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.
|
||
Date: January 8, 2014 |
By:
|
/s/ Sander M. Bieber
|
Sander M. Bieber
|
||
Assistant Secretary
|
I. The Mexico Fund Data
|
End of Month
|
One Month Earlier
|
One Year Earlier
|
Total Net Assets1 (million US$)
|
$408.99
|
$410.56
|
$411.72
|
NAV per share
|
$28.60
|
$28.88
|
$30.81
|
Closing price NYSE2
|
$29.30
|
$28.96
|
$29.02
|
% Premium (Discount)
|
2.45%
|
0.28%
|
(5.81%)
|
Shares traded per month2 (composite figures)
|
1,411,805
|
782,853
|
872,598
|
Outstanding shares3
|
14,298,699
|
14,215,840
|
13,362,856
|
Shares on Short Interest Position2
|
17,916
|
32,654
|
9,143
|
Note: Past performance is no guarantee of future results.
|
II. Performance4
|
1 Month
|
3 Months
|
6 Months
|
1 Year
|
Market price
|
4.23%
|
6.38%
|
3.41%
|
12.23%
|
NAV per share
|
2.02%
|
5.47%
|
4.47%
|
3.18%
|
Bolsa IPC Index
|
1.10%
|
6.77%
|
4.32%
|
-3.61%
|
MSCI Mexico Index
|
1.16%
|
6.86%
|
4.52%
|
-2.55%
|
2 Years
|
3 Years
|
5 Years
|
10 Years
|
|
Market price
|
63.18%
|
43.63%
|
217.55%
|
441.59%
|
NAV per share
|
45.00%
|
22.94%
|
170.43%
|
379.09%
|
Bolsa IPC Index
|
23.18%
|
4.91%
|
102.57%
|
318.74%
|
MSCI Mexico Index
|
24.94%
|
8.32%
|
108.56%
|
274.39%
|
III. The Mexican Stock Exchange
|
End of Month
|
One Month Earlier
|
One Year Earlier
|
Bolsa IPC Index5
|
42,727.09
|
42,499.13
|
43,705.83
|
Daily avg. of million shares traded
|
341.8
|
319.6
|
324.1
|
Valuation Ratios6: P/E
|
19.50
|
19.29
|
19.29
|
P/BV
|
3.08
|
3.05
|
3.15
|
EV/EBITDA
|
9.69
|
9.72
|
9.63
|
Market capitalization (billion US$)
|
$569.28
|
$562.44
|
$577.74
|
IV. The Mexican Economy.
|
End of Month
|
One Month Earlier
|
One Year Earlier
|
Treasury Bills7
|
|||
One month
|
3.29%
|
3.39%
|
4.05%
|
Six months
|
3.51%
|
3.56%
|
4.47%
|
One year
|
3.64%
|
3.60%
|
4.61%
|
Long-term Bonds
|
|||
Three years
|
4.38%
|
4.35%
|
4.94%
|
Five years
|
5.12%
|
5.22%
|
5.05%
|
Ten years
|
6.33%
|
N.A.
|
N.A.
|
20 years
|
7.18%
|
7.24%
|
6.28%
|
30 years
|
N.A.
|
7.65%
|
6.42%
|
Currency Market8
|
|||
Exchange Rate (Ps/US$)
|
Ps. 13.0367
|
Ps. 13.1093
|
Ps. 12.8533
|
Month
|
Year to Date
|
Last 12 Months |
|
Inflation Rates on Previous Month
|
|||
Consumer Price Index9 (CPI)
|
0.93%
|
3.38%
|
3.62%
|
V. Economic Comments.
|
VI. Portfolio of Investments As of December 31, 2013 (Unaudited)
|
Percent of
|
|||||
Shares Held
|
COMMON STOCK- 96.52%
|
Value
|
Net Assets
|
||
|
Airports
|
||||
700,000
|
Grupo Aeroportuario del Sureste, S.A.B. de C.V. Series B
|
$8,765,102
|
2.14%
|
||
1,500,000
|
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. Series B
|
5,033,866
|
1.23
|
||
13,798,968
|
3.37
|
||||
|
Beverages
|
||||
1,500,000
|
Arca Continental, S.A.B. de C.V.
|
9,394,632
|
2.30
|
||
2,900,000
|
Fomento Económico Mexicano, S.A.B. de C.V. Series UBD
|
28,117,545
|
6.87
|
||
2,215,000
|
Organización Cultiba, S.A.B. de C.V. Series B
|
4,482,093
|
1.09
|
||
41,994,270
|
10.26
|
||||
|
Building Materials
|
||||
29,000,000
|
Cemex, S.A.B. de C.V. Series CPO
|
34,123,666
|
8.34
|
||
|
Chemical Products
|
||||
4,800,000
|
Alpek, S.A.B. de C.V. Series A
|
10,931,601
|
2.68
|
||
3,970,000
|
Mexichem, S.A.B. de C.V.
|
16,371,260
|
4.00
|
||
27,302,861
|
6.68
|
||||
|
Construction and Infrastructure
|
||||
1,650,000
|
Empresas ICA, S.A.B. de C.V.
|
3,410,948
|
0.83
|
||
|
Consumer Products
|
||||
6,000,000
|
Kimberly-Clark de México, S.A.B. de C.V. Series A
|
17,065,668
|
4.17
|
||
|
Energy
|
||||
1,550,000
|
Infraestructura Energética Nova, S.A.B de C.V.
|
6,202,758
|
1.52
|
||
|
Financial Groups
|
||||
1,200,000
|
Banregio Grupo Financiero, S.A.B. de C.V. Series O
|
7,142,912
|
1.75
|
||
4,649,930
|
Grupo Financiero Banorte, S.A.B. de C.V. Series O
|
32,586,284
|
7.97
|
||
4,500,000
|
Grupo Financiero Santander Mexicano, S.A.B. de C.V. Series B
|
12,253,868
|
3.00
|
||
51,983,064
|
12.72
|
||||
|
Food
|
||||
600,000
|
Gruma, S.A.B. de C.V. Series B
|
4,546,243
|
1.11
|
||
3,000,000
|
Grupo Bimbo, S.A.B. de C.V. Series A
|
9,250,807
|
2.26
|
||
1,000,000
|
Grupo Herdez, S.A.B. de C.V.
|
3,564,552
|
0.87
|
||
3,000,000
|
Grupo Lala, S.A.B. de C.V. Series B
|
6,652,757
|
1.63
|
||
24,014,359
|
5.87
|
||||
|
Holding Companies
|
||||
10,000,000
|
Alfa, S.A.B. de C.V. Series A
|
28,089,931
|
6.87
|
||
1,620,000
|
Grupo Carso, S.A.B. de C.V. Series A1
|
8,630,175
|
2.11
|
||
700,000
|
Grupo KUO, S.A.B. de C.V. Series B
|
1,550,162
|
0.38
|
||
38,270,268
|
9.36
|
||||
|
Media
|
||||
2,000,000
|
Grupo Televisa, S.A.B. Series CPO
|
12,073,608
|
2.95
|
||
|
Mining
|
||||
9,000,000
|
Grupo México, S.A.B. de C.V. Series B
|
29,844,209
|
7.30
|
||
|
Shares Held
|
COMMON STOCK
|
Value
|
Percent of
Net Assets
|
||
|
Restaurants
|
||||
2,500,000
|
Alsea, S.A.B. de C.V.
|
7,822,148
|
1.91
|
||
|
Retail
|
||||
2,000,000
|
El Puerto de Liverpool, S.A.B. de C.V. Series C-1
|
22,869,284
|
5.59
|
||
2,740,000
|
Grupo Comercial Chedraui, S.A.B. de C.V. Series B
|
9,695,414
|
2.37
|
||
6,000,000
|
Wal-Mart de México, S.A.B. de C.V. Series V
|
15,767,794
|
3.86
|
||
48,332,492
|
11.82
|
||||
|
Telecommunications Services
|
||||
33,000,000
|
América Móvil, S.A.B. de C.V. Series L
|
38,526,621
|
9.42
|
||
Total Common Stock
|
$394,765,908
|
96.52%
|
SHORT-TERM SECURITIES – 6.35%
|
|||||
Principal
Amount
|
|||||
|
Repurchase Agreements
|
||||
$11,049,562
|
BBVA Bancomer, S.A., 3.58%, dated 12/31/13, due 01/02/14 repurchase price $11,051,760 collateralized by Bonos del Gobierno Federal.
|
11,049,562
|
2.70%
|
||
Time Deposits
|
|||||
$14,922,473
|
Comerica Bank, 0.01%, dated 12/31/13, due 01/02/14
|
14,922,473
|
3.65
|
||
Total Short-Term Securities
|
25,972,035
|
6.35
|
|||
Total Investments
|
420,737,943
|
102.87
|
|||
Liabilities in Excess of Other Assets
|
(11,752,572)
|
(2.87)
|
|||
Net Assets Equivalent to $28.60 per share on 14,298,699 shares of capital stock outstanding
|
$408,985,371
|
100.00%
|
VII. The Mexico Fund, Inc. Charts
|
VII. The Mexico Fund, Inc. Charts (continued)
|
E%^ZE7@^;9.SCI?Y:I[_`''JYNHJ-HR3:A%- M+R45UUZ'X@:HXDU&](WX%Q+\V!QB1N_IZQK&-S<'81 M]#P>O\N,5V_BK5-4TK5-4MI&AC0W5Q&'\S!"EV&?KSU]^*\"EBD2^O;JYO$= M'9B'5]QVDYQUZ8R/\>WZ_@IQJ4DO>D^2-M+;I67Z>9\^X).,K+3EUU\DGYI= M'\]CU35O&FGQ6ET]M.8Y=KLK,/XL?AQGZ'%?,.K>--7U(W4 EZIK8O/"K)--&;N.,%HPV3C'7GG/0XZ\UYM<0:GI.A^; &-'EN)%_TFU#H%/`P<`'T/U'(Q7P^8 ]SLT0QMN`R#VR,@? M_J_6N"^)T\D/AB^FB8H\<9((."#@_P">..#Z9Q_/\`&L