BlackRock Latin American Inv Tst Edison issues review on BlackRock LA IT (BRLA)
25 November 2022 - 6:00PM
RNS Non-Regulatory
TIDMBRLA
BlackRock Latin American Inv Tst
25 November 2022
London, UK, 25 November 2022
Edison issues review on BlackRock Latin American IT (BRLA)
BlackRock Latin American Investment Trust (BRLA) has a new
manager. Effective from 9 September 2022, former co-manager Sam
Vecht was promoted to lead manager, while Christoph Brinkmann was
appointed BRLA's deputy manager, replacing former co-manager Ed
Kuczma. Vecht says that the world is fractured, with rising
inflation and interest rates, corporates struggling to grow and
extreme political tension. He comments that these issues are not
new for Latin America, while, following the recent Brazilian
presidential election, the political environment in the region is
more benign than normal. Vecht notes that a more stable environment
in Latin America compared with developed markets is unusual.
Inflation in the region has been brought under control and central
banks have followed orthodox monetary policies so real interest
rates in Latin America are positive, unlike in Europe and the
United States, for example. The manager comments that Latin
American companies are coming out of their shells, and he is
finding interesting growth opportunities in the region.
BRLA's discount has widened following the May 2022 tender offer
during an environment of heightened investor risk aversion.
However, its valuation had been on an improving trend since the
July 2018 change in the trust's dividend policy. Payments are based
on 1.25% of BRLA's quarterly NAV (current dividend yield of 5.6%).
The trust's 12.1% discount compares with an 8.7% to 11.4% range of
average discounts over the last one, three, five and 10 years.
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