Aberdeen Latin American Income Fund Limited

Capturing the powerful income potential of Latin American equities and bonds

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Latest news

An update from our investment manager, Viktor Szabó - 12 November 2020

In the context of the still uncertain environment and taking into consideration the effect of the pandemic on the operating environment for companies, we are most positive with those holdings which already have sound business fundamentals pre pandemic and which have been taking the opportunity of this crisis to strengthen their businesses and emerge stronger, also taking advantage of this momentum to accelerate market consolidation, organically and inorganically. Some examples to cite are the Brazilian shoemaker Arezzo, retailer Lojas Renner, pharmacy chain operator Raia Drogasil and Mexican retailer Walmex. These companies can capitalize on favourable digitalization trends and on the acceleration of online sales adoption by consumers where we have seen positive responses from management teams and believe they should all emerge stronger from this crisis. In the case of Arezzo, beyond strengthening their omni channel strategy as the other three have, they also announced an acquisition recently opening a new growth avenue for the company. We believe these companies can navigate well even under tougher environments but should we see a sustained economic recovery in the region they are also well positioned to leverage on that and deliver solid earnings growth.

At the moment we see the largest potential upside in Brazil. Recovery expectations are relatively muted (IMF forecasts 2.8% growth for next year, while the central bank’s latest Focus survey has it at 3.3%), while local markets have adequately priced in the deep recession, the subpar healthcare pandemic response and the significant fiscal deterioration this year. Indeed, the Brazilian real was among the worst performing currencies this year (depreciating by close to 40% against the sterling) while the long end of the government bond yield curve sold off despite the unprecedented monetary policy easing delivered by the central bank. The high frequency data shows a strong recovery unfolding from Q3, with upside surprises. A stronger than expected economic recovery could also ease the fiscal concerns and reduce the populist political pressure to extend the covid-related fiscal spending into the next year. We are reassured by the economic team’s commitment to maintain the constitutional spending ceiling next year and are also encouraged by the continued structural reform momentum. Better currency performance could also be supported by improved external balances (the current account balance has been in surplus since April while FDI remained robust) and lighter investor positioning (due to portfolio outflows earlier in the year). The biggest risk to this positive view is Brazil’s fragile fiscal position, which could worsen should the strong rebound in economic activity fade.

Key people

Viktor Szabo

Viktor Szabó

Senior Investment Manager

Viktor Szabó is an investment manager on the emerging markets fixed income team. Viktor joined Aberdeen in July 2009 following the acquisition of certain asset management businesses from Credit Suisse Asset Management. Previously, Viktor worked for Credit Suisse Asset Management Hungary as country chief investment officer. Prior to that, Viktor worked for the National Bank of Hungary as the head of market analysis team.

Brunella Isper

Brunella Isper

Investment Manager

Brunella Isper is an Investment Manager on the Global Emerging Markets Equity Team. Brunella joined Aberdeen in 2010 from Bresser Asset Management where she worked as an Equity Research Analyst. Brunella graduated with a Bachelor of Public Administration (BPA) from Fundação Getúlio Vargas - EAESP, Brazil. She is a CFA charterholder.

Brett Diment

Brett Diment

Head of Global Emerging Market Debt

Brett Diment is the Head of Emerging Markets Debt at Aberdeen Standard Investments. Brett joined Aberdeen Asset Management via the acquisition of Deutsche Asset Management's London and Philadelphia fixed income businesses in 2005, where he held the same role since 1999. Brett joined Deutsche Asset Management in 1991 as a graduate and began researching emerging markets in 1995.

Brett graduated with a BSc from the London School of Economics.

Devan Kaloo

Devan Kaloo

Global Head of Equities

Devan Kaloo is Global Head of Equities and Head of Global Emerging Markets Equities for Aberdeen Standard Investments. Devan joined Aberdeen in 2000 as part of the Asian equities team in Singapore, before later transferring to London where he took up the position of Head of Global Emerging Markets Equities in 2005. In 2015 he was promoted to Global Head of Equities and joined Aberdeen’s Group management board. Devan started in fund management with Martin Currie in 1994 covering Latin America, before subsequently working with the North American equities, global asset allocation and eventually the Asian equities teams.

