REG-BlackRock Latin American Investment Trust Plc: Portfolio Update

Blackrock Latin American Investment TrustAnnouncement

Mon 16:00

The information contained in this release was correct as at 30 November 2025. 
                    Information on the Company’s up to date net asset
values can be found on the London Stock Exchange Website at

https://www.londonstockexchange.com/exchange/news/market-news/market-news-home.html.
          

 

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC (LEI - UK9OG5Q0CYUDFGRX4151     
                         )

All information is at                                  30 November 2025       
                        and unaudited.          
           

Performance at month end with net income reinvested                    
                      

                         One       Three      One      Three     Five      
                          month     months     year     years     years    
                          %         %          %        %         %        
 Sterling:                                                                 
 Net asset value^        4.0       14.4       40.1     20.4      48.6      
 Share price             6.2       13.2       45.6     31.0      49.5      
 MSCI EM Latin America   5.2       16.3       38.0     29.1      68.9      
  (Net Return)^^                                                           
 US Dollars:                                                               
 Net asset value^        4.9       12.2       46.1     34.1      47.5      
 Share price             7.1       11.0       51.8     45.8      48.5      
 MSCI EM Latin America   6.1       14.1       43.8     43.6      67.6      
  (Net Return)^^                                                           

 

^cum income

^^The Company’s performance benchmark (the MSCI EM Latin America Index) may
be calculated on either a Gross or a Net return basis. Net return (NR) indices
calculate the reinvestment of dividends net of withholding taxes using the tax
rates applicable to non-resident institutional investors, and hence give a
lower total return than indices where calculations are on a Gross basis (which
assumes that no withholding tax is suffered). As the Company is subject to
withholding tax rates for the majority of countries in which it invests, the
NR basis is felt to be the most accurate, appropriate, consistent and fair
comparison for the Company.

Sources: BlackRock, Standard & Poor’s Micropal

 

At month end

 Net asset value - capital only:                                         444.44p     
 Net asset value - including income:                                     446.78p     
 Share price:                                                            400.50p     
 Total assets#:                                                          £144.9m     
 Discount (share price to cum income NAV):                               10.4%       
 Average discount* over the month – cum income:                          11.0%       
 Net gearing at month end**:                                             10.0%       
 Gearing range (as a % of net assets):                                   0-25%       
 Net yield##:                                                            4.6%        
 Ordinary shares in issue(excluding 2,181,662 shares held in treasury):  29,448,641  
 Ongoing charges***:                                                     1.23%       

 

#Total assets include current year revenue.

##The yield of 4.6% is calculated based on total dividends declared in the
last 12 months as at the date of this announcement as set out below (totalling
24.27 cents per share) and using a share price of 530.66 US cents per share
(equivalent to the sterling price of 400.50 pence per share translated in to
US cents at the rate prevailing at 30 November 2025 of $1.325 dollars to
£1.00).


2024 Q4 Interim dividend of 4.92 cents per share (Paid on 07 February 2025)

2025 Q1 Interim dividend of 5.55 cents per share (Paid on 15 May 2025)

2025 Q2 Interim dividend of 6.74 cents per share (Paid on 12 August 2025)

2025 Q3 Interim dividend of 7.06 cents per share (Paid 05 November 2025)

 

*The discount is calculated using the cum income NAV (expressed in sterling
terms).

**Net cash/net gearing is calculated using debt at par, less cash and cash
equivalents and fixed interest investments as a percentage of net assets.

*** The Company’s ongoing charges are calculated as a percentage of average
daily net assets and using the management fee and all other operating expenses
excluding finance costs, direct transaction costs, custody transaction
charges, VAT recovered, taxation and certain non-recurring items for the year
ended 31 December 2024.

 

 

 Geographic Exposure                       % of Total Assets  % of Equity Portfolio *  MSCI EM Latin America Index  
 Brazil                                    62.7               62.8                     60.8                         
 Mexico                                    24.5               24.5                     25.6                         
 Peru                                      6.0                6.0                      4.5                          
 Multi-Country                             2.8                2.8                      0.0                          
 Argentina                                 2.2                2.2                      0.0                          
 Chile                                     1.7                1.7                      7.2                          
 Columbia                                  0.0                0.0                      1.9                          
 Net current assets (inc. fixed interest)  0.1                0.0                      0.0                          
                                           -----              -----                    -----                        
 Total                                     100.0              100.0                    100.0                        
                                           =====              =====                    =====                        

 

^Total assets for the purposes of these calculations exclude bank overdrafts,
and the net current assets figure shown in the table above therefore excludes
bank overdrafts equivalent to 10.1% of the Company’s net asset value.

