0001398344-21-004377.txt : 20210223 0001398344-21-004377.hdr.sgml : 20210223 20210223125409 ACCESSION NUMBER: 0001398344-21-004377 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20210131 FILED AS OF DATE: 20210223 PERIOD START: 20211031 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MEXICO FUND INC CENTRAL INDEX KEY: 0000065433 IRS NUMBER: 133069854 STATE OF INCORPORATION: MD FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-02409 FILM NUMBER: 21664138 BUSINESS ADDRESS: STREET 1: 1900 K STREET NW CITY: WASHINGTON STATE: DC ZIP: 20006 BUSINESS PHONE: 2026263300 MAIL ADDRESS: STREET 1: 77 ARISTOTELES STREET 3RD FLOOR CITY: POLANCO D F STATE: O5 ZIP: 11560 NPORT-P 1 primary_doc.xml NPORT-P false 0000065433 XXXXXXXX MEXICO FUND INC 811-02409 0000065433 00000000000000000000 6700 Alexander Bell Drive Suite 200 Columbia 21046 (202) 261-7941 Mexico Fund Inc N/A 2021-10-31 2021-01-31 N 227745458.67 2115064.59 225630394.08 0 0 0 0 0 0 0 0 0 0 0 0 0 0 N Corporacion Inmobiliaria Vesta, S.A.B. de C.V. N/A COMMON STOCK N/A 2100000 NS 3945027.7 1.748446930614 Long EC CORP MX N 1 N N N Fomento Economico Mexicano, S.A.B. de C.V. N/A COMMON STOCK N/A 2200000 NS 14938271.6 6.62068231554 Long EC CORP MX N 1 N N N America Movil, S.A.B. de C.V. N/A COMMON STOCK N/A 47500000 NS 31560464.66 13.987683169764 Long EC CORP MX N 1 N N N Gruma, S.A.B. de C.V. N/A COMMON STOCK N/A 700100 NS 7658428.4 3.394236149295 Long EC CORP MX N 1 N N N Grupo Cementos de Chihuahua, S.A.B. de C.V. N/A COMMON STOCK N/A 1000000 NS 6339068.73 2.809492380477 Long EC CORP MX N 1 N N N Orbia Advance Corporation SAB de CV N/A COMMON STOCK N/A 4250000 NS 9126324.49 4.044811660595 Long EC CORP MX N 1 N N N Grupo Aeroportuario delCentro Norte,S.A.B. de C. N/A COMMON STOCK N/A 600000 NS 3528433.95 1.563811455557 Long EC CORP MX N 1 N N N Telesites, S.A.B. de C.V. N/A COMMON STOCK N/A 5178074 NS 5182100.89 2.296721109272 Long EC CORP MX N 1 N N N Alpek, S.A.B. de C.V. (b) N/A COMMON STOCK N/A 4500000 NS 3862642.17 1.711933441227 Long EC CORP MX N 1 N N N Alfa, S.A.B. de C.V. (b) N/A COMMON STOCK N/A 14400000 NS 9028871.39 4.001620183492 Long EC CORP MX N 1 N N N Gmexico Transportes, S.A.B. de C.V. N/A COMMON STOCK N/A 3900000 NS 5582531.35 2.47419297055 Long EC CORP MX N 1 N N N Wal-Mart de Mexico, S.A.B. de C.V. N/A COMMON STOCK N/A 4800000 NS 13613298.34 6.033450588474 Long EC CORP MX N 1 N N N Kimberly-Clark de Mexico, S.A.B. de C.V. (b) N/A COMMON STOCK N/A 4350000 NS 7571376.49 3.35565450769 Long EC CORP MX N 1 N N N Grupo Mexico, S.A.B. de C.V. (b) N/A COMMON STOCK N/A 4700000 NS 20066491.69 8.893523308741 Long EC CORP MX N 1 N N N Banco Santander Mexico, S.A. Institucion de Banca Multiple N/A COMMON STOCK N/A 5000000 NS 4945562.36 2.191886593978 Long EC CORP MX N 1 N N N Promotora y Operadora de Infraestructura,SAB de N/A COMMON STOCK N/A 425000 NS 3182439 1.410465559321 Long EC CORP MX N 1 N N N Industrias Penoles, S.A.B. de C.V. N/A COMMON STOCK N/A 250000 NS 3727398.66 1.651993152355 Long EC CORP MX N 1 N N N Arca Continental, S.A.B. de C.V. N/A COMMON STOCK N/A 1180000 NS 5337931.37 2.365785598845 Long EC CORP MX N 1 N N N La Comer, S.A.B. de C.V. N/A COMMON STOCK N/A 3931785 NS 8150609.03 3.612371933698 Long EC CORP MX N 1 N N N Ternium, S.A. ADR N/A American Depository Receipt (ADR) N/A 250000 NS USD 6612472.05 2.930665470256 Long EC CORP LU N 1 N N N Cemex, S.A.B. de C.V. N/A COMMON STOCK N/A 18000000 NS 10288713.91 4.559985790698 Long EC CORP MX N 1 N N N Grupo Aeroportuario del Pacifico, S.A.B. de C.V. N/A COMMON STOCK N/A 470000 NS 4719646.16 2.091759924027 Long EC CORP MX N 1 N N N Controladora Nemak, S.A.B. de C.V. N/A COMMON STOCK N/A 18400000 NS 2387868.18 1.058309626072 Long EC CORP MX N 1 N N N Grupo Financiero Banorte, S.A.B. de C.V. N/A COMMON STOCK N/A 3450000 NS 17032006.42 7.548631242121 Long EC CORP MX N 1 N N N Alsea, S.A.B. de C.V. N/A COMMON STOCK N/A 1700000 NS 1909546.03 0.846315957431 Long EC CORP MX N 1 N N N Nemak, S.A.B. de C.V. N/A COMMON STOCK N/A 5500000 NS 1518421.31 0.672968425253 Long EC CORP MX N 1 N N N Elementia, S.A.B. de C.V. N/A COMMON STOCK N/A 2859000 NS 1806503.35 0.800647163377 Long EC CORP MX N 1 N N N El Puerto de Liverpool, S.A.B. de C.V. N/A COMMON STOCK N/A 500000 NS 1592057.94 0.705604378532 Long EC CORP MX N 1 N N N Repurchase Agreement N/A Repurchase Agreement N/A 4930976 PA 4930976 2.18542188 Long STIV CORP MX N 2 Repurchase Y 4.10 2021-02-02 4930976 MXN 5043280 MXN N N N Comerica Bank N/A Time Deposit N/A 7600106 NS USD 7600106 3.36838751 Long STIV CORP US N 2 N N N 2021-02-23 MEXICO FUND INC /s/ Tofi Dayan Tofi Dayan Treasurer XXXX NPORT-EX 2 fp0061974_nportex.htm

