0000894579-16-000230.txt : 20160307 0000894579-16-000230.hdr.sgml : 20160307 20160307121248 ACCESSION NUMBER: 0000894579-16-000230 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20160229 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20160307 DATE AS OF CHANGE: 20160307 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MEXICO FUND INC CENTRAL INDEX KEY: 0000065433 IRS NUMBER: 133069854 STATE OF INCORPORATION: MD FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 811-02409 FILM NUMBER: 161487554 BUSINESS ADDRESS: STREET 1: 1900 K STREET NW CITY: WASHINGTON STATE: DC ZIP: 20006 BUSINESS PHONE: 2026263300 MAIL ADDRESS: STREET 1: 77 ARISTOTELES STREET 3RD FLOOR CITY: POLANCO D F STATE: O5 ZIP: 11560 8-K 1 mf8k030416.htm FORM 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 29, 2016


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 2016 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, 2016
 
By:
/s/ Douglas P. Dick
     
Douglas P. Dick
     
Assistant Secretary

  
 

 






EX-99 2 mf8kexh031416.htm MONTHLY SUMMARY REPORT
 
 
 
The Mexico Fund, Inc.

Monthly Summary Report ¦ February 29, 2016
 
 
 
 
Description
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."
 
Managed Distribution Plan ("MDP")
The Board of Directors of the Fund has authorized quarterly distributions under the MDP at an annual rate of 6% 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.
 
Highlights
Total Net Assets (million)1
$275.38
 
Daily Average Number of Shares Traded2
23,752
NAV per share1
$18.31
 
Outstanding Shares3
15,043,836
Closing price4
$16.04
 
Expense Ratio (10/31/2015)
1.59%
Premium (Discount)
(12.40%)
 
Portfolio Turnover (10/31/2015)
16.52%
 
Performance5
Cumulative
Annualized
1 Month
YTD
1 Year
3 Years
5 Years
10 Years
Market Price
-0.56%
-3.49%
-21.30%
-12.10%
-0.47%
5.23%
NAV per share
0.16%
-2.97%
-12.71%
-8.10%
-0.36%
4.69%
MSCI Mexico Index
0.34%
-3.09%
-17.41%
-9.47%
-2.55%
3.84%
Bolsa IPC Index
0.12%
-3.39%
-16.94%
-9.77%
-3.04%
4.85%
 
These figures represent past performance. Past performance does not guarantee future results. The Fund's investment return and principal value will fluctuate so that an investor's shares, at the time of sale, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above.

1 Source: Impulsora del Fondo México, S.C. ("Impulsora").
2 Source: NYSE. Figure represents average volume traded on all U.S. consolidated markets during the month.
3 During February 2016, the Fund repurchased 500 shares.
4 Source: NYSE.
5 Source: Impulsora. All figures take into account reinvestment of distributions
 
       
www.themexicofund.com
 
1
 
 
 

 
 
 
 
 
The Mexico Fund, Inc.

Monthly Summary Report ¦ February 29, 2016
 
 
 
 
 
Top Ten Holdings  (60.78% of Net Assets)
1 América Móvil
11.74%
 
6 Cemex
4.30%
2 Fomento Económico Mexicano
9.87%
 
7 Grupo Televisa
4.11%
3 Wal-Mart de México
8.55%
 
8 Kimberly-Clark de México
3.98%
4 Grupo Financiero Banorte
6.42%
 
9 Grupo Aeroportuario del Centro Norte
3.71%
5 Alfa
4.60%
 
10 Gruma
3.50%
Holdings are subject to change and are provided for informational purposes only and should not be deemed as a recommendation to buy or sell the securities shown.
 
Fund Manager´s Comments
 
Most global equity markets declined during February 2016. The Euro Stoxx Index declined 3.0% during the month, accumulating a decline of 10.0% during 2016. During the month, gold and silver prices increased 10.8% and 4.6%, respectively, for total increases in 2016 of 17% and 8%, respectively. The U.S. dollar depreciated 1.4% (measured by the DXY Index6) in February, and oil prices declined 4.3% to $33.8 USD/bbl (measured by West Texas Intermediate). The DJIA increased 0.3% and the S&P 500 declined 0.4% during the month, while the yield on the U.S. 10-year Treasury note decreased 19 basis points to 1.73%. The MSCI Mexico Index increased 0.3% during February and the Mexican peso depreciated 0.2% to Ps $18.14.
 
In local news, a joint announcement between the Ministry of Finance and Mexico´s Central Bank ("Banxico") was made during an extraordinary meeting on February 17th, aimed at strengthening the country´s macroeconomic fundamentals. The Ministry of Finance announced public expenditure cuts for 2016 of Ps. $132 billion (0.7% of GDP), in addition to expenditure cuts of Ps. $135 billion included in the 2016 budget, for a total of Ps. $267 billion (1.4% of GDP) for 2016. Banxico announced an increase in its overnight interest rate of 50 basis points to 3.75%; additionally, the Foreign Exchange Commission canceled its mechanism in which it auctioned $200 million in the market at predetermined rates (both when the peso depreciated 1.0% and 1.5% in any given day) which was set to expire at the end of March 2016. However, it left open the possibility to sell dollars in the market on a discretionary basis. From the time of the announcement to the end of February 2016, the Mexican peso appreciated 4.1%.
 
Mexican listed companies disclosed financial statements for the fourth quarter and full year of 2015. For calendar year 2015, operating results were positive with sales and Ebitda increasing 9.7% and 9.0%, respectively, while net profits decreased -1.1%, mostly due to currency fluctuations, as the Mexican peso depreciated 14% during calendar year 2015.

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.
 
Important Risk Disclosure
All performance shown is historical. Closed-end funds are traded on the secondary market through one of the stock exchanges. 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.
 
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.

6 DXY Index computes the value of the U.S. dollar relative to a basket of foreign currencies.
 
 
 
 

www.themexicofund.com
 

2
 
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