BlackRock Latin American Investment Trust plc (LON:BRLA) has announced its Half Yearly Financial Report for the six months ended 30 June 2025.
Performance record
| As at 30 June 2025 | As at 31 December 2024 | |
| Net assets (US$’000)1 | 158,734 | 115,962 |
| Net asset value per ordinary share (US$ cents) | 539.02 | 393.78 |
| Ordinary share price (mid-market) (US$ cents)2 | 479.62 | 348.17 |
| Ordinary share price (mid-market) (pence) | 350.00 | 278.00 |
| Discount3 | 11.0% | 11.6% |
| ========= | ========= |
| For the six months ended 30 June 2025 | For the year ended 31 December 2024 | ||
| Performance (with dividends reinvested) | |||
| Net asset value per share (US$ cents)3 | +40.4% | -35.7% | |
| Ordinary share price (mid-market) (US$ cents)2,3 | +41.7% | -35.3% | |
| Ordinary share price (mid-market) (pence)3 | +29.4% | -34.1% | |
| MSCI EM Latin America Index (net return, on a US Dollar basis)4 | +29.9% | -26.4% | |
| ========= | ========= |
| For the six months ended 30 June 2025 | For the six months ended 30 June 2024 | Change % | |
| Revenue | |||
| Net profit on ordinary activities after taxation (US$’000) | 3,142 | 3,786 | -17.0 |
| Revenue earnings per ordinary share (US$ cents) | 10.67 | 12.86 | -17.0 |
| ————— | ————— | ————— | |
| Dividends per ordinary share (US$ cents) | |||
| Quarter to 31 March | 5.55 | 7.39 | -24.9 |
| Quarter to 30 June | 6.74 | 6.13 | +10.0 |
| ————— | ————— | ————— | |
| Total dividends payable/paid (US$ cents) | 12.29 | 13.52 | -9.1 |
| ========= | ========= | ========= |
1 The change in net assets reflects the portfolio movements during the period and dividends paid.
2 Based on an exchange rate of US$1.37 to £1 at 30 June 2025 and US$1.25 to £1 at 31 December 2024.
3 Alternative Performance Measures, see Glossary contained within the Half Yearly Financial Report.
4 The Company’s performance benchmark index (the MSCI EM 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 more accurate, appropriate, consistent and fair comparison for the Company.
Chair’s statement
Market overview
Latin American markets were some of the strongest equity markets over the six months ending June 2025, outperforming both developed and emerging markets. The MSCI EM Latin America Index delivered a net return of +29.9%, compared to the MSCI Emerging Markets EMEA Index net return of +15.3% and an increase in the MSCI World Index net return of +9.5%. All performance figures are calculated in US Dollar terms with dividends reinvested.
Performance
Investment outperformance of the index was extremely strong with the Company’s net asset value per share (NAV calculations in US Dollar terms with dividends reinvested) rising by 40.4% compared to the benchmark which gained 29.9%. This strong return caught investors attention and the share price rose by 41.7% (all in US Dollar terms with income reinvested). The biggest contributor to performance was the portfolio overweight in domestic Brazil, with stock selection in real estate developers and Brazilian retailers impacting positively. Mexico, the second largest country market exposure was another market which bounced back in the first six months ended 30 June 2025, supported by a 200 basis points (bps) reduction in interest rates by the Mexican central bank year-to-date. At the same time the Mexican Peso has appreciated against the US Dollar, further supporting equity returns.
Further information on investment performance is given in the Investment Manager’s Report below.
Gearing
The Board’s view is that 105% of NAV is the neutral level of gearing over the longer term and that gearing should be used actively in an approximate range of plus or minus 10% around this as measured at the time that gearing is instigated. The Board is pleased to note that the Investment Managers have used gearing actively throughout the period with a high at 108.0% of NAV in February 2025. Average gearing for the six months ended 30 June 2025 was 105.3% of NAV (year to 31 December 2024 was 107.5% of NAV).
