REG-BlackRock Latin American Investment Trust Plc: Portfolio Update
19/03/2026 15:15
The information contained in this release was correct as at 28 February 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 28 February 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^ 6.5 16.9 64.3 46.9 76.8
Share price 3.1 24.9 70.0 59.6 90.0
MSCI EM Latin America 6.0 19.3 61.5 58.2 108.3
(Net Return)^^
US Dollars:
Net asset value^ 4.3 18.6 75.5 63.1 70.1
Share price 1.0 26.7 81.6 77.2 82.8
MSCI EM Latin America 3.8 21.0 72.4 75.7 100.3
(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: 509.13p
Net asset value - including income: 516.04p
Share price: 494.00p
Total assets#: £169.2m
Discount (share price to cum income NAV): 4.3%
Average discount* over the month – cum income: 3.2%
Net gearing at month end**: 10.1%
Gearing range (as a % of net assets): 0-25%
Net yield##: 4.0%
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 4.0% 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 664.16 US cents per share
(equivalent to the sterling price of 494.00 pence per share translated in to
US cents at the rate prevailing at 28 February 2026 of $1.3445 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 (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 63.3 64.0 59.7
Mexico 22.2 22.5 25.9
Peru 7.6 7.7 5.6
Multi-Country 2.7 2.7 0.0
Chile 1.7 1.7 7.0
Argentina 1.4 1.4 0.0
Columbia 0.0 0.0 1.8
Net current assets (inc. fixed interest) 1.1 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 11.3% of the Company’s net asset value.
Sector % of Equity Portfolio* % of Benchmark*
Financials 26.2 33.3
Materials 22.8 21.2
Industrials 15.7 9.2
Consumer Staples 11.8 11.2
Consumer Discretionary 11.3 2.0
Energy 6.5 8.4
Real Estate 2.6 1.6
Health Care 1.7 0.7
Information Technology 1.4 0.4
Utilities 0.0 8.1
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 8.4
Equity 1.3 7.0
Petrobrás: Brazil
Equity 0.9
Equity ADR 3.7 3.5
Preference Shares ADR 1.9 4.0
Southern Copper Peru 5.5 2.2
Localiza Rent A Car Brazil
Equity 4.2 1.0
Preference Shares 0.2
Nu Holdings Ltd Brazil 4.2 5.7
Walmart de México y Centroamérica Mexico 4.1 1.9
Cyrela Brazil Realty: Brazil
Equity 3.3
Preference Shares 0.3
Grupo Financiero Banorte Mexico 3.5 3.2
Grupo Aeroportuario del Sureste Mexico 3.4 0.7
StoneCo Ltd Brazil 3.4 0.4
Commenting on the markets, Sam Vecht and Gordon Fraser, representing the
Investment Manager noted;
The Company’s NAV rose by +4.3% in February, outperforming the benchmark,
the MSCI Emerging Markets Latin America Index, which returned +3.8% on a net
basis over the same period. All performance figures are in US dollar terms
with dividends reinvested.
Latin American Markets (+3.8%) underperformed Emerging Markets (+5.4%) in
February amid divergent returns within the region. Brazil ended the month
+3.8%, as February data pointed to a broad deceleration in economic activity,
however external accounts improved at the margin, with FDI (foreign direct
investment) stable. Politics remain a focal point for investors, with
President Lula's popularity back in decline, and opposition candidate Flavio
Bolsonaro, tied in some runoff simulations. Mexico was the region's top
performer, up +7.0%, supported by the Peso appreciating +1.4% against the
Dollar. Colombia (-12.2% ) and Chile (-6.3%) were the two worst performing
markets in Emerging Markets in February.
At the portfolio level, our underweight to Chile was the largest relative
contributor. Stock selection in Brazil also helped performance. On the other
hand, stock selection in Mexico and off-benchmark exposure to Argentina hurt
relative returns.
From a security lens, an underweight position to Brazilian Nu Holdings was the
largest relative contributor. As a US listed company, the stock was impacted
by the broader U.S. market sell off that weighed on fintech and financial
stocks, with performance further impacted later in the month following a mixed
4Q earnings release that showed weaker than expected profit before tax.
Peruvian copper miner, Southern Copper, continued its strong run in February,
as copper prices kept steady over the month. An overweight position to Mexican
industrial real estate company, Vesta, was another relative contributor. The
company delivered a 4Q 2025 operational beat and 2026 guidance was strong.
On the flipside, IT services firm, Globant, weighed most on returns over the
month. The Anthropic “Claude/Cowork” release intensified fears of AI
disrupting software and IT service business models and sparked a broad
sell off in these sectors. The stock recovered somewhat later in
the month after delivering a slight beat on its 4Q 2025 results. Not owning
Mexican telecom company, América Móvil, was another relative detractor as
the company reported a Q4 net profit increase on the back of foreign exchange
gains which offset higher financing costs.
We made very few changes to the portfolio in February. We took advantage of
share price weakness in NU Holdings to reduce our underweight position, funded
by modest reductions in Banco do Brasil and Bradesco following their stronger
relative performance. We also participated in the IPO (Initial Public
Offering) of Brazilian bank, AGI, where we see attractive growth prospects at
the expense of incumbents. 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. 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. That said 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 (US-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.
19 March 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/22400/4323901/3993932.pdf)
Copyright (c) 2026 PR Newswire Association,LLC. All Rights ReservedRecent news on Blackrock Latin American Investment Trust
See all newsREG-BlackRock Latin American Investment Trust Plc: Dividend Declaration
AnnouncementREG-BlackRock Latin American Investment Trust Plc: Disclosure of Portfolio Holdings
AnnouncementREG-BlackRock Latin American Investment Trust Plc: Net Asset Value(s)
AnnouncementREG-BlackRock Latin American Investment Trust Plc: Total Voting Rights
AnnouncementREG-BlackRock Latin American Investment Trust Plc: Net Asset Value(s)
Announcement