0001398344-20-018778.txt : 20200918 0001398344-20-018778.hdr.sgml : 20200918 20200918152820 ACCESSION NUMBER: 0001398344-20-018778 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20200731 FILED AS OF DATE: 20200918 PERIOD START: 20201031 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: 201183917 BUSINESS ADDRESS: STREET 1: 1900 K STREET NW CITY: WASHINGTON STATE: DC ZIP: 20006 BUSINESS PHONE: 2026263300 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 2020-10-31 2020-07-31 N 178401380.35 899858.57 177501521.78 0 0 0 0 0 0 0 0 0 0 0 0 0 0 N Nemak, S.A.B. de C.V. N/A COMMON STOCK N/A 6500000 NS 1531883.37 0.863025485437 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 470000 NS 3116876.53 1.755971722801 Long EC CORP MX N 1 N N N Industrias Penoles, S.A.B. de C.V. N/A COMMON STOCK N/A 250000 NS 3726909.52 2.099649334059 Long EC CORP MX N 1 N N N Gmexico Transportes, S.A.B. de C.V. N/A COMMON STOCK N/A 3900000 NS 4550131.3 2.563432276169 Long EC CORP MX N 1 N N N Elementia, S.A.B. de C.V. N/A COMMON STOCK N/A 2859000 NS 834219.92 0.469979024198 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 600000 NS 2470136.69 1.391614373346 Long EC CORP MX N 1 N N N Grupo Mexico, S.A.B. de C.V. (b) N/A COMMON STOCK N/A 5300000 NS 13373420.42 7.534256769119 Long EC CORP MX N 1 N N N Grupo Cementos de Chihuahua, S.A.B. de C.V. N/A COMMON STOCK N/A 1000000 NS 4703611.43 2.649899213726 Long EC CORP MX N 1 N N N America Movil, S.A.B. de C.V. N/A COMMON STOCK N/A 41500000 NS 26062666.94 14.683066758324 Long EC CORP MX N 1 N N N Arca Continental, S.A.B. de C.V. N/A COMMON STOCK N/A 400000 NS 1970866.16 1.110337613016 Long EC CORP MX N 1 N N N Orbia Advance Corporation SAB de CV N/A COMMON STOCK N/A 5000000 NS 7909680.61 4.456119886004 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 4026566 NS 6583059.89 3.708734338716 Long EC CORP MX N 1 N N N Infraestructura Energetica Nova, S.A.B de C.V. N/A COMMON STOCK N/A 110000 NS 326792.81 0.184107046927 Long EC CORP MX N 1 N N N Wal-Mart de Mexico, S.A.B. de C.V. N/A COMMON STOCK N/A 4691218 NS 10999138.83 6.196644806027 Long EC CORP MX N 1 N N N Alpek, S.A.B. de C.V. (b) N/A COMMON STOCK N/A 4500000 NS 3537135.55 1.992735338001 Long EC CORP MX N 1 N N N Cemex, S.A.B. de C.V. N/A COMMON STOCK N/A 18000000 NS 5510740.02 3.10461564765 Long EC CORP MX N 1 N N N Grupo Financiero Banorte, S.A.B. de C.V. N/A COMMON STOCK N/A 3300000 NS 11836239.98 6.668247044478 Long EC CORP MX N 1 N N N Alfa, S.A.B. de C.V. (b) N/A COMMON STOCK N/A 13400000 NS 7242430.36 4.080207475052 Long EC CORP MX N 1 N N N Promotora y Operadora de Infraestructura,SAB de N/A COMMON STOCK N/A 425000 NS 3117029.16 1.756057710797 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 15325567.3 8.634048399311 Long EC CORP MX N 1 N N N Gruma, S.A.B. de C.V. N/A COMMON STOCK N/A 700100 NS 8207353.71 4.623821603159 Long EC CORP MX N 1 N N N La Comer, S.A.B. de C.V. N/A COMMON STOCK N/A 4350000 NS 6920476.74 3.898826708977 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 330779 NS 810149.81 0.456418515106 Long EC CORP MX N 1 N N N Banco Santander Mexico, S.A. Institucion de Banc N/A COMMON STOCK N/A 4800000 NS 3074809.78 1.732272348521 Long EC CORP MX N 1 N N N Telesites, S.A.B. de C.V. N/A COMMON STOCK N/A 5178074 NS 3867894.48 2.179076799574 Long EC CORP MX N 1 N N N Corporacion Inmobiliaria Vesta, S.A.B. de C.V. N/A COMMON STOCK N/A 2100000 NS 3133526.36 1.765351828298 Long EC CORP MX N 1 N N N Alsea, S.A.B. de C.V. N/A COMMON STOCK N/A 1700000 NS 1652952.66 0.93123295137 Long EC CORP MX N 1 N N N Ternium, S.A. ADR N/A American Depository Receipt (ADR) N/A 330000 NS USD 4755235.34 2.678982857337 Long EC CORP LU N 1 N N N Repurchase Agreement N/A Repurchase Agreement N/A 5868647 PA 5868647 3.30625165 Long STIV CORP MX N 2 Repurchase Y 4.98 2020-08-03 5868647 MXN 5943009 MXN N N N Comerica Bank N/A Time Deposit N/A 5356329 NS USD 5356329 3.01762427 Long STIV CORP US N 2 N N N 2020-09-18 MEXICO FUND INC /s/ Alberto Gomez Pimienta Alberto Gomez Pimienta Treasurer XXXX NPORT-EX 2 fp0056296_nportex.htm

SCHEDULE OF INVESTMENTS

as of July 31, 2020 (Unaudited)

 