Dividends declared in respect of the year to 30 June 2025
| Dividend | Pay date | |
| Quarter to 30 September 2024 | 6.26 cents | 8 November 2024 |
| Quarter to 31 December 2024 | 4.92 cents | 7 February 2025 |
| Quarter to 31 March 2025 | 5.55 cents | 15 May 2025 |
| Quarter to 30 June 2025 | 6.74 cents | 12 August 2025 |
| ————— | ||
| Total | 23.47 cents | |
| ========= |
Revenue returns and dividends
Revenue return for the six months ended 30 June 2025 was 10.67 cents per share (2024: 12.86 cents per share). The decrease of 17.0% was largely due to the reduction in dividends paid by portfolio companies. Under the Company’s dividend policy, dividends are calculated and paid quarterly, based on 1.25% of the US Dollar NAV at close of business on the last working day of March, June, September and December, respectively. Dividends will be financed through a combination of available net income in each financial year and revenue and capital reserves.
The Company has declared interim dividends totalling 23.47 cents per share in respect of the twelve months to 30 June 2025 as detailed in the table on the preceding page; this represented a yield of 4.9% (calculated based on the Company’s share price of 479.62 cents per share, equivalent to the Sterling price of 350.00 pence per share translated into cents at a rate of US$1.37 prevailing at 30 June 2025). As at 30 June 2025, a balance of US$4,629,000 remained in revenue reserves. Dividends may be funded out of capital reserves to the extent that current year revenue and revenue reserves are insufficient. The Board believes that this removes pressure from the investment managers to seek a higher income yield from the underlying portfolio itself which could detract from total returns. The Board also believes the Company’s dividend policy will enhance demand for the Company’s shares and help to narrow the Company’s discount, whilst maintaining the portfolio’s ability to generate attractive total returns.
Discount management and discount control mechanism
The Board remains committed to taking appropriate action to ensure that the Company’s shares do not trade at a significant discount to their prevailing NAV and have sought to reduce discount volatility by offering shareholders a discount control mechanism covering the four years to 31 December 2025. This mechanism will offer shareholders a tender for 24.99% of the shares in issue excluding treasury shares (at a tender price reflecting the latest cum-income NAV less 2% and related portfolio realisation costs) in the event that the continuation vote to be put to the Company’s AGM in 2026 is approved, where either of the following conditions have been met:
(i) the annualised total NAV return of the Company does not exceed the annualised benchmark index (being the MSCI EM Latin America Index US Dollar (net return)) by more than 50 basis points over the four-year period from 1 January 2022 to 31 December 2025 (the Calculation Period); or
(ii) the average daily discount to the cum-income NAV exceeds 12% as calculated with reference to the trading of the shares over the Calculation Period.
In respect of the above conditions, the Company’s annualised total NAV return on a US Dollar basis for the period from 1 January 2022 to 30 June 2025 was 8.4%, underperforming the annualised benchmark return of 9.7% over the calculation period by 1.3% (equivalent to 130 basis points).
The cum-income discount of the Company’s ordinary shares over the calculation period has averaged 11.2%.
For the current six month period under review the cum-income discount has ranged from 5.2% to 16.0%, ending the period under review on a discount of 11.0% at 30 June 2025.
The making of any tender offer pursuant to the above will be conditional upon the Company having the required shareholder authority or such shareholder authority being obtained, the Company having sufficient distributable reserves to effect the repurchase and, having regard to its continuing financial requirements, sufficient cash reserves to settle the relevant transactions with shareholders, and the Company’s continuing compliance with the Listing Rules and all other applicable laws and regulations. The Company may require a minimum level of participation in any such tender offer to be met, failing which the tender offer may be declared void.
The Company has not bought back any shares during the six month period ended 30 June 2025 and up to the date of publication of this report.
Portfolio management changes
As announced on 16 April 2025, Gordon Fraser was appointed as a co-manager of the Company’s portfolio alongside Sam Vecht as lead co-manager. Gordon is a Managing Director and senior investor on BlackRock’s Fundamental Equity Global Emerging Markets Platform, with 18 years of experience investing in Emerging Markets, and the Board are pleased to welcome him in his new role. Christoph Brinkmann retired as co-manager on the same date and the Board thank him for his commitment and contribution to the Company.
Outlook
Equity markets in the Latin American region saw a very strong start to 2025 but despite that, they remain attractively valued on both an absolute and relative basis. Mexico is a large manufacturing area for supplying the US market and circa. 83% of Mexican exports go to the US accounting for circa. 28% of GDP though a large proportion falls under the United States-Mexico-Canada Agreement. Since January 2025 there have been several changes to export duties imposed by the US. It is difficult to know what the end tariff rate will be and what effect this will have on Mexican manufacturing. Random changes in tariff rates are difficult to manage but companies in Latin America frequently go through unexpected and volatile conditions and therefore have some practice in dealing with unusual external factors.
