Title: Microsoft PowerPoint - blackrock-latin-american-investment-trust-plc-factsheet.pptx URL Source: https://is.gd/gAD4nV Published Time: Thu, 26 Jun 2025 15:36:44 GMT Markdown Content: # BlackRock Latin American # Investment Trust plc # May 2025 # Company objective The Company seeks to secure long-term capital growth and an attractive total return primarily through investing in quoted securities in Latin America. # Key risk factors Capital at Risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested. The Company invests in economies and markets which may be less developed. Compared to more established economies, the value of investments may be subject to greater volatility due to increased uncertainty as to how these markets operate. Overseas investments will be affected by currency exchange rate fluctuations. The Company may from time to time utilise gearing. A fuller definition of gearing is given in the Glossary. Performance. A fuller definition of ongoing charges, which includes the annual management fee, is given in the Glossary. Details of the management fee are given in the fund information table overleaf. The Company does not have a performance fee. The performance of the Company’s portfolio, or NAV performance, is not the same as share price performance and shareholders may not realise returns which are the same as NAV performance. The latest performance data can be found on the BlackRock Investment Management (UK) Limited website at blackrock.com/uk/brla. See glossary for further explanation of terms used. # Total assets include current year revenue. ##The yield of 5.2% is calculated based on total dividends declared in the last 12 months as at the date of this announcement as set out below (totalling 22.86 cents per share) and using a share price of 463.90 US cents per share (equivalent to the sterling price of 344.00 pence per share translated in to US cents at the rate prevailing at 31 May 2025 of $1.3486 dollars to £1.00). 2024 Q2 Interim dividend of 6.13 cents per share (Paid on 08 August 2024) 2024 Q3 Interim dividend of 6.26 cents per share (Paid 08 November 2024) 2024 Q4 Interim dividend of 4.92 cents per share (Paid on 07 February 2025) 2025 Q1 Interim dividend of 5.55 cents per share (Paid on 15 May 2025) *The discount is calculated using the cum income NAV (expressed in sterling terms). **Net cash/net gearing is calculated using debt at par, less cash and cash equivalents and fixed interest investments as a percentage of net assets. *** The Company’s ongoing charges are calculated as a percentage of average daily net assets and using the management fee and all other operating expenses excluding finance costs, direct transaction costs, custody transaction charges, VAT recovered, taxation and certain non-recurring items for the year ended 31 December 2024. # blackrock.com/uk/ brla Fund information (as at 31/05/2025) 378.48p Net asset value (capital only) 381.94p Net asset value – cum income 344.00p Share price £119.0m Total assets # 9.9% Discount (share price to cum income NAV) 11.2% Average discount* over the month – cum income 3.8% Net gearing at month end** 0-25% Gearing range (as a % of net assets) 4.9% Net yield ## 29,448,641 Ordinary shares in issue (excluding 2,181,662 shares held in treasury) 1.23% Ongoing charges*** The information contained in this release was correct as at 31 May 2025 Information on the Company’s up to date net asset values can be found on the London Stock Exchange Website at: https://www.londonstockexchange.com/exc hange/news/market-news/market-news- home.html The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy. A full disclosure of portfolio investments for the Company as at 30 April 2025 has been made available on the Company’s website the link given below: http://www.blackrock.co.uk/individual/literature/policies/ brlait-portfolio-disclosure.pdf > RETH0625E/S-4602338-1/8 5Y% 3Y% 1Y% 3M% 1M% Sterling > 49.0 2.2 -5.0 17.1 6.1 Net Asset Value^ > 51.5 -3.8 -1.2 13.6 9.9 Share price > 53.8 1.6 -5.2 6.3 0.6 Benchmark^^ (Net Return) Cumulative performance (as at 31/05/25 ) > 5Y% 3Y% 1Y% 3M% 1M% US Dollars > 62.6 9.5 0.7 25.4 7.1 Net Asset Value^ > 65.4 3.1 4.7 21.7 11.0 Share price > 67.7 8.7 0.4 13.9 1.6 Benchmark^^ (Net Return) The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy . The latest performance data can be found on our website at www.blackrock.com/uk/brla. Net Asset Value (NAV) performance is not the same as share price performance, and shareholders may realise returns that are lower or higher than NAV performance. The