Portfolio Update
25 Aprile 2008 - 6:58PM
UK Regulatory
MERRILL LYNCH LATIN AMERICAN INVESTMENT TRUST PLC
All information is at 31 March 2008 and unaudited.
Performance at month end is calculated with net income reinvested
One Three *Since One Three Five
Month Months 31.03.06 Year Years Years
Sterling:
Net asset value -5.3% -4.1% 51.0% 28.4% 139.4% 459.9%
Share price -9.5% -4.0% 53.1% 28.3% 195.2% 629.8%
MSCI EM Latin -3.3% -1.2% 60.8% 38.2% 198.1% 517.2%
American
US Dollars:
Net asset value -5.4% -4.2% 73.1% 30.1% 151.8% 604.1%
MSCI EM Latin -3.4% -1.4% 84.3% 40.1% 213.5% 676.0%
American
Sources: BlackRock, Standard & Poor's, Datastream, MSCI
*Date which BlackRock took over the investment management of the Company.
At month end
Net asset value - capital only: 533.36p
Net asset value* - cum income: 534.54p
Share price: 519.00p
Total assets: �254.9m
Discount: (share price to capital 2.7%
only NAV):
Gearing: Nil
Net yield: 0.9%
Ordinary shares in issue: 47,789,753
*Includes 3 months net revenue equal to 1.18p
Geographical Regional Exposure % Total Assets
Brazil 69.6
Mexico 21.0
Argentina 4.2
Chile 4.0
Colombia 0.8
Panama 0.4
-----
Total 100.0
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Ten Largest Equity Investments (in alphabetical order)
Company Country of Risk
AmBev Brazil
America Movil Mexico
Banco Bradesco Brazil
Banco Itau Brazil
CVRD Brazil
Grupo Financiero Banorte Mexico
Petrobras Brazil
Tenaris Argentina
Unibanco Brazil
Usiminas Brazil
Commenting on the markets, Will Landers, representing the investment
Manager noted;
Performance
For the month of March 2008, the Company posted a 5.4% decline in its NAV while
the shares declined 9.6% (all in US dollar terms). This compares with the 3.4%
decline posted by the Company's benchmark, the MSCI EM Latin America Index.
The underperformance during the month stemmed mainly from negative stock
selection in Brazil, where the Company's overweight positions in financial
stocks as well as smallcaps (healthcare, insurance and real estate) detracted
from performance. On the positive side, overweight positions in Tenaris in
Argentina and America Movil in Mexico, as well as our underweight position in
Petrobras were positive contributors to performance.
Transactions/Gearing
During the month, we did not make any significant changes at the country level.
Intra-country, in Brazil we increased our positions in Petrobras and CVRD as
well as the financial sector during periods of weakness, taking profits in real
estate and airlines. We also took some profits in Chilean consumer stocks,
shifting such funds to Brazil. Gearing remained at nil during the month.
Positioning
The Company continues to be positioned with a large overweight position in
Brazil, stemming from overweight positions in materials and the maximum weight
in energy, as well as being overweight in domestic-oriented names such as
banks, real estate, industrials (and even steel companies would fall under this
category). We expect that the current commodity cycle will continue for a
while, and maintain a positive view on Petrobras (mostly because of its
potential new findings offshore) as well as CVRD and the potential for further
significant iron ore price increases in 2009. The domestic market is taking the
lead in terms of GDP growth as millions of Brazilians have joined the
economically active middle class over the past four to five years. Our more
cautious view on Mexico stems from our concerns that the economic slow down in
the US will eventually have adverse effects on the Mexican economy (so far not
very evident), while valuation levels lead to our continued underweight
positions in Chile and the Andean region.
Latest information is available by typing www.blackrock.co.uk/its on the
internet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV
terminal).
25 April 2008
END
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