DOCSLIB.ORG

Pinebridge Latin America Equity Fund

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Pinebridge Latin America Equity Fund 31 AUGUST 2021 l PINEBRIDGE GLOBAL FUNDS (UCITS) FACT SHEET SINGAPORE Class: A USD PineBridge Latin America Equity Fund INVESTMENT OBJECTIVE HIGHLIGHTS To achieve a superior rate of return by Access to compelling investment opportunities within Latin American equities making equity and equity-related investments in companies operating in the Unified process connected by growth categorization research, identifying compelling economies of Latin America. opportunities across each company’s life cycle Interconnected investment insights, tied through global industry knowledge and KEY FACTS on-the-ground presence Asset Class Equity Benchmark MSCI Emerging Markets Latin America Daily Total PERFORMANCE IN SHARE CLASS CURRENCY (%) Return Net Index Fund Inception Date 01 Jan 1993 Fund (bid-to-bid) Benchmark 40 Fund Base Currency USD 34.7 35 27.8 Fund Size (million) US$ 86.6 30 25 No. of Securities 44 20 Fund Type UCITS 15 10 Distribution No Distribution: 3.92.9 3.9 3.6 Dividends Reinvested 5 0.3 0.8 0.8 0.6 Initial Charge Maximum 5% 0 -0.6 -5 -2.3 Subscription Mode Cash, SRS -10 1 Month 3 Months 1 Year 3 Years 5 Years Since Inception PORTFOLIO MANAGER(S) Gustavo Pozzi PERFORMANCE IN SHARE CLASS CURRENCY (%) Portfolio Manager 1 Month 3 Months 1 Year 3 Years 5 Years Since Inception Marcus Sequeira Fund 0.3 -2.3 27.8 0.8 2.9 0.6 Portfolio Manager (bid-to-bid) Fund -4.5 -7.0 21.7 -0.9 2.0 0.3 (offer-to-bid) Benchmark 0.8 -0.6 34.7 3.9 3.9 3.6 Bid-to-bid performance is calculated on NAV to NAV (USD) with dividends reinvested. Offer-to-bid performance takes into account the maximum 5% sales charge. Returns over one year are annualized. Performance is representative of A class in USD. Past performance is not indicative of future results. FUND ANALYSIS PORTFOLIO CHARACTERISTICS 3 YEARS Information Ratio -2.1 Wtd Avg Mkt Cap US$ million 31,770.2 Sharpe Ratio 1.0 P/E Ratio 11.3 Alpha (%) -3.5 P/B Ratio 2.2 Tracking Error (%) 3.2 ROE (%) 8.4 Standard Deviation (%) 26.9 Debt to Equity Ratio 1.04 Beta 0.9 R Squared (%) 99.0 For explanation of the technical terms, please visit the individual fund page at pinebridge.com.sg. SHARE CLASS INFORMATION (For a full list of available share classes, please visit pinebridge.com.sg) Share Class Inception Date Price as at 31/08/21 Min Investment Management Fee ISIN Bloomberg A USD 01 Aug 2006 US$ 13.7039 US$ 1,000 1.30% IE00B1B80R65 PBILATA 31 AUGUST 2021 l PINEBRIDGE GLOBAL FUNDS (UCITS) FACT SHEET SINGAPORE Class: A USD PineBridge Latin America Equity Fund SECTOR BREAKDOWN (%) GEOGRAPHICAL BREAKDOWN (%) FUND BENCHMARK FUND BENCHMARK Financials 23.6 23.1 Brazil 63.4 63.0 Materials 22.6 23.7 Mexico 24.9 24.8 Consumer Staples 15.1 15.2 Chile 4.6 5.7 Consumer Discretionary 11.3 5.3 Argentina 3.8 2.3 Industrials 7.9 5.8 Peru 1.6 2.2 Energy 7.8 9.3 Colombia 0.0 2.0 Communication Services 3.6 7.5 Cash 1.7 0.0 Utilities 2.3 4.3 Other 4.1 5.9 Cash 1.7 0.0 TOP TEN HOLDINGS (%) FUND Vale S.A. 7.7 Itau Unibanco Holding S.A. 7.7 Petroleo Brasileiro SA 7.3 Gerdau S.A. 5.2 CEMEX SAB de CV 3.9 Wal-Mart de Mexico SAB de CV 3.8 MercadoLibre, Inc. 3.8 America Movil SAB de CV 3.6 Natura &Co Holding S.A. 3.4 Localiza Rent A Car S.A. 3.4 About PineBridge is a private, Independent since 2010, the firm Global client base Investment capabilities PineBridge global asset manager with draws on decades of experience that includes in multi-asset, fixed a focus on active, high managing money for sophisticated institutions income, equities and Investments conviction investing investors and intermediaries alternatives pinebridge.com.sg MULTI-ASSET l FIXED INCOME l EQUITIES l ALTERNATIVES Data and information as of 31 August 2021 sourced from PineBridge Investments unless stated