EX-99.15 OTH FIN ST 2 ecmsppart2of2.htm ecmsppart2of2.htm
 

 
 
Impulsora del Fondo México, sc
 
Monthly Summary Report
 
March 2010
 







www.themexicofund.com



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., have independently verified or confirmed the information presented herein.
 

 
 
 


 
March 31, 2010
 
I.  The Mexico Fund Data
End of  Month
One Month Earlier
One Year Earlier
        Total  Net Assets1 (million US$)
$395.32
$364.97
$263.21
NAV per share
$28.89
$26.26
$14.54
Closing price NYSE2
$25.69
$23.03
$12.50
% Premium (Discount)
(11.08%)
(12.30%)
(14.03%)
Shares traded per month2 (composite figures)
582,759
552,419
2,336,895
Outstanding shares3
13,685,064
13,899,364
18,100,290
Shares on Short Interest Position2
15,056
6,255
17,852
 
Note: Past performance is no guarantee of future results.
 

 
II.  Performance4
1 Month
3 Months
6 Months
1 Year
Market price
11.55%
17.20%
24.09%
120.72%
NAV per share
10.02%
13.87%
30.15%
111.65%
Bolsa Index
8.62%
9.65%
24.35%
93.99%
MSCI Mexico Index
9.84%
7.66%
20.84%
91.83%
         
 
2 Years
3 Years
5 Years
10 Years
Market price
-3.22%
-1.17%
120.87%
298.83%
NAV per share
-10.58%
-6.03%
114.28%
231.99%
Bolsa Index
-7.33%
3.25%
137.23%
234.01%
MSCI Mexico Index
-12.42%
-4.75%
108.63%
183.40%

 

 
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.
 
2 Source: New York Stock Exchange
 
3 During March 2010, the Fund repurchased and cancelled 214,300  Fund shares at a weighted average price and discount of $24.57 and 11.39%, respectively.
 
4 Sources: Lipper, Inc., Bloomberg and Impulsora del Fondo México, S.C. Periods ended on the date of this report. Figures calculated using the dividend reinvestment criteria and adjustments for rights offerings.

 
 
 


 
III. The Mexican Stock Exchange
End of Month
One Month Earlier
One Year Earlier
Bolsa Index5
33,266.40
31,634.54
19,626.75
Daily avg. of million shares traded
297.7
295.5
278.6
Valuation Ratios6: P/E
18.43
19.69
16.76
                               P/BV
2.75
2.68
2.18
                               EV/EBITDA
8.54
8.43
6.21
Market capitalization (billion US$)
$416.10
$392.15
$227.17

 
IV. The Mexican Economy.
      
 
End of Month
One Month Earlier
One Year Earlier
Treasury Bills7
      
One month
4.45%
4.49%
7.03%
Six months
4.77%
4.74%
7.24%
One year
5.07%
5.00%
7.48%
Long-term Bonds
      
Three years
6.12%
6.10%
7.08%
Five years
6.75%
7.05%
8.48%
Ten years
N.A.
N.A.
7.75%
20 years
8.14%
N.A.
N.A.
30 years
8.46%
8.49%
9.78%
Currency Market8
      
Exchange Rate  (Ps/US$)
Ps. 12.3650
Ps. 12.7719
Ps. 14.1517
       
 
Month
Year to Date
Last 12 Months
Inflation Rates on Previous Month
      
Consumer Price Index 9 (CPI)
0.58%
1.67%
4.83%

______________
 
        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.
 
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

 
 
 
 
V.    Economic Comments.
 
According to results of the monthly poll conducted at the end of March 2010 by Mexico’s Central Bank (Banxico), economic analysts of the private sector estimate that Mexico’s gross domestic product (GDP) will grow 4.1% and 3.6% during 2010 and 2011, respectively. The inflation rate is estimated to be 5.3% for 2010 and 4.0% for 2011. The exchange rate of the peso against the dollar is expected to end 2010 at Ps. 12.70 and at Ps. 12.96 towards the end of 2011, while the interest rate for the 28-day Cetes (Treasury Bills) is estimated to be 5.20% and 6.10% for the same periods. The complete results of this and past polls are available at Banxico’s website, located at www.banxico.org.mx.
 