Brazil exports circa. 12% of exports to the US accounting for circa. 1.9% of GDP and therefore US exports, whilst important, aren’t dominant and Brazil already exports to many other markets including China. Their current tariff of 50% appears to have been imposed as political punishment rather than as a solution to a trade deficit. It is impossible to know how long it will continue but the small size of exports to the US reduces its impact.
Investing in Latin America is a volatile business but the companies there are more used to these conditions than companies in more economically mature regions. Latin American economies are rich in many of the key resources the world needs and as a result their stock markets offer excellent diversification from the currently very tech driven US stock markets.
CAROLAN DOBSON
Chair
11 September 2025
To learn more about the BlackRock Latin American Investment Trust plc please follow this link: blackrock.com/uk/brla
Investment Manager’s report
Market Overview
It has been an eventful first half of 2025. Amidst widespread trade disruptions, we witnessed increased geopolitical tensions across several regions, including ongoing fighting between Russia and Ukraine. Naturally, these events have contributed to increased volatility for risk assets.
Yet, amid these global headlines, the Latin American region has quietly outperformed. Often overlooked, the region has bounced back sharply from its late 2024 lows, rising +29.9% in the first six months of 2025. The region has outperformed both Emerging and Developed Markets alike, which saw their indices rise +15.3% and +9.5%, respectively, making Latin America the best performing region year-to-date.
Nearly all countries in the region posted positive returns. Regional heavyweight Brazil (+29.2%) had a strong six months. Whilst the market struggled in 2024, the country has strongly rebounded helped by flows into the local equity market and growing expectations that interest rates have peaked. The economy has held up well despite the high real rates, largely underpinned by household savings, strong domestic consumption and a resilient labour market. A weaker US Dollar, led by a higher risk premium in the US, has also supported the Brazilian Real (BRL).
Mexico (+30.9%) was another market that bounced back in the first six months of 2025, supported by a 200 basis points (bps) reduction in interest rates by the central bank year-to-date. Following the most recent 50bps cut in late June, the target rate now sits at 8.0%. At the same time, the Mexican Peso has appreciated against the US Dollar, further supporting equity returns.
Performance review and positioning
The Company significantly outperformed its benchmark over the six-month period ending 30 June 2025, returning +40.4%. Over the same time horizon, the Company’s benchmark, the MSCI EM Latin America Index, returned +29.9% on a net basis (all figures in US Dollar terms). This marks the Company’s strongest half- yearly performance in over five years, delivering a +10.5% excess return relative to its benchmark.
Our Brazil positioning was by far the strongest contributor to performance in the first half of the year. While Brazil suffered a tough year in 2024, driven primarily by fiscal concerns and currency weakness, the adjustments we made throughout last year have positioned us well to capture the upside so far in 2025.
The biggest contributor to relative returns was Brazilian real estate developer, Cyrela, which rose as much as 82.1% over the period. The stock performed well after delivering strong fourth quarter results in 2024. Supermarket chain Assai also rebounded, returning 130.1%. A collection of Brazilian retailers, which we added to during the sell-off last year, has been another significant contributor to performance. Lojas Renner, Azzas 2154, and Alpargatas all contributed to performance after delivering strong first quarter earnings. XP, the Brazilian investment management platform, also did well on the back of decent results. Another stock that did well was financial technology and software solutions provider StoneCo, up 101.3%. The stock rose alongside the Brazilian market and following news of a potential acquisition of their subsidiary Linx, by Brazilian software company Totvs.
Our exposure to precious metal stocks has also supported returns, as prices have surged with investors turning to the commodities amid heightened geopolitical tensions and growing political uncertainty in the United States. To that end, G Mining Ventures, a Canadian based gold mining firm with significant operations in Brazil, and MAG Silver, the Mexican silver miner, were both significant contributors to returns, up 55.9% and 58.7%, respectively. Off-benchmark exposure to Uruguayan fintech firm dLocal also did well, rising 52.5%.
On the flipside, Argentinian IT services firm Globant was the worst performer during the period. The stock pulled back following a poor set of earnings and weaker than expected guidance, which in our view was due in part to management extrapolating one-off weaknesses in the first four months of the year to financial year 2025. While more aggressive peer dynamics are driving pricing pressure, we continue to see attractive risk reward for the name. An underweight to Brazilian bank Itau also weighed on returns. As a high-beta stock, the name was helped by the strong performance of the Brazilian equity market. Overweight in Becle, a Mexican producer and supplier of alcoholic beverages most famously known for their high-end tequila brand Jose Cuervo, was another detractor. Their fourth quarter 2024 earnings were weak on the back of disappointing sales volumes in the US, but we have seen some recovery since, with the first quarter of 2025 earnings coming in ahead of expectations.
