EX-99.1 2 mfexh070314.htm MONTHLY SUMMARY REPORT mfexh070314.htm


The Mexico Fund, Inc. 

Monthly Summary Report
June 2014
 
 

Prepared By:
 
Impulsora del Fondo México, sc
Investment Advisor to the Fund
 
 
 
 
 
 
 

 


The information presented in this report has been derived from the sources indicated. Neither The Mexico Fund, Inc. nor its Adviser, Impulsora del Fondo México, S.C., has independently verified or confirmed the information presented herein.
 

 
 
 

June 30, 2014

 
I. The Mexico Fund Data  
End of  Month
One Month Earlier
One Year Earlier
Total  Net Assets1 (million US$)
$424.28
$415.32
$400.43
NAV per share
$28.38
$27.78
$29.74
Closing price NYSE2
$28.28
$27.68
$30.78
% Premium (Discount)
(0.35%)
(0.36%)
3.50%
Shares traded per month2 (composite figures)
758,797
835,906
1,145,204
Outstanding shares3
14,949,398
14,949,398
13,465,757
Shares on Short Interest Position2
16,434
3,846
127,339
Note: Past performance is no guarantee of future results.
 

 
II. Performance4
1 Month
3 Months
6 Months
1 Year
Market price
2.17%
7.58%
-0.91%
2.48%
NAV per share
2.16%
7.48%
1.88%
6.43%
Bolsa IPC Index
2.47%
6.71%
0.95%
6.84%
MSCI Mexico Index
3.04%
6.71%
0.87%
6.99%
         
 
2 Years
3 Years
5 Years
10 Years
Market price
38.37%
38.51%
173.17%
358.63%
NAV per share
24.66%
24.32%
135.49%
319.97%
Bolsa IPC  Index
13.09%
11.07%
93.51%
342.22%
MSCI Mexico Index
14.09%
14.99%
97.40%
301.69%

 
III. The Mexican Stock Exchange
End of Month
One Month Earlier
One Year Earlier
Bolsa IPC Index5
42,737.17
41,362.51
40,623.30
Daily avg. of million shares traded
302.5
293.7
449.2
Valuation Ratios6: P/E
21.58
20.54
20.30
 P/BV
2.85
2.70
2.96
 EV/EBITDA
10.63
10.22
9.46
Market capitalization (billion US$)
$556.83
$535.16
$563.64

 
1 Source: Impulsora del Fondo México, S.C. (Impulsora). Impulsora utilizes the spot exchange rate, provided by Bloomberg, to calculate the Fund's Net Asset Value per share (NAV). The NAV is published every business day on the Fund’s website at www.themexicofund.com.


 
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IV. The Mexican Economy
      
 
End of Month
One Month Earlier
One Year Earlier
Treasury Bills7
      
One month
3.02%
3.28%
3.78%
Six months
3.17%
3.51%
3.91%
One year
3.10%
3.61%
4.08%
Long-term Bonds
      
Three years
4.57%
4.70%
4.35%
Five years
4.57%
4.80%
4.70%
Ten years
N.A.
5.87%
6.20%
20 years
6.53%
N.A.
N.A.
30 years
6.65%
6.94%
6.71%
Currency Market8
      
Exchange Rate  (Ps/US$)
Ps. 12.9683
Ps. 12.8580
Ps. 12.9308
       
 
 
Month
 
Year to Date
Last 12
Months
Inflation Rates on Previous Month
      
Consumer Price Index9 (CPI)
-0.32%
0.91%
3.51%

 
V. Economic Comments
 
According to results of the monthly poll conducted during June 2014 by Mexico’s Central Bank (Banxico), economic analysts of the private sector estimate that Mexico’s gross domestic product (GDP) will increase 2.7% during 2014 and 3.9% during 2015. The inflation rate is estimated by analysts to be 3.8% for 2014 and 3.5% for 2015. The exchange rate of the peso against the dollar is expected to end 2014 at Ps. 12.95 and at Ps. 12.90 towards the end of 2015, while the interest rate for the 28-day Cetes (Treasury Bills) is estimated to be 3.1% and 3.6% for the same periods. The complete results of this and past polls are available at Banxico’s website, located at www.banxico.org.mx.
 

 
7 Monthly average of weekly auctions as published by Banco de México. N.A. means no auction for such instrument was scheduled for this month.

