0001398344-23-006239.txt : 20230315 0001398344-23-006239.hdr.sgml : 20230315 20230315160017 ACCESSION NUMBER: 0001398344-23-006239 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20230131 FILED AS OF DATE: 20230315 DATE AS OF CHANGE: 20230315 PERIOD START: 20231031 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: 23735042 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 2023-10-31 2023-01-31 N 303867794.38 344704.57 303523089.81 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 9702258.67 3.196547147511 Long EC CORP MX N 1 N N N Alpek, S.A.B. de C.V. N/A COMMON STOCK N/A 3500000 NS 5536534.23 1.82408996729 Long EC CORP MX N 1 N N N Alsea, S.A.B. de C.V. N/A COMMON STOCK N/A 1000000 NS 2381824.46 0.784725953249 Long EC CORP MX N 1 N N N America Movil, S.A.B. de C.V. N/A COMMON STOCK N/A 38000000 NS 39697428.14 13.078882454127 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 6622342.54 2.181824962215 Long EC CORP MX N 1 N N N Cemex, S.A.B. de C.V. N/A COMMON STOCK N/A 28000000 NS 14922631.84 4.916473355736 Long EC CORP MX N 1 N N N Comerica Bank N/A Time Deposit N/A 6019382.17 NS USD 5281299 1.983171090334 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 6826445.84 2.249069698065 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 1000000 NS 6303580.43 2.076804250223 Long EC CORP MX N 1 N N N Fomento Economico Mexicano, S.A.B. de C.V. N/A COMMON STOCK N/A 3100000 NS 27141969.9 8.942308117383 Long EC CORP MX N 1 N N N GCC, S.A.B. de C.V. N/A COMMON STOCK N/A 700000 NS 5613451.18 1.849431350723 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 4331555.06 1.42709243716 Long EC CORP MX N 1 N N N Gruma, S.A.B. de C.V. N/A COMMON STOCK N/A 670000 NS 9741025.03 3.209319276321 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 11734543.62 3.866112336485 Long EC CORP MX N 1 N N N Grupo Aeroportuario delCentro Norte,S.A.B. de C.V. N/A COMMON STOCK N/A 950000 NS 8659102.37 2.852864464067 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 10480770.76 3.453039031024 Long EC CORP MX N 1 N N N Grupo Financiero Banorte, S.A.B. de C.V. N/A COMMON STOCK N/A 3600000 NS 29847599.33 9.833716224593 Long EC CORP MX N 1 N N N Grupo Mexico, S.A.B. de C.V. (b) N/A COMMON STOCK N/A 5130000 NS 22803630.86 7.512980601499 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 4985853.44 1.642660346793 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 5500000 NS 10492873.64 3.457026497021 Long EC CORP MX N 1 N N N La Comer, S.A.B. de C.V. N/A COMMON STOCK N/A 3800000 NS 8453857.79 2.785243717285 Long EC CORP MX N 1 N N N Nemak, S.A.B. de C.V. N/A COMMON STOCK N/A 17000000 NS 5468588.26 1.801704200844 Long EC CORP MX N 1 N N N Orbia Advance Corporation SAB de CV N/A COMMON STOCK N/A 4000000 NS 8009130.24 2.638721899044 Long EC CORP MX N 1 N N N Repurchase Agreement N/A Repurchase Agreement N/A 5602660 PA 5602660 1.845876042952 Long STIV CORP MX N 2 Repurchase Y 10.35 2023-02-01 5602660 MXN 5648449 MXN N N N Sitios Latinoamerica, S.A.B. de C.V. N/A COMMON STOCK N/A 2000000 NS 924702.07 0.304656252187 Long EC CORP MX N 1 N N N Ternium, S.A. ADR (c) N/A American Depository Receipt (ADR) N/A 120000 NS USD 4841977.86 1.595258490124 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 7000000 NS 27407702.31 9.029857440285 Long EC CORP MX N 1 N N N 2023-03-15 MEXICO FUND INC /s/ Tofi Dayan Tofi Dayan Treasurer XXXX NPORT-EX 2 fp0082384-1_nportex.htm

SCHEDULE OF INVESTMENTS

as of January 31, 2023 (Unaudited)

 

Shares      Value   Percent of 
Held      (Note 1)   Net Assets 
     COMMON STOCK   96.51%          
     Airports          
 680,000   Grupo Aeroportuario del Pacífico, S.A.B. de C.V. Series B  $11,734,544    3.87%
 950,000   Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. Series B   8,659,102    2.85 
         20,393,646    6.72 
     Auto Parts          
 17,000,000   Nemak, S.A.B. de C.V. Series A (a)   5,468,588    1.80 
                
