0001398344-22-018775.txt : 20220920 0001398344-22-018775.hdr.sgml : 20220920 20220920142156 ACCESSION NUMBER: 0001398344-22-018775 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20220731 FILED AS OF DATE: 20220920 DATE AS OF CHANGE: 20220920 PERIOD START: 20221031 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: 221253139 BUSINESS ADDRESS: STREET 1: 6700 ALEXANDER BELL DRIVE, SUITE 200 CITY: COLUMBIA STATE: MD ZIP: 21046 BUSINESS PHONE: 202-261-7941 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 2022-10-31 2022-07-31 N 250268282.83 323964.32 249944318.51 0 0 0 0 0 0 0 0 0 0 0 0 0 0 N Alfa, S.A.B. de C.V. (b) N/A COMMON STOCK N/A 13400000 NS 9217467.3 3.687808290494 Long EC CORP MX N 1 N N N Alpek, S.A.B. de C.V. N/A COMMON STOCK N/A 3500000 NS 4658715.97 1.863901527182 Long EC CORP MX N 1 N N N Alsea, S.A.B. de C.V. N/A COMMON STOCK N/A 1000000 NS 1947248.52 0.779072927734 Long EC CORP MX N 1 N N N America Movil, S.A.B. de C.V. N/A COMMON STOCK N/A 40000000 NS 38100475.27 15.243585249548 Long EC CORP MX N 1 N N N Arca Continental, S.A.B. de C.V. N/A COMMON STOCK N/A 750000 NS 5199904.75 2.080425264631 Long EC CORP MX N 1 N N N Cemex, S.A.B. de C.V. N/A COMMON STOCK N/A 26000000 NS 10506107.86 4.203379345531 Long EC CORP MX N 1 N N N Comerica Bank N/A Time Deposit N/A 2843790 NS USD 2843790 1.137769408553 Long STIV CORP US N 2 N N N Corporacion Inmobiliaria Vesta, S.A.B. de C.V. N/A COMMON STOCK N/A 2500000 NS 4928267.02 1.971745966934 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 850000 NS 3817805.1 1.527462245433 Long EC CORP MX N 1 N N N Fomento Economico Mexicano, S.A.B. de C.V. N/A COMMON STOCK N/A 2500000 NS 15592472.21 6.238378332553 Long EC CORP MX N 1 N N N GCC, S.A.B. de C.V. N/A COMMON STOCK N/A 700000 NS 4330148.47 1.732445248461 Long EC CORP MX N 1 N N N Gmexico Transportes, S.A.B. de C.V. N/A COMMON STOCK N/A 2000000 NS 3368160.57 1.347564365513 Long EC CORP MX N 1 N N N Gruma, S.A.B. de C.V. N/A COMMON STOCK N/A 670000 NS 8338814.37 3.336268821542 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 680000 NS 9228170.78 3.692090636283 Long EC CORP MX N 1 N N N Grupo Aeroportuario delCentro Norte,S.A.B. de C. N/A COMMON STOCK N/A 950000 NS 5791738.68 2.317211575079 Long EC CORP MX N 1 N N N Grupo Bimbo, S.A.B. de C.V. N/A COMMON STOCK N/A 2100000 NS 7427825.13 2.971791947095 Long EC CORP MX N 1 N N N Grupo Financiero Banorte, S.A.B. de C.V. N/A COMMON STOCK N/A 4000000 NS 22779763.54 9.11393532563 Long EC CORP MX N 1 N N N Grupo Mexico, S.A.B. de C.V. (b) N/A COMMON STOCK N/A 4830000 NS 19113967.56 7.647290273761 Long EC CORP MX N 1 N N N Industrias Penoles, S.A.B. de C.V. N/A COMMON STOCK N/A 350000 NS 3524195.77 1.409992349843 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 7000000 NS 10317569.43 4.127947172831 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 6972783.41 2.789734710229 Long EC CORP MX N 1 N N N Nemak, S.A.B. de C.V. N/A COMMON STOCK N/A 17000000 NS 4281884.6 1.713135399657 Long EC CORP MX N 1 N N N Operadora de Sites Mexicanos, S.A.B. de C.V. N/A COMMON STOCK N/A 2400000 NS 2811579.4 1.124882300445 Long EC CORP MX N 1 N N N Orbia Advance Corporation SAB de CV N/A COMMON STOCK N/A 4000000 NS 8829883.34 3.532740168804 Long EC CORP MX N 1 N N N Repurchase Agreement N/A Repurchase Agreement N/A 3031771 PA 3031771 1.212978559436 Long STIV CORP MX N 2 Repurchase Y 7.60 2022-08-01 3031771 MXN 3061608 MXN N N N Ternium, S.A. ADR (c) N/A American Depository Receipt (ADR) N/A 120000 NS USD 4251600.61 1.701019105045 Long EC CORP LU N 1 N N N Wal-Mart de Mexico, S.A.B. de C.V. N/A COMMON STOCK N/A 7700000 NS 27915864.72 11.168833476711 Long EC CORP MX N 1 N N N 2022-09-20 MEXICO FUND INC /s/ Tofi Dayan Tofi Dayan Treasurer XXXX NPORT-EX 2 fp0078514_nportex.htm

SCHEDULE OF INVESTMENTS

as of July 31, 2022 (Unaudited)

 

