The Mexico Fund, Inc. Releases Comprehensive 2024 Annual Report with Performance Insights
The Mexico Fund, Inc. Releases 2024 Annual Report
The Mexico Fund, Inc. (NYSE: MXF) has officially released its Annual Report for the fiscal year ending October 31, 2024. The report provides an in-depth overview of the Fund’s financial performance and strategic direction amidst the changing economic landscape.
Performance Overview
In fiscal year 2024, the Central Mexico Fund reported a total return of -3.14% on its net asset value (NAV) per share and -2.10% on its market price. Comparatively, the Morgan Stanley Capital International (MSCI) Mexico Index experienced a decline of -2.14% during the same period. Despite this downturn, the Fund’s NAV has notably outperformed its benchmark over various timeframes, including three, five, and ten years, showcasing the effectiveness of its current portfolio management team established since December 2008.
Detailed Financial Metrics
For further clarity, here are the annualized returns in USD for the Mexico Fund alongside the MSCI Mexico Index:
| Period | MXF Market Price | MXF NAV | MSCI Mexico Index |
|---|---|---|---|
| --- | ---- | - | ----- |
| 1-year | -2.10% | -3.14% | -2.14% |
| 3-years | 2.87% | 4.58% | 4.42% |
| 5-years | 5.24% | 6.48% | 5.75% |
| 10-years | -1.10% | 0.45% | -0.40% |
| Since Dec-08 | 6.66% | 6.84% | 5.23% |
As of the report’s publication date, the market price and NAV per share were recorded at $14.01 and $17.61, respectively, reflecting a 20.44% discount when compared with a previous discount of 20.40% at the end of the previous fiscal year.
Expense Management
Continuing its commitment to cost efficiency, the Fund renewed its Expense Limitation Agreement for fiscal year 2024, capping the ordinary expense ratio at 1.40%, providing that the net assets stay above $260 million. In fiscal year 2024, the ordinary expense ratio stood at 1.35%, comfortably below the established limit.
Upcoming Distribution
Exciting news for investors: the Fund has announced a $0.22 per share distribution, scheduled for payment on January 30, 2025, to all stockholders recorded as of January 22, 2025. This initiative underscores the Fund's commitment to returning value to its shareholders while continuing to invest in long-term growth.
About The Mexico Fund, Inc.
The Mexico Fund, Inc. operates as a non-diversified closed-end management investment company, with a primary goal of achieving long-term capital appreciation through investments primarily in equity securities listed on the Mexican Stock Exchange. This Fund serves as a gateway for investors seeking to capitalize on the growth potential of Mexican companies through a uniquely managed portfolio as part of their broader investment strategy.
Forward-Looking Statements
Readers are advised that this release may contain forward-looking statements that reflect the Fund's current expectations about future conditions. Various risks and uncertainties could cause actual results to differ from these projections, and the Fund undertakes no obligation to update any public disclosures related to these statements.
For further details or inquiries, interested parties can visit The Mexico Fund’s website or contact Tofi Dayan at +5255-9138-3350 or via email at [email protected].
This annual report signifies a pivotal moment for The Mexico Fund, showcasing the resilience and strategic planning that contributes to navigating fluctuating market conditions. Stakeholders and potential investors should review the highlights as part of their financial assessment and strategic planning for the coming year.
Topics Financial Services & Investing）
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