 

 
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VI. Portfolio of Investments As of June 30, 2014 (Unaudited)
 
 
         
Percent of
Shares Held
  
COMMON STOCK – 93.46%
Value
  
Net Assets
   
Airports
      
485,000
  
Grupo Aeroportuario del Sureste, S.A.B. de C.V. Series B
$6,168,947
  
1.45%
1,500,000
  
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. Series B
6,036,643
  
1.42
     
12,205,590
  
2.87
              
  
Beverages
      
1,500,000
  
Arca Continental, S.A.B. de C.V.
10,168,256
  
2.40
3,500,000
  
Fomento Económico Mexicano, S.A.B. de C.V. Series UBD
32,815,789
  
7.73
2,215,000
  
Organización Cultiba, S.A.B. de C.V. Series B
3,998,454
  
0.94
     
46,982,499
  
11.07
              
  
Building Materials
      
28,600,000
  
Cemex, S.A.B. de C.V. Series CPO
37,888,389
  
8.93
           
              
  
Chemical Products
      
4,800,000
  
Alpek, S.A.B. de C.V. Series A
9,249,632
  
2.18
3,970,000
  
Mexichem, S.A.B. de C.V.
16,433,118
  
3.87
     
25,682,750
  
6.05
              
  
Construction and Infrastructure
      
708,000
  
Promotora y Operadora de Infraestructura, S.A.B. de C.V.
9,463,439
  
2.23
           
              
  
Consumer Products
      
7,000,000
  
Kimberly-Clark de México, S.A.B. de C.V. Series A
19,599,331
  
4.62
           
              
  
Energy
      
1,240,000
  
Infraestructura Energética Nova, S.A.B de C.V.
6,882,567
  
1.62
           
              
  
Financial Groups
      
945,000
  
Banregio Grupo Financiero, S.A.B. de C.V. Series O
5,593,501
  
1.32
4,100,000
  
Grupo Financiero Banorte, S.A.B. de C.V. Series O
29,336,073
  
6.91
5,500,000
  
Grupo Financiero Santander Mexicano, S.A.B de C.V. Series B
14,606,386
  
3.44
     
49,535,960
  
11.67
              
  
Food
      
1,360,000
  
Gruma, S.A.B. de C.V. Series B
16,281,240
  
3.84
3,000,000
  
Grupo Bimbo, S.A.B. de C.V. Series A
8,806,860
  
2.08
4,000,000
  
Grupo Lala, S.A.B. de C.V. Series B
10,533,378
  
2.48
     
35,621,478
  
8.40
              
  
Holding Companies
      
7,250,000
  
Alfa, S.A.B. de C.V. Series A
20,075,685
  
4.73
790,000
  
Grupo Carso, S.A.B. de C.V. Series A1
4,110,732
  
0.97
     
24,186,417
  
5.70
              
  
Mining
      
10,000,000
  
Grupo México, S.A.B. de C.V. Series B
33,335,133
  
7.86
           
              
  
Restaurants
      
3,130,902
  
Alsea, S.A.B. de C.V.
11,267,413
  
2.66
           
 

 

 
3
 

         
 
 
Percent of
Shares Held
  
COMMON STOCK
Value
  
Net Assets
              
  
Retail
      
1,440,000
  
El Puerto de Liverpool, S.A.B. de C.V. Series C-1
17,056,854
  
4.02
9,000,000
  
Wal-Mart de México, S.A.B. de C.V. Series V
24,081,799
  
5.68
     
41,138,653
  
9.70
              
  
Steel
      
305,000
  
Ternium, S.A.
8,518,541
  
2.01
           
              
  
Telecommunications Services
      
33,000,000
  
América Móvil, S.A.B. de C.V. Series L
34,225,766
  
8.07
           
   
Total Common Stock  
$396,533,926
  
93.46%

 

 

 
   
SHORT-TERM SECURITIES – 6.88%
      
Principal
Amount
          
   
Repurchase Agreements
      
$18,276,311
  
BBVA Bancomer, S.A., 2.99%, dated 06/30/14, due 07/01/14 repurchase price $18,277,829 collateralized by Bonos del Gobierno Federal.
18,276,311
  
4.31%
   
Time Deposits
      
$10,918,288
  
Comerica Bank, 0.03%, dated 06/30/14, due 07/01/14
10,918,288
  
2.57
   
Total Short-Term Securities
29,194,599
  
6.88
   
Total Investments
425,728,525
  
100.34
   
Liabilities in Excess of Other Assets
(1,446,145)
  
(0.34)
   
Net Assets Equivalent to $28.38 per share on 14,949,398 shares of capital stock outstanding.
$424,282,380
  
100.00%


 
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VII. The Mexico Fund, Inc. Charts
 
 
 

 
 
 

 
5
 

VII. The Mexico Fund, Inc. Charts (continued)
 
 
 
 


 



 
 

 

 
 
 
 
 
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