SCHEDULE OF INVESTMENTS

as of January 31, 2021 (Unaudited)

 

Shares      Value   Percent of 
Held      (Note 1)   Net Assets 
     COMMON STOCK - 95.38%          
     Airports          
 470,000   Grupo Aeroportuario del Pacífico, S.A.B. de C.V. Series B (a)  $4,719,646    2.09%
 600,000   Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. Series B (a)   3,528,434    1.56 
         8,248,080    3.65 
     Auto Parts          
 18,400,000   Controladora Nemak, S.A.B. de C.V. Series A (a)   2,387,868    1.06 
 5,500,000   Nemak, S.A.B. de C.V. Series A   1,518,421    0.67 
         3,906,289    1.73 
     Beverages          
 1,180,000   Arca Continental, S.A.B. de C.V.   5,337,931    2.37 
 2,200,000   Fomento Económico Mexicano, S.A.B. de C.V. Series UBD   14,938,272    6.62 
         20,276,203    8.99 
     Building Materials          
 18,000,000   Cemex, S.A.B. de C.V. Series CPO (a)   10,288,714    4.56 
 2,859,000   Elementia, S.A.B. de C.V. (a)   1,806,503    0.80 
 1,000,000   Grupo Cementos de Chihuahua, S.A.B. de C.V.   6,339,069    2.81 
         18,434,286    8.17 
     Chemical Products          
 4,500,000   Alpek, S.A.B. de C.V. (b) Series A (a)   3,862,642    1.72 
 4,250,000   Orbia Advance Corporation, S.A.B. de C.V.   9,126,325    4.04 
         12,988,967    5.76 
     Construction and Infrastructure          
 425,000   Promotora y Operadora de Infraestructura, S.A.B. de C.V.   3,182,439    1.41 
                
     Consumer Products          
 4,350,000   Kimberly-Clark de México, S.A.B. de C.V. (b) Series A   7,571,376    3.36 
                
     Financial Groups          
 5,000,000   Banco Santander México, S.A. Institución de Banca Múltiple,
Grupo Financiero Santander. Series B		   4,945,562    2.19 
 3,450,000   Grupo Financiero Banorte, S.A.B. de C.V. Series O (a)   17,032,007    7.55 
         21,977,569    9.74 
     Food          
 700,100   Gruma, S.A.B. de C.V. Series B   7,658,429    3.39 
                
     Holding Companies          
 14,400,000   Alfa, S.A.B. de C.V. (b) Series A   9,028,871    4.00 
                