 

 Sector                  % of Equity Portfolio*  % of Benchmark*  
 Financials              25.0                    35.4             
 Materials               21.0                    18.3             
 Industrials             17.7                    9.6              
 Consumer Staples        13.3                    11.9             
 Consumer Discretionary  9.7                     2.0              
 Health Care             4.8                     0.9              
 Energy                  3.9                     7.5              
 Real Estate             2.5                     1.5              
 Information Technology  2.1                     0.6              
 Utilities               0.0                     8.3              
 Communication Services  0.0                     4.0              
                         -----                   -----            
 Total                   100.0                   100.0            
                         =====                   =====            

 

*                                 excluding                                net
current assets & fixed interest

 


 

 Company                              Country of Risk  % of                 % of          
                                                         Equity Portfolio     Benchmark   
 Vale:                                Brazil                                              
 ADS                                                   8.5                                
 Equity                                                1.1                  6.1           
 Walmart de México y Centroamérica    Mexico           4.9                  2.3           
 Localiza Rent A Car                  Brazil           4.9                  1.0           
 Grupo Aeroportuario del Sureste      Mexico           4.2                  0.7           
 Southern Copper                      Peru             3.9                  1.6           
 Rede D'or Sao Luiz                   Brazil           3.9                  0.9           
 Petrobrás:                           Brazil                                              
 Equity                                                0.8                                
 Equity ADR                                            1.4                  3.1           
 Preference Shares ADR                                 1.7                  3.7           
 Nu Holdings Ltd                      Brazil           3.7                  7.8           
 Rumo                                 Brazil           3.7                  0.5           
 Grupo Financiero Banorte             Mexico           3.5                  3.2           

 

Commenting on the markets, Sam Vecht and Gordon Fraser, representing the
Investment Manager noted;

 

The Company’s NAV rose by +4.9% in November, underperforming the benchmark,
the MSCI Emerging Markets Latin America Index, which returned +6.1% on a net
basis over the same period. All performance figures are in US dollar terms
with dividends reinvested.          1

 

Latin American equities rose 6.1% in November, significantly outperforming
broader Emerging Markets which fell -2.5% over the month. Brazil was a strong
performer (+7.7%), supported by a resilient macro backdrop. Foreign investment
has helped narrow external deficits, supporting a fundamental recovery despite
slowing activity. Mexico (+2.3%) underperformed the region. The Peso
appreciated +1.4% against the USD, however growth expectations for 2025 were
revised down amid a contraction in the third quarter. Banxico cut rates to
7.25% signaling further easing amid persistent inflation and weak investment

 

At the portfolio level, our Materials exposure and stock selection in Chile
contributed to performance during the month. On the other hand, stock
selection in Brazil and Peru detracted from relative performance.

 

From a security lens, an overweight position to Brazilian car rental company,
Localiza, was the biggest contributor. The company reported strong 3Q25
results, beating expectations. Another strong performer was Ero Copper, a
Canadian listed miner with significant operations in Brazil, helped by rising
copper prices. EZ Tec, a Brazilian real estate developer, continued its strong
run in November after rallying in October on the back of solid third quarter
earnings which showed net income up 38% year-on-year and improved margins.

 

On the flipside, the largest detractor during the month was Brazilian
healthcare operator, Hapvida. The stock fell after third quarter results as
recurring EBITDA (Earnings Before Interest, Taxes, Depreciation, and
Amortization) and margins came in below expectations, reflecting cost
pressures. Minerva, the Brazilian meatpacker, also detracted as third quarter
results missed expectations, with EBITDA and margins shrinking and net income
hit by a large hedging-related expense, despite solid free cash flow and lower
leverage. Brazilian payments solutions firm, StoneCo, was another detractor,
impacted by the broader tech sell-off that we saw during the month.

 

We made very few changes to the portfolio in November. We added to StoneCo
following its above mentioned sell-off. We participated in the IPO (Intial
Public Offering) of the Mexican airline, Aeromexico, reflecting analyst
conviction. We also reduced our exposure to meatpacker Minerva earlier in the
month, as the position had done very well on a year-to-date basis.

Brazil remains our largest portfolio overweight, whilst Chile is the largest
underweight.           

 

Outlook

 

We remain constructive on Latin American equities. Valuations are still
attractive despite strong year-to-date performance, and recent tariff
headlines between Brazil and the U.S. should have limited economic impact
given the small share of exports involved.

 

In Brazil, attention is shifting to the 2026 presidential election and the
policy outlook. With headline and core inflation at multi-month lows, the
central bank is expected to maintain its stance for now, but high real rates
combined with softer U.S. growth,                      increase the
likelihood of a monetary turning point next year. This could ease liquidity
conditions and support the market.

 

Mexico continues to look defensive thanks to solid fiscal and external
balances and near-shoring tailwinds. Tariff concerns appear priced in, though
we are monitoring the Trump–Sheinbaum dynamic closely.

 

Overall, fundamentals and improving inflation trends support the case for
reduced risk premia over time which should help markets rally.

 

1          Source: BlackRock, as of 30 November 2025.

 

22 December 2025

 

ENDS

 

Latest information is available by typing www.blackrock.com/uk/brla on the
internet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3
(ICV terminal).                      Neither the contents of the Manager’s
website nor the contents of any website accessible from hyperlinks on the
Manager’s website (or any other website) is incorporated into, or forms part
of, this announcement.

 Release  (https://mb.cision.com/Main/22400/4285875/3856533.pdf)  



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