PR Newswire
LONDON, United Kingdom, February 27
The information contained in this release was correct as at 31 January 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 January 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^ 13.9 14.2 47.3 30.1 59.3
Share price 20.0 28.6 65.9 47.9 75.1
MSCI EM Latin America 13.0 18.4 47.6 42.4 87.3
(Net Return)^^
US Dollars:
Net asset value^ 16.2 19.3 62.7 45.0 59.2
Share price 22.5 34.3 83.3 64.8 75.0
MSCI EM Latin America 15.3 23.6 63.0 58.8 87.2
(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: 478.15p
Net asset value – including income: 484.73p
Share price: 479.00p
Total assets#: £155.8m
Discount (share price to cum income 1.2%
NAV):
Average discount* over the month – 3.9%
cum income:
Net gearing at month end**: 8.9%
Gearing range (as a % of net 0-25%
assets):
Net yield##: 4.2%
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 4.2% 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 657.31 US cents per share
(equivalent to the sterling price of 479.00 pence per share translated in to US
cents at the rate prevailing at 31 January 2026 of $1.3723 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 62.3 62.4 59.7
Mexico 23.6 23.6 25.1
Peru 7.3 7.3 5.4
Multi-Country 2.8 2.9 0.0
Argentina 2.0 2.0 0.0
Chile 1.8 1.8 7.6
Columbia 0.0 0.0 2.2
Net current assets 0.2 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 9.1% of the Company’s net asset value.
Sector % of Equity Portfolio* % of Benchmark*
Financials 24.4 35.1
Materials 22.2 20.2
Industrials 17.2 9.7
Consumer Staples 12.1 11.0
Consumer Discretionary 11.5 2.1
Energy 6.3 8.2
Real Estate 2.3 1.5
Information Technology 2.0 0.4
Health Care 2.0 0.7
Utilities 0.0 7.8
Communication Services 0.0 3.3
—– —–
Total 100.0 100.0
===== =====
*excluding net current assets & fixed interest
Company Country of Risk % of % of
Equity Portfolio Benchmark
Vale: Brazil
ADS 8.3
Equity 1.3 6.8
Petrobrás: Brazil
Equity 0.9
Equity ADR 3.5 3.3
Preference Shares ADR 1.9 3.9
Localiza Rent A Car Brazil
Equity 4.8 1.0
Preference Shares 0.2
Southern Copper Peru 5.0 2.0
Grupo Aeroportuario del Sureste Mexico 4.4 0.7
Walmart de México y Centroamérica Mexico 4.2 1.9
Grupo Financiero Banorte Mexico 3.7 3.3
Cyrela Brazil Realty: Brazil
Equity 3.3
Preference Shares 0.3
StoneCo Ltd Brazil 3.5 0.4
Nu Holdings Ltd Brazil 3.4 7.0
Commenting on the markets, Sam Vecht and Gordon Fraser, representing the
Investment Manager noted;
The Company’s NAV rose by +16.2% in January, outperforming the benchmark, the
MSCI Emerging Markets Latin America Index, which returned +15.3% on a net basis
over the same period. All performance figures are in US dollar terms with
dividends reinvested.
Brazil had a very strong month, rising +16.6% and taking the Bovespa Index to a
record high, helped by solid foreign investor buying. Inflation is still above
target, but with growth slowing, we could see softer inflation ahead, which may
allow the central bank to start cutting rates later in Q1. Mexico also performed
well, up +9.5%, though rate cuts there are likely on hold until mid year.
Colombia was the standout, finishing the month up +27.4%.
At the portfolio level, stock selection in Brazil was the largest contributor.
Our overweight position to Peru also helped. On the other hand, stock selection
in Mexico and an off-benchmark exposure to Argentina detracted.
From a security lens, our overweight position to Brazilian iron ore producer,
Vale, was the largest contributor. The stock rose after the company regained its
position as the world’s biggest iron ore producer and reported record 2025
output. Peruvian copper miner, Southern Copper, was another strong performer,
helped by copper prices reaching new all-time highs in January. Brazilian real
estate developer, Cyrela, also did well. As a rate sensitive name, the stock is
expected to benefit once the long-awaited rate-cut cycle in Brazil begins this
year.
On the flipside, a few Mexican stocks detracted from performance. The biggest
detractor was Mexican long-haul airline, Aeromexico, pulling back some gains
from a strong performance in December. Another detractor was Walmart Mexico. The
stock detracted on the back of increased competition within the retail space.
Vesta, an industrial real estate company, was a relative detractor as it lagged
the broader rally in Mexican equities over the month.
The portfolio remained largely unchanged in January. We took advantage of the
strong performance in Brazil to take profits on Vale. We also reduced our
holding in Brazilian stock exchange, B3 and increased Cyrela, where our
fundamental conviction is higher and as the stock has corrected ~25% after its
post dividend peak. 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.
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 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.
26 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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