Maryland
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811-02409
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13 306 9854
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(State or other
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(Commission
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(I.R.S. Employer
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jurisdiction
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File Number)
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Identification No.)
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of incorporation)
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|||
¨
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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¨
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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¨
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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¨
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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The Mexico Fund, Inc.
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||
Date: August 7, 2014 | By: |
/s/ Sander M. Bieber
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Sander M. Bieber
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Assistant Secretary
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I. The Mexico Fund Data
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End of Month
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One Month Earlier
|
One Year Earlier
|
Total Net Assets1 (million US$)
|
$411.11
|
$424.28
|
$406.97
|
NAV per share
|
$27.44
|
$28.38
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$29.93
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Closing price NYSE2
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$28.25
|
$28.28
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$30.00
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% Premium (Discount)
|
2.95%
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(0.35%)
|
0.23%
|
Shares traded per month2 (composite figures)
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971,408
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758,797
|
983,513
|
Outstanding shares3
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14,981,980
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14,949,398
|
13,597,746
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Shares on Short Interest Position2
|
25,827
|
16,434
|
69,640
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Note: Past performance is no guarantee of future results.
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II. Performance4
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1 Month
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3 Months
|
6 Months
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1 Year
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Market price
|
2.41%
|
10.45%
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7.86%
|
4.93%
|
NAV per share
|
-0.84%
|
6.07%
|
7.72%
|
2.20%
|
Bolsa IPC Index
|
0.78%
|
6.93%
|
8.95%
|
5.25%
|
MSCI Mexico Index
|
1.48%
|
7.80%
|
9.80%
|
6.49%
|
2 Years
|
3 Years
|
5 Years
|
10 Years
|
|
Market price
|
36.82%
|
44.17%
|
148.21%
|
364.84%
|
NAV per share
|
22.05%
|
25.16%
|
108.98%
|
315.05%
|
Bolsa IPC Index
|
12.10%
|
13.42%
|
75.38%
|
348.21%
|
MSCI Mexico Index
|
14.19%
|
17.76%
|
80.70%
|
314.10%
|
III. The Mexican Stock Exchange
|
End of Month
|
One Month Earlier
|
One Year Earlier
|
Bolsa IPC Index5
|
43,817.69
|
42,737.17
|
40,837.88
|
Daily avg. of million shares traded
|
263.6
|
302.5
|
314.4
|
Valuation Ratios6: P/E
|
20.79
|
21.58
|
19.21
|
P/BV
|
2.85
|
2.85
|
2.90
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EV/EBITDA
|
10.67
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10.63
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9.64
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Market capitalization (billion US$)
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$571.62
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$556.83
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$571.20
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IV. The Mexican Economy
|
|||
End of Month
|
One Month Earlier
|
One Year Earlier
|
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Treasury Bills7
|
|||
One month
|
2.83%
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3.02%
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3.85%
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Six months
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2.99%
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3.17%
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3.98%
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One year
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3.03%
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3.10%
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4.00%
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Long-term Bonds
|
|||
Three years
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4.42%
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4.57%
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4.69%
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Five years
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4.53%
|
4.57%
|
N.A.
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Ten years
|
5.69%
|
N.A.
|
N.A.
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20 years
|
6.40%
|
6.53%
|
6.62%
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30 years
|
N.A.
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6.65%
|
6.75%
|
Currency Market8
|
|||
Exchange Rate (Ps/US$)
|
Ps. 13.2166
|
Ps. 12.9683
|
Ps. 12.7320
|
Month
|
Year to Date
|
Last 12
Months |
|
Inflation Rates on Previous Month
|
|||
Consumer Price Index9 (CPI)
|
0.17%
|
1.09%
|
3.75%
|
Shares
|
Percent of
|
|||||
Held
|
COMMON STOCK - 97.50%
|
Value
|
Net Assets
|
|||
|
Airports
|
|||||
485,000
|
Grupo Aeroportuario del Sureste, S.A.B. de C.V. Series B
|
$6,034,336
|
1.47%
|
|||
1,500,000
|
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. Series B
|
5,940,257
|
1.44
|
|||
11,974,593
|
2.91
|
|||||
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Beverages
|
|||||
1,500,000
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Arca Continental, S.A.B. de C.V.