Brazilian iron ore producer Vale was another detractor. The stock fell on the back of a quarter one production miss due to heavy rainfall. We maintain conviction as we see the potential for higher dividend yields and share buybacks supporting the stock.
In terms of portfolio changes, we have taken advantage of the strong performance in Brazil year-to-date to take profits on some of our domestic exposed names including Azzas 2154, Rede D’or and Lojas Renner. We sold out of Brazilian electric utility company Energisa and increased our exposure to the Brazilian transportation sector through buying Localiza. The stock is trading at attractive valuations and is strongly positioned relative to peers. We also added to our holding in Brazilian logistics company, Rumo, taking advantage of the share price weakness following their first quarter earnings release. We think the initial share price weakness, which was due to higher-than-expected quarter one capex numbers, was an overreaction as the full year guidance was maintained. Outside of this sector, we initiated a position in Brazilian beef producer, Minerva. We believe the recent placing will support the company’s deleveraging efforts and help facilitate an operational turnaround.
Elsewhere, we took profits and exited miner MAG Silver. The company is being acquired by Pan American Silver and our investment case has largely played out. We also sold out of Mexican airport operator Grupo Aeroportuario del Pacífico (GAPB), rotating into ASUR, another airport operator. Within Mexican financials, we reduced our overweight to Banorte, taking advantage of its strong performance year-to-date.
We have also reduced the portfolio’s exposure to Chile, primarily through exiting CCU, a Chilean brewer, on the back of strong performance. Whilst the market has begun to price in the elections taking place in November this year, the macro backdrop remains subdued, so we prefer to maintain an underweight to this country – not least because we see greater upside in both Brazil and Mexico.
As such, Mexico was the largest portfolio overweight at the end of the period. The largest portfolio underweight remains Chile.
Outlook
Although Latin American equities have performed strongly year-to-date, valuations remain attractive. In several countries, inflation has come in below expectations, interest rate expectations are falling, and earnings across multiple sectors are surpassing estimates – supporting our continued positive stance on the region.
We see interesting bottom-up opportunities particularly in Mexico and Brazil. 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.
A potential positive for the market is the growing focus on Brazil’s 2026 presidential election. Local investors are increasingly backing Tarcísio de Freitas, the Governor of São Paulo, whose fiscally disciplined administration contrasts with concerns around President Lula’s policies. Expectations of a political shift, combined with attractive valuations, could in our view continue to support the market going forward.
The select tariffs introduced by the US on Brazil and Mexico have not altered our long-term outlook on these markets. Over the past decade, Brazil’s exports to the US have declined, while trade with other partners, most significantly China, has increased, limiting the impact of any such tariffs. China has become Brazil’s main trading partner, benefitting Brazil’s export sector, with purchases reaching about US$94 billion last year, driven largely by demand for iron ore, soybeans and beef. The relationship has also expanded through Chinese investment, including funding to upgrade the Port of Santos and finance major rail projects aimed at improving Brazil’s export infrastructure and facilitating greater agricultural trade.
For Mexico, the vast majority of bilateral trade falls under the United States-Mexico-Canada Agreement (USMCA), likely limiting the impact for now. We also do not believe that threats that some investors worry about are likely to materialise. This is based on two primary observations: first, the US is heavily dependent on Mexico due to their interlinked supply chains, and second, Mexico’s President, Claudia Sheinbaum, has proven to be a pragmatic and skilled negotiator.
As we have communicated to shareholders before, we believe investing in Latin America requires patience and the discipline to maintain, or even add to, positions when others are heading for the exit. While 2024 was a challenging year for the portfolio, we made selective changes and chose not to significantly reduce exposure, particularly within Brazil, as we remained confident in a better outlook for 2025. It is important to re-iterate that, whilst volatility will occur from time to time, staying invested through the cycle is often key to capturing the long-term value that the region can offer.