Shares Held      Value (Note 1)   Percent of Net Assets 
     COMMON STOCK  - 97.32%          
     Airports          
 680,000   Grupo Aeroportuario del Pacífico, S.A.B. de C.V. Series B  $9,228,171    3.69%
 950,000   Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. Series B   5,791,739    2.32 
         15,019,910    6.01 
     Auto Parts          
 17,000,000   Nemak, S.A.B. de C.V. Series A (a)   4,281,885    1.71 
                
     Beverages          
 750,000   Arca Continental, S.A.B. de C.V.   5,199,905    2.08 
 2,500,000   Fomento Económico Mexicano, S.A.B. de C.V. Series UBD   15,592,472    6.24 
         20,792,377    8.32 
     Building Materials          
 26,000,000   Cemex, S.A.B. de C.V. Series CPO (a)   10,506,108    4.20 
 700,000   GCC, S.A.B. de C.V.   4,330,148    1.74 
         14,836,256    5.94 
     Chemical Products          
 3,500,000   Alpek, S.A.B. de C.V. Series A   4,658,716    1.86 
 4,000,000   Orbia Advance Corporation, S.A.B. de C.V.   8,829,883    3.53 
         13,488,599    5.39 
     Consumer Products          
 7,000,000   Kimberly-Clark de México, S.A.B. de C.V. (b) Series A   10,317,569    4.13 
                
     Financial Groups          
 4,000,000   Grupo Financiero Banorte, S.A.B. de C.V. Series O   22,779,764    9.11 
                
     Food          
 670,000   Gruma, S.A.B. de C.V. Series B   8,338,814    3.34 
 2,100,000   Grupo Bimbo, S.A.B. de C.V. Series A   7,427,825    2.97 
         15,766,639    6.31 
     Holding Companies          
 13,400,000   Alfa, S.A.B. de C.V. (b) Series A   9,217,467    3.69 
                
     Mining          
 4,830,000   Grupo México, S.A.B. de C.V. (b) Series B   19,113,968    7.65 
 350,000   Industrias Peñoles, S.A.B. de C.V.   3,524,196    1.41 
         22,638,164    9.06 
     Railroad          
 2,000,000   Gméxico Transportes, S.A.B. de C.V.   3,368,161    1.35 
                
     Real Estate          
 2,500,000   Corporación Inmobiliaria Vesta, S.A.B. de C.V.   4,928,267    1.97 
                
     Restaurants          
 1,000,000   Alsea, S.A.B. de C.V. (a)   1,947,249    0.78 

 

1 | The Mexico Fund, Inc. 

 

 

SCHEDULE OF INVESTMENTS

as of July 31, 2022 (Unaudited) concluded

 

Shares Held      Value (Note 1)   Percent of Net Assets 
    Retail        
 850,000   El Puerto de Liverpool, S.A.B. de C.V. Series C-1   3,817,805    1.53 
 3,931,785   La Comer, S.A.B. de C.V. Series UBC   6,972,783    2.79 
 7,700,000   Wal-Mart de México, S.A.B. de C.V.   27,915,865    11.17 
         38,706,453    15.49 
     Steel          
 120,000   Ternium, S.A. ADR (c)   4,251,601    1.70 
                
     Telecommunications Services          
 40,000,000   América Móvil, S.A.B. de C.V. Series L   38,100,475    15.24 
 2,400,000   Operadora de Sites Mexicanos, S.A.B. de C.V. Series A-1   2,811,579    1.12 
         40,912,054    16.36 
                
     Total Common Stock (Identified cost - $281,171,132)  $243,252,415    97.32%

  

Principal Amount

         Value (Note 1)     Percent of Net Assets  
        SHORT-TERM SECURITIES – 2.35%                
        Repurchase Agreements                
$ 3,031,771     BBVA México, S.A.,7.60%, dated 7/29/22, due 8/1/22 repurchase price $3,033,691 collateralized by Bondes (Bonds issued by the Mexican Government), interest rate 7.76% (d), due 12/21/2023. Value of collateral $3,061,608.   $ 3,031,771       1.21 %
                         
        Time Deposits                
$ 2,843,790     Comerica Bank, 1.88%, dated 7/29/22, due 8/1/22     2,843,790       1.14  
        Total Short-Term Securities (Identified cost - $5,875,561)   $ 5,875,561       2.35 %
        Total Investments (Identified cost - $287,046,693)     249,127,976       99.67  
        Other Assets in Excess of Liabilities     816,343       0.33  
        Net Assets Equivalent to $16.66 per share on 15,005,224 shares of capital stock outstanding.   $ 249,944,319       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) ADR – American Depositary Receipt
(d) Floating rate security. Rate shown is the rate in effect as of July 31, 2022.

 

2 | The Mexico Fund, Inc.

 

 

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 July 31, 2022, in valuing the Fund’s investments in securities:

  

Valuation Inputs  LEVEL 1   LEVEL 2   LEVEL 3   TOTAL 
ASSETS:                    
Investments in Securities:                    
Equity Investments(a)  $243,252,415    -    -   $243,252,415 
Short Term Investments(b)   -   $5,875,561    -   $5,875,561 
Total Investments in Securities  $243,252,415   $5,875,561    -   $249,127,976 

 

(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 10/31/21  $- 
Realized gain (loss)   - 
Change in unrealized appreciation (depreciation)   - 
Net Purchases (Sales)   - 
Transfers in and/or (out) of Level 3  $- 
Balance as of 7/31/22   - 

 

3 | The Mexico Fund, Inc.