 
 
 

VI. Portfolio of Investments As of March 31, 2010 (Unaudited)

Shares Held
    
Value
Percent of
   
Common Stock  - 91.63%
  
Net Assets
 
  
Airports
    
2,000,000
  
Grupo Aeroportuario del Centro Norte, S.A.B de C.V. Series B
$3,784,877
0.96%
838,500
  
Grupo Aeroportuario del Sureste, S.A.B. de C.V. Series B
 4,419,332
1.12
     
8,204,209
2.08
         
 
  
Beverages
    
3,405,000
  
Fomento Económico Mexicano, S.A.B. de C.V. Series UBD
 16,255,330
4.11
1,047,500
  
Grupo Modelo, S.A.B. de C.V. Series C
 6,157,080
1.56
     
22,412,410
5.67
         
 
  
Building Materials
    
14,000,000
  
Cemex, S.A.B. de C.V. Series CPO
 14,424,586
3.65
1,940,200
  
Grupo Cementos de Chihuahua, S.A.B. de C.V. Series *
 7,199,060
1.82
     
21,623,646
5.47
         
 
  
Chemical Products
    
5,000,033
  
Mexichem, S.A.B. de C.V. Series *
 14,880,810
3.76
         
 
  
Commercial Banks
    
1,039,700
  
Banco Compartamos, S.A., Institución de Banca Múltiple.  Series O
 5,861,503
1.48
         
 
  
Construction and Infrastructure
    
3,000,000
  
Empresas ICA, S.A.B. de C.V. Series *
 7,671,654
1.94
         
 
  
Consumer Products
    
2,666,280
  
Kimberly-Clark de México, S.A.B. de C.V. Series A
 15,117,905
3.82
         
 
  
Financial Groups
    
2,189,300
  
Grupo Financiero Banorte, S.A.B. de C.V. Series O
 9,661,957
2.45
         
 
  
Food
    
1,800,000
  
Grupo Bimbo, S.A.B. de C.V. Series A
 15,835,342
4.01
         
 
  
Health Care
    
4,000,000
  
Genomma Lab Internacional, S.A.B de C.V. Series B
 13,900,526
3.52
         
 
  
Holding Companies
    
1,103,000
  
Alfa, S.A.B. de C.V. Series A
 8,687,519
2.20
2,700,000
  
Grupo Carso, S.A.B. de C.V. Series A1
 10,096,886
2.55
     
18,784,405
4.75
         
 
  
Housing
    
1,331,700
  
Corporación Geo, S.A.B. de C.V. Series B
 4,034,410
1.02
1,789,100
  
Urbi Desarrollos Urbanos, S.A.B. de C.V. Series *
 4,237,989
1.07
        8,272,399   2.09
 
  
Media
    
4,600,000
  
Grupo Televisa, S.A.B. Series CPO
 19,449,090
4.92
1,308,000
  
Megacable Holdings S.A.B. de C.V. Series CPO
 3,399,848
0.86
     
22,848,938
5.78
         
 
  
Mining
    
12,343,588
  
Grupo México, S.A.B. de C.V. Series B
 33,052,665
8.36
340,000
  
Industrias Peñoles, S.A.B. de C.V. Series *
 7,170,109
1.81
     
40,222,774
10.17
         

 
 
 
 
 
Shares Held
    
Value
Percent of
   
Common Stock
  
Net Assets
 
  
Retail
    
200,000
  
First Cash Financial Services, Inc. Series *
 4,313,951
1.09
9,880,000
  
Wal-Mart de México, S.A.B. de C.V. Series V
 50,434,743
12.76
     
54,748,694
13.85
         
 
  
Steel
    
905,100
  
Industrias CH, S.A.B. de C.V. Series B
 3,592,585
0.91
         
 
  
Stock Exchange
    
6,700,000
  
Bolsa Mexicana de Valores, S.A.B. de C.V. Series A
 10,609,462
2.68
         
 
  
Telecommunications Services
    
27,000,000
  
América Móvil, S.A.B. de C.V. Series L
 67,974,929
17.20
         
   
Total Common Stock
$362,224,148
91.63%
         
 
Securities
  
SHORT-TERM SECURITIES  - 8.45%
    
Principal
Amount
        
 
  
Repurchase Agreements
    
$23,717,168
  
BBVA Bancomer, S.A., 4.30%, dated 03/31/10, due 04/05/10 repurchase price $23,731,332, collateralized by Bonos del Gobierno Federal.
 
 
$23,717,168
 
 
6.00%
   
Time Deposits
    
   
Comerica Bank., 0.06%, dated 03/31/10, due 04/01/10
 9,679,473
2.45
         
   
Total Short-Term Securities
33,396,641
8.45
         
   
Total Investments
395,620,789
100.08
         
   
Other Liabilities in Excess of Assets
(303,060)
(0.08)
         
   
Net Assets Equivalent to $28.89 per share on 13,685,064 shares of capital stock outstanding
 
$395,317,729
 
100.00%
         


 

 

 

 
 
 

VII. The Mexico Fund, Inc. Charts
 

 


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