SAM VECHT
AND GORDON FRASER
BLACKROCK INVESTMENT MANAGEMENT (UK) LIMITED
11 September 2025
Portfolio analysis as at 30 June 2025
Geographical weighting (gross market exposure) vs MSCI EM Latin America Index
| % of net assets | MSCI EM Latin America Index | |
| Brazil | 60.0 | 60.9 |
| Mexico | 31.7 | 27.0 |
| Multi-country | 3.0 | 0.0 |
| Argentina | 2.0 | 0.0 |
| Chile | 1.8 | 6.3 |
| Colombia | 0.0 | 1.6 |
| Peru | 0.0 | 4.2 |
Sources: BlackRock and MSCI.
Sector allocation (gross market exposure) vs MSCI EM Latin America Index
| % of net assets | MSCI EM Latin America Index | |
| Financials | 23.5 | 35.1 |
| Materials | 17.8 | 15.9 |
| Consumer Staples | 14.5 | 13.8 |
| Industrials | 13.1 | 10.3 |
| Consumer Discretionary | 11.7 | 1.6 |
| Health Care | 6.2 | 0.8 |
| Energy | 5.6 | 9.2 |
| Real Estate | 4.1 | 1.2 |
| Information Technology | 2.0 | 0.7 |
| Communication Services | 0.0 | 3.8 |
| Utilities | 0.0 | 7.7 |
Sources: BlackRock and MSCI.
Ten largest investments
Together, the ten largest investments represented 48.5% of the Company’s portfolio as at 30 June 2025 (31 December 2024: 52.0%).
1. Vale (2024: 1st)
Sector: Materials
Market value – American depositary share (ADS): US$10,991,000
Market value – ordinary shares: US$1,651,000
Share of investments: 8.1% (2024: 9.2%)
is one of the world’s largest mining groups, with other business in logistics, energy and steelmaking. Vale is the world’s largest producer of iron ore and nickel but also operates in the coal, copper, manganese and ferro-alloys sectors.
2. Grupo México (2024: 5th)
Sector: Materials
Market value – ordinary shares: US$9,139,000
Share of investments: 5.9% (2024: 4.5%)
is a Mexican mining and transport conglomerate. The company engages in copper production, freight transportation and infrastructure businesses worldwide.
3. Petrobrás (2024: 2nd)
Sector: Energy
Market value – American depositary receipt (ADR): US$4,241,000
Market value – preference shares ADR: US$3,220,000
Market value – ordinary shares: US$1,519,000
Share of investments: 5.7% (2024: 7.6%)
is a Brazilian integrated oil and gas group, operating in the exploration and production, refining, marketing, transportation, petrochemicals, oil product distribution, natural gas, electricity, chemical-gas and biofuel segments of the industry. The group controls significant assets across Africa, North and South America, Europe and Asia, with a majority of production based in Brazil.
4. Walmart de México y Centroamérica (2024: 4th)
Sector: Consumer Staples
Market value – ordinary shares: US$7,494,000
Share of investments: 4.8% (2024: 5.9%)
is also known as Walmex, it is the Mexican and Central American Walmart division.
5. FEMSA (2024: 31st)
Sector: Consumer Staples
Market value – ordinary shares: US$5,518,000
Market value – American depositary receipt (ADR): US$1,408,000
Share of net assets: 4.4% (2024: 1.2%)
is a Mexican multinational company based in Monterrey. It operates Coca-Cola FEMSA, the world’s largest independent Coca-Cola bottler and owns the OXXO convenience store chain.
6. Grupo Aeroportuario del Sureste (2024: 30th)
Sector: Industrials
Market value – ordinary shares: US$6,735,000
Share of net assets: 4.3% (2024: 1.2%)
is a Mexican airport operator managing airports in southeastern Mexico, Colombia and Puerto Rico. It provides both aeronautical services like passenger handling and non-aeronautical services such as retail and parking.
7. Grupo Financiero Banorte (2024: 3rd)
Sector: Financials
Market value – ordinary shares: US$6,321,000
Share of net assets: 4.0% (2024: 6.8%)
is a Mexican banking and financial services holding company and is one of the largest financial groups in the country. It operates as a universal bank and provides a wide array of products and services through its broker dealer, annuities and insurance companies, retirements savings funds (Afore), mutual funds, leasing and factoring company and warehousing.
8. XP (2024: 8th)
Sector: Financials
Market value – ordinary shares: US$6,256,000
Share of net assets: 4.0% (2024: 3.7%)
is a Brazilian investment management company that offers a range of financial products and services, including brokerage, asset management and wealth management solutions.