above Net Asset Value (NAV) performance statistics are based on an NAV with income included with any dividends reinvested on the ex-dividend date, net of ongoing charges and any applicable performance fee. Share price performance figures are calculated on a mid market basis in sterling terms with income reinvested on the ex-dividend date. Source: BlackRock, Datastream ^ cum income ^^ The Company’s performance benchmark (the MSCI Emerging Markets Latin America Index) may be calculated on either a Gross or a Net return basis. Net return (NR) indices calculate the reinvestment of dividends net of withholding taxes using the tax rates applicable to non-resident institutional investors, and hence give a lower total return than indices where calculations are on a Gross basis (which assumes that no withholding tax is suffered). As the Company is subject to withholding tax rates for the majority of countries in which it invests, the NR basis is felt to be the most accurate, appropriate, consistent and fair comparison for the Company. Sources: BlackRock, Standard & Poor’s Micropal > 31/03/20 > 31/03/21 > % > 31/03/21 > 31/13/22 > % > 31/03/22 > 31/03/23 > % > 31/03/23 > 31/03/24 > % > 31/03/24 > 31/03/25 > % > Sterling > 43.0 22.8 -8.3 22.6 -22.7 Net Asset Value^ > 35.7 27.3 -13.4 20.2 -19.2 Share price > 34.9 29.5 -5.3 20.0 -15.4 Benchmark^^ (Net Return) Annual performance to the last quarter end (as at 31 March 2025) > 31/03/20 > 31/03/21 > % > 31/03/21 > 31/03/22 > % > 31/03/22 > 31/03/23 > % > 31/03/23 > 31/03/24 > % > 31/03/24 > 31/03/25 > % > USD > 59.2 17.2 -13.9 25.3 -21.1 Net Asset Value^ > 51.0 21.5 -18.6 22.7 -17.5 Share price > 50.1 23.5 -11.1 22.6 -13.6 Benchmark^^ (Net Return) > RETH0625E/S-4602338-2/8 % of benchmark % of equity portfolio Country of risk Company Brazil Vale: 6.5 • ADS 5.5 1.0 • Equity Brazil Petrobrás: 0.9 • Equity 3.5 2.5 • Equity ADR 4.0 1.9 • Preference Shares ADR 2.8 5.3 Mexico Grupo México 3.8 4.9 Mexico Grupo Financiero Banorte 2.9 4.7 Mexico Walmart de México y Centroamérica Mexico FEMSA: 0.9 • ADR 3.1 3.7 • Equity 1.2 3.8 Brazil XP 0.9 3.6 Brazil Rede D’or Sao Luiz 1.0 3.4 Mexico Grupo Aeroportuario del Sureste 2.2 3.4 Brazil B3 Ten largest Investments (as at 31/05/25) Holdings are as at the date shown and do not necessarily represent current or future portfolio holdings. Risk: The specific companies identified and described above do not represent all of the companies purchased or sold, and no assumptions should be made that the companies identified and discussed were or will be profitable. This should not be construed as investment advice or investment recommendation of those companies. Allocations are as at the date shown and do not necessarily represent current or future portfolio holdings. % of benchmark % of equity portfolio Sector allocation (as at 31/05/25) 34.9 23.0 Financials 15.5 18.2 Materials 14.8 15.0 Consumer Staples 1.5 12.8 Consumer Discretionary 10.3 11.1 Industrials 0.9 6.6 Health Care 1.3 5.9 Real Estate 8.8 5.3 Energy 0.7 2.1 Information Technology 7.6 0.0 Utilities 3.7 0.0 Communication Services 100.0 100.0 Total % of benchmark % of equity portfolio* % of total assets^ Country allocation (as at 31/05/25) 59.8 58.4 57.3 Brazil 28.2 35.3 34.6 Mexico 0.0 2.6 2.6 Multi-Country 0.0 2.1 2.1 Argentina 6.3 1.6 1.6 Chile 4.1 0.0 0.0 Peru 1.6 0.0 0.0 Colombia 0.0 0.0 1.8 Net current assets (inc. fixed interest) 100.0 100.0 100.0 Total ^ Total liabilities for the purposes of these calculations exclude bank overdrafts, and the net current assets figure shown in the table above therefore excludes bank overdrafts equivalent to 5.8% of the Company’s net asset value. * excluding net current assets & fixed interest. Allocations are as at the date shown and do not necessarily represent current or future portfolio holdings. > RETH0625E/S-4602338-3/8 ## Comments from the Portfolio Managers Please note that the commentary below includes historic information in respect of the performance of portfolio investments, index performance data and the Company’s NAV and share performance. The figures shown relate to past performance. Past Performance is not a reliable indicator of current or future results. The Company’s NAV rose by +6.1% in May, significantly outperforming the benchmark, the MSCI Emerging Markets Latin America Index, which returned +0.6% on a net basis over the same period. All performance figures are in sterling terms with dividends reinvested. ௗ1 Emerging Markets had yet another positive month in May (+4.3%), but underperformed Developed Markets (+6.0%) after three months of outperformance. The gains were driven largely by the potential de-escalation of trade tensions. Latin American performance was more muted, returning 1.6% in US Dollar terms, where Peru was the best performing market, up +7.6%. At the portfolio level, security selection in Brazil and Mexico were the largest contributors to performance during the month. On the other hand, an overweight exposure to an IT services name in Argentina detracted from performance. From a security lens, an overweight position to a collection of Brazilian consumer names did well, with Azzas 2154, Lojas Renner and Alpargatas all contributing to performance after delivering strong Q1 earnings. XP, the Brazilian investment management platform, also did well on the back of decent results. An overweight position in Brazilian Health Care names, Hapvida and Rede D'or, also aided performance during the month. Hapvida reported a decline in net new judicial deposits, which was seen as a positive for the sector overall. On the flipside, the biggest detractor over the month was our overweight position in IT services company, Globant. The stock pulled back on a poor set of earnings and weaker than expected guidance. Not owning Peruvian bank Credicorp was another relative detractor. Whilst portfolio positioning remained largely unchanged in May, we did take advantage of the strong performance in Brazil year-to-date to take some profits on domestic names like Azzas 2154 and Rede D'or. We also sold out of Brazilian electric utility company, Energisa and added to Brazilian car rental company, Localiza, as we see greater upside for the latter. Mexico remains the largest portfolio overweight as at the end of May, while Chile is the largest underweight. Outlook Latin American equities have re-bounded sharply in 2025, and have outperformed both broader MSCI Emerging Markets and MSCI World indices proving to be an unlikely defensive candidate amid an increasingly volatile world. Within Latin America, inflation has surprised to the downside in some countries, interest rate expectations are falling, and earnings across several sectors are beating forecasts. Despite this, valuations remain attractive. We see interesting bottom-up opportunities particularly in Mexico and Brazil. In Mexico, we do not see a major change in the secular trend of nearshoring of supply chains, as Mexico will remain a much cheaper location to manufacture than the United States. President Sheinbaum's pragmatic approach to trade negotiations underscores this view. Whilst we have recently taken some profits on our domestic Brazil exposure, we remain positive on the country on a 12- 18 month view and believe there is still room for significant upside. We favour companies with lower leverage and stronger earnings outlook. ௗ Given cheap valuations, we also see the potential for share buybacks supporting the market in 2025. > 1 Source: BlackRock as at 31 May 2025 Source: Unless otherwise stated all data is sourced from BlackRock as at 31 May 2025. Any opinions or forecasts represent an assessment of the market environment at a specific time and are not intended to be a forecast of future events or a guarantee of future results. This information should not be relied upon by the reader as research, investment advice or a recommendation. Reference to the names of each company mentioned in this communication is merely for explaining the investment strategy and should not be construed as investment advice or investment recommendation of those companies. > RETH0625E/S-4602338-4/8 Financial calendar: 31 December Year end September (half yearly) March (final) Results announced May Annual General Meeting November, February, May & August Dividends paid Fund codes: GB0005058408 ISIN 0505840 Sedol BRLA:LN Bloomberg BRLA.L Reuters BRLA/LON Ticker Fund characteristics: July 1990 Launch date 31 March 2006 Date BlackRock took over management Sterling: US Dollar Dealing currencies Latin America Association of Investment Companies (AIC) sector MSCI Emerging Markets Latin America Index (net return) Benchmark London Stock Exchange Traded Management: BlackRock Fund Managers Limited Alternative Investment Fund Manager (with effect from 2 July 2014) Sam Vecht and Christoph Brinkmann Portfolio managers 0.8% per annum of net asset value (the annual management fee forms part of the ongoing charges as disclosed in the Fund Information section). Annual Management fee BlackRock Latin American Investment Trust plc will not invest more than 15% of its gross assets in other closed-ended listed investment funds. BlackRock Latin American Investment Trust plc is traded on the London Stock Exchange and dealing may only be through a member of the Exchange . NMPI Status The Company currently conducts its affairs so that its securities can be recommended by Independent Financial Advisers to ordinary retail investors in accordance with the Financial Conduct Authority’s (FCA) rules in relation to Non-Mainstream Pooled Investments (NMPI) and intends to continue to do so for the foreseeable future. The securities are excluded from the FCA’s restrictions which apply to non-mainstream pooled investments because they are shares in an investment trust. # Want to know more? blackrock.com/uk/brla | Tel: 0207 743 3000 | cosec@blackrock.com > RETH0625E/S-4602338-5/8 Glossary of Terms Discount/Premium Investment trust shares frequently trade at a discount or premium to NAV. This occurs when the share price is less than (a discount) or more than (a premium) to the NAV. The discount or premium is the difference between the share price (based on mid-market share prices) and the NAV, expressed as a percentage of the NAV. Discounts and premiums are mainly the consequence of supply and demand for the shares on the stock market. Gearing Investment companies can borrow to purchase additional investments. This is called ‘gearing’. It allows investment companies to take advantage of a long-term view on a sector or to take advantage of a favourable situation or a particularly attractive stock without having to sell existing investments. Gearing works by magnifying the company’s performance. If a company ‘gears up’ and then markets rise and the returns on the investments outstrip the costs of borrowing, the overall returns to investors will be even greater. But if markets fall and the performance of the assets in the portfolio is poor, then losses suffered by the investor will also be magnified. Net yield The net yield is calculated using total dividends declared in the last 12 months (as at date of this factsheet) as a percentage of month end share price. NAV (Net Asset Value) A company’s undiluted NAV is its available shareholders’ funds divided by the number of shares in issue (excluding treasury shares), before making any adjustment for any potentially dilutive securities which the Company may have in issue, such as subscription shares, convertible bonds or treasury shares. A diluted NAV is calculated on the assumption that holders of any convertibles have converted, subscription shares have been exercised and treasury shares are re-issued at the mid-market price, to the extent that the NAV per share is higher than the price of each of these shares or securities and that they are 'in the money'. The aim is to ensure that shareholders have a full understanding of the potential impact on the Company’s NAV if these instruments had been exercised on a particular date. Ongoing charges ratio Ongoing charges (%) = Annualised ongoing charges Average undiluted net asset value in the period Ongoing charges are those expenses of a type which are likely to recur in the foreseeable future, whether charged to capital or revenue, and which relate to the operation of the investment company as a collective fund, excluding the costs of acquisition/disposal of investments, financing charges and gains/losses arising on investments. Ongoing charges are based on costs incurred in the year as being the best estimate of future costs and include the annual management fee. Treasury shares Treasury shares are shares that a company keeps in its own treasury which are not currently issued to the public. These shares do not pay dividends, have no voting rights and are not included in a Company’s total issued share capital amount for the purpose of calculating percentage ownership. Treasury stock may have come from a repurchase or buyback from shareholders, or it may have never been issued to the public in the first place. Treasury shares may be reissued from treasury to the public to meet demand for a company’s shares in certain circumstances. > RETH0625E/S-4602338-6/8 # Risk Warnings Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy. Changes in the rates of exchange between currencies may cause the value of investments to diminish or increase. Fluctuation may be particularly marked in the case of a higher volatility fund and the value of an investment may fall suddenly and substantially. Levels and basis of taxation may change from time to time. Emerging markets risk . Emerging market investments are