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 of $0.25 per share under the MDP. 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. 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	$238.64	Daily Average Number of Shares Traded²	15,792
NAV per share¹	$15.90	Outstanding Shares³	15,005,224
Closing price²	$14.32	Expense Ratio (10/31/2018)	1.62%
Discount	9.94%	Portfolio Turnover (4/30/2018)	31.30%

Performance¹	Cumulative			Annualized
Performance¹	1 Month	YTD	1 Year	3 Years	5 Years	10 Years
MXF Market Price	-2.05%	9.92%	-5.72%	1.31%	-4.64%	11.62%
MXF NAV	-3.69%	5.31%	-9.22%	-0.77%	-3.34%	9.98%
EWW NAV⁴	-3.58%	5.85%	-12.04%	-2.12%	-4.82%	7.81%
MSCI Mexico Index	-3.86%	4.88%	-11.48%	-1.29%	-4.21%	8.09%

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. Performance figures take into account reinvestments of distributions.

2 Source: NYSE. Shares traded figure represents average volume traded on U.S. consolidated markets during the month.

3 During February 2019, the Fund repurchased no shares.

4 Source: iShares MSCI Mexico Capped ETF (tracks a Mexico Index produced by MSCI).

Top Ten Holdings (60.08% of Net Assets)
1 América Móvil	12.67%	6 Ternium	4.84%
2 Grupo Financiero Banorte	7.75%	7 Alfa	4.53%
3 Grupo México	6.93%	8 Mexichem	4.16%
4 Fomento Económico Mexicano	6.84%	9 Cemex	3.70%
5 Wal-Mart de México	5.42%	10 Gméxico Transportes	3.24%

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

During February 2019, global equity markets registered mostly positive returns. The MSCI World Index increased 2.8%, while the MSCI Emerging Markets Index increased 0.1%, affected by the 4.3% decrease in the MSCI Emerging Markets Latin America Index during the month. In the United States, GDP grew at an annual rate of 3.1% during the fourth quarter of 2018, resulting in a total expansion in GDP of 2.9% for calendar year 2018. The DJIA and the S&P 500 increased 3.7% and 3.0%, respectively, during the month; the U.S. dollar appreciated 0.6% (measured by the DXY Index⁵) and the yield on the U.S. 10-year Treasury note increased 9 basis points to 2.72% during February 2019. The MSCI Mexico Index decreased 3.9% during the month, while the Mexican peso depreciated 0.9% to Ps. $19.28.

In local news, Mexico´s Central Bank maintained unchanged its overnight interest rate at 8.25%. Standard and Poor´s lowered its credit outlook on Mexico´s debt from stable to negative, due to lowered expectations regarding economic growth and participation of private investment in the energy sector, while it reaffirmed its ‘BBB+’ rating. Mexican-listed companies reported their financial results for the fourth quarter of 2018 with overall positive operational results, as sales and Ebitda grew 6.5% and 3.2%, respectively, due to solid domestic consumption and the positive effect of income from exports and sales abroad when translated to local currency. Finally, the official GDP for the fourth quarter and calendar year 2018 grew at an annual rate of 1.7% and 2.0%, respectively.

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.

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