Devan graduated with an MA (Hons) in International Relations and Management from the University of St Andrews and has a postgraduate diploma in Investment Analysis from the University of Stirling.

Mubashira Bukhari Khwaja

Mubashira Bukhari Khwaja

Investment Manager

Mubashira Bukhari Khwaja is an Investment Manager on the Global Emerging Markets Equity team at Aberdeen Standard Investments. Mubashira joined Aberdeen Asset Management in 2007 from KASB Bank where she was a manager in the service quality division. Mubashira graduated with MSc in Wealth Management from Singapore Management University and MSc in Economics from Lahore University of Management Sciences. Mubashira is a CFA charterholder.

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

  • Viktor Szabó

    Senior Investment Manager

    Viktor Szabó is an investment manager on the emerging markets fixed income team. Viktor joined Aberdeen in July 2009 following the acquisition of certain asset management businesses from Credit Suisse Asset Management. Previously, Viktor worked for Credit Suisse Asset Management Hungary as country chief investment officer. Prior to that, Viktor worked for the National Bank of Hungary as the head of market analysis team.

  • Brunella Isper

    Investment Manager

    Brunella Isper is an Investment Manager on the Global Emerging Markets Equity Team. Brunella joined Aberdeen in 2010 from Bresser Asset Management where she worked as an Equity Research Analyst. Brunella graduated with a Bachelor of Public Administration (BPA) from Fundação Getúlio Vargas - EAESP, Brazil. She is a CFA charterholder.

  • Brett Diment

    Head of Global Emerging Market Debt

    Brett Diment is the Head of Emerging Markets Debt at Aberdeen Standard Investments. Brett joined Aberdeen Asset Management via the acquisition of Deutsche Asset Management's London and Philadelphia fixed income businesses in 2005, where he held the same role since 1999. Brett joined Deutsche Asset Management in 1991 as a graduate and began researching emerging markets in 1995.

    Brett graduated with a BSc from the London School of Economics.

  • Devan Kaloo

    Global Head of Equities

    Devan Kaloo is Global Head of Equities and Head of Global Emerging Markets Equities for Aberdeen Standard Investments. Devan joined Aberdeen in 2000 as part of the Asian equities team in Singapore, before later transferring to London where he took up the position of Head of Global Emerging Markets Equities in 2005. In 2015 he was promoted to Global Head of Equities and joined Aberdeen’s Group management board. Devan started in fund management with Martin Currie in 1994 covering Latin America, before subsequently working with the North American equities, global asset allocation and eventually the Asian equities teams.

    Devan graduated with an MA (Hons) in International Relations and Management from the University of St Andrews and has a postgraduate diploma in Investment Analysis from the University of Stirling.

  • Mubashira Bukhari Khwaja

    Investment Manager

    Mubashira Bukhari Khwaja is an Investment Manager on the Global Emerging Markets Equity team at Aberdeen Standard Investments. Mubashira joined Aberdeen Asset Management in 2007 from KASB Bank where she was a manager in the service quality division. Mubashira graduated with MSc in Wealth Management from Singapore Management University and MSc in Economics from Lahore University of Management Sciences. Mubashira is a CFA charterholder.

    CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

richard-prosser

Richard Prosser

Chairman

Richard is a chartered accountant, a group director of the Estera Group (formerly known as Appleby Group) and a director of its wholly-owned trust company, Estera Trust (Jersey) Limited. He is a director of a number of companies including property companies, hedge funds and investment management companies. He chairs the investment policy committee of Estera Trust which monitors and evaluates the performance of asset managers throughout the Estera Group. He is also a director of Qannas Investments Limited.

Hazel Adam

Hazel Adam

Non-Executive Director

Hazel has over 20 years experience in the fund management and investment banking industries. After leaving Standard Life Investments in 2005, she joined Goldman Sachs International, as an executive director on the Emerging Market equities desk. She subsequently worked at HSBC Holdings plc, as a director on the Emerging Market equities desk.
Having both buy and sell side experience affords her a unique perspective on global markets and investment strategies. She holds the Financial Times Non-Executive Directors Diploma.

