Maryland
|
811-02409
|
13 306 9854
|
|
(State or other
|
(Commission
|
(I.R.S. Employer
|
|
jurisdiction
|
File Number)
|
Identification No.)
|
|
of incorporation)
|
¨
|
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))
|
The Mexico Fund, Inc
|
||
/s/ Sander M. Bieber
|
||
Date: February 8, 2012
|
By:
|
Sander M. Bieber
Assistant Secretary
|
January 31, 2012
|
|||
I. The Mexico Fund Data
|
End of Month
|
One Month Earlier
|
One Year Earlier
|
Total Net Assets1 (million US$)
|
$345.31
|
$318.53
|
$413.41
|
NAV per share
|
$25.84
|
$23.84
|
$30.86
|
Closing price NYSE2
|
$23.59
|
$21.85
|
$27.99
|
% Premium (Discount)
|
(8.71%)
|
(8.35%)
|
(9.30%)
|
Shares traded per month2 (composite figures)
|
893,192
|
475,653
|
456,872
|
Outstanding shares3
|
13,362,856
|
13,362,856
|
13,398,345
|
Shares on Short Interest Position2
|
7,724
|
23,998
|
19,704
|
II. Performance4
|
1 Month
|
3 Months
|
6 Months
|
1 Year
|
Market price
|
7.96%
|
3.97%
|
-6.01%
|
-4.03%
|
NAV per share
|
8.39%
|
5.38%
|
-7.38%
|
-5.66%
|
Bolsa Index
|
7.82%
|
5.92%
|
-6.49%
|
-5.97%
|
MSCI Mexico Index
|
6.87%
|
3.98%
|
-5.72%
|
-4.99%
|
2 Years
|
3 Years
|
5 Years
|
10 Years
|
|
Market price
|
36.71%
|
143.03%
|
14.20%
|
291.23%
|
NAV per share
|
31.01%
|
126.87%
|
10.08%
|
283.09%
|
Bolsa Index
|
23.60%
|
109.81%
|
14.89%
|
278.72%
|
MSCI Mexico Index
|
25.59%
|
103.77%
|
6.66%
|
224.30%
|
III. The Mexican Stock Exchange
|
End of Month
|
One Month Earlier
|
One Year Earlier
|
Bolsa Index5
|
37,422.68
|
37,077.52
|
36,982.24
|
Daily avg. of million shares traded
|
350.0
|
244.8
|
232.6
|
Valuation Ratios6: P/E
|
19.61
|
19.65
|
21.36
|
P/BV
|
2.73
|
2.72
|
3.01
|
EV/EBITDA
|
8.59
|
8.61
|
9.58
|
Market capitalization (billion US$)
|
$493.28
|
$457.02
|
$509.65
|
IV. The Mexican Economy.
|
End of Month
|
One Month Earlier
|
One Year Earlier
|
Treasury Bills7
|
|||
One month
|
4.27%
|
4.34%
|
4.14%
|
Six months
|
4.55%
|
4.52%
|
4.55%
|
One year
|
4.70%
|
4.57%
|
4.76%
|
Long-term Bonds
|
|||
Three years
|
5.01%
|
5.00%
|
5.89%
|
Five years
|
5.46%
|
5.30%
|
6.27%
|
Ten years
|
N.A.
|
6.46%
|
N.A.
|
20 years
|
7.41%
|
7.60%
|
N.A.
|
30 years
|
7.47%
|
7.76%
|
8.18%
|
Currency Market8
|
|||
Exchange Rate (Ps/US$)
|
Ps. 13.0456
|
Ps. 13.9357
|
Ps. 12.1219
|
Month
|
Year to Date
|
Last 12 Months
|
|
Inflation Rates on Previous Month
|
|||
Consumer Price Index9 (CPI)
|
0.82%
|
3.82%
|
3.82%
|
Percent of
|
|||||
Shares Held
|
COMMON STOCK - 94.51%
|
Value
|
Net Assets
|
||
|
Airports
|
||||
1,225,000
|
Grupo Aeroportuario del Sureste, S.A.B. de C.V. Series B
|
$8,032,325
|
2.33%
|
||
|
Beverages
|
||||
1,865,000
|
Arca Continental, S.A.B. de C.V.