otherwise, and is subject to change. PineBridge Latin America Equity Fund (the “Fund”) is a sub-fund of PineBridge Global Funds, an Irish domiciled UCITS umbrella fund, authorized and regulated by the Central Bank of Ireland and registered as a recognised scheme under the Securities and Futures Act (Cap 289) in Singapore. The manager of the Fund, PineBridge Investments Ireland Limited (the “Manager”), has appointed PineBridge Investments Singapore Limited (“PBIS”) as its representative in Singapore. We are not soliciting or recommending any action based on this material. Investors should seek professional advice, and read the prospectus and the product highlights sheet, available from PBIS or any of its appointed distributors, for further details including the risk factors, before investing. This is not intended to be a recommendation to buy or sell a security or an indication of the holdings of any portfolio or an indication of performance for the subject company/issuer. There can be no assurance that any security discussed herein will remain in the Fund at the time you receive this information. A complete list of holdings is available upon request in accordance of the Firm’s portfolio disclosure policy. Source for statistics: Zephyr StyleAdvisors. Source for characteristics: Factset. Past performance may not be a reliable guide to future performance. Investment involves risks including the possible loss of principal amount invested. The value of the units in the Fund and the income accruing to the units, if any, may fall or rise. The Fund may use or invest in financial derivatives for efficient portfolio management and hedging purposes. PineBridge Investments is a group of international companies that provide investment advice and market asset management products and services to clients around the world. PineBridge Investments is a registered trademark proprietary to PineBridge Investments IP Holding Company Limited, PineBridge Investments Singapore Limited (Co. Reg. No. 199602054E), One George Street, Unit 21-06, Singapore 049145. This advertisement or publication has not been reviewed by the Monetary Authority of Singapore. Source Benchmark Attribution: MSCI. MSCI makes no express or implied warranties or representation and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such..
Load more

Recommended publications
  • Elektra (ELEKTRA) Marcela Martínez Suárez [email protected] (52-55) 5169-9384
    Second Quarter 2004 Grupo Elektra (ELEKTRA) Marcela Martínez Suárez [email protected] (52-55) 5169-9384 August 5, 2004 SELL ELEKTRA * / EKT Grupo Elektra Prepays 2008 Senior Notes – Strong Price: Mx / ADR Ps 68.25 US$ 22.98 Performance at All Divisions Price Target Ps 71.00 Risk Level High • Elektra is now consolidating the Bank's results. Our comments are based on figures presented by Grupo 52 Week Range: Ps 77.20 to Ps 31.65 Elektra. During 2Q04, sales were up 20.5%, as a result of Shares Outstanding: 236.7 million strong performance at the Bank and the retail division. Market Capitalization: US$ 1.41 billion New personnel hired resulted in an 0.8-pp contraction in Enterprise Value: US$ 2.04 billion operating margin. Operating profit and EBITDA, Avg. Daily Trading Value US$ 1.4 million however, were up 12.5% and 11%, respectively. Retail Ps/share US$/ADR store formats are posting strong results, and the "Nobody 2Q EPS 1.39 0.49 Undersells Elektra" slogan has attracted more consumers. T12 EPS 6.19 2.16 The group's valuation, as measured by the EV/EBITDA T12 EBITDA 15.55 5.42 multiple, is at 6.35x, and should drop to 5.8x by year-end T12 Net Cash Earnings 11.93 4.16 2004. Our price target of Ps 71 represents a 5.54% Book Value 28.86 10.06 nominal yield, including a Ps 1.033 dividend. The above, T12 2004e coupled with the fact that Elektra is a high-risk stock, P/E 11.02x leads us to recommend Elektra as a SELL.