9. B3 (2024: 6th)
Sector: Financials
Market value – ordinary shares: US$5,817,000
Share of net assets: 3.7% (2024: 4.0%)
is a stock exchange located in Brazil, providing trading services in an exchange and OTC environment. B3’s scope of activities include the creation and management of trading systems, clearing, settlement, deposit and registration for the main classes of securities, from equities and corporate fixed income securities to currency derivatives, structured transactions and interest rates, and agricultural commodities. B3 also acts as a central counterparty for most of the trades carried out in its markets and offers central depository and registration services.
10. Rede D’or Sao Luiz (2024: 7th)
Sector: Health Care
Market value – ordinary shares: US$5,598,000
Share of net assets: 3.6% (2024: 3.8%)
is a Brazilian hospital chain. The company offers medical and hospital care services in various areas, including women’s healthcare, oncology, dermatology, gastroenterology, neurology, psychology, urology and reproductive medicine.
All percentages reflect the value of the holding as a percentage of total investments. For this purpose, where more than one class of securities is held, these have been aggregated.
The percentages in brackets represent the value of the holding as at 31 December 2024.
Portfolio of investments as at 30 June 2025
| Market value US$’000 | % of investments | ||
| Brazil | |||
| Vale – ADS | 10,991 | } | 8.1 |
| Vale | 1,651 | ||
| Petrobrás – ADR | 4,241 | } | 5.7 |
| Petrobrás – preference shares ADR | 3,220 | ||
| Petrobrás | 1,519 | ||
| XP | 6,256 | 4.0 | |
| B3 | 5,817 | 3.7 | |
| Rede D’or Sao Luiz | 5,598 | 3.6 | |
| Nu Holdings | 5,598 | 3.6 | |
| Lojas Renner | 5,551 | 3.5 | |
| Rumo | 5,193 | 3.3 | |
| Localiza Rent A Car | 4,788 | 3.1 | |
| Itaú Unibanco – ADR | 4,747 | 3.0 | |
| Hapvida Participacoes | 4,278 | 2.7 | |
| StoneCo | 3,678 | 2.4 | |
| Banco Bradesco – ADR | 3,676 | 2.4 | |
| EZTEC Empreendimentos e Participacoes | 3,633 | 2.3 | |
| Cyrela Brazil Realty | 3,270 | 2.1 | |
| Alpargatas | 3,175 | 2.0 | |
| Minerva Foods | 3,052 | 2.0 | |
| Azza Consultancy Services | 2,876 | 1.8 | |
| Sendas Distribuidora | 2,464 | 1.6 | |
| ————— | ————— | ||
| 95,272 | 60.9 | ||
| ========= | ========= | ||
| Mexico | |||
| Grupo México | 9,139 | 5.9 | |
| Walmart de México y Centroamérica | 7,494 | 4.8 | |
| FEMSA | 5,518 | } | 4.4 |
| FEMSA – ADR | 1,408 | ||
| Grupo Aeroportuario del Sureste | 6,735 | 4.3 | |
| Grupo Financiero Banorte | 6,321 | 4.0 | |
| Corporación Inmobiliaria Vesta | 4,297 | 2.8 | |
| PINFRA | 4,061 | 2.6 | |
| Becle Sab De | 3,172 | 2.0 | |
| Fibra Uno Administracion – REIT | 2,230 | 1.4 | |
| ————— | ————— | ||
| 50,375 | 32.2 | ||
| ========= | ========= | ||
| Multi-Country | |||
| Ero Copper Corp | 3,563 | 2.3 | |
| dLocal | 1,218 | 0.8 | |
| ————— | ————— | ||
| 4,781 | 3.1 | ||
| ========= | ========= | ||
| Argentina | |||
| Globant | 3,131 | 2.0 | |
| ————— | ————— | ||
| 3,131 | 2.0 | ||
| ========= | ========= | ||
| Chile | |||
| Sociedad Química Y Minera – ADR | 2,855 | 1.8 | |
| ————— | ————— | ||
| 2,855 | 1.8 | ||
| ========= | ========= | ||
| Total investments | 156,414 | 100.0 | |
| ========= | ========= |
All investments are in equity shares unless otherwise stated.
The total number of investments held at 30 June 2025 was 36 (31 December 2024: 39). At 30 June 2025, the Company did not hold any equity interests comprising more than 3% of any company’s share capital (31 December 2024: none).
To learn more about the BlackRock Latin American Investment Trust plc please follow this link: blackrock.com/uk/brla
