THE MEXICO FUND, INC. ISSUES ITS 2024 SEMI-ANNUAL REPORT
Rhea-AI Summary
The Mexico Fund (NYSE: MXF) has released its fiscal 2024 Semi-Annual Report for the period ending April 30, 2024. The Fund's NAV per share achieved a total return of 21.62%, slightly outperforming its benchmark, the MSCI Mexico Index, which returned 21.58%. The Fund's market price saw a total return of 22.06%. Over one, five, ten, and fifteen-year periods, the Fund's NAV per share outperformed the benchmark. As of April 30, 2024, the Fund's market price was $17.99, with an NAV per share of $22.62, reflecting a 20.47% discount.
The Expense Limitation Agreement was renewed, capping the ordinary expense ratio at 1.40%, provided net assets remain over $260 million. The Fund's ordinary expense ratio was 1.34% in the first half of 2024. The Board of Directors confirmed the continuation of quarterly distributions, declaring a $0.22 per share distribution to be paid on July 25, 2024, to shareholders on record as of July 17, 2024.
Positive
- NAV per share achieved a 21.62% total return, outperforming the MSCI Mexico Index.
- Fund's market price total return of 22.06% exceeded the NAV per share return.
- Fund's NAV per share has consistently outperformed its benchmark over one, five, ten, and fifteen-year periods.
- Ordinary expense ratio was 1.34%, below the 1.40% cap.
- Quarterly distribution of $0.22 per share declared for July 25, 2024.
Negative
- Fund's market price per share is at a 20.47% discount compared to its NAV per share.
News Market Reaction
On the day this news was published, MXF declined 0.80%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
A full version of the report is available at the company's website – www.themexicofund.com
Semi-Annual Report 2024 Highlights
During the first half of fiscal year 2024, the Fund's NAV per share registered a total return of
Annualized % Return in USD | ||||||
1-year | 3-years | 5-years | 10-years | 15-years | ||
MXF Market Price | 13.20 | 12.67 | 9.36 | 1.85 | 8.89 | |
MXF NAV | 11.38 | 14.93 | 10.91 | 3.35 | 9.00 | |
MSCI Mexico Index | 9.55 | 15.06 | 9.78 | 2.56 | 7.16 | |
As of April 30, 2024, the Fund's market price and NAV per share were
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, of
The Board of Directors of the Fund has ratified the continuation of the Fund's quarterly distributions under its MDP during 2024. As a result, it declared a distribution of
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
View original content:https://www.prnewswire.com/news-releases/the-mexico-fund-inc-issues-its-2024-semi-annual-report-302181865.html
SOURCE The Mexico Fund, Inc.
FAQ
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When is the record date for The Mexico Fund's declared distribution?
