false
0000065433
0000065433
2024-02-29
2024-02-29
iso4217:USD
xbrli:shares
iso4217:USD
xbrli:shares
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): February 29, 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)
February 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.
|
The
Mexico Fund, Inc. |
Date:
March 7, 2024 |
|
|
|
|
|
|
By: |
/s/
Tofi Dayan |
|
|
Tofi
Dayan |
|
|
Treasurer |
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 |
$327.56 |
Daily
Average Number of Shares Traded2 |
29,159 |
NAV
per share1 |
$22.17 |
Outstanding
Shares3 |
14,771,862 |
Closing
price22 |
$18.04 |
Expense
Ratio (10/31/2023) |
1.35% |
Discount |
18.63% |
Portfolio
Turnover (10/31/2023) |
13.73% |
Performance1 |
Cumulative |
Annualized |
1
Month |
YTD |
1
Year |
3
Years |
5
Years |
10
Years |
15
Years |
MXF
Market Price |
-3.68% |
-4.31% |
13.95% |
16.28% |
9.55% |
2.13% |
10.86% |
MXF
NAV |
-3.19% |
-4.80% |
14.20% |
17.59% |
11.06% |
3.61% |
10.34% |
MSCI
Mexico Index |
-2.55% |
-4.36% |
15.02% |
18.74% |
10.91% |
3.07% |
9.02% |
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 February 2024, the Fund repurchased no shares.
Top Ten Holdings (65.75% of Net Assets) |
1 Grupo Financiero Banorte |
12.62% |
6 Cemex |
4.55% |
2 Fomento Económico Mexicano |
12.19% |
7 Gruma |
4.08% |
3 Grupo México |
8.29% |
8 Kimberly-Clark de México |
3.87% |
4 Wal-Mart de México |
7.39% |
9 Grupo Aeroportuario del Sureste |
3.13% |
5 América Móvil |
6.57% |
10 Grupo Aeroportuario del Pacífico |
3.06% |
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
Global equity markets registered
positive returns during February 2024. The MSCI World Index and the MSCI Emerging Markets Index increased 4.1% and 4.6%, respectively,
during the month. The DJIA and the S&P 500 increased 2.2% and 5.2%, respectively, while the yield on the 10-year Treasury note increased
34 basis points to 4.25% and the U.S. dollar appreciated 0.9% (measured by the DXY Index4) during February 2024. In Mexico,
the MSCI Mexico Index decreased 2.6% and the Mexican peso appreciated 0.9% during the month, to Ps. $17.05, whereas the Fund’s
NAV decreased 3.2%, underperforming its benchmark.
In local news, Mexico´s Central
Bank (“Banxico”) maintained unchanged its overnight interest rate at 11.25%. Mexico´s official GDP reported an annual
increase of 2.5% during the fourth quarter of 2023, accruing an expansion of 3.2% during the full year 2023, above its original estimates.
Mexican-listed companies reported its financial results for the fourth quarter of 2023, which were affected by the appreciation of the
Mexican peso, given its negative effect on income from exports and sales abroad when translated to local currency, resulting in a decrease
in sales and Ebitda of 2.4% and 4.9%, respectively, versus the fourth quarter of 2022. S&P ratings affirmed Mexico´s ‘BBB’
credit rating with a stable outlook supported by stable macroeconomic conditions, moderated inflation rates and the expectation that the
next government will maintain a cautious macroeconomic policy.
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.
v3.24.0.1
X |
- DefinitionBoolean flag that is true when the XBRL content amends previously-filed or accepted submission.
+ References
+ Details
Name: |
dei_AmendmentFlag |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionFor the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
+ References
+ Details
Name: |
dei_DocumentPeriodEndDate |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:dateItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
+ References
+ Details
Name: |
dei_DocumentType |
Namespace Prefix: |
dei_ |
Data Type: |
dei:submissionTypeItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAddress Line 1 such as Attn, Building Name, Street Name
+ References
+ Details
Name: |
dei_EntityAddressAddressLine1 |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAddress Line 2 such as Street or Suite number
+ References
+ Details
Name: |
dei_EntityAddressAddressLine2 |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
+ References
+ Details
Name: |
dei_EntityAddressCityOrTown |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCode for the postal or zip code
+ References
+ Details
Name: |
dei_EntityAddressPostalZipCode |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionName of the state or province.
+ References
+ Details
Name: |
dei_EntityAddressStateOrProvince |
Namespace Prefix: |
dei_ |
Data Type: |
dei:stateOrProvinceItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityCentralIndexKey |
Namespace Prefix: |
dei_ |
Data Type: |
dei:centralIndexKeyItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIndicate if registrant meets the emerging growth company criteria.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityEmergingGrowthCompany |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
+ References
+ Details
Name: |
dei_EntityFileNumber |
Namespace Prefix: |
dei_ |
Data Type: |
dei:fileNumberItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
+ References
+ Details
Name: |
dei_EntityIncorporationStateCountryCode |
Namespace Prefix: |
dei_ |
Data Type: |
dei:edgarStateCountryItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityRegistrantName |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityTaxIdentificationNumber |
Namespace Prefix: |
dei_ |
Data Type: |
dei:employerIdItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionLocal phone number for entity.
+ References
+ Details
Name: |
dei_LocalPhoneNumber |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 13e -Subsection 4c
+ Details
Name: |
dei_PreCommencementIssuerTenderOffer |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 14d -Subsection 2b
+ Details
Name: |
dei_PreCommencementTenderOffer |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTitle of a 12(b) registered security.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b
+ Details
Name: |
dei_Security12bTitle |
Namespace Prefix: |
dei_ |
Data Type: |
dei:securityTitleItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionName of the Exchange on which a security is registered.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection d1-1
+ Details
Name: |
dei_SecurityExchangeName |
Namespace Prefix: |
dei_ |
Data Type: |
dei:edgarExchangeCodeItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Section 14a -Number 240 -Subsection 12
+ Details
Name: |
dei_SolicitingMaterial |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
+ References
+ Details
Name: |
dei_TradingSymbol |
Namespace Prefix: |
dei_ |
Data Type: |
dei:tradingSymbolItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Securities Act -Number 230 -Section 425
+ Details
Name: |
dei_WrittenCommunications |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
Mexico (NYSE:MXF)
과거 데이터 주식 차트
부터 8월(8) 2024 으로 9월(9) 2024
Mexico (NYSE:MXF)
과거 데이터 주식 차트
부터 9월(9) 2023 으로 9월(9) 2024