Heather MaCullum cropped

Heather MacCallum

Non-Executive Director

Heather MacCallum is a chartered accountant and was a partner of KPMG, Channel Islands, from 2001 until retiring from the partnership in 2016. She was a member of KPMG's financial services practice in the Channel Islands for 20 years. She is also a non-executive director and chair of the audit committee of Jersey Water and Blackstone / GSO Loan Financing Limited and is a non-executive director of Kedge Capital Fund Management Limited and City Merchants High Yield Trust Limited.

Howard Myles Photograph

Howard Myles

Non-Executive Director

Howard Myles was appointed to the Board on 1 October 2020. He was a partner with Ernst & Young from 2001 to 2007 responsible for the Investment Funds Corporate Advisory team having previously been with UBS Warburg. Starting his career as an equity salesman, he then joined Touche Ross & Co in 1975 where he qualified as a chartered accountant. In 1978 he joined W Greenwell & Co. in the corporate broking team and in 1987 moved to SG Warburg Securities where he was involved in a wide range of commercial and industrial transactions in addition to leading Warburg's corporate finance function for investment funds. Howard is Senior Independent Director of BBGI SICAV, Audit Committee Chair of Chelverton UK Dividend Trust plc and Chairman of Baker Steel Resources Trust Limited.

  • Richard Prosser

    Chairman

    Richard is a chartered accountant, a group director of the Estera Group (formerly known as Appleby Group) and a director of its wholly-owned trust company, Estera Trust (Jersey) Limited. He is a director of a number of companies including property companies, hedge funds and investment management companies. He chairs the investment policy committee of Estera Trust which monitors and evaluates the performance of asset managers throughout the Estera Group. He is also a director of Qannas Investments Limited.

  • Hazel Adam

    Non-Executive Director

    Hazel has over 20 years experience in the fund management and investment banking industries. After leaving Standard Life Investments in 2005, she joined Goldman Sachs International, as an executive director on the Emerging Market equities desk. She subsequently worked at HSBC Holdings plc, as a director on the Emerging Market equities desk.
    Having both buy and sell side experience affords her a unique perspective on global markets and investment strategies. She holds the Financial Times Non-Executive Directors Diploma.

  • Heather MacCallum

    Non-Executive Director

    Heather MacCallum is a chartered accountant and was a partner of KPMG, Channel Islands, from 2001 until retiring from the partnership in 2016. She was a member of KPMG's financial services practice in the Channel Islands for 20 years. She is also a non-executive director and chair of the audit committee of Jersey Water and Blackstone / GSO Loan Financing Limited and is a non-executive director of Kedge Capital Fund Management Limited and City Merchants High Yield Trust Limited.

  • Howard Myles

    Non-Executive Director

    Howard Myles was appointed to the Board on 1 October 2020. He was a partner with Ernst & Young from 2001 to 2007 responsible for the Investment Funds Corporate Advisory team having previously been with UBS Warburg. Starting his career as an equity salesman, he then joined Touche Ross & Co in 1975 where he qualified as a chartered accountant. In 1978 he joined W Greenwell & Co. in the corporate broking team and in 1987 moved to SG Warburg Securities where he was involved in a wide range of commercial and industrial transactions in addition to leading Warburg's corporate finance function for investment funds. Howard is Senior Independent Director of BBGI SICAV, Audit Committee Chair of Chelverton UK Dividend Trust plc and Chairman of Baker Steel Resources Trust Limited.

Financial calendar

Year End 31 August
Accounts published November
Annual General Meeting December
Dividend Paid January, May, July, October

Trust details

Aberdeen Latin American Income Fund Limited

Registered Office:
1st Floor,
Sir Walter Raleigh House
48 – 50 Esplanade,
Jersey
JE2 3QB

Registered in Jersey as an Investment Company Number 106012

Launch Date: 16 August 2010

Risk warning
Risk warning
The value of investments and the income from them can go down as well as up and you may get back less than the amount invested. Please refer to the relevant Key Information Document (KID) prior to making an investment decision. Please be aware of scams that can affect investors.