Mexico Fund (NYSE: MXF) reports March 2026 NAV, discount and top Mexican holdings
Rhea-AI Filing Summary
The Mexico Fund, Inc. (MXF), a non-diversified closed-end fund focused on Mexican equities, reported total net assets of $354.84 million and a net asset value (NAV) of $24.61 per share as of March 31, 2026. The NYSE market price was $20.93, reflecting a 14.95% discount to NAV, with 14,420,065 shares outstanding and an expense ratio of 1.36%.
The Board has authorized a quarterly managed distribution of $0.35 per share under its Managed Distribution Plan, which may be amended or terminated at any time. For the one-year period, MXF’s market price returned 55.63% and NAV returned 45.64%, compared with 55.86% for the MSCI Mexico Index. In March 2026, the Fund’s NAV fell 5.42% versus a 7.68% decline for the MSCI Mexico Index, while the Mexican peso depreciated 4.0%.
Top holdings, representing 68.00% of net assets, include Grupo México (14.62%), Grupo Financiero Banorte (10.62%), and Fomento Económico Mexicano (10.42%), alongside positions in Wal-Mart de México, Cemex, and América Móvil. Management notes that global markets weakened amid higher oil prices, geopolitical tensions involving the U.S.–Israel vs. Iran conflict, and shifting monetary policy expectations, while Mexico’s central bank reduced its reference rate to 6.75%.
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Key Figures
Key Terms
Managed Distribution Plan financial
closed-end management investment company financial
Net Asset Value financial
portfolio turnover financial
foreign custody risk financial
Exhibit 99.(i)
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| The Mexico Fund, Inc. |
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| Monthly Summary Report | March 31, 2026 |
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 $0.35 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 | $354.84 | Daily Average Number of Shares Traded2 | 54,194 |
| NAV per share1 | $24.61 | Outstanding Shares3 | 14,420,065 |
| Closing price2 | $20.93 | Expense Ratio (10/31/2025) | 1.36% |
| Discount | 14.95% | Portfolio Turnover (10/31/2025) | 13.14% |
| Performance1 | Cumulative | Annualized | |||||
| 1 Month | YTD | 1 Year | 3 Years | 5 Years | 10 Years | Dec – 084 | |
| MXF Market Price | -8.24% | 5.56% | 55.63% | 13.09% | 13.61% | 6.63% | 9.06% |
| MXF NAV | -5.42% | 8.01% | 45.64% | 10.43% | 12.77% | 6.18% | 8.73% |
| MSCI Mexico Index | -7.68% | 8.47% | 55.86% | 12.97% | 14.84% | 6.54% | 7.65% |
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.
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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 March 2026, the Fund repurchased no shares.
4 On January 1, 2009, the current portfolio management team began managing the Fund´s portfolio.
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| www.themexicofund.com |
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| The Mexico Fund, Inc. |
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| Monthly Summary Report | March 31, 2026 |
| Top Ten Holdings (68.00% of Net Assets) |
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| 1 Grupo México | 14.62% |
| 6 América Móvil | 4.83% |
| 2 Grupo Financiero Banorte | 10.62% |
| 7 Grupo Aeroportuario del Pacífico | 3.97% |
| 3 Fomento Económico Mexicano | 10.42% |
| 8 Arca Continental | 3.74% |
| 4 Wal-Mart de México | 6.86% |
| 9 Grupo Aeroportuario del Sureste | 3.61% |
| 5 Cemex | 6.13% |
| 10 Kimberly Clark de México | 3.20% |
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 negative returns during March 2026. The MSCI World Index and the MSCI Emerging Markets Index decreased 6.6% and 13.3%, respectively, during the month. Financial and energy markets were pressured by the sharp rise in oil prices amid the ongoing U.S.–Israel vs. Iran conflict, which has tightened global oil supply and logistics, while geopolitical risk has further increased uncertainty and reduced risk appetite, weighing on financial markets. On global monetary policy, the Federal Reserve, the Bank of England, and the European Central Bank rates remained unchanged, with inflation risks skewed to the upside due to higher oil prices. The DJIA and the S&P 500 decreased 5.4% and 5.1%, respectively, while the yield on the 10-year Treasury note increased 38 basis points to 4.32% and the U.S. dollar appreciated 2.4% (measured by the DXY Index5) during March 2026. In Mexico, the MSCI Mexico Index decreased 7.7% and the Mexican peso depreciated 4.0% during the month, to Ps. $17.94, whereas the Fund’s NAV decreased 5.8%, outperforming its benchmark.
In local news, Mexico´s Central Bank decreased its reference interest rate by 25 basis points to 6.75% in March 2026.
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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.
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5 DXY Index computes the value of the U.S. dollar relative to a basket of foreign currencies.
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| www.themexicofund.com |