     Beverages          
 750,000   Arca Continental, S.A.B. de C.V.   6,622,343    2.18 
 3,100,000   Fomento Económico Mexicano, S.A.B. de C.V. Series UBD   27,141,970    8.94 
         33,764,313    11.12 
     Building Materials          
 28,000,000   Cemex, S.A.B. de C.V. Series CPO (a)   14,922,632    4.92 
 700,000   GCC, S.A.B. de C.V.   5,613,451    1.85 
         20,536,083    6.77 
     Chemical Products          
 3,500,000   Alpek, S.A.B. de C.V. Series A   5,536,534    1.82 
 4,000,000   Orbia Advance Corporation, S.A.B. de C.V.   8,009,130    2.64 
         13,545,664    4.46 
     Consumer Products          
 5,500,000   Kimberly-Clark de México, S.A.B. de C.V. (b) Series A   10,492,874    3.46 
                
     Financial Groups          
 3,600,000   Grupo Financiero Banorte, S.A.B. de C.V. Series O   29,847,599    9.83 
                
     Food          
 670,000   Gruma, S.A.B. de C.V. Series B   9,741,025    3.21 
 2,100,000   Grupo Bimbo, S.A.B. de C.V. Series A   10,480,771    3.45 
         20,221,796    6.66 
     Holding Companies          
 13,400,000   Alfa, S.A.B. de C.V. (b) Series A   9,702,259    3.20 
                
     Mining          
 5,130,000   Grupo México, S.A.B. de C.V. (b) Series B   22,803,631    7.51 
 350,000   Industrias Peñoles, S.A.B. de C.V. (a)   4,985,853    1.64 
         27,789,484    9.15 
     Railroad          
 2,000,000   Gméxico Transportes, S.A.B. de C.V.   4,331,555    1.43 
                
     Real Estate          
 2,500,000   Corporación Inmobiliaria Vesta, S.A.B. de C.V.   6,826,446    2.25 
                
     Restaurants          
 1,000,000   Alsea, S.A.B. de C.V. (a)   2,381,824    0.78 

 

 

SCHEDULE OF INVESTMENTS

as of January 31, 2023 (Unaudited) concluded

 

Shares      Value   Percent of 
Held      (Note 1)   Net Assets 
             
     Retail          
 1,000,000   El Puerto de Liverpool, S.A.B. de C.V. Series C-1   6,303,580    2.08 
 3,800,000   La Comer, S.A.B. de C.V. Series UBC   8,453,858    2.79 
 7,000,000   Wal-Mart de México, S.A.B. de C.V.   27,407,702    9.03 
         42,165,140    13.90 
     Steel          
 120,000   Ternium, S.A. ADR (c)   4,841,978    1.60 
                
     Telecommunications Services          
 38,000,000   América Móvil, S.A.B. de C.V. Series L   39,697,428    13.08 
 2,000,000   Sitios Latinoamérica, S.A.B. de C.V. Series B-1 (a)   924,702    0.30 
         40,622,130    13.38 
                
     Total Common Stock (Identified cost - $278,215,553)  $292,931,379    96.51%

 

Principal

Amount

     

Value

(Note 1)

   Percent of
Net Assets		 
     SHORT-TERM SECURITIES – 3.59%          
     Repurchase Agreements          
$5,602,660   BBVA México, S.A., 10.35%, dated 1/31/23, due 2/1/23 repurchase price $5,604,271 collateralized by Cetes (Bonds issued by the Mexican Government), interest rate 11.01% (d), due 4/20/2023. Value of collateral $5,648,449.  $5,602,660    1.85%
                
    

Time Deposits

          
$5,281,299   Comerica Bank, 4.09%, dated 1/31/23, due 2/1/23   5,281,299    1.74 
     Total Short-Term Securities (Identified cost - $10,883,959)  $10,883,959    3.59%
     Total Investments (Identified cost - $289,099,512)   303,815,338    100.10 
     Liabilities in Excess of Other Assets   (292,248)   (0.10)
     Net Assets Equivalent to $20.23 per share on 15,005,224 shares of capital stock outstanding.  $303,523,090    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 real terms (after considering the inflation rate) in effect as of January 31, 2023.

 

 

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, 2023, in valuing the Fund’s investments in securities:

 

Valuation Inputs  LEVEL 1   LEVEL 2   LEVEL 3   TOTAL 
ASSETS:                    
Investments in Securities:                    
Equity Investments(a)  $292,931,379    -    -   $292,931,379 
Short Term Investments(b)   -   $10.883,959    -   $10,883,959 
Total Investments in Securities  $292,931,379   $10,883,959    -   $303,523,090 

 

(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 10/31/22  $- 
Realized gain (loss)  - 
Change in unrealized appreciation (depreciation)   - 
Net Purchases (Sales)   - 
Transfers in and/or (out) of Level 3  $- 
Balance as of 1/31/23  -