Shares Held      Value (Note 1)   Percent of Net Assets 
     COMMON STOCK 94.17%          
     Airports          
 470,000   Grupo Aeroportuario del Pacífico, S.A.B. de C.V. Series B  $3,116,877    1.76%
 600,000   Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. Series B (a)   2,470,137    1.39 
         5,587,014    3.15 
     Auto Parts          
 6,500,000   Nemak, S.A.B. de C.V. Series A   1,531,883    0.86 
                
     Beverages          
 400,000   Arca Continental, S.A.B. de C.V.   1,970,866    1.11 
 2,500,000   Fomento Económico Mexicano, S.A.B. de C.V. Series UBD   15,325,567    8.63 
         17,296,433    9.74 
     Building Materials          
 18,000,000   Cemex, S.A.B. de C.V. Series CPO   5,510,740    3.10 
 2,859,000   Elementia, S.A.B. de C.V. (a)   834,220    0.47 
 1,000,000   Grupo Cementos de Chihuahua, S.A.B. de C.V.   4,703,611    2.65 
         11,048,571    6.22 
     Chemical Products          
 4,500,000   Alpek, S.A.B. de C.V. (b) Series A   3,537,136    1.99 
 5,000,000   Orbia Advance Corporation S.A.B. de C.V.   7,909,681    4.46 
         11,446,817    6.45 
     Construction and Infrastructure          
 425,000   Promotora y Operadora de Infraestructura, S.A.B. de C.V. (a)   3,117,029    1.76 
                
     Consumer Products          
 4,026,566   Kimberly-Clark de México, S.A.B. de C.V. (b) Series A   6,583,060    3.71 
                
     Energy          
 110,000   Infraestructura Energética Nova, S.A.B de C.V.   326,793    0.19 
                
     Financial Groups          
 4,800,000   Banco Santander México, S.A. Institución de Banca Series B Grupo Financiero Santander. Series B   3,074,810    1.73 
 3,300,000   Grupo Financiero Banorte, S.A.B. de C.V. Series O (a)   11,836,240    6.67 
         14,911,050    8.40 
     Food          
 700,100   Gruma, S.A.B. de C.V. Series B   8,207,354    4.62 
                
     Holding Companies          
 13,400,000   Alfa, S.A.B. de C.V. (b) Series A   7,242,430    4.08 
                
     Mining          
 5,300,000   Grupo México, S.A.B. de C.V. (b) Series B   13,373,420    7.53 
 250,000   Industrias Peñoles, S.A.B. de C.V.   3,726,910    2.10 
         17,100,330    9.63 
     Railroad          
 3,900,000   Gméxico Transportes, S.A.B. de C.V.   4,550,131    2.56 

 

 

 

SCHEDULE OF INVESTMENTS

as of July 31, 2020 (Unaudited) concluded

 

Shares Held      Value (Note 1)   Percent of Net Assets 
     Real Estate          
 2,100,000   Corporación Inmobiliaria Vesta, S.A.B. de C.V.   3,133,526    1.77 
                
     Restaurants          
 1,700,000   Alsea, S.A.B. de C.V. (a)   1,652,953    0.93 
                
     Retail          
 330,779   El Puerto de Liverpool, S.A.B. de C.V. Series C-1   810,150    0.46 
 4,350,000   La Comer, S.A.B. de C.V. Series UBC   6,920,477    3.90 
 4,691,218   Wal-Mart de México, S.A.B. de C.V.   10,999,139    6.20 
         18,729,766    10.56 
     Steel          
 330,000   Ternium, S.A. ADR (a)   4,755,235    2.68 
                
     Telecommunications Services          
 41,500,000   América Móvil, S.A.B. de C.V. Series L   26,062,667    14.68 
 5,178,074   Telesites, S.A.B. de C.V. Series B-1 (a)   3,867,894    2.18 
         29,930,561    16.86 
                
     Total Common Stock (Identified cost - $279,964,189)  $167,150,936    94.17%

 

Principal Amount

     

Value (Note 1)

   Percent of Net Assets 
     SHORT-TERM SECURITIES – 6.33%          
     Repurchase Agreements          
$5,868,647   BBVA Bancomer, S.A., 4.98%, dated 7/31/20, due 8/03/20 repurchase price $5,869,459 collateralized by BPA182 (Bonds issued by the Mexican Government), interest rate 6.84% (c), due 9/10/20. Value of collateral $5,943,009.  $5,868,647    3.31%
    

Time Deposits

          
$5,356,329   Comerica Bank, 0.03%, dated 7/31/20, due 8/03/20   5,356,329    3.02 
     Total Short-Term Securities (Identified cost - $11,224,976)  $11,224,976    6.33%
     Total Investments (Identified cost - $291,189,165)   178,375,912    100.50 
     Liabilities in Excess of Other Assets   (874,390)   (0.50)
     Net Assets Equivalent to $11.83 per share on 15,005,224 shares of capital stock outstanding.  $177,501,522    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)Floating rate security. Rate shown is the rate in effect as of July 31, 2020.

 

ADR – American Depositary Receipt

 

 

 

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, 2020, in valuing the Fund’s investments in securities:

 

Valuation Inputs  LEVEL 1   LEVEL 2   LEVEL 3   TOTAL 
ASSETS:                    
Investments in Securities:                    
Equity Investments(a)  $167,150,936    -    -   $167,150,936 
Short Term Investments(b)   -   $11,224,976    -   $11,224,976 
Total Investments in Securities  $167,150,936   $11,224,976    -   $178,375,912 

 

(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 10/31/19  $- 
Realized gain (loss)   - 
Change in unrealized appreciation (depreciation)   - 
Net Purchases (Sales)   - 
Transfers in and/or (out) of Level 3  $- 
Balance as of 7/31/20   -