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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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. | ||
Date: May 7, 2015 | By: |
/s/ Lisa R. Price
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Lisa R. Price
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Assistant Secretary
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Monthly Summary Report | April 30, 2015 |
The Mexico Fund, Inc. (the “Fund”) is a non-diversified closed-end management investment company with the investment objective of long-term capital appreciation through investments in securities, primarily equity, listed on the Mexican Stock Exchange. The Fund provides a vehicle to investors who wish to invest in Mexican companies through a managed non-diversified portfolio as part of their overall investment program. The Fund’s shares are listed and traded on the New York Stock Exchange (“NYSE”) under the symbol “MXF.”
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The Board of Directors of the Fund has authorized quarterly distributions under the MDP at an annual rate of 10% of the Fund’s net asset value (“NAV”) per share recorded on the last business day of the previous calendar year. With each distribution, the Fund will issue a notice to stockholders and an accompanying press release, which will provide detailed information regarding the amount and composition of the distribution and other information required by the Fund’s MDP exemptive order. The Fund’s Board of Directors may amend or terminate the MDP at any time without prior notice to stockholders; however, at this time, there are no reasonably foreseeable circumstances that might cause the termination of the MDP. You should not draw any conclusions about the Fund’s investment performance from the amount of distributions or from the terms of the Fund’s MDP.
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Total Net Assets (million)1
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$335.21
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Daily Average Number of Shares Traded2
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45,073 |
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NAV per share1
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$22.20
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Outstanding Shares3
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15,097,256 |
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Closing price NYSE4
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$21.81
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Expense Ratio (10/31/2014)
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1.57% |
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Premium (Discount)
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(1.76%)
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Portfolio Turnover (10/31/2014)
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39.36% |
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Performance5
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Cumulative
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Annualized | ||||
1 Month
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YTD
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1 Year
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3 Years
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5 Years
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10 Years
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Market Price
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4.19%
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7.55%
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-7.01%
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6.33%
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8.28%
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12.88%
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NAV per share
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1.78%
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0.48%
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-6.70%
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3.51%
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5.68%
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11.08%
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MSCI Mexico Index
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1.19%
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-0.89%
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-5.77%
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0.38%
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3.94%
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11.16%
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Bolsa IPC Index
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1.74%
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-0.25%
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-5.49%
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0.10%
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3.42%
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12.07%
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www.themexicofund.com | 1 |
The Mexico Fund, Inc. | April 30, 2015 |
Top Ten Holdings (67.50% of Net Assets)
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1 América Móvil
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16.42%
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6 Grupo Televisa
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4.97%
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2 Fomento Económico Mexicano
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8.65%
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7 Grupo México
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4.37%
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3 Cemex
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7.87%
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8 Alfa
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3.84%
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4 Grupo Financiero Banorte
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7.65%
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9 Kimberly-Clark de México
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3.31%
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5 Wal-Mart de México
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7.44%
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10 Oma
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2.98%
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During April 2015, global equity markets showed positive performance, led by emerging markets’ 6.9% increase, as compared with the previous month. The monthly meeting of the U.S. Federal Reserve (the “Fed”) regarding its monetary policy took place at the end of the month, at which time the Fed decided to maintain its overnight interest rate between 0.00% and 0.25%. The Fed’s statement emphasized that it will assess progress towards its objectives of maximum employment and 2.0% inflation when determining how long to maintain its current target interest rate range. The dollar’s depreciation of 3.8% (measured by the DXY Index6) marked its first monthly decrease since June 2014. The price of West Texas Intermediate Oil (used as a benchmark in oil pricing) recovered significantly to $59.6 USD/bbl, an increase of 21% during the month. Also, U.S. equity markets increased slightly during April, with the DJIA and the S&P 500 increasing 0.4% and 0.9%, respectively, and the U.S. 10-year Treasury note increased 11 basis points to 2.03%. The MSCI Mexico Index increased 1.2% during April, and the Mexican peso depreciated 0.6% to Ps. 15.35.
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Mexican listed companies reported financial statements for the first quarter of 2015 showing, in general, solid operating results. Sales and EBITDA increased 9.1% and 11.2%, respectively, while net profit decreased 14.9% due to currency losses, as the Mexican peso depreciated 3.4% during the quarter ended March 31. Additionally, Mexico´s Central Bank (“Banxico”) maintained unchanged its reference overnight interest rate at 3.0%.
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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.
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All performance shown is historical, assumes reinvestment of distributions and does not guarantee future results. Investment return and principal value fluctuate with changing market conditions so when sold, shares may be worth more or less than that of the original cost. Total return based on market price reflects changes in market value. Total return based on net asset value reflects changes in the Fund’s net asset value during each period.
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Current performance may be lower or higher than the performance data quoted. This commentary is for informational purposes only, and is not intended as an offer or recommendation with respect to the purchase or sale of any security, option, future or other derivatives in such securities.
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Closed-end funds are traded on the secondary market through one of the stock exchanges. The Fund’s investment return and principal value will fluctuate so that an investor’s shares may be worth more or less than the original cost. Shares of closed-end funds may trade above (premium) or below (discount) the NAV of the fund’s portfolio. The NAV is the value of an entity’s assets less the value of its liabilities. The Market Price is the current price at which an asset can be bought or sold. There is no assurance that the Fund will achieve its investment objective. Past performance does not guarantee future results.
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An investment in the Fund entails special risk considerations, including among others the risks of foreign investments, Mexican investments, market illiquidity and volatility, market corrections, risks associated with the Mexican economy, political factors and security, currency exchange rate fluctuations, NAV discount risk, foreign custody risk, dollar denominated investments risk and risks associated with the concentration of the Mexican equity market. Investors should consider their investment goals, time horizons and risk tolerance before investing in the Fund. An investment in the Fund is not appropriate for all investors, and the Fund is not intended to be a complete investment program. Investors should carefully review and consider the Fund’s investment objective, risks, charges and expenses before investing.
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www.themexicofund.com | 2 | |
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