EX-99 2 mxfexh.htm mxfexh.htm
 

The Mexico Fund, Inc.
 
Monthly Summary Report
September 2013

 

Prepared By:
 
Impulsora del Fondo México, sc
Investment Advisor to the Fund

 

 

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

 
 
 
 
September 30, 2013
 
I. The Mexico Fund Data
End of  Month
One Month Earlier
One Year Earlier
Total  Net Assets1 (million US$)
$396.00
$380.54
$386.81
NAV per share
$28.71
$27.72
$28.95
Closing price NYSE2
$29.16
$27.72
$26.97
% Premium (Discount)
1.57%
0.00%
(6.84%)
Shares traded per month2 (composite figures)
837,743
1,043,034
433,697
Outstanding shares3
13,793,707
13,725,788
13,362,856
Shares on Short Interest Position2
41,056
38,110
14,798
Note: Past performance is no guarantee of future results.
 
II. Performance4
1 Month
3 Months
6 Months
1 Year
Market price
5.19%
-2.79%
-16.41%
18.58%
NAV per share
3.57%
-0.95%
-10.53%
8.46%
Bolsa Index
4.00%
-2.29%
-14.09%
-3.42%
MSCI Mexico Index
4.00%
-2.19%
-13.01%
-2.90%
         
 
2 Years
3 Years
5 Years
10 Years
Market price
66.35%
58.43%
111.93%
483.63%
NAV per share
49.17%
39.09%
73.97%
407.96%
Bolsa Index
27.33%
15.98%
35.44%
332.17%
MSCI Mexico Index
28.26%
18.37%
36.39%
283.17%

_____________________________
 
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: NYSE Euronext. Short interest position as of first fortnight of every month.
3 During September 2013, the Fund issued 67,919 shares at market prices above NAV under its Equity Shelf Program.
4 Sources: Lipper, Inc., Bloomberg and Impulsora del Fondo México, S.C. Periods ended on the last US business day of the date of this report. Performance figures for the Fund take into account the reinvestment of distributions; however, performance figures for the Bolsa Index and MSCI Mexico Index do not.
 
 
 
 
 
III. The Mexican Stock Exchange
End of Month
One Month Earlier
One Year Earlier
Bolsa Index5
40,185.23
39,492.37
40,866.96
Daily avg. of million shares traded
332.6
409.8
373.0
Valuation Ratios6: P/E
18.56
18.24
18.15
                               P/BV
2.79
2.74
2.98
                               EV/EBITDA
9.36
9.21
9.13
Market capitalization (billion US$)
$535.08
$518.81
$544.61
 
IV. The Mexican Economy.
End of Month
One Month Earlier
One Year Earlier
Treasury Bills7
      
One month
3.64%
3.84%
4.17%
Six months
3.75%
3.95%
4.27%
One year
3.70%
4.00%
4.59%
Long-term Bonds
      
Three years
4.34%
4.79%
4.85%
Five years
N.A.
N.A.
N.A.
Ten years
6.13%
5.93%
5.44%
20 years
N.A.
7.00%
6.57%
30 years
7.67%
N.A.
N.A.
Currency Market8
      
Exchange Rate  (Ps/US$)
Ps. 13.0914
Ps. 13.3800
Ps. 12.8585
       
 
Month
Year to Date
Last 12 Months
Inflation Rates on Previous Month
      
Consumer Price Index9 (CPI)
0.28%
1.56%
3.46%
 
_____________________________

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 during September 2013 by Mexico’s Central Bank (Banxico), economic analysts of the private sector estimate that Mexico’s gross domestic product (GDP) will increase 1.43% during 2013 and 3.59% during 2014. The inflation rate is estimated by analysts to be 3.59% for 2013 and 3.82% for 2014. The exchange rate of the peso against the dollar is expected to end 2013 at Ps. 12.79 and at Ps. 12.54 towards the end of 2014, while the interest rate for the 28-day Cetes (Treasury Bills) is estimated to be 3.59% and 3.90% 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 September 30, 2013 (Unaudited)
 
 
         
       Percent of
Shares Held
  
COMMON STOCK - 92.51%
      Value
  
            Net Assets
 
  
Airports
      
700,000
  
Grupo Aeroportuario del Sureste, S.A.B. de C.V. Series B
$7,648,380
  
1.93%
1,500,000
  
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. Series B
 4,989,917
  
1.26
     
12,638,297
  
3.19
 
  
Beverages
      
1,500,000
  
Arca Continental, S.A.B. de C.V.
 9,345,066
  
2.36
2,900,000
  
Fomento Económico Mexicano, S.A.B. de C.V. Series UBD
 28,132,973
  
7.10
2,215,000
  
Organización Cultiba, S.A.B. de C.V. Series B
 5,228,127
  
1.32
     
42,706,166
  
10.78
 
  
Building Materials
      
26,020,800
  
Cemex, S.A.B. de C.V. Series CPO
 29,138,589
  
7.36
           
 
  