    [Show full text]
  • Actualización Conjunta De Nuestro Universo De Cobertura
    Actualización conjunta de nuestro universo de cobertura Mercado accionario Análisis fundamental en medio de la pandemia colombiano Dirección de Investigaciones Económicas, Sectoriales y de Mercados Julio de 2020 Análisis fundamental en medio de la pandemia 47% sobreponderar, 5% Neutral, 37% subponderar y 11% Bajo Revisión La incertidumbre y el miedo hacen una mezcla explosiva para los mercados financieros, generando descalces de valor como los que, en nuestra opinión, vivimos en la actualidad. Esta sobrerreacción a las noticias económicas negativas en medio del pánico (covid-19) es normal en el corto plazo, abriendo oportunidades de inversión desde un punto de vista fundamental para portafolios que quieran apostarle a la recuperación económica. Actualizamos nuestro universo de cobertura realizando diferentes ajustes a nuestra metodología de valoración, entre las que destacamos ajustes en la tasa de descuento, expectativas de crecimiento en los diferentes sectores económicos, al igual que nuevas proyecciones macroeconómicas para Colombia y los países de la región. Con base en lo anterior, concluimos que el mercado colombiano presenta un atractivo descuento fundamental, con un índice COLCAP que presenta un potencial de valorización del 38,9%. Es importante tener presente que ninguna compañía nos arroja un potencial de valorización negativo, en otras palabras, la recomendación de Subponderar obedece a que dichos activos rentarán un 5% menos que la expectativa fundamental del índice Colcap Nunca antes el trabajo de un analista fundamental había sido tan complejo, pues las compañías de cara a la coyuntura han dejado de dar su visión de expectativa de resultados para 2020, lo que incrementa el nivel de riesgo de nuestras recomendaciones.
    [Show full text]
  • Chapter 3: Business for Development
    Chapter 3: Business for Development Multinationals, telecommunications and development Foreign direct investment (FDI) flows have stepped up dramatically around the world since the mid-1980s. In Latin America, the 1990s were a period of accelerated FDI inflows, led by the entry of developed-country multinationals into newly privatised or liberalized sectors. The real change, however, is not in the game but in the players. Of worldwide FDI stocks, the share emanating from developing countries has increased by half, growing from 8 per cent in 1990 to 12 per cent in 2005. Latin American enterprises now also play away from home. Since 2006, the value of annual outward FDI flows from the major countries in the region has flirted with the $40 billion mark. This explosion of outward investment is largely the result of the rapid internationalisation of a small number of large enterprises, mainly from Brazil and Mexico. Indeed, in 2006, Brazil was a net source of FDI, with outward flows amounting to $26 billion, as compared to inflows of $18 billion. The largest Latin American multinationals are in primary commodities and related activities; Mexico’s cement producer, CEMEX, and Brazil’s Petrobras, in oil, and Companhia Vale do Río Doce (CVRD), in mining, are important examples. Services and final goods have also become key areas of multinational activity by Latin American firms, first regionally, and now, for a small number of very successful enterprises, globally. While these firms’ multinational growth reflects diverse corporate strategies, scopes and ambitions, it places Latin America firmly on the new global map of home countries for multinational corporate activity.
    [Show full text]
  • Foreign Investment in Latin America and the Caribbean
    (FRQRPLF&RPPLVVLRQIRU/DWLQ$PHULFDDQGWKH&DULEEHDQ (&/$& )RUHLJQ,QYHVWPHQWLQ/DWLQ$PHULFDDQGWKH&DULEEHDQLVWKHODWHVWHGLWLRQRIDVHULHVSXEOLVKHGDQQXDOO\E\WKH 8QLWRQ,QYHVWPHQWDQG&RUSRUDWH6WUDWHJLHVRIWKH(&/$&'LYLVLRQRI3URGXFWLRQ3URGXFWLYLW\DQG0DQDJHPHQW ,WZDVSUHSDUHGE\ÈOYDUR&DOGHUyQ3DEOR&DUYDOOR0LFKDHO0RUWLPRUHDQG0iUFLD7DYDUHVZLWKWKHDVVLVWDQFHRI $GULDQ1\JDDUG/HPD1LFRODV&KDKLQH3KLOOLS0OOHU$OLVRQ&ROZHOO%U\DQW,YHVDQG&DUO1LVV)DKODQGHQDQG FRQWULEXWLRQVIURPWKHFRQVXOWDQWV*HUPDQR0HQGHVGH3DXOD*XVWDYR%DUXM'DYLG7UDYHVVR&HOVR*DUULGR3DWULFLR <ixH]DQG1LFROR*OLJR&KDSWHU9ZDVSUHSDUHGMRLQWO\E\WKH8QLWRQ,QYHVWPHQWDQG&RUSRUDWH6WUDWHJLHVDQGWKH $JULFXOWXUDO'HYHORSPHQW8QLWERWKSDUWRIWKH&RPPLVVLRQ¶V'LYLVLRQRI3URGXFWLRQ3URGXFWLYLW\DQG0DQDJHPHQW ,QSXWVIRUWKLVFKDSWHUZHUHSURYLGHGE\WKHFRQVXOWDQWV0DUF6FKHLQPDQDQG-RKQ:LONLQVRQDPRQJRWKHUVLQWKH IUDPHZRUNRIWKHSURMHFWHQWLWOHG³$JULFXOWXUDOGHYHORSPHQWSROLFLHVDQGWUDQVQDWLRQDOFRUSRUDWLRQV¶VWUDWHJLHVLQWKH DJULIRRGVHFWRU´RIWKH*RYHUQPHQWRIWKH1HWKHUODQGV,QWKLVUHJDUGWKHFRQWULEXWLRQVRI0{QLFD5RGULJXHVDQG 6RIt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±±WKHGDWDUHODWLQJ
    [Show full text]
  • Program Brochure a Cement and Lime Industry Conference and Exhibition By
    18 PROGRAM BROCHURE A CEMENT AND LIME INDUSTRY CONFERENCE AND EXHIBITION BY CONTACT SALES / SPEAKING SPONSORSHIPS OPPORTUNITIES Ali Assad Magda Kwapisiewicz [email protected] [email protected] 2020 +40 754 023 330 +351 939 114 543 Bianca Elliff MAY 28-29, 2020 • SÃO PAULO, BRAZIL [email protected] +351 911 074 128 PAST PARTICIPATING COUNTRIES PAST PARTICIPATING COMPANIES A TEC GRECO • A Tec Production &Services • AAF Brasil • ABIMAQ • ABRAMAT • ALL MINMETAL INTL. • Allfran • Alstom • American Air Filter Brasil • ArcelorMittal • Argos Colombia • Argus • Associação • Brasileira de Cerâmica • Association Brasil de Cimento Portland • Assuncao Representacoes • Aumund • Austrian Government • Autochartering • Bahamut • Banco Inercorp • BASF • Bedeschi SPA • Benue Cement • Beumer • Boldrocchi • Brazil Steel Institute • BRC Cimentos • Brennand Cimentos • Brennand Energia • Bruker do Brasil • BWF Envirotec • Cal & Cemento Sur S.A. • CALCO-BOLIVIA • Camargo Correa • Carmeuse Lime & Stone • CCB- • Cimpor Cimentos de Brasil • Cemengal • Cementos Argos • Cementos Avellaneda • Cementos Fortaleza • Cementos Melon • Cementos Progresso • Cemex • CEMI • Christian Pfeiffer Maschinenfabrik GmbH • Cia de Cimento Itambé • CIMAR – Cimentos do Maranhão • Cimento Apodi • Cimento Bravo • Cimento Nacional • Cimento Nassau • Cimento Planazto • Cimento Tupi • Cimentos da Bahia S.A. • Cimentos Liz • CIMERWA • Cimpor • Cimprogetti • Cimento Planalto • Ciplan Cemento • Clanap • Claudius Peters • CMLG System Process Engineering • Companhia Industrial de Cimento Apodi • Companhia
    [Show full text]
  • CEMEX Perspectivas Más Favorables Y Valuación Atractiva @Analisis Fundam
    Análisis y Estrategia Bursátil México Reporte Trimestral 29 de julio 2021 CEMEX www.banorte.com Perspectivas más favorables y valuación atractiva @analisis_fundam ▪ Las cifras de CEMEX del 2T21 mostraron sólidos avances, por arriba de nuestras estimaciones, y una expansión en rentabilidad, superando José Espitia Subdirector Análisis Bursátil los niveles pre-pandemia. Destacó la mayor generación de FCF [email protected] ▪ El indicador de apalancamiento ya se colocó en un nivel de estructura de capital de grado de inversión. Aumentamos nuestras proyecciones COMPRA Precio Actual $16.76 ante perspectivas más favorables comunicadas en el CEMEX Day PO $22.50 Rendimiento Potencial 34.2% ▪ Subimos el PO a $22.50 vs. 19.50 -FV/EBITDA 2021e 8.3x vs. 8.8x del Precio ADR US$8.40 PO ADR US$11.14 sector. Reiteramos la visión positiva para la cementera, que forma Acciones por ADR 10 parte de nuestra selección de emisoras beneficiadas por el entorno Máx – Mín 12m (P$) 17.88 – 6.6 Valor de Mercado (US$m) 12,378.3 Acciones circulación (m) 14,708 Continúan los fuertes crecimientos ante el mejor desempeño de mercado y Flotante 90% eficiencias operativas. Los números del 2T21 se vieron apoyados por un buen Operatividad Diaria (P$ m) 445 .8 Múltiplos 12m comportamiento de la demanda y un entorno favorable de precios, además de la FV/EBITDA 7.4x baja base comparativa (la mayor afectación del COVID-19 se dio en el 2T20). P/U -23.3x MSCI ESG Rating* BBB En todas las regiones hubo dinámicas favorables aunque destacaron México y Europa, Medio Oriente África y Asia.
    [Show full text]
  • Striving to Overcome the Economic Crisis: Progress and Diversification of Mexican Multinationals’ Export of Capital
    Striving to overcome the economic crisis: Progress and diversification of Mexican multinationals’ export of capital Report dated December 28, 2011 EMBARGO: The contents of this report cannot be quoted or summarized in any print or electronic media before December 28, 2011, 7:00 a.m. Mexico City; 8:00 a.m. NewYork; and 1 p.m. GMT. Mexico City and New York, December 28, 2011: The Institute for Economic Research (IIEc) of the National Autonomous University of Mexico (UNAM) and the Vale Columbia Center on Sustainable International Investment (VCC), a joint initiative of the Columbia Law School and the Earth Institute at Columbia University in New York, are releasing the results of their third survey of Mexican multinationals today. 1 The survey is part of a long-term study of the rapid global expansion of multinational enterprises 2 (MNEs) from emerging markets. The present report focuses on data for the year 2010. Highlights In 2010, the top 20 Mexican MNEs had foreign assets of USDD 123 billion (table 1 below), foreign sales of USDD 71 billion, and employed 255,340 people abroad (see annex table 1 in annex I). The top two firms, America Movil and CEMEX, together controlled USDD 85 billion in foreign assets, accounting for nearly 70% of the assets on the list. The top four firms (including FEMSA and Grupo Mexico) jointly held USDD 104 billion, which represents almost 85% of the list’s foreign assets. Leading industries in this ranking, by numbers of MNEs, are non-metallic minerals (four companies) and food and beverages (another four companies).
    [Show full text]
  • Análisis Y Estrategia Bursátil México
    Análisis y Estrategia Bursátil México Reporte Trimestral 29 de abril 2021 CEMEX www.banorte.com Sorprende rentabilidad y sube guía 2021 @analisis_fundam ▪ Los resultados de CEMEX del 1T21 de CEMEX superaron las expectativas, ante mayores volúmenes y menores gastos -estrategia José Espitia Subdirector Análisis Bursátil Operación Resiliencia-, que llevaron a una sólida alza en rentabilidad [email protected] ▪ Lo anterior aunado a perspectivas más favorables, llevó a que subiera la guía 2021 a un EBITDA >US$2,900 millones (vs. US$2,700 millones COMPRA Precio Actual $16.14 previo), acercándose más a la meta de recuperar el grado de inversión PO $19.50 Rendimiento Potencial 20.8% ▪ Subimos el PO a $19.50 vs. 14.50 -FV/EBITDA 2021e 8.8x (promedio Precio ADR US$8.07 PO ADR US$9.65 del sector). Reiteramos a la acción como una de nuestras favoritas por Acciones por ADR 10 los mayores crecimientos esperados y una valuación atractiva Máx – Mín 12m (P$) 16.54 – 3.98 Valor de Mercado (US$m) 11,838.92 Acciones circulación (m) 14,708 Fuertes crecimientos apoyados por una mejor demanda y mayores Flotante 90% eficiencias operativas. En el 1T21, destacó el sólido desempeño en México Operatividad Diaria (P$ m) 479.4 Múltiplos 12m (apoyado por la autoconstrucción) y en EE.UU. por el mayor dinamismo en el FV/EBITDA 8.6x sector residencial. Así, en el consolidado los volúmenes de cemento se P/U -14.0x MSCI ESG Rating* BBB incrementaron en 9% a/a, mientras que los de concreto y agregados fueron estables.
