PR Newswire
LONDON, United Kingdom, February 11
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 6.2%
NAV):
Average discount* over the month – 7.2%
cum income:
Net gearing at month end**: 9.4%
Gearing range (as a % of net 0-25%
assets):
Net yield##: 4.9%
Ordinary shares in issue(excluding 29,448,641
2,181,662 shares held in treasury):
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 % of Equity MSCI EM Latin America Index
Total Portfolio *
Assets
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 0.9 0.0 0.0
(inc. fixed
interest)
—– —– —–
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.
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