usually associated with higher investment risk than developed market investments. Therefore, the value of these investments may be unpredictable and subject to greater variation. Exchange rate risk . The return of your investment may increase or decrease as a result of currency fluctuations. Gearing risk. Investment strategies, such as borrowing, used by the Trust can result in even larger losses suffered when the value of the underlying investments fall. Equity risk. The value of equities and equity-related securities can be affected by daily stock market movements. Other influential factors include political, economic news, company earnings and significant corporate events. Counterparty Risk. The insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the Company to financial loss. Derivative Risk general (derivatives, options, covered calls). The Company uses derivatives as part of its investment strategy. Compared to a fund which only invests in traditional instruments such as stocks and bonds, derivatives are potentially subject to a higher level of risk. Lower Ratings risk. The Company may invest in the full range of fixed income securities which may include investments with a relatively low credit rating or which are unrated. Investors should refer to offering documentation for the fund's full list of risks > RETH0625E/S-4602338-7/8 # Important Information This document is marketing material. Issued by BlackRock Investment Management (UK) Limited, authorised and regulated by the Financial Conduct Authority. Registered office: 12 Throgmorton Avenue, London, EC2N 2DL. Tel: + 44 (0)20 7743 3000. Registered in England and Wales No. 02020394. For your protection telephone calls are usually recorded. Please refer to the Financial Conduct Authority website for a list of authorised activities conducted by BlackRock. The Company is managed by BlackRock Fund Managers Limited (BFM) as the AIFM. BFM has delegated certain investment management and other ancillary services to BlackRock Investment Management (UK) Limited. The Company’s shares are traded on the London Stock Exchange and dealing may only be through a member of the Exchange. The Company will not invest more than 15% of its gross assets in other listed investment trusts. SEDOL is a trademark of the London Stock Exchange plc and is used under licence. Net Asset Value (NAV) performance is not the same as share price performance, and shareholders may realise returns that are lower or higher than NAV performance. BlackRock Latin American Investment Trust plc currently conducts its affairs so that their securities can be recommended by IFAs to ordinary retail investors in accordance with the Financial Conduct Authority’s rules in relation to nonmainstream investment products and intend to continue to do so for the foreseeable future. The securities are excluded from the Financial Conduct Authority’s restrictions which apply to non-mainstream investment products because they are securities issued by investment trusts. Investors should understand all characteristics of the funds objective before investing. For information on investor rights and how to raise complaints please go to https://www.blackrock.com/corporate/compliance/investor-right available in in local language in registered jurisdictions. BlackRock has not considered the suitability of this investment against your individual needs and risk tolerance. To ensure you understand whether our product is suitable, please read the fund specific risks in the Key Investor Document (KID) which gives more information about the risk profile of the investment. The KID and other documentation are available on the relevant product pages at www.blackrock.com/uk/its. We recommend you seek independent professional advice prior to investing. Any research in this document has been procured and may have been acted on by BlackRock for its own purpose. The results of such research are being made available only incidentally. The views expressed do not constitute investment or any other advice and are subject to change. They do not necessarily reflect the views of any company in the BlackRock Group or any part thereof and no assurances are made as to their accuracy. This document is for information purposes only and does not constitute an offer or invitation to anyone to invest in any BlackRock funds and has not been prepared in connection with any such offer. © 2025 BlackRock, Inc. All Rights reserved. BLACKROCK, BLACKROCK SOLUTIONS, and iSHARES are trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.