Business & Finance
Mon, December 19, 2011
NEW YORK--([ BUSINESS WIRE ])--The Mexico Equity and Income Fund, Inc. (the aFunda) (NYSE: MXE)(NYSE: MXEPR) today announced the results of the Annual Meeting of Stockholders of the Fund, which was held on December 7, 2011. At the Annual Meeting, the stockholders elected Phillip Goldstein and Maria Eugenia Pichardo to serve until the 2014 Annual Meeting of Stockholders. The stockholders also approved the change to the performance-based advisory fee between Pichardo Asset Management, S.A. de C.V. (the aInvestment Advisera) and the Fund.
The Fund today also announced financial results for the three months ended October 31, 2011.
On October 31, 2011, total net assets of the Fund were $77,381,175 and the net asset value (aNAVa) for common and preferred stock was $11.50 per share, based on 6,673,224 and 57,639 shares outstanding, respectively. The Fundas common stock closed at $10.47 per share on the New York Stock Exchange on October 31, 2011. The Fundas preferred stock did not trade on October 31, 2011. The mean of the bid and ask price was $10.64.
For the three month period ended October 31, 2011, the Fundas net realized and unrealized losses totaled $(11,804,524) and the Fundas net investment loss was $(190,742).
On October 31, 2011, the Fundas investments in equity and fixed income securities of Mexican companies totaled $79,770,049 or 103.09% of the Fundas net assets, while cash and cash equivalents (excluding foreign currency) totaled $134,224 or 0.17% of the Fundas net assets and other liabilities in excess of assets totaled $(2,523,098) or (3.26)% of the Fundas net assets.
As of October 31, 2011, the Fundas 10 largest equity investments represented 67.0% of the Fundas net assets were:
| 1. | America Movil, S.A. de C.V. a" Class a" L | 11.9% | ||
| 2. | Mexichem S.A.B. de C.V. | 10.9% | ||
| 3. | El Puerto de Liverpool S.A.B. de C.V. | 8.4% | ||
| 4. | Wal-Mart de Mexico S.A.B. de C.V. | 8.3% | ||
| 5. | Genomma Lab Internacional SA | 5.2% | ||
| 6. | Emboteladoras Arca, S.A. | 4.8% | ||
| 7. | Telefonosde Mexico S.A.B. de C.V | 4.8% | ||
| 8. | Fibra Uno Administracion S.A. de C.V. | 4.3% | ||
| 9. | Qualita Compania de Seguros S.A. de C.V. | 4.3% | ||
| 10. | Banregio Grupo Financiero S.A. de C.V | 4.1% |
The Fund is a closed-end management investment company that seeks high total return through capital appreciation and current income by investing primarily in equity and convertible debt securities issued by Mexican companies and debt securities of Mexican issuers. Pichardo Asset Management, S.A. de C.V. is the investment adviser to the Fund. The Fundas common and preferred stocks are traded on the New York Stock Exchange under the trading symbol aMXEa and aMXEPRa, respectively.
Periodically updated information on the Fund can be obtained by calling the Fundas dedicated telephone line or by visiting the Fundas website at [ www.mxefund.com ]. The Fundas toll free number is (877) 785-0376. Inquiries regarding change of address, transfer of shares, lost certificates, and non-receipt of dividend checks or reinvestment statements should be directed to U.S. Bancorp Fund Services, LLC, 615 East Michigan Street, Milwaukee, WI 53202; (877) 785-0376.
