0001145549-20-077831.txt : 20201228 0001145549-20-077831.hdr.sgml : 20201228 20201228134050 ACCESSION NUMBER: 0001145549-20-077831 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20201031 FILED AS OF DATE: 20201228 PERIOD START: 20210731 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MEXICO EQUITY & INCOME FUND INC CENTRAL INDEX KEY: 0000863900 IRS NUMBER: 133576061 STATE OF INCORPORATION: MD FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-06111 FILM NUMBER: 201417477 BUSINESS ADDRESS: STREET 1: U.S. BANCORP FUND SERVICES, LLC STREET 2: 615 EAST MICHIGAN STREET, LC-2 CITY: MILWAUKEE STATE: WI ZIP: 53202 BUSINESS PHONE: 4147654499 MAIL ADDRESS: STREET 1: U.S. BANCORP FUND SERVICES, LLC STREET 2: 615 EAST MICHIGAN STREET, LC-2 CITY: MILWAUKEE STATE: WI ZIP: 53202 FORMER COMPANY: FORMER CONFORMED NAME: MEXICO CONVERTIBLE ADVANTAGE FUND INC DATE OF NAME CHANGE: 19900807 FORMER COMPANY: FORMER CONFORMED NAME: MEXICO ADVANTAGE FUND INC DATE OF NAME CHANGE: 19900805 NPORT-P 1 primary_doc.xml NPORT-P false 0000863900 XXXXXXXX Mexico Equity & Income Fund Inc 811-06111 0000863900 549300Q0OD8MQEFTBY23 615 E. Michigan St. Milwaukee 53202 8777850376 Mexico Equity and Income Fund 549300Q0OD8MQEFTBY23 2021-07-31 2020-10-31 N 17449097.080000000000 270829.320000000000 17178267.760000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.250000000000 N Orbia Advance Corp SAB de CV 549300MVHZ20SBIOEQ79 Orbia Advance Corp SAB de CV P7S81Y105 394482.000000000000 NS 697594.220000000000 4.0609113197 Long EC CORP MX N 1 N N N Gentera SAB de CV N/A Gentera SAB de CV P4831V101 350200.000000000000 NS 82384.460000000000 0.4795853758 Long EC CORP MX N 1 N N N PINFRA 52990035X6RK8DBUWA73 Promotora y Operadora de Infraestructura SAB de CV P7925L111 52271.000000000000 NS 254929.400000000000 1.4840227406 Long EC CORP MX N 1 N N N Wal-Mart de Mexico SAB de CV N/A Wal-Mart de Mexico SAB de CV P98180188 513584.000000000000 NS 1240891.970000000000 7.2236152523 Long EC CORP MX N 1 N N N Nemak SAB de CV 5493000MY3DAIB0BP706 Nemak SAB de CV P71340106 2022920.000000000000 NS 623713.400000000000 3.6308282576 Long EC CORP MX N 1 N N N Alfa SAB de CV 549300ZCGJ6T8YDJ4M34 Alfa SAB de CV P0156P117 2479435.000000000000 NS 1656346.510000000000 9.6421043911 Long EC CORP MX N 1 N N N Grupe SAB de CV 4469000001BIUGF8ZG79 Grupe SAB de CV P4948T122 303526.000000000000 NS 331980.440000000000 1.9325606321 Long EC CORP MX N 3 N N N Fomento Economico Mexicano SAB 549300A8MDWDJNMLV153 Fomento Economico Mexicano SAB de CV P4182H115 33075.000000000000 NS 177276.320000000000 1.0319801884 Long EC CORP MX N 1 N N N El Puerto de Liverpool SAB de 4469000001BO4JEXZL32 El Puerto de Liverpool SAB de CV P36918137 61974.000000000000 NS 166800.820000000000 0.9709990689 Long EC CORP MX N 1 N N N Grupo Bimbo SAB de CV 5493000RIXURZEBFEV60 Grupo Bimbo SAB de CV P4949B104 402500.000000000000 NS 777808.030000000000 4.5278606718 Long EC CORP MX N 1 N N N Gruma SAB de CV 5493000XJLJ6C4T0PG82 Gruma SAB de CV P4948K121 23178.000000000000 NS 246526.110000000000 1.4351045952 Long EC CORP MX N 1 N N N Grupo Financiero Banorte SAB d N/A Grupo Financiero Banorte SAB de CV P49501201 42756.000000000000 NS 190483.560000000000 1.1088636099 Long EC CORP MX N 1 N N N Industrias Penoles SAB de CV 549300WA2HB7776CB324 Industrias Penoles SAB de CV P55409141 48750.000000000000 NS 776267.590000000000 4.5188932950 Long EC CORP MX N 1 N N N Grupo Mexico SAB de CV 529900JWLZAYET2ZGW20 Grupo Mexico SAB de CV P49538112 283894.000000000000 NS 806383.970000000000 4.6942100407 Long EC CORP MX N 1 N N N America Movil SAB de CV 5493000FNR3UCEAONM59 America Movil SAB de CV P0280A101 4321622.000000000000 NS 2630277.920000000000 15.3116598061 Long EC CORP MX N 1 N N N Arca Continental SAB de CV 254900U2BSJCQHJCXN24 Arca Continental SAB de CV P0448R103 58520.000000000000 NS 254782.640000000000 1.4831684053 Long EC CORP MX N 1 N N N Grupo Cementos de Chihuahua SA 254900WY9XL8033CKX68 Grupo Cementos de Chihuahua SAB de CV P4948S124 29107.000000000000 NS 146567.600000000000 0.8532152488 Long EC CORP MX N 1 N N N Morgan Stanley Institutional L 549300BI6Y5SI6BYPB26 Morgan Stanley Institutional Liquidity Funds - Government Portfolio 61747C707 18416.840000000000 NS USD 18416.840000000000 0.1072101114 Long STIV RF US N 1 N N N HSBC DISCOVERY MEXICO N/A HSBC DISCOVERY MEXICO N/A 300000.000000000000 NS 1423496.060000000000 8.2866100348 Long EC CORP MX N 3 N N N Axtel SAB de CV 549300BVRDR8XTSXAD13 Axtel SAB de CV P0606P105 3025631.000000000000 NS 1128290.840000000000 6.5681293118 Long EC CORP MX N 1 N N N Organizacion Soriana SAB de CV 4469000001BRXVIC3I64 Organizacion Soriana SAB de CV P8728U167 49700.000000000000 NS 37934.280000000000 0.2208271552 Long EC CORP MX N 1 N N N Fresnillo PLC 549300JXWH1UV5J0XV81 Fresnillo PLC G371E2108 13100.000000000000 NS 174382.580000000000 1.0151348345 Long EC CORP MX N 2 N N N Scotiabankinverlat - Scotia Gu N/A Scotiabankinverlat - Scotia Gubernamental SA de CV SIID P8535W315 3607174.000000000000 NS 667992.370000000000 3.8885898120 Long EC RF MX N 1 N N N Grupo Comercial Chedraui SA de 4469000001BRXSV0JO96 Grupo Comercial Chedraui SA de CV P4612W104 148000.000000000000 NS 187132.450000000000 1.0893557640 Long EC CORP MX N 1 N N N Infraestructura Energetica Nov 715K4H1JYF3O6JOK1411 Infraestructura Energetica Nova SAB de CV P5R19K107 205702.000000000000 NS 688340.190000000000 4.0070407541 Long EC CORP MX N 1 N N N Alpek SAB de CV 549300PWKJTP62D4IQ66 Alpek SAB de CV P01703100 1070379.000000000000 NS 800330.530000000000 4.6589710976 Long EC CORP MX N 1 N N N Corp Inmobiliaria Vesta SAB de 4469000001BIRIFZJ959 Corp Inmobiliaria Vesta SAB de CV P9781N108 86523.000000000000 NS 139014.400000000000 0.8092457397 Long EC CORP MX N 1 N N N Telesites SAB de CV N/A Telesites SAB de CV P90355135 542417.000000000000 NS 500696.550000000000 2.9147091953 Long EC CORP MX N 1 N N N CFE Capital S de RL de CV N/A CFE Capital S de RL de CV P2R51T450 305000.000000000000 NS 365370.200000000000 2.1269327333 Long EC CORP MX N 1 N N N GMexico Transportes SAB de CV 4469000001BXJ8FN4U73 GMexico Transportes SAB de CV P4R1BE119 200671.000000000000 NS 237458.080000000000 1.3823167930 Long EC CORP MX N 1 N N N 2020-11-10 Mexico Equity & Income Fund Inc /s/ Maria Eugenia Pichardo Maria Eugenia Pichardo President XXXX NPORT-EX 2 mxe.htm NPORT-EX

