COMMON STOCK

0001398344-24-006037.txt : 20240315 0001398344-24-006037.hdr.sgml : 20240315 20240315130649 ACCESSION NUMBER: 0001398344-24-006037 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20240131 FILED AS OF DATE: 20240315 DATE AS OF CHANGE: 20240315 PERIOD START: 20241031 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MEXICO FUND INC CENTRAL INDEX KEY: 0000065433 ORGANIZATION NAME: 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: 24753613 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 52-55-91-38-33-45 Mexico Fund Inc N/A 2024-10-31 2024-01-31 N 338554887.33 333343.97 338221543.36 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 11000000 NS 8652611.64 2.558267446254 Long EC CORP MX N 1 N N N Alpek, S.A.B. de C.V. N/A COMMON STOCK N/A 3500000 NS 2366774.53 0.699770483715 Long EC CORP MX N 1 N N N Alsea, S.A.B. de C.V. N/A COMMON STOCK N/A 1000000 NS 3907443.66 1.155291180207 Long EC CORP MX N 1 N N N America Movil, S.A.B. de C.V. (b) N/A COMMON STOCK N/A 24000000 NS 21680909.53 6.410268640671 Long EC CORP MX N 1 N N N Arca Continental, S.A.B. de C.V. N/A COMMON STOCK N/A 600000 NS 6816589.5 2.015421440125 Long EC CORP MX N 1 N N N Cemex, S.A.B. de C.V. N/A COMMON STOCK N/A 19500000 NS 16199682.8 4.789666157592 Long EC CORP MX N 1 N N N Comerica Bank N/A Time Deposit N/A 2906779 NS USD 2906779 0.859430465909 Long STIV CORP US N 2 N N N Corporacion Inmobiliaria Vesta, S.A.B. de C.V. N/A COMMON STOCK N/A 2100000 NS 7984814.07 2.360823615987 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 7023638.7 2.076638474954 Long EC CORP MX N 1 N N N Fomento Economico Mexicano, S.A.B. de C.V. N/A COMMON STOCK N/A 3230000 NS 43802112.32 12.950716233169 Long EC CORP MX N 1 N N N GCC, S.A.B. de C.V. N/A COMMON STOCK N/A 700000 NS 8083226.34 2.389920600473 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 4568560.36 1.350759716431 Long EC CORP MX N 1 N N N Gruma, S.A.B. de C.V. N/A COMMON STOCK N/A 750000 NS 14038563.2 4.15070047299 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 10585187.04 3.129660794177 Long EC CORP MX N 1 N N N Grupo Aeroportuario del Sureste, S.A.B. de C.V. N/A COMMON STOCK N/A 350000 NS 10201733.54 3.016287324175 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 1100000 NS 10069364.97 2.97715067762 Long EC CORP MX N 1 N N N Grupo Bimbo, S.A.B. de C.V. N/A COMMON STOCK N/A 1800000 NS 8210860.21 2.42765736577 Long EC CORP MX N 1 N N N Grupo Comercial Chedraui, S.A.B. de C.V. N/A COMMON STOCK N/A 993265 NS 6713207.24 1.984855007551 Long EC CORP MX N 1 N N N Grupo Financiero Banorte, S.A.B. de C.V. N/A COMMON STOCK N/A 4100000 NS 41697176.02 12.328361938677 Long EC CORP MX N 1 N N N Grupo Mexico, S.A.B. de C.V. (b) N/A COMMON STOCK N/A 5900000 NS 30440357.17 9.000123666752 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 4602197.14 1.360704907877 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 5700000 NS 12993905.88 3.8418327085 Long EC CORP MX N 1 N N N La Comer, S.A.B. de C.V. N/A COMMON STOCK N/A 3300000 NS 7747090.91 2.290537389498 Long EC CORP MX N 1 N N N Nemak, S.A.B. de C.V. N/A COMMON STOCK N/A 17000000 NS 4138079.28 1.223481874895 Long EC CORP MX N 1 N N N Orbia Advance Corporation SAB de CV N/A COMMON STOCK N/A 3600000 NS 7177705.61 2.122190543717 Long EC CORP MX N 1 N N N Repurchase Agreement N/A Repurchase Agreement N/A 4484899 PA 4484899 1.326024041431 Long STIV CORP MX N 2 Repurchase Y 11.10 2024-02-01 4484899 MXN 4529989 MXN N N N Sitios Latinoamerica, S.A.B. de C.V. N/A COMMON STOCK N/A 2000000 NS 750582.4 0.221920340302 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 4639226.64 1.371653205148 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 6300000 NS 26025979.91 7.694950372306 Long EC CORP MX N 1 N N N 2024-03-15 MEXICO FUND INC /s/ Tofi Dayan Tofi Dayan Treasurer XXXX NPORT-EX 2 fp0087112-1_nportex.htm

SCHEDULE OF INVESTMENTS

as of January 31, 2024 (Unaudited)