    [Show full text]
  • Perfil De Los Grupos Econmicos Privados En Monterrey
    Perfil de los Grupos Económicos Privados en Monterrey: la fiesta que precedió la crisis Óscar Flores Universidad de Monterrey [email protected] En el sector de la industria nacional, el desarrollo económico ha propiciado la formación de Grupos Económicos Privados (GEP). En ellos ahora confluye una diversidad de intereses más allá del rubro industrial pues han incursionado en otros sectores como el de servicios y en los rubros comercial, financiero, turismo y comunicaciones. En el año 2003, de las quinientas empresas mas grandes del mundo fuera de Estados Unidos, siete fueron mexicanas y, de ellas, tres tienen origen en Monterrey: ALFA, CEMEX y FEMSA, las más grandes de la región y lideres globales en su rama. Su relevancia se refleja en la actividad económica de la ciudad de Monterrey y en particular en el producto interno bruto. De acuerdo al listado del Grupo Forbes de las 500 empresas con mayores ventas fuera de Estados Unidos, las mexicanas incluidas fueron: Carso Global Telecom en el puesto 226, Wal-Mart de México en el 246 y posteriormente CEMEX, América Telecom, FEMSA, Grupo Carso y ALFA1. En efecto, el estado de Nuevo León concentra más de 200 grupos industriales, la gran mayoría con sede en Monterrey y su área metropolitana. Sin embargo, a pesar del crítico ajuste administrativo a consecuencia de las últimas crisis, en especial de la de 1982, estos grupos (cuando menos los de capital nativo) aun son manejados por las familias de los fundadores. Este control se ha mantenido principalmente a través de la posesión directa de la mayoría de las acciones con derecho al voto; la concentración de estas acciones en empresas a través de los corporativos, y el ejercicio de la mayoría de los cargos del consejo de administración (Flores, 2005 y 2001 y Cerutti, 2000).
    [Show full text]
  • Victory Fund Holdings Victory Vif Sophus
    VICTORY FUND HOLDINGS As of June 30, 2021 VICTORY VIF SOPHUS EMERGING MARKETS MATURITY TRADED MARKET TRADED MARKET SECURITY DESCRIPTION DATE VALUE (BASE) VALUE (BASE) % ALIBABA GROUP HOLDING LTD ADR 1,972,532.44 4.25% BAIDU, INC. ADR 501,186.20 1.08% CEMEX DA - ADR 425,787.60 0.92% BANCO DE CREDITO E INVERSIONES 42.24 0.00% BANCO DE CHILE 222,461.14 0.48% CONTROLADORA VUELA CIA-ADR 252,035.20 0.54% VALE SA 519,202.93 1.12% GRUPO FINANCIERO BANORTE SAB DE CV 53,844.63 0.12% ALSEA SAB DE CV 191,300.90 0.41% PETROBRAS DISTRIBUIDORA SA 280,040.22 0.60% HDFC BANK, LTD. ADR 295,770.40 0.64% INFOSYS TECHNOLOGIES ADR 917,463.43 1.98% JD.COM INC 462,259.52 1.00% MYTILINEOS HOLDINGS SA 231,598.89 0.50% ASM PACIFIC TECHNOLOGY LIMITED 289,896.61 0.63% WALSIN TECHNOLOGY CORP 358,898.56 0.77% HINDUSTAN PETROLEUM CORP LTD 420,901.59 0.91% LIC HOUSING FINANCE LTD 347,677.95 0.75% TATA STEEL LTD 279,822.18 0.60% NMDC LTD 371,024.87 0.80% DB INSURANCE CO LTD 248,435.54 0.54% CJ CORP 218,169.43 0.47% CHINA AIRLINES LTD 237,394.11 0.51% NANYA TECHNOLOGY CORP 437,286.77 0.94% LG UPLUS CORP 400,318.87 0.86% INBODY CO LTD 147,250.34 0.32% EVERGREEN MARINE CORP TAIWAN LTD 550,999.17 1.19% FORMOSA PLASTICS CORP 266,092.71 0.57% FOSCHINI GROUP LTD/THE 78,224.61 0.17% SIAM COMMERCIAL BANK P-NVDR 302,348.74 0.65% MEDIATEK INC 586,318.72 1.26% SAMSUNG SECURITIES CO LTD 272,600.80 0.59% DR.
