COLUMBIA, Md., March 12, 2019 (GLOBE NEWSWIRE) -- The Mexico Fund, Inc. (MXF) announced today that the Board of Directors of the Fund (the “Board” of the “Fund”) and Impulsora del Fondo México, S.C. (“Impulsora”), the Fund’s investment adviser, have jointly agreed to a significant reduction in Fund expenses in response to fee trends in the asset management industry, to support the continued long-term performance of the Fund and to further the interests of Fund stockholders by continuing to deliver a competitively priced investment vehicle providing exposure to Mexican equities.
Specifically, Impulsora will waive fees and/or reimburse expenses (excluding amounts payable via the performance adjustment factor under the Fund’s Investment Advisory Agreement, taxes, interest, brokerage fees and any non-recurring expenses) to the extent necessary so that the Fund’s ordinary annual expense ratio does not exceed 1.50% beginning on April 1, 2019 through October 31, 2020, so long as Fund net assets remain greater than $200 million.
In addition, as part of the foregoing discussions, the Board emphasized the superior investment performance of the Fund relative to its benchmark index during the last one-, three-, five- and ten-year periods, as of February 28, 2019, as shown in the table below.
|MSCI Mexico Index||-11.48||%||-3.83||%||-19.35||%||117.73||%|
The Board believes that the Fund´s expense reduction efforts, combined with superior relative investment performance, provides investors with a competitive investment vehicle.
For further information, contact the Fund’s Investor Relations office at +52-55-9138-3350, or by email at email@example.com.
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 press 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.
1 Source: Impulsora del Fondo México, S.C. Performance figures take into account reinvestments of distributions.
|For:||The Mexico Fund, Inc.|
|Contact:||Alberto Gómez Pimienta|
|The Mexico Fund, Inc.||+52-55-9138-3350|
|Pristine Advisers, LLC||(631) 756-2486|