The Mexico Equity and Income Fund, Inc.
        
Schedule of Investments
        
October 31, 2020 (Unaudited)
        
         
MEXICO - 100.37%
Shares
 
  
Value
           
COMMON STOCKS - 86.05%
        
Auto Parts and Equipment - 3.63%
        
Nemak, S.A.B. de C.V.
2,022,920
   $
           623,713
Beverages - 2.52%
        
Arca Continental, S.A.B. de C.V.
58,520
    
254,783
Fomento Economico Mexicano, S.A.B. de C.V. - Series UBD
33,075
    
177,276
       
432,059
Building Materials - 0.85%
        
Grupo Cementos de Chihuahua, S.A.B. de C.V.
29,107
    
146,568
Chemical Products - 8.72%
        
Alpek, S.A.B. de C.V. - Series A
1,070,379
    
800,331
Orbia Advance Corp., S.A.B. de C.V.
394,482
    
697,594
       
1,497,925
Construction and Infrastructure - 1.48%
        
Promotora y Operadora de Infraestructura, S.A.B. de C.V. - Series L
52,271
    
254,929
Energy - 4.01%
        
Infraestructura Energetica Nova, S.A.B. de C.V.
205,702
    
688,340
Financial Groups - 1.59%
        
Gentera, S.A.B. de C.V. (a)
350,200
    
82,384
Grupo Financiero Banorte, S.A.B. de C.V. - Series O (a)
42,756
    
190,484
       
272,868
Food - 5.96%
        
Gruma, S.A.B. de C.V. - Series B
23,178
    
246,526
Grupo Bimbo, S.A.B. de C.V. - Series A
402,500
    
777,808
       
1,024,334
Holding Companies - 9.64%
        
Alfa, S.A.B. de C.V. - Series A
2,479,435
    
1,656,347
Hotels, Restaurants, and Recreation - 1.93%
        
Grupe, S.A.B. de C.V. (a)(b)(c)(d)
303,526
    
331,980
Mining - 9.22%
        
Grupo Mexico, S.A.B. de C.V. - Series B
283,894
    
806,384
Industrias Penoles, S.A.B. de C.V.
48,750
    
776,268
       
1,582,652
Railroads - 1.38%
        
GMexico Transportes, S.A.B. de C.V.
200,671
    
237,458
Real Estate Services - 0.81%
        
Corporacion Inmobiliaria Vesta, S.A.B. de C.V.
86,523
    
139,014
Retail - 9.51%
        
El Puerto de Liverpool, S.A.B. de C.V. - Series C - 1
61,974
    
166,801
Grupo Comercial Chedraui, S.A. de C.V.
148,000
    
187,133
Organizacion Soriana, S.A.B. de C.V. - Class B (a)
49,700
    
37,934
Wal-Mart de Mexico, S.A.B. de C.V.
513,584
    
1,240,892
       
1,632,760
Telecommunication - 24.80%
        
America Movil, S.A.B. de C.V. - Series L
4,321,622
    
2,630,278
Axtel, S.A.B. de C.V. - Series CPO (a)
3,025,631
    
1,128,291
Telesites S.A.B. de C.V. (a)
542,417
    
500,696
       
4,259,265
TOTAL COMMON STOCKS (Cost $13,371,961)
      
14,780,212
           
CAPITAL DEVELOPMENT CERTIFICATES - 8.29%
 
 
  
 
Atlas Discovery Trust II (b)(c)(d)
300,000
    
1,423,496
TOTAL CAPITAL DEVELOPMENT CERTIFICATES (Cost $1,460,703)
      
1,423,496
           
MEXICAN MUTUAL FUNDS - 3.90%
 
 
  
 
Scotiabankinverlat - Scotia Gubernamental, S.A. de C.V. SIID (a)
3,607,174
    
667,993
TOTAL MEXICAN MUTUAL FUNDS (Cost $666,850)
      
667,993
           
REAL ESTATE INVESTMENT TRUSTS - 2.13%
 
 
  
 
CFE Capital, S. de R.L. de C.V.
305,000
    
365,370
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $358,064)
      
365,370
TOTAL MEXICO (Cost $15,857,578)
      
17,237,071
           
UNITED KINGDOM - 1.01%
 
 
  
 
           
COMMON STOCKS - 1.01%
        
Mining - 1.01%
        
Fresnillo PLC
13,100
    
174,382
TOTAL COMMON STOCKS (Cost $216,113)
      
174,382
TOTAL UNITED KINGDOM (Cost $216,113)
      
174,382
           
UNITED STATES - 0.10%
 
 
  
 
           
INVESTMENT COMPANIES - 0.10%
 
 
  
 
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class - 0.020% (e)
18,417
    
18,417
TOTAL INVESTMENT COMPANIES (Cost $18,417)
      
18,417
TOTAL UNITED STATES (Cost $18,417)
      
18,417
           
Total Investments (Cost $16,092,108) - 101.48%
      
17,429,870
Liabilities in Excess of Other Assets - (1.48)%
      
(254,581)
TOTAL NET ASSETS - 100.00%
     $
    17,175,289
           
Percentages are stated as a percent of net assets.
        
 

(a)
  
Non-income producing security.
      
