THE MEXICO FUND, INC. ISSUES ITS 2024 ANNUAL REPORT

Rhea-AI Summary

The Mexico Fund (NYSE: MXF) has released its fiscal 2024 Annual Report for the period ended October 31, 2024. The Fund's NAV per share showed a total return of -3.14%, while its market price declined -2.10%, compared to the MSCI Mexico Index's -2.14% decrease. The Fund's NAV outperformed its benchmark over three-, five-, ten-year periods and since December 2008.

As of October 31, 2024, the Fund's market price was $14.01 and NAV per share was $17.61, reflecting a discount of 20.44%. The Fund maintained its expense ratio at 1.35%, below the 1.40% cap. A distribution of $0.22 per share will be paid on January 30, 2025 to stockholders of record as of January 22, 2025.

Positive

• NAV outperformed benchmark MSCI Mexico Index over 3, 5, 10-year periods
• Expense ratio maintained below cap at 1.35%
• $0.22 per share distribution declared

Negative

• NAV declined 3.14% in fiscal 2024
• Market price decreased 2.10% in fiscal 2024
• Discount to NAV slightly increased to 20.44% from 20.40% year-over-year

COLUMBIA, Maryland, Dec. 26, 2024 /PRNewswire/ -- The Mexico Fund, Inc. (NYSE: MXF), today issued its fiscal 2024 Annual Report for the period ended October 31, 2024.

A full version of the report is available at the company´s website – www.themexicofund.com

Annual Report 2024 Highlights

During fiscal year 2024, the Fund's NAV per share and market price registered a total return of -3.14% and -2.10%, respectively, while the Morgan Stanley Capital International ("MSCI") Mexico Index, decreased -2.14%. As of October 31, 2024, the Fund´s NAV outperformed its benchmark during the three-, five-, ten-year periods and since December 2008, when current portfolio management team assumed investment management responsibilities.

	Annualized % Return in USD
	1-year	3-years	5-years	10-years	Dec-08
MXF Market Price	-2.10	2.87	5.24	-1.10	6.66
MXF NAV	-3.14	4.58	6.48	0.45	6.84
MSCI Mexico Index	-2.14	4.42	5.75	-0.40	5.23

As of October 31, 2024, the Fund's market price and NAV per share were $14.01 and $17.61, respectively, reflecting a discount of 20.44%, compared with a discount of 20.40% at the end of fiscal year 2023.

The Fund´s Expense Limitation Agreement was renewed for fiscal year 2024 with a cap on the ordinary expense ratio (which excludes the performance component of the Investment Advisory fee, among other extraordinary expenses) of 1.40%, so long as Fund net assets remain greater than $260 million. The Fund's ordinary expense ratio during the fiscal year 2024 was 1.35%, below the limit of 1.40%.

The Fund has declared a distribution of $0.22 per share to be paid on January 30, 2025 to stockholders of record as of January 22, 2025.

About The Mexico Fund, Inc. 

The Mexico Fund, Inc. 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 Exchange. 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.

This release may contain certain forward-looking statements regarding future circumstances. These forward-looking statements are based upon the Fund's current expectations and assumptions and are subject to various risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward-looking statements including, in particular, the risks and uncertainties described in the Fund's filings with the Securities and Exchange Commission. Actual results, events, and performance may differ. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Fund undertakes no obligation to release publicly any revisions to these forward looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. The inclusion of any statement in this release does not constitute an admission by The Mexico Fund or any other person that the events or circumstances described in such statement are material.

CONTACT:   
Tofi Dayan   
+5255-9138-3350 
Email: investor-relations@themexicofund.com

 

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SOURCE The Mexico Fund, Inc.

FAQ

What was MXF's performance compared to MSCI Mexico Index in fiscal 2024?

MXF's NAV declined 3.14% and market price fell 2.10%, while the MSCI Mexico Index decreased 2.14% during fiscal year 2024.

What is the current discount of MXF's market price to NAV?

As of October 31, 2024, MXF traded at a 20.44% discount to NAV, with market price at $14.01 and NAV at $17.61.

What distribution did MXF declare for January 2025?

MXF declared a distribution of $0.22 per share, payable on January 30, 2025 to stockholders of record as of January 22, 2025.

What is MXF's expense ratio for fiscal year 2024?

MXF's ordinary expense ratio was 1.35% for fiscal year 2024, below the 1.40% cap set in the Expense Limitation Agreement.

How has MXF performed since December 2008?

Since December 2008, when the current portfolio management team took over, MXF has achieved an annualized return of 6.84% (NAV), outperforming the MSCI Mexico Index's 5.23%.