Chemical Products
      
4,150,000
  
Alpek, S.A.B. de C.V. Series A
 8,933,116
  
2.26
3,190,000
  
Mexichem, S.A.B. de C.V.
 13,901,454
  
3.51
     
22,834,570
  
5.77
 
  
Construction and Infrastructure
      
2,300,000
  
Empresas ICA, S.A.B. de C.V.
 4,905,205
  
1.24
           
 
  
Consumer Products
      
6,000,000
  
Kimberly-Clark de México, S.A.B. de C.V. Series A
 17,466,428
  
4.41
           
 
  
Energy
      
1,200,000
  
Infraestructura Energética Nova, S.A.B de C.V.
 4,631,743
  
1.17
           
 
  
Financial Groups
      
1,200,000
  
Banregio Grupo Financiero, S.A.B. de C.V. Series O
 6,808,745
  
1.72
4,649,930
  
Grupo Financiero Banorte, S.A.B. de C.V. Series O
 29,029,651
  
7.33
4,500,000
  
Grupo Financiero Santander Mexicano, S.A.B de C.V. Series B
 12,450,158
  
3.14
     
48,288,554
  
12.19
 
  
Food
      
3,000,000
  
Grupo Bimbo, S.A.B. de C.V. Series A
 9,324,442
  
2.36
1,000,000
  
Grupo Herdez, S.A.B. de C.V.
 3,383,901
  
0.85
     
12,708,343
  
3.21
 
  
Holding Companies
      
10,500,000
  
Alfa, S.A.B. de C.V. Series A
 28,296,439
  
7.15
1,620,000
  
Grupo Carso, S.A.B. de C.V. Series A1
 8,652,276
  
2.18
1,000,000
  
KUO, S.A.B. de C.V. Series B
 1,959,302
  
0.50
     
38,908,017
  
9.83
 
  
Media
      
3,042,000
  
Grupo Televisa, S.A.B. Series CPO
 17,002,241
  
4.29
           
 
  
Mining
      
7,750,000
  
Grupo México, S.A.B. de C.V. Series B
 23,158,715
  
5.85
 
 
 
 
 
 
         
Percent of
Shares Held
  
COMMON STOCK
Value
  
Net Assets
 
  
Restaurants
      
2,700,000
  
Alsea, S.A.B. de C.V.
 7,560,841
  
1.91
           
 
  
Retail
      
1,500,000
  
El Puerto de Liverpool, S.A.B. de C.V. Series C-1
 16,934,782
  
4.28
2,740,000
  
Grupo Comercial Chedraui, S.A.B. de C.V. Series B
 8,673,297
  
2.19
8,100,000
  
Wal-Mart de México, S.A.B. de C.V. Series V
 21,296,576
  
5.38
     
46,904,655
  
11.85
 
  
Stock Exchange
      
3,200,000
  
Bolsa Mexicana de Valores, S.A.B. de C.V. Series A
 7,692,378
  
1.94
           
 
  
Telecommunications Services
      
30,000,000
  
América Móvil, S.A.B. de C.V. Series L
 29,790,550
  
7.52
           
   
Total Common Stock
$366,335,292
  
92.51%

           
   
REAL ESTATE INVESTMENT TRUSTS – 2.95%
 
      
1,750,000
  
Fibra Shop Portafolios Inmobiliarios, S.A.P.I. de C.V. Series 13
2,061,277
  
0.52
3,985,000
  
Macquaire México Real Estate Management S.A. de C.V. Series 12
6,791,126
  
1.71
1,432,327
  
PLA Administradora Industrial, S. de R.L. de C.V. Series 13
2,838,089
  
0.72
     
$11,690,492
  
2.95
           
   
Total Equity Securities
$378,025,784
  
95.46%
 

 

Securities
  
SHORT-TERM SECURITIES – 4.54%
      
Principal
Amount
          
 
  
Repurchase Agreements
      
          $5,141,967
  
BBVA Bancomer, S.A., 3.67%, dated 09/30/13, due 10/01/13 repurchase price $5,142,491collateralized by Bonos del Gobierno Federal.
 
 
$5,141,967
  
 
 
1.30%
   
Time Deposits
      
            12,835,767
  
Comerica Bank, 0.02%, dated 09/30/13, due 10/01/13
12,835,767
  
3.24
   
Total Short-Term Securities
17,977,734
  
4.54
   
Total Investments
396,003,518
  
100.00
   
Liabilities in Excess of Other Assets
(7,465)
  
(0.00)
   
Net Assets Equivalent to $28.71 per share on 13,793,707 shares of capital stock outstanding
 
$395,996,053
  
 
100.00%
 
 
 
 
 
 

 
VII. The Mexico Fund, Inc. Charts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

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