(b)
  
Illiquid securities. The total market value of these securities were $1,755,476, representing 10.22% of net assets.
      
(c)
  
Fair valued securities. The total market value of these securities were $1,755,476, representing 10.22% of net assets.
      
(d)
  
Level 3 securities. Value determined using significant unobservable inputs.
      
(e)
  
The rate shown represents the 7-day yield at October 31, 2020.
      

 

FAIR VALUE MEASUREMENTS
              
                   
The Fund follows the FASB ASC Topic 820 hierarchy, under which various inputs are used in determining the value of the Fund’s investments.  The basis of the hierarchy is dependent upon various “inputs” used to determine the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:

 
Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
   
 
Level 2 – Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for
similar instruments, interest rates, prepayment speeds, credit risks, yield curves, default rates and similar data.
 

 
Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the company's own assumptions about the assumptions a market participant would use in valuing the asset or
liability , and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of the markets, and other characteristics particular to the security.  To the extent that valuation is based on models or inputs that are less observable or unobservable in the market the determination of fair value requires more judgment.  Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant on the lowest level input that is significant to the fair value measurement in its entirety.
                   
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
                   
The following is a summary of the inputs used to value the Fund's investments carried at fair value as of October 31, 2020:

      
Level 1
    
Level 2
    
Level 3*
    
Total
        
Equity
                                
Auto Parts and Equipment
  
$
623,713
    
$
-
    
$
-
    
$
623,713
        
Beverages
    
432,059
      
-
      
-
      
432,059
        
Building Materials
    
146,568
      
-
      
-
      
146,568
        
Capital Development Certificates
    
-
      
-
      
1,423,496
      
1,423,496
        
Chemical Products
    
1,497,925
      
-
      
-
      
1,497,925
        
Construction and Infrastructure
    
254,929
      
-
      
-
      
254,929
        
Energy
      
688,340
      
-
      
-
      
688,340
        
Financial Groups
    
272,868
      
-
      
-
      
272,868
        
Food
      
1,024,334
      
-
      
-
      
1,024,334
        
Holding Companies
    
1,656,347
      
-
      
-
      
1,656,347
        
Hotels, Restaurants, and Recreation
    
-
      
-
      
331,980
      
331,980
        
Mining
      
1,582,652
      
174,382
      
-
      
1,757,034
        
Railroads
    
237,458
      
-
      
-
      
237,458
        
Real Estate Services
    
139,014
      
-
      
-
      
139,014
        
Retail
      
1,632,760
      
-
      
-
      
1,632,760
        
Telecommunication
    
4,259,265
      
-
      
-
      
4,259,265
        
Total Equity
  
$
14,448,232
    
$
174,382
    
$
1,755,476
    
$
16,378,090
        
                                         
Mexican Mutual Funds
  
$
667,993
    
$
-
    
$
-
    
$
667,993
        
                                         
Real Estate Investment Trusts
  
$
365,370
    
$
-
    
$
-
    
$
365,370
        
                                         
Short-Term Investments
  
$
18,417
    
$
-
    
$
-
    
$
18,417
        
Total Investments in Securities
  
$
15,500,012
    
$
174,382
    
$
1,755,476
    
$
17,429,870
        
                                         
* The Fund measures Level 3 activity as of the beginning and end of each financial reporting period.
  
                                         
Level 3 Reconciliation Disclosure
                        
                                         
Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.
  
                                         
Description
                          
Common Stock
    
Capital Development Certificates
  
Balance as of July 31, 2020
                    
$
343,058
    
$
1,315,011
  
Acquisitions
                            
-
      
-
  
Dispositions
                            
(42,721
)
    
-
  
Realized gain
                            
5,428
      
-
  
Change in unrealized depreciation
                      
26,215
      
108,485
  
Balance as of October 31, 2020
                    
$
331,980
    
$
1,423,496
  
                                           
Change in unrealized depreciation during the period for Level 3 investments held at October 31, 2020
    
$
26,215
    
$
108,485
  
                                           
                                           
The following table presents additional information about valuation methodologies and inputs used for investments that are measured at fair value and categorized within Level 3 as of October 31, 2020:
  

   
Fair Value October 31, 2020
      
Valuation Methodologies
      
Unobservable Input (1)
      
Range
  
Common Stock
  $
331,980
      
Market Comparables/
Sum of the Parts Valuation
      
Liquidity Discount
      
$
1.020-$1.112
  
Capital Development Certificates
  $
1,423,496
      
Market Comparables/
Sum of the Parts Valuation
      
Liquidity Discount
      
$
4.302-$4.852
  

1 In determining certain of these inputs, management evaluates a variety of factors including economic conditions, foreign exchange rates, industry and market developments, market valuations of comparable companies and company specific developments.