At close Feb 26, 2015
The NAV information is provided by the Fund's accounting agent. The price is as reported by the exchange on which the Fund trades. This information is unaudited and neither Aberdeen Asset Management PLC, its wholly owned subsidiaries, the Funds, nor any other person guarantees their accuracy.
If you require further information on any of our Closed-End Funds:
Aberdeen Latin America Equity Fund, Inc. (NYSE MKT: LAQ)
The Fund seeks long-term capital appreciation by investing primarily in Latin American equity securities.
For more detailed information on the specific risks associated with this fund, please view the Important Risk Considerations tab.
It is the policy of the Fund to invest its assets in Latin American equity securities. For these purposes, “Latin American equity securities” are equity securities of companies organized in a country in Latin America or for which the principal trading market is in Latin America.
The information contained above provides only a brief summary description of the Fund's investment objective and investment policies.
Fund Manager Interview
Fiona Manning, Senior Investment Manager on the Global Emerging Market Equities team at Aberdeen, discusses Latin America and explains why this region provides a wealth of interesting investment opportunities.
Why Latin American Equity
In this installment of our “Reasons Why” series, learn about why we believe Latin American equities are an asset class with a promising future and discover how Aberdeen is positioned to potentially take advantage of this bourgeoning region.
Section 16 Filings
Fund Managers’ Monthly Report
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- Latin American equities fell in December as concerns persisted over falling crude oil prices and
slowing economic growth in China.
- The Brazilian central bank raised its benchmark interest rate to a three-year high of 11.75% in an
effort to stem inflation. Elsewhere, Mexico’s central bank sold U.S. dollars to support the peso.
- Chilean President Michelle Bachelet proposed key reforms to the nation’s labor laws as part of her
campaign promise to reduce economic inequality.
- In corporate news, retailer Walmex plans to sell its loss-making banking subsidiary, Banco
Walmart, to Grupo Inbursa. The deal, which is pending regulatory approval, is estimated to be
valued at US$250 million. In our view, the transaction appears beneficial for both companies, with
plans to jointly develop retail financing products across the Walmex business.
- BRF announced plans to repurchase up to 1 billion reais (roughly US$373 million) of shares.
Separately, the Brazilian food company will partner with Indofood in an Indonesian joint venture,
in line with its international expansion strategy.
- In December, we exited the Fund’s position in Petrobras on our growing concerns about
governance shortcomings, escalating leverage, and the increasing politicization of the company.
Conversely, we initiated a position in Banco Santander Mexico, which we feel is a well-run lender
with an established domestic market position, and Iguatemi, a leading Brazilian mall owner and
operator with a portfolio of well-located malls, a strong tenant base and a pipeline of new sites
under development, in our view. We also added to holdings in beverage company Andina, IT
services provider Totvs, Itau Unibanco, Brazilian derivatives exchange operator BM&F Bovespa,
BRF, and Walmex, and pared positions in Banco Bradesco and retailer Hering.
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