|
8,626,211
|
2.50
|
||
540,000
|
Coca-Cola Femsa, S.A.B. de C.V. Series L
|
5,285,506
|
1.53
|
||
3,850,000
|
Fomento Económico Mexicano, S.A.B. de C.V. Series UBD
|
26,953,187
|
7.81
|
||
1,000,000
|
Grupo Modelo, S.A.B. de C.V. Series C
|
6,192,893
|
1.79
|
||
47,057,797
|
13.63
|
||||
|
Building Materials
|
||||
16,590,000
|
Cemex, S.A.B. de C.V. Series CPO
|
11,229,050
|
3.25
|
||
|
Chemical Products
|
||||
3,000,000
|
Mexichem, S.A.B. de C.V.
|
10,364,414
|
3.00
|
||
|
Construction and Infrastructure
|
||||
2,200,000
|
Empresas ICA, S.A.B. de C.V.
|
3,585,270
|
1.04
|
||
|
Consumer Products
|
||||
2,200,000
|
Kimberly-Clark de México, S.A.B. de C.V. Series A
|
12,469,185
|
3.61
|
||
|
Financial Groups
|
||||
1,470,000
|
Banregio Grupo Financiero, S.A.B. de C.V. Series O
|
3,567,502
|
1.04
|
||
2,700,000
|
Grupo Financiero Banorte, S.A.B. de C.V. Series O
|
10,749,831
|
3.11
|
||
14,317,333
|
4.15
|
||||
|
Food
|
||||
5,000,000
|
Grupo Bimbo, S.A.B. de C.V. Series A
|
11,114,859
|
3.22
|
||
1,500,000
|
Grupo Herdez, S.A.B. de C.V.
|
2,936,622
|
0.85
|
||
14,051,481
|
4.07
|
||||
|
Health Care
|
||||
3,000,000
|
Genomma Lab Internacional, S.A.B. de C.V. Series B
|
6,574,631
|
1.90
|
||
|
Holding Companies
|
||||
1,000,000
|
Alfa, S.A.B. de C.V. Series A
|
13,119,366
|
3.80
|
||
1,620,000
|
Grupo Carso, S.A.B. de C.V. Series A1
|
4,836,803
|
1.40
|
||
17,956,169
|
5.20
|
||||
|
Media
|
||||
4,500,000
|
Grupo Televisa, S.A.B. Series CPO
|
17,740,464
|
5.14
|
||
|
Mining
|
||||
4,712,082
|
Grupo México, S.A.B. de C.V. Series B
|
14,993,448
|
4.34
|
||
180,500
|
Industrias Peñoles, S.A.B. de C.V.
|
8,628,043
|
2.50
|
||
23,621,491
|
6.84
|
Percent of
|
|||||
Shares Held
|
COMMON STOCK
|
Value
|
Net Assets
|
||
|
Retail
|
||||
104,500
|
First Cash Financial Services, Inc.
|
4,206,162
|
1.22
|
||
2,000,000
|
Grupo Comercial Chedraui, S.A.B. de C.V. Series B
|
4,898,203
|
1.42
|
||
1,620,000
|
El Puerto de Liverpool, S.A.B. de C.V. Series C-1
|
12,302,493
|
3.56
|
||
12,780,000
|
Wal-Mart de México, S.A.B. de C.V. Series V
|
39,450,129
|
11.42
|
||
60,856,987
|
17.62
|
||||
|
Steel
|
||||
315,400
|
Ternium, S.A.
|
7,150,027
|
2.07
|
||
|
Stock Exchange
|
||||
3,200,000
|
Bolsa Mexicana de Valores, S.A.B. de C.V. Series A
|
5,970,442
|
1.73
|
||
|
Telecommunications Services
|
||||
54,768,000
|
América Móvil, S.A.B. de C.V. Series L
|
63,560,704
|
18.41
|
||
90,000
|
NII Holdings, Inc.
|
1,809,921
|
0.52
|
||
65,370,625
|
18.93
|
||||
Total Common Stock
|
$326,347,691
|
94.51%
|
Securities
|
SHORT-TERM SECURITIES – 5.62%
|
||||
Principal
Amount
|
|||||
|
Repurchase Agreements
|
||||
$11,761,503
|
BBVA Bancomer, S.A., 4.48%, dated 01/31/12, due 02/01/12 repurchase price $11,762,967
collateralized by Bonos del Gobierno Federal.
