BlackRock Latin American Investment Trust's net asset value rose 3.6% in US dollars in September, against a 0.3% fall for its index, according to a portfolio update published on 2 November. A notice on its portfolio holdings followed later the same day.

What happened

BlackRock Latin American Investment Trust (LSE:BRLA) is a constituent of the FTSE All-Share index and an investment trust in the Latin American Equity sector. The figures in its update come from an AI-generated summary on, which warns that they may contain inaccuracies, and the page did not carry the full text.

On that basis, the sterling NAV return for September was 5.9%, compared with the 3.6% return in dollars. The comparison index was the MSCI EM Latin America NR, which fell 0.3%.

At 30 September, cum-income NAV was 607.60p and Capital NAV 605.99p. The share price was 543.34p, a discount of 10.6%.

Portfolio moves

Brazil accounted for 66.9% of Assets at the end of the month. No other country or sector weightings appear in the summary.

The managers shifted money from Southern Copper to Vale during the period and sold out of a position in PICS. Total assets were £134.2m, net gearing was 6.4%, net Yield 5.5% and ongoing charges 1.36%.

Why it matters for investors

A one-month gap of almost four percentage points against the benchmark is sizeable, although a single month says little about a longer record. The summary does not attribute the outperformance to particular holdings, so it would be speculative to Credit any one decision.

The Brazil weighting is the most important number for risk. In our analysis, a portfolio with about two-thirds of its assets in one country is highly sensitive to that country's politics and interest rates, and the summary highlights both. It cites a first-round Brazilian election result of Bolsonaro 47% against Lula 45% and a Selic rate of 13.75%, and suggests these could increase market Volatility and policy sensitivity.

Sterling also played a part. The difference between the dollar and sterling NAV returns shows that currency moves can materially affect what UK holders receive in a given month.

How the shares have performed

The latest sourced price is the 543.34p as at 30 September, and a more recent quote was not retrieved. With NAV ahead of the shares, the 10.6% discount was the measure of how far the Market Price lagged the portfolio at that date.

Daily NAV notices appear on, but the figures in them were not read for this report.

Recent announcements

The announcement list shows several other recent items. Alongside the 2 November items, it published a Dividend Exchange Rate Set notice on 28 October, a Director/PDMR Shareholding notice on 23 October and a Holding(s) in Company notice on 21 October. A Submission of Documents notice followed on 13 October.

Its half-year report was published on 25 September and a dividend declared on 1 October. Only the titles of these were reviewed, so dividend amounts and the terms of the share dealings are not stated here.

What to watch next

The Brazilian election outcome is the obvious near-term factor, given the 66.9% allocation. The next monthly portfolio update, which would be expected to carry October's figures, should show how the portfolio responded.

Investors may also look at whether the managers extend the shift from Southern Copper into Vale. The discount against NAV is another marker, and daily NAV notices allow it to be tracked between monthly updates.