This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

The Mexico Equity And Income Fund, Inc. Announces Results Of The Annual Meeting Of Stockholders And Earnings For The Three Months Ended October 31, 2011

The Mexico Equity and Income Fund, Inc. (the “Fund”) (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 “Investment Adviser”) 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 (“NAV”) for common and preferred stock was $11.50 per share, based on 6,673,224 and 57,639 shares outstanding, respectively. The Fund’s common stock closed at $10.47 per share on the New York Stock Exchange on October 31, 2011. The Fund’s 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 Fund’s net realized and unrealized losses totaled $(11,804,524) and the Fund’s net investment loss was $(190,742).

On October 31, 2011, the Fund’s investments in equity and fixed income securities of Mexican companies totaled $79,770,049 or 103.09% of the Fund’s net assets, while cash and cash equivalents (excluding foreign currency) totaled $134,224 or 0.17% of the Fund’s net assets and other liabilities in excess of assets totaled $(2,523,098) or (3.26)% of the Fund’s net assets.

As of October 31, 2011, the Fund’s 10 largest equity investments represented 67.0% of the Fund’s net assets were:

1.   America Movil, S.A. de C.V. – Class – 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 Fund’s common and preferred stocks are traded on the New York Stock Exchange under the trading symbol “MXE” and “MXEPR”, respectively.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,692.58 +14.35 0.08%
S&P 500 2,059.76 +3.61 0.18%
NASDAQ 4,878.7580 +15.3960 0.32%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs