The Mexico Fund, Inc. |
(Exact name of registrant as specified in its charter)
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Maryland
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811-02409
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13 306 9854
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(I.R.S. Employer
Identification No.)
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6700 Alexander Bell Drive, Suite 200
Columbia, Maryland 21046
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(Address of principal executive office) (Zip Code)
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Registrant’s telephone number, including area code:
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(202) 261-7941 |
(none) |
(Former name or former address, if changed since last report)
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common Stock
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MXF
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New York Stock Exchange
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The Mexico Fund, Inc. |
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Date: August 6, 2021
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By:
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/s/ Douglas P. Dick |
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Douglas P. Dick |
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Secretary |
Description
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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.”
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Managed Distribution Plan (“MDP”)
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The Board of Directors of the Fund has authorized quarterly distributions of $0.18 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.
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Highlights
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Total Net Assets (million)1
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$269.78
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Daily Average Number of Shares Traded2
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46,417
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NAV per share1
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$17.98
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Outstanding Shares3
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15,005,224
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Closing price2
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$15.45
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Expense Ratio (4/30/2021)
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1.56%
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Discount
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14.07%
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Portfolio Turnover (4/30/2021)
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9.21%
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Performance1
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Cumulative
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Annualized
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||||
1 Month
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YTD
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1 Year
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3 Years
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5 Years
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10 Years
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MXF Market Price
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2.66%
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14.46%
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56.35%
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2.18%
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3.37%
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1.70%
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MXF NAV
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2.34%
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14.18%
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53.56%
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1.81%
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3.21%
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1.57%
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MSCI Mexico Index
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2.38%
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16.22%
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55.53%
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0.50%
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2.38%
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0.05%
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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.
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Top Ten Holdings (64.63% of Net Assets)
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1 América Móvil
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14.00%
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6 Cemex
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5.30%
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2 Grupo México
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8.51%
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7 Alfa
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4.36%
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3 Wal-Mart de México
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7.59%
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8 Orbia Advance Corporation
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4.05%
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4 Grupo Financiero Banorte
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7.58%
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9 Ternium
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3.61%
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5 Fomento Económico Mexicano
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6.32%
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10 Kimberly-Clark de México
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3.31%
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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.
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Fund Manager´s Comments
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Global equity markets registered mixed returns during July 2021. The MSCI World Index increased 1.7%, while the MSCI Emerging Markets Index decreased 7.0%, during the month, affected by a 14.2% decline in the
MSCI China Index. The Federal Reserve maintained unchanged its target interest rate at a range of between 0.00% and 0.25% and announced that it will continue to purchase government securities. The DJIA and the S&P 500 increased 1.3% and
2.3%, respectively; the interest rate on the 10-year Treasury note decreased 25 basis points to 1.22% and the U.S. dollar depreciated 0.3% (measured by the DXY Index4). In Mexico, the MSCI Mexico Index increased 2.4% and the
Mexican peso appreciated 0.3% to Ps. $19.87, whereas the Fund’s NAV increased 2.3%, slightly underperforming its benchmark during the month; however, the Fund’s NAV has outperformed its benchmark in long term periods from three to ten years,
as shown in the performance table of the prior page.
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In local news, preliminary GDP5 for the second quarter of 2021 expanded for the fourth consecutive quarter; it increased 1.5% on quarterly terms and 19.6% on an annual basis due to a low comparison
base. Mexican-listed companies reported their financial results for the second quarter of 2021, showing positive results, highlighted by a significant expansion in profitability margins and an improved outlook for the rest of 2021. Sales and
Ebitda increased 20.3% and 45.0%, respectively, in annual terms, benefited by a recovery in global and domestic economic activity, the increase in several commodity prices and cost reductions implemented. As a result of the strong earnings
growth, the MSCI Mexico P/E ratio presents an attractive valuation, trading at 16.8x trailing 12-month earnings, below its three- and five-year average of 19.7x and 20.1x, respectively.
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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. |
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.
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