assets
	Airports
700,000	Grupo Aeroportuario del Sureste, S.A.B. de C.V. Series B	$7,808,773	2.03%
1,500,000	Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. Series B	4,631,600	1.20
		12,440,373	3.23
	Beverages
1,500,000	Arca Continental, S.A.B. de C.V.	7,865,003	2.04
3,530,000	Fomento Económico Mexicano, S.A.B. de C.V. Series UBD	30,237,275	7.84
2,215,000	Organización Cultiba, S.A.B. de C.V. Series B	3,321,865	0.86
		41,424,143	10.74
	Building Materials
26,000,000	Cemex, S.A.B. de C.V. Series CPO	34,027,715	8.83
	Chemical Products
4,800,000	Alpek, S.A.B. de C.V. Series A	8,173,173	2.12
3,970,000	Mexichem, S.A.B. de C.V.	12,935,490	3.36
		21,108,663	5.48
	Construction and Infrastructure
1,650,000	Empresas ICA, S.A.B. de C.V.	2,696,201	0.70
	Consumer Products
7,000,000	Kimberly-Clark de México, S.A.B. de C.V. Series A	16,922,531	4.39
	Energy
1,550,000	Infraestructura Energética Nova, S.A.B de C.V.	6,768,937	1.76
	Financial Groups
1,200,000	Banregio Grupo Financiero, S.A.B. de C.V. Series O	6,263,020	1.62
4,650,000	Grupo Financiero Banorte, S.A.B. de C.V. Series O	30,193,483	7.83
5,500,000	Grupo Financiero Santander Mexicano, S.A.B de C.V. Series B	12,138,091	3.15
		48,594,594	12.60
	Food
1,000,000	Gruma, S.A.B. de C.V. Series B	7,882,740	2.04
3,000,000	Grupo Bimbo, S.A.B. de C.V. Series A	7,868,400	2.04
1,000,000	Grupo Herdez, S.A.B. de C.V.	2,628,838	0.68
4,000,000	Grupo Lala, S.A.B. de C.V. Series B	8,386,921	2.18
		26,766,899	6.94
	Holding Companies
7,400,000	Alfa, S.A.B. de C.V. Series A	17,811,340	4.62
1,620,000	Grupo Carso, S.A.B. de C.V. Series A1	8,445,295	2.19
		26,256,635	6.81
	Mining
10,000,000	Grupo México, S.A.B. de C.V. Series B	30,741,479	7.97
	Restaurants
2,500,000	Alsea, S.A.B. de C.V.	7,751,411	2.01

			Percent of
Shares Held	COMMON STOCK	Value	Net Assets
	Retail
1,800,000	El Puerto de Liverpool, S.A.B. de C.V. Series C-1	18,640,975	4.84
2,740,000	Grupo Comercial Chedraui, S.A.B. de C.V. Series B	7,993,011	2.07
7,000,000	Wal-Mart de México, S.A.B. de C.V. Series V	14,840,896	3.85
		41,474,882	10.76
	Telecommunications Services
33,000,000	América Móvil, S.A.B. de C.V. Series L	31,980,799	8.30
	Total Common Stock	$348,955,262	90.52%

	SHORT-TERM SECURITIES – 10.36%
Principal Amount
	Repurchase Agreements
$25,472,654	BBVA Bancomer, S.A., 3.47%, dated 02/28/14, due 03/03/14 repurchase price $25,480,020 collateralized by Bonos del Gobierno Federal.	25,472,654	6.61%
	Time Deposits
$14,471,426	Comerica Bank, 0.01%, dated 02/28/14, due 03/03/14	14,471,426	3.75
	Total Short-Term Securities	39,944,080	10.36
	Total Investments	388,899,342	100.88
	Liabilities in Excess of Other Assets	(3,414,996)	(0.88)
	Net Assets Equivalent to $25.79 per share on 14,947,072 shares of capital stock outstanding	$385,484,346	100.00%

VII. The Mexico Fund, Inc. Charts

VII. The Mexico Fund, Inc. Charts (continued)