     Mining          
 4,700,000   Grupo México, S.A.B. de C.V. (b) Series B   20,066,492    8.89 
 250,000   Industrias Peñoles, S.A.B. de C.V. (a)   3,727,399    1.65 
         23,793,891    10.54 
     Railroad          
 3,900,000   Gméxico Transportes, S.A.B. de C.V.   5,582,531    2.47 

 

 

 

SCHEDULE OF INVESTMENTS

as of January 31, 2021 (Unaudited) concluded

 

Shares      Value   Percent of 
Held      (Note 1)   Net Assets 
     Real Estate          
 2,100,000   Corporación Inmobiliaria Vesta, S.A.B. de C.V.   3,945,028    1.75 
                
     Restaurants          
 1,700,000   Alsea, S.A.B. de C.V. (a)   1,909,546    0.85 
                
     Retail          
 500,000   El Puerto de Liverpool, S.A.B. de C.V. Series C-1   1,592,058    0.71 
 3,931,785   La Comer, S.A.B. de C.V. Series UBC   8,150,609    3.61 
 4,800,000   Wal-Mart de México, S.A.B. de C.V.   13,613,298    6.03 
         23,355,965    10.35 
     Steel          
 250,000   Ternium, S.A. ADR (a)   6,612,472    2.93 
                
     Telecommunications Services          
 47,500,000   América Móvil, S.A.B. de C.V. Series L   31,560,465    13.99 
 5,178,074   Telesites, S.A.B. de C.V. Series B-1 (a)   5,182,101    2.30 
         36,742,566    16.29 
                
     Total Common Stock (Identified cost - $284,160,704)  $215,214,508    95.38%

 

Principal
Amount		      Value
(Note 1)		   Percent of Net Assets 
     SHORT-TERM SECURITIES – 5.56%          
     Repurchase Agreements          
$4,930,976   BBVA Bancomer, S.A., 4.10%, dated 1/31/21, due 2/2/21 repurchase price $4,932,660 collateralized by BPAG28 (Bonds issued by the Mexican Government), interest rate 4.28% (c), due 11/11/2021. Value of collateral $5,043,280.  $4,930,976    2.19%
                
    

Time Deposits

          
$7,600,106   Comerica Bank, 0.03%, dated 1/31/21, due 2/1/21   7,600,106    3.37 
     Total Short-Term Securities (Identified cost - $12,531,082)  $12,531,082    5.56%
     Total Investments (Identified cost - $296,691,786)   227,745,590    100.94 
     Liabilities in Excess of Other Assets   (2,115,196)   (0.94)
     Net Assets Equivalent to $15.04 per share on 15,005,224 shares of capital stock outstanding.  $225,630,394    100.00%

 

(a)Shares of these securities are currently non-income producing. Equity investments that have not paid distributions within the last twelve months are considered to be non-income producing.
(b)A member of the Board also serves as a member of the company’s board of directors.
(c)Floating rate security. Rate shown is the rate in effect as of December 31, 2020.

ADR – American Depositary Receipt

 

 

 

Supplemental Information

 

GAAP establishes a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Fund’s own market assumptions (unobservable inputs). These inputs are used in determining the value of the Fund’s investments and are summarized in the following fair value hierarchy:

 

•Level 1 — quoted prices in active markets for identical securities

 

•Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

 

•Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

 

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. An investment’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement.

 

The following is a summary of the inputs used as of January 31, 2021, in valuing the Fund’s investments in securities:

 

Valuation Inputs  LEVEL 1   LEVEL 2   LEVEL 3   TOTAL 
ASSETS:                    
Investments in Securities:                    
Equity Investments(a)  $215,214,508    -    -   $215,214,508 
Short Term Investments(b)   -   $12,531,082    -   $12,531,082 
Total Investments in Securities  $215,214,508   $12,531,082    -   $227,745,590 

 

(a)For detailed industry descriptions, see the accompanying Schedule of Investments

 

(b)These assets consist of time deposits and repurchase agreements with maturities of one business day. They are classified as Level 2 solely as a result of the Fund’s valuation technique for short-term investments, using amortized cost which approximates fair value, instead of quoted prices in active markets, and thereby may not present any higher risk than Level 1 assets.

 

The following is a reconciliation of the change in value of Level 3 assets (for which significant unobservable inputs were used to determine fair value):

 

   Investments in Securities
Balance as of 10/31/20  $- 
Realized gain (loss)   - 
Change in unrealized appreciation (depreciation)   - 
Net Purchases (Sales)   - 
Transfers in and/or (out) of Level 3  $- 
Balance as of 1/31/21   -