REG-BlackRock Latin American Investment Trust Plc: Portfolio Update
28/04/2026 14:45
The information contained in this release was correct as at 31 March 2026.
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 31 March 2026
and unaudited.
Performance at month end with net income reinvested
One Three One Three Five
month months year years years
% % % % %
Sterling:
Net asset value^ -6.7 13.2 47.2 39.5 57.1
Share price -8.9 12.8 55.3 50.8 66.3
MSCI EM Latin America -2.4 16.9 54.0 56.3 91.7
(Net Return)^^
US Dollars:
Net asset value^ -8.4 11.0 50.5 48.8 50.2
Share price -10.7 10.6 58.8 60.7 59.0
MSCI EM Latin America -4.3 14.6 57.4 66.7 83.2
(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: 480.73p
Net asset value - including income: 481.66p
Share price: 450.00p
Total assets#: £155.6m
Discount (share price to cum income NAV): 6.6%
Average discount* over the month – cum income: 6.2%
Net gearing at month end**: 10.3%
Gearing range (as a % of net assets): 0-25%
Net yield##: 4.9%
Ordinary shares in issue(excluding 2,181,662 shares held in treasury): 29,448,641
Ongoing charges***: 1.36%
#Total assets include current year revenue.
##The yield of 4.9% is calculated based on total dividends declared in the
last 12 months as at the date of this announcement as set out below (totalling
28.98 cents per share) and using a share price of 593.42 US cents per share
(equivalent to the sterling price of 450.00 pence per share translated in to
US cents at the rate prevailing at 31 March 2026 of $1.3187 dollars to
£1.00).
2026 Q1 Interim dividend of 7.94 cents per share (Payable on 15 May 2026)
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)
2025 Q4 Interim dividend of 7.24 cents per share (Paid 06 February 2026)
*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 61.2 60.9 61.5
Mexico 24.3 24.2 24.9
Peru 7.2 7.2 5.2
Multi-Country 2.7 2.7 0.0
Chile 2.0 2.0 6.3
United States 1.6 1.6 0.0
Argentina 1.5 1.4 0.0
Columbia 0.0 0.0 2.1
Net current liabilities (inc. fixed interest) -0.5 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 9.7% of the Company’s net asset value.
Sector % of Equity Portfolio* % of Benchmark*
Financials 26.3 32.8
Materials 22.3 19.4
Industrials 15.1 9.0
Consumer Staples 12.9 11.2
Consumer Discretionary 10.5 2.0
Energy 5.4 10.8
Real Estate 2.5 1.4
Health Care 1.8 0.7
Utilities 1.7 8.4
Information Technology 1.5 0.4
Communication Services 0.0 3.9
----- -----
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 1.3 6.7
Petrobrás: Brazil
Equity 1.2
Equity ADR 1.7 4.5
Preference Shares ADR 2.5 5.0
Southern Copper Peru 4.7 1.8
Walmart de México y Centroamérica Mexico 4.4 2.0
FEMSA Mexico 4.1 2.2
StoneCo Ltd Brazil 3.8 0.4
Grupo Financiero Banorte Mexico 3.7 3.3
Cyrela Brazil Realty: Brazil
Equity 3.3
Preference Shares 0.3
Grupo Aeroportuario del Sureste Mexico 3.5 0.7
Nu Holdings Ltd Brazil 3.5 5.7
Commenting on the markets, Sam Vecht and Gordon Fraser, representing the
Investment Manager noted;
The Company’s NAV fell by -8.4% in March, underperforming the benchmark, the
MSCI Emerging Markets (EM) Latin America Index, which returned -4.3% on a net
basis over the same period. All performance figures are in US dollar terms
with dividends reinvested.
March was a difficult month for Emerging Markets, with the MSCI EM Index
falling -13.3%, its worst monthly performance since March 2020, and snapping
three consecutive months of outperformance versus Developed Markets (MSCI DM:
-6.6%). Geopolitics was the overwhelming driver, as the escalation of the
US-Iran conflict triggered a sharp risk-off move in EM equities. Volatility
remained elevated throughout the month, with markets reacting acutely to any
signal, however tentative, of potential de-escalation. Latin America was the
relative outperformer within the EM complex, declining -4.3% in March. The
region benefited from its perceived insulation from the US-Iran conflict,
acting as a relative safe haven. At the country level, Argentina (+14.1%) and
Colombia (+8.2%) were the standout performers, while Brazil (-1.9%)
outperformed both MSCI EM and LatAm peers despite a mixed macroeconomic
backdrop. Mexico (-8.3%), Peru (-11.8%) and Chile (-7.6%) were the key
detractors.