Shares			Value		Percent of
Held			(Note 1)		Net Assets
		COMMON STOCK - 97.90%
		Airports
	680,000	Grupo Aeroportuario del Pacífico, S.A.B. de C.V. Series B	$	10,585,187		3.13	%
	350,000	Grupo Aeroportuario del Sureste, S.A.B. de C.V. Series B		10,201,734		3.02
	1,100,000	Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. Series B		10,069,365		2.98
				30,856,286		9.13
		Auto Parts
	17,000,000	Nemak, S.A.B. de C.V. Series A (a)		4,138,079		1.22

		Beverages
	600,000	Arca Continental, S.A.B. de C.V.		6,816,589		2.02
	3,230,000	Fomento Económico Mexicano, S.A.B. de C.V. Series UBD		43,802,112		12.95
				50,618,701		14.97
		Building Materials
	19,500,000	Cemex, S.A.B. de C.V. Series CPO (a)		16,199,683		4.79
	700,000	GCC, S.A.B. de C.V.		8,083,226		2.39
				24,282,909		7.18
		Chemical Products
	3,500,000	Alpek, S.A.B. de C.V. Series A		2,366,775		0.70
	3,600,000	Orbia Advance Corporation, S.A.B. de C.V.		7,177,706		2.12
				9,544,481		2.82
		Consumer Products
	5,700,000	Kimberly-Clark de México, S.A.B. de C.V. (b)		12,993,906		3.84

		Financial Groups
	4,100,000	Grupo Financiero Banorte, S.A.B. de C.V. Series O		41,697,176		12.33

		Food
	750,000	Gruma, S.A.B. de C.V. Series B		14,038,563		4.15
	1,800,000	Grupo Bimbo, S.A.B. de C.V. Series A		8,210,860		2.43
				22,249,423		6.58
		Holding Companies
	11,000,000	Alfa, S.A.B. de C.V. (b) Series A		8,652,612		2.56

		Mining
	5,900,000	Grupo México, S.A.B. de C.V. (b) Series B		30,440,357		9.00
	350,000	Industrias Peñoles, S.A.B. de C.V. (a)		4,602,197		1.36
				35,042,554		10.36
		Railroad
	2,000,000	Gméxico Transportes, S.A.B. de C.V.		4,568,560		1.35

		Real Estate
	2,100,000	Corporación Inmobiliaria Vesta, S.A.B. de C.V.		7,984,814		2.36

SCHEDULE OF INVESTMENTS

as of January 31, 2024 (Unaudited) concluded

Shares			Value		Percent of
Held			(Note 1)		Net Assets

		Restaurants
	1,000,000	Alsea, S.A.B. de C.V. (a)		3,907,444		1.16

		Retail
	1,000,000	El Puerto de Liverpool, S.A.B. de C.V. Series C-1		7,023,639		2.08
	993,265	Grupo Comercial Chedraui, S.A.B. de C.V. Series B		6,713,207		1.98
	3,300,000	La Comer, S.A.B. de C.V. Series UBC		7,747,091		2.29
	6,300,000	Wal-Mart de México, S.A.B. de C.V.		26,025,980		7.69
				47,509,917		14.04
		Steel
	120,000	Ternium, S.A. ADR (c)		4,639,227		1.37

		Telecommunications Services
	24,000,000	América Móvil, S.A.B. de C.V. (b) Series B		21,680,910		6.41
	2,000,000	Sitios Latinoamérica, S.A.B. de C.V. Series B-1 (a)		750,582		0.22
				22,431,492		6.63

		Total Common Stock (Identified cost - $275,702,636)	$	331,117,581		97.90	%

Principal Amount			Value (Note 1)			Percent of Net Assets
		SHORT-TERM SECURITIES – 2.19%
		Repurchase Agreements
$	4,484,899	BBVA México, S.A., 11.10%, dated 1/31/24, due 2/1/24 repurchase price $4,486,282 collateralized by Bonos M (Bonds issued by the Mexican Government), interest rate 7.50% (d), due 6/3/2027. Value of collateral $4,529,989.	$	4,484,899			1.33	%

		Time Deposits
$	2.906.279	Comerica Bank, 5.00%, dated 1/31/24, due 2/1/24		2,906,279			0.86
		Total Short-Term Securities (Identified cost - $7,391,178)	$	7,391,178			2.19	%
		Total Investments (Identified cost - $283,093,814)		338,508,759			100.09
		Liabilities in Excess of Other Assets		(287,214	)		(0.09	)
		Net Assets Equivalent to $22.90 per share on 14,771,862 shares of capital stock outstanding.	$	338,221,545			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 January 31, 2024.

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, 2024, in valuing the Fund’s investments in securities:

Valuation Inputs	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
ASSETS:
Investments in Securities:
Equity Investments(a)	$	331,117,581		-		-	$	331,117,581
Short Term Investments(b)		-	$	7,391,178		-	$	7,391,178
Total Investments in Securities	$	331,117,581	$	7,391,178		-	$	338,508,759

(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 10/31/23	$	-
Realized gain (loss)		-
Change in unrealized appreciation (depreciation)		-
Net Purchases (Sales)		-
Transfers in and/or (out) of Level 3	$	-
Balance as of 1/31/24		-