    [Show full text]
  • Mexican Firms Investing in China 2000–2011
    Inter-American Development Bank Integration and Trade Sector DISCUSSION PAPER No. IDB-DP-255 Mexican Firms Investing in China 2000–2011 Enrique Dussel Peters December 2012 Mexican Firms Investing in China 2000–2011 Enrique Dussel Peters Inter-American Development Bank 2012 http://www.iadb.org The opinions expressed in this publication are those of the authors and do not necessarily reflect the views of the Inter-American Development Bank, its Board of Directors, or the countries they represent. The unauthorized commercial use of Bank documents is prohibited and may be punishable under the Bank's policies and/or applicable laws. Copyright © 2012 Inter-American Development Bank. All rights reserved; may be freely reproduced for any non-commercial purpose. I am most grateful to Rubén Hernández Cordero, Guillermo Iglesias Rosales, Eva Yazmín Rodríguez Reyna and Daniela Sánchez de la Barquera Colín for their considered assistance as this document evolved. The author is solely responsible for any weaknesses in the final copy. Research on “translatinas” has only just begun and results have been limited thus far (CEPAL 2012). Initial reports show that while these Latin American firms have invested primarily in their home region, a growing number have begun to invest more heavily in the rest of the world. However, an overall evaluation of their activities and performance in new markets and detailed discussion about their products, processes and future expectations is lacking. This analytic note addresses that gap by examining a group of Mexican firms with direct investments in China. The analysis includes (a) a general description of each firm (its products, processes, main locations, age, size, employment, and so forth), (b) the firm’s global short- and medium-term strategies and the importance of China to them, and (c) an overview of the firm’s expansion to and activities in China (including reasons for entry, the initial entry mode, the main products and processes, investment amounts, employment rolls, sales, and other salient characteristics).
    [Show full text]
  • Family Businesses in Latin America | Facts and Figures
    Family businesses in Latin America | Facts and fgures The top 36 The top 3 family businesses industry sectors World’s in Latin America Diversifed industrial 500 products largest family Generate Realize Employ businesses US$466.1b a market more tHan 2.2 million capitalization of Retail and in revenues (7.7% of employees (0.7% of wholesale Latin America’s GDP) US$373.8b Latin America’s workforce) 7.2% (36) 72.2% are are located in Are, on average, Consumer public listed Latin America years old products companies 77.4 Sources: Global Family Business Index, University of St. Gallen, Center for Family Business, World Bank Some interesting anniversaries Anniversary Company Family Industry Headquarters Country Source: Global Family Business Index, University of St. Gallen, Center for Family Business 125 Fomento Económico Mexicano (FEMSA), Garza and Sada Beverages Monterrey Mexico S.A.B. de C.V. 90 Globo Comunicação E Participações S/A. MarinHo Media Rio de Janeiro Brazil The largest family businesses in Latin America 70 Grupo Bimbo Sa de CV Daniel Servitje Food processing Mexico City Mexico Montull The top 10 generated approximately U$305.4b to Latin America’s US$6.1t GDP in 2013 and employed more than 1.1 million people. The 70 Porto Seguro SA Garfnkel Financial services Sao Paulo Brazil largest family business by revenue is America Movil SA de CV, with US$61.6b. The largest family business by number of employees is Source: Global Family Business Index, University of St. Gallen, Center for Family Business Andrade Gutierrez S.A., with 251,996 employees.
    [Show full text]