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10,585,552
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2.58
|
|||
3,860,000
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Fomento Económico Mexicano, S.A.B. de C.V. Series UBD
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36,317,283
|
8.83
|
|||
46,902,835
|
11.41
|
|||||
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Building Materials
|
|||||
29,217,000
|
Cemex, S.A.B. de C.V. Series CPO
|
36,652,230
|
8.92
|
|||
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Chemical Products
|
|||||
4,800,000
|
Alpek, S.A.B. de C.V. Series A
|
8,719,943
|
2.12
|
|||
3,970,000
|
Mexichem, S.A.B. de C.V.
|
15,890,093
|
3.87
|
|||
24,610,036
|
5.99
|
|||||
|
Construction and Infrastructure
|
|||||
708,000
|
Promotora y Operadora de Infraestructura, S.A.B. de C.V.
|
9,549,209
|
2.32
|
|||
|
Consumer Products
|
|||||
5,700,000
|
Kimberly-Clark de México, S.A.B. de C.V. Series A
|
14,495,180
|
3.53
|
|||
|
Energy
|
|||||
1,240,000
|
Infraestructura Energética Nova, S.A.B de C.V.
|
6,999,077
|
1.70
|
|||
|
Financial Groups
|
|||||
945,000
|
Banregio Grupo Financiero, S.A.B. de C.V. Series O
|
5,360,429
|
1.30
|
|||
3,690,000
|
Grupo Financiero Banorte, S.A.B. de C.V. Series O
|
24,530,015
|
5.97
|
|||
5,000,000
|
Grupo Financiero Santander Mexicano, S.A.B de C.V. Series B
|
13,274,972
|
3.23
|
|||
43,165,416
|
10.50
|
|||||
|
Food
|
|||||
1,071,000
|
Gruma, S.A.B. de C.V. Series B
|
11,724,065
|
2.85
|
|||
3,000,000
|
Grupo Bimbo, S.A.B. de C.V. Series A
|
9,217,953
|
2.24
|
|||
4,000,000
|
Grupo Lala, S.A.B. de C.V. Series B
|
10,208,374
|
2.49
|
|||
31,150,392
|
7.58
|
|||||
|
Holding Companies
|
|||||
7,250,000
|
Alfa, S.A.B. de C.V. Series A
|
19,819,205
|
4.82
|
|||
790,000
|
Grupo Carso, S.A.B. de C.V. Series A1
|
4,467,458
|
1.09
|
|||
24,286,663
|
5.91
|
|||||
|
Mining
|
|||||
9,000,000
|
Grupo México, S.A.B. de C.V. Series B
|
31,984,777
|
7.78
|
|||
|
Restaurants
|
|||||
3,250,000
|
Alsea, S.A.B. de C.V.
|
11,063,171
|
2.69
|
|||
Shares
|
Percent of
|
||||
Held
|
COMMON STOCK
|
Value
|
Net Assets
|
||
Retail
|
|||||
1,100,000
|
El Puerto de Liverpool, S.A.B. de C.V. Series C-1
|
12,247,931
|
2.98
|
||
7,745,000
|
Wal-Mart de México, S.A.B. de C.V. Series V
|
19,220,980
|
4.67
|
||
31,468,911
|
7.65
|
||||
Steel
|
|||||
305,000
|
Ternium, S.A.
|
8,112,964
|
1.97
|
||
|
Telecommunications Services
|
||||
58,000,000
|
América Móvil, S.A.B. de C.V. Series L
|
68,415,478
|
16.64
|
||
Total Common Stock
|
$400,830,932
|
97.50%
|
SHORT-TERM SECURITIES – 2.51%
|
|||||
Principal
Amount
|
|||||
Repurchase Agreements
|
|||||
$7,588,147
|
BBVA Bancomer, S.A., 2.90%, dated 07/31/14, due 08/01/14 repurchase price $7,588,758 collateralized by Bonos del Gobierno Federal.
|
7,588,147
|
1.85%
|
||
Time Deposits
|
|||||
$2,710,022
|
Comerica Bank, 0.03%, dated 07/31/14, due 08/01/14
|
2,710,022
|
0.66
|
||
Total Short-Term Securities
|
10,298,169
|
2.51
|
|||
Total Investments
|
411,129,101
|
100.01
|
|||
Liabilities in Excess of Other Assets
|
(19,160)
|
(0.01)
|
|||
Net Assets Equivalent to $27.44 per share on 14,981,980 shares of capital stock outstanding.
|
$411,109,941
|
100.00%
|
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