At the portfolio level, our stock selection in Mexico and Chile contributed
most to relative performance. On the other hand, stock selection in Brazil and
off-benchmark materials exposure hurt relative returns.
From a security lens, not owning Mexican mining stocks Grupo Mexico and
Industrias Peñoles was the largest contributor to relative returns. Metals
and mining stocks had a strong start to the year amidst increasing metals
prices and therefore faced profit-taking pressure amid the broader risk-off
environment in March. An overweight to Peruvian bank Intercorp was another
contributor. The stock held up well amid the broader market turmoil ahead of
its AGM at end of March, at which a $1.80 per share dividend was declared - an
80% increase from the prior year.
On the flipside, Brazilian bank AGI was the largest detractor. The stock fell
after weak 4Q results, driven mainly by the knock-on effects of the earlier
suspension by Brazil’s social security agency (INSS). The business had
returned to normal by the end of February, with activity back to
pre-suspension levels, and we remain positive given the potential for earnings
growth and the stock’s attractive 5x P/E (price to earnings ratio)
valuation. Peruvian copper miner Southern Copper also detracted, with the
shares caught in the broader pullback across stocks that had previously been
strong performers. Mexican long-haul airline Aeromexico also fell, as airlines
more broadly came under pressure on concerns that the Middle East conflict
could keep oil prices higher for longer, increasing jet fuel costs.
We made some changes to the portfolio in March. We took advantage of the share
price correction to add to Aeromexico. At current jet fuel prices, we see
meaningful oil normalisation optionality. We initiated a position in PicPay
following a sharp sell-off , with the stock down approximately 50% from IPO.
At current levels the stock trades on an attractive valuation with a
compelling runway to grow its internalised loan book, implying significant
re-rating potential. We also initiated a position in Sanepar, a Brazilian
sewage and sanitation utility. The stock offers two credible upside catalysts:
1) capex acceleration to achieve universality or 2) potential privatisation,
neither of which the market is currently pricing in. We took profits and sold
out of B3.
Brazil remains our largest portfolio overweight, whilst Chile is the largest
underweight.
Outlook
We remain constructive on Latin American equities. Strong inflows, a softer US
dollar and resilient commodity prices have continued to support the region
into 2026, while valuations remain reasonable despite a powerful start to the
year. Over the past 12 months, Latin American equities are up 57.4%, and have
gained 14.6% year to date, performing strongly despite a highly uncertain
global backdrop.
As we have previously highlighted, we believe Latin American equity markets
are relatively insulated from geopolitical shocks such as the recent
escalation of tensions in the Middle East. With limited direct trade exposure
to the region and status as a net commodity exporter, any impact is more
likely to be sentiment driven rather than reflective of a deterioration in
regional fundamentals. Whilst markets welcomed the recent ceasefire
announcement, the path to a lasting resolution remains uncertain, and
short-term drawdowns in regional performance could occur if fighting in the
Arabian Gulf continues for a sustained period.
In Brazil, the early year rally has been driven by a supportive global
backdrop with a weaker USD and ongoing offshore inflows. Domestically, the
focus is shifting toward the 2026 election and the policy path; with headline
and core inflation at multi month lows, and high real rates coinciding with
softer U.S. growth, we believe the monetary inflection point could come in the
first half of the year, easing liquidity conditions and supporting the market
further.
In Mexico, USMCA (United States–Mexico–Canada Agreement related trade
noise may weigh on sentiment, but nearshoring remains a structural tailwind
given deep integration with US supply chains. Policy is still restrictive in
real terms, leaving scope for easing if inflation continues to cooperate.
While global uncertainty and trade-related risks persist, the region still
offers a compelling diversification profile. Relatively high real rates
provide policy optionality, and valuations look particularly attractive versus
developed markets.
1 Source: BlackRock, as of 31 March 2026.
28 April 2026
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/22400/4341525/4063886.pdf)
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