|
$11,761,503
|
3.41%
|
||
Time Deposits
|
|||||
Comerica Bank, 0.12%, dated 01/31/12, due 02/01/12
|
7,644,693
|
2.21
|
|||
Total Short-Term Securities
|
19,406,196
|
5.62
|
|||
Total Investments
|
345,753,887
|
100.13
|
|||
Liabilities in Excess of Other Assets
|
(445,665)
|
(0.13)
|
|||
Net Assets Equivalent to $25.84 per share on 13,362,856 shares of capital stock outstanding
|
$345,308,222
|
100.00%
|
W/?%`SF=7T:/5-,LIO$^KV6DZ[%F.;SF\R6:+`V-(J9(<E>M>#?$6EWFD66FKKUIJ%_#$(V*,5:3;P#M;!/`&37AJ^']*TJUAO/%=_ M>+=72B9+"S16GV-R'=FX7/IR:EM_#FCZ\';PGJ%ZNHP`R+8WX59)0. F`:!'T%JWB;1-"P-3U.VMG(R$=\N1Z[1S^E5-.\;^&=6N%M[+6;629CA49B MA8^@#8S^%>#3:#96$4>H^,M2O1>WB^:EE;J'N64]'D9SA<^AR:6'PYH'B-)( MO#-_>IJ**72QU)4W3@ 7_L[5N_"+QK=W\D MGAW5)7EFB0O;22'+;1P4)ZG'4>P/H*POCG_R,^G?]>7_`+.U`!\#/^1GU'_K MR_\`9UHM?^3A&_Z_7_\`19H^!G_(SZC_`->7_LZT6O\`R<(W_7Z__HLT`<9_ M:'A7_H7M1_\`!JO_`,9JYI4_A6\UBRM?[`OQYUQ''EM35@,L!R/)&>O3-;GP M;TRPU3Q%?Q:A8VUW&MIN5+B)9`#O7D`@\TSQ=96FG_&2UMK*UAMH%N;0K%#& M$49V9P!Q0,2WL8/$_P`<+FRU13+;O?W",FXC*Q*^T9';Y`*;KNG6WAOXQVEM MI*&WA2[MF1`Q.W=M)'/;D\>]6O#'_)?Y_P#L(WW_`*#+1XZ_Y+9;_P#7Q:?^ MR4`1WUA#K_QTFL-2W36\EX5==Q&55,A &?BG:0Z1&;:));> M5%5B=K$C.,]JT[7_`).$;_K]?_T6:@^)G_)6K;_MV_G0`FC`6_Q]D6(;%_M" MX&![J^?YU8^.?_(SZ=_UY?\`L[5!I?\`R7]_^PC/_P"@O4_QS_Y&?3O^O+_V M=J`#X&?\C/J/_7E_[.M%K_R<(W_7Z_\`Z+-1?!&>*#Q=>P2R*DLMH516X+$, MI('O@$_@:EM?^3A&_P"OU_\`T6:!!\#/^1GU'_KR_P#9UJ#QU_R6RW_Z^+3_ M`-DJ?X&?\C/J/_7E_P"SK7I&K?#G2-8\4IX@N+F^6[1XW"1N@CRF,<%2>W/- M`'F'AC_DO\__`&$;[_T&6CQU_P`ELM_^OBT_]DKT^P^'.D:=XP?Q-# W/-`' MF]K_`,G"-_U^O_Z+-0?$S_DK5M_V[?SKU&/X>:3'XR/B@7%[]N,IE\LNGEY* M[>FW.,'UINN?#G2/$'B*/6[NYODN4V86)T"?+TX*D_K0!YAI?_)?W_[",_\` MZ"]3_'/_`)&?3O\`KR_]G:O2(/ASI%OXP/B9+F^-Z9GF\LNGE[F!!XVYQSZU MYE\;;B*?Q=9PPR+)+%:!753DJ2S$`^^,''O0`OQ8\'6F@WZZS83-&MY*2UN% MX1^I*G/`/ICC]*Y[X:LS_$?1V9BS&1\DG)^XU%%`SE$EDB),;LA/&5.*D^V7 M/_/Q-_WV:**`#[9<_P#/Q-_WV:/MES_S\3?]]FBB@`^V7/\`S\3?]]FC[9<_ M\_$W_?9HHH`/MES_`,_$W_?9KTKX4>"[37;S^V[^9I!:2AEM]O#/G(+'/(SS 'C%%%`'__V3\_ ` end