REG-BlackRock Latin American Investment Trust Plc: Portfolio Update

Blackrock Latin American Investment TrustAnnouncement

11/02/2026 09:15

The information contained in this release was correct as at 31 December 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                                  31 December 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^        -3.6      3.9        44.2     22.5      30.0      
 Share price             0.9       8.4        53.7     29.1      35.5      
 MSCI EM Latin America   -0.4      8.3        44.1     35.3      53.9      
  (Net Return)^^                                                           
 US Dollars:                                                               
 Net asset value^        -2.1      3.9        54.9     37.1      28.0      
 Share price             2.4       8.3        65.1     44.5      33.4      
 MSCI EM Latin America   1.1       8.2        54.8     51.3      51.4      
  (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:                                         419.47p     
 Net asset value - including income:                                     430.70p     
 Share price:                                                            404.00p     
 Total assets#:                                                          £140.1m     
 Discount (share price to cum income NAV):                               6.2%        
 Average discount* over the month – cum income:                          7.2%        
 Net gearing at month end**:                                             9.4%        
 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***:                                                     1.23%       

 

#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
26.59 cents per share) and using a share price of 543.40 US cents per share
(equivalent to the sterling price of 404.00 pence per share translated in to
US cents at the rate prevailing at 31 December 2025 of $1.345 dollars to
£1.00).

 

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)

2025 Q4 Interim dividend of 7.24 cents per share (Payable 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                                    59.8               60.4                     58.9                         
 Mexico                                    25.4               25.7                     26.4                         
 Peru                                      6.6                6.6                      4.9                          
 Multi-Country                             3.2                3.2                      0.0                          
 Argentina                                 2.3                2.3                      0.0                          
 Chile                                     1.8                1.8                      7.8                          
 Columbia                                  0.0                0.0                      2.0                          
 Net current assets (inc. fixed interest)  0.9                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 10.4% of the Company’s net asset value.

 

 Sector                  % of Equity Portfolio*  % of Benchmark*  
 Financials              25.0                    34.4             
 Materials               22.8                    19.8             
 Industrials             18.4                    10.0             
 Consumer Staples        12.7                    12.0             
 Consumer Discretionary  9.3                     2.0              
 Energy                  3.8                     7.3              
 Health Care             3.2                     0.8              
 Real Estate             2.5                     1.5              
 Information Technology  2.3                     0.5              
 Utilities               0.0                     8.1              
 Communication Services  0.0                     3.6              
                         -----                   -----            
 Total                   100.0                   100.0            
                         =====                   =====            

 

*                                 excluding                                net
current assets & fixed interest

 


 

 Company                              Country of Risk  % of                 % of          
                                                         Equity Portfolio     Benchmark   
 Vale:                                Brazil                                              
 ADS                                                   9.0                                
 Equity                                                1.2                  6.4           
 Localiza Rent A Car                  Brazil                                              
 Equity                                                4.7                  1.0           
 Preference Shares                                     0.2                                
 Walmart de México y Centroamérica    Mexico           4.7                  2.2           
 Grupo Aeroportuario del Sureste      Mexico           4.6                  0.8           
 Southern Copper                      Peru             4.3                  1.7           
 Petrobrás:                           Brazil                                              
 Equity                                                0.8                                
 Equity ADR                                            1.3                  2.9           
 Preference Shares ADR                                 1.7                  3.5           
 Nu Holdings Ltd                      Brazil           3.7                  7.6           
 FEMSA                                Mexico           3.7                  2.3           
 StoneCo Ltd                          Brazil           3.6                  0.4           
 Grupo Financiero Banorte             Mexico           3.5                  3.1           

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

 

The Company’s NAV fell by -2.1% in December, underperforming the benchmark,
the MSCI Emerging Markets Latin America Index, which returned +1.1% on a net
basis over the same period. All performance figures are in US dollar terms
with dividends reinvested.           

 

Latin American equities were broadly flat in December and underperformed the
broader Emerging Market which rose +3.0%. Brazil, the region's largest market,
fell -1.3% on the back of reports that former president Jair Bolsonaro plans
to back his son, Flavio Bolsonaro, as the right’s candidate in the next
presidential election. Resource dominated markets such as Peru and Chile were
the best performers, up 9.8% and 7.5% respectively.

 

At the portfolio level, Materials and our off benchmark exposure to Argentina
were additive. This was, however, offset by stock selection in Brazil and a
drag from our underweight to Chile.

 

From a security lens, exposure to Mexican long-haul airline Aeromexico was the
largest contributor. We took part in the re-IPO (Initial Public Offering) of
the stock last month on the view that there would be a catch-up trade
post-IPO. Copper exposure continued to do well with Ero Copper up +12.0% over
the month, helped by copper prices reaching new year-to-date highs in
December. Not owning Mexican telecom company América Móvil was another
relative contributor.

 

On the flipside, the largest detractor to relative returns was Brazilian
supermarket operator, Assaí. Brazil’s food retail sector was pressured by
softer demand, with reported year-on-year sales declines in December.
Brazilian logistics company Rumo was another detractor despite strong December
volumes. EZ Tec, a Brazilian real estate developer, pulled back following very
strong gains in the prior two months.

 

We made very few changes to the portfolio in December. We took profits on Rede
D'or and used the proceeds to add to Renner, the clothing retailer, backing
analyst conviction. We also added to Stone, given recent weakness. The stock
is trading on 7.4x P/E (price to earning ratio) and will benefit from
potential rate cuts in 2026.

 

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

 

Outlook

 

We believe Latin American markets can continue to perform well in 2026. Easing
inflation and attractive valuations across key markets support that view.
Continued USD weakness could provide an additional tailwind.

 

In Brazil, focus is shifting to the October 2026 election and the policy
outlook. With inflation at multi month lows and real rates still high, a
monetary turning point later this year looks increasingly plausible; any
easing would help domestic liquidity and support risk assets.

 

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 U.S. 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.

 

11 February 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/22400/4304225/3929121.pdf)  



Copyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved