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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM 8-K
Current
Report Pursuant to Section 13 or 15(d) of
the
Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): August 31, 2024
The Mexico Fund, Inc.
(Exact
name of registrant as specified in its charter)
Maryland |
811-02409 |
13-3069854 |
(State or other jurisdiction of incorporation) |
(Commission
File Number) |
(I.R.S. Employer Identification No.) |
6700 Alexander Bell Drive, Suite 200
Columbia, Maryland 21046
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
(614) 469-3265
(none)
(Former name or former address, if changed since last report.)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2. below):
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities
registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
Common Stock |
MXF |
New York Stock Exchange |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2 of this chapter).
Emerging growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
7.01 Regulation FD Disclosure
Pursuant
to Regulation FD Rules 100-103, The Mexico Fund, Inc. (the “Fund”) furnishes the Monthly Summary Report of the Fund’s
Investment Adviser.
Item
9.01 Financial Statements and Exhibits
(d)
Exhibits
The
following exhibit is filed as part of this report:
(i) August 2024 Monthly Summary Report
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
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The Mexico Fund, Inc. |
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Date: September 9, 2024 |
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By: |
/s/ Tofi Dayan |
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Tofi Dayan |
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Treasurer |
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The Mexico Fund, Inc. 8-K
Exhibit 99(i)
Description
The
Mexico Fund, Inc. (the “Fund”) is a non-diversified closed-end management investment company with the investment objective
of long-term capital appreciation through investments in securities, primarily equity, listed on the Mexican Stock Exchanges. The Fund
provides a vehicle to investors who wish to invest in Mexican companies through a managed non-diversified portfolio as part of their
overall investment program. The Fund’s shares are listed and traded on the New York Stock Exchange (“NYSE”) under
the symbol “MXF.”
Managed
Distribution Plan (“MDP”)
The
Board of Directors of the Fund has authorized quarterly distributions of $0.22 per share under the MDP. With each distribution, the Fund
will issue a notice to stockholders and an accompanying press release, which will provide detailed information regarding the amount and
composition of the distribution and other information required by the Fund’s MDP exemptive order. The Fund’s Board of Directors
may amend or terminate the MDP at any time without prior notice to stockholders. You should not draw any conclusions about the Fund’s
investment performance from the amount of distributions or from the terms of the Fund’s MDP.
Highlights
Total
Net Assets (million)1 |
$273.06 |
Daily
Average Number of Shares Traded2 |
47,841 |
NAV
per share1 |
$18.49 |
Outstanding
Shares3 |
14,771,862 |
Closing
price2 |
$14.85 |
Expense
Ratio (4/30/2024) |
1.34% |
Discount |
19.69% |
Portfolio
Turnover (4/30/2024) |
6.33% |
Performance1 |
Cumulative |
Annualized |
1
Month |
YTD |
1
Year |
3
Years |
5
Years |
10
Years |
15
Years |
MXF
Market Price |
-5.77% |
-19.16% |
-10.43% |
2.31% |
7.85% |
-0.83% |
5.10% |
MXF
NAV |
-6.09% |
-18.98% |
-11.15% |
3.87% |
8.75% |
0.32% |
5.28% |
MSCI
Mexico Index |
-5.72% |
-19.65% |
-9.91% |
3.43% |
7.72% |
-0.51% |
3.69% |
These
figures represent past performance. Past performance does not guarantee future results. The Fund's investment return and principal value
will fluctuate so that an investor's shares, at the time of sale, may be worth more or less than their original cost. Current performance
may be lower or higher than the performance quoted above.
1
Source: Impulsora
del Fondo México, S.C. Performance figures take into account reinvestments of distributions.
2
Source: NYSE.
Shares traded figure represents average volume traded on U.S. consolidated markets during the month.
3
During August 2024, the Fund repurchased no shares.
Top
Ten Holdings (68.15% of Net Assets) |
1
Fomento Económico Mexicano |
11.59% |
6
Cemex |
4.67% |
2
Grupo Financiero Banorte |
11.13% |
7
Gruma |
4.03% |
3
Grupo México |
10.85% |
8
Grupo Aeroportuario del Pacífico |
3.88% |
4
Wal-Mart de México |
9.32% |
9
Kimberly-Clark de México |
3.70% |
5
América Móvil |
5.75% |
10
Grupo Aeroportuario del Sureste |
3.23% |
Holdings
are subject to change and are provided for informational purposes only and should not be deemed as a recommendation to buy or sell the
securities shown.
Fund
Manager´s Comments
Most
global equity markets registered positive returns in August 2024. The MSCI World Index and the MSCI Emerging Markets Index increased
2.5% and 1.4%, respectively, during the month. The Bank of England decreased is reference interest rate by 25 basis points to 5.00%,
in line with expectations of lower global interest rates. The DJIA and the S&P 500 increased 1.8% and 2.3%, respectively, while the
yield on the 10-year Treasury note decreased 13 basis points to 3.90% and the U.S. dollar depreciated 2.3% (measured by the DXY Index4)
during August 2024.
In
Mexico, the MSCI Mexico Index decreased 5.7%, driven by the Mexican peso depreciation of 5.6% during the month, to Ps. $19.73, whereas
the Fund’s NAV decreased 6.1%, underperforming its benchmark. The recent peso depreciation is associated with the upcoming September
2024 discussion in Congress of some Constitutional Reforms that, if approved, would change the way Federal Judges and members of the
Supreme Court are appointed, from the current method based on merit and experience within the Judicial system, to a proposed election
by popular vote, among other proposed changes. In other local news, Mexico´s Central Bank (“Banxico”) also decreased
its reference interest rate by 25 basis points to 10.75%. Official GDP for the second quarter of 2024 registered an annual growth of
2.1%.
The
information presented in this report has been derived from the sources indicated. Neither The Mexico Fund, Inc. nor its Adviser, Impulsora
del Fondo México, S.C., has independently verified or confirmed the information presented herein.
Important
Risk Disclosure
All
performance shown is historical. Closed-end funds are traded on the secondary market through one of the stock exchanges. Shares of closed-end
funds may trade above (premium) or below (discount) the NAV of the fund’s portfolio. The NAV is the value of an entity’s
assets less the value of its liabilities. The Market Price is the current price at which an asset can be bought or sold. There is no
assurance that the Fund will achieve its investment objective.
An
investment in the Fund entails special risk considerations, including among others the risks of foreign investments, Mexican investments,
market illiquidity and volatility, market corrections, risks associated with the Mexican economy, political factors and security, currency
exchange rate fluctuations, NAV discount risk, foreign custody risk, dollar denominated investments risk and risks associated with the
concentration of the Mexican equity market. Investors should consider their investment goals, time horizons and risk tolerance before
investing in the Fund. An investment in the Fund is not appropriate for all investors, and the Fund is not intended to be a complete
investment program. Investors should carefully review and consider the Fund's investment objective, risks, charges and expenses before
investing.
4
DXY Index computes the value of the U.S. dollar relative to a basket of foreign currencies.
v3.24.2.u1
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The Mexico Fund, Inc.
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13-3069854
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MD
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Suite 200
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Entity Address, City or Town |
Columbia
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MD
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