MXF - Mexico Fund

What this means for you

Saba has told the regulator it may push for changes at this fund. That usually means asking the fund to buy back shares at close to the full value of its holdings, to change who runs it, or to close down and pay holders out.

Nothing is required of you now. If the fund itself announces a buy-back or a vote, it appears in the box above with the date by which you would need to act.

Large investors can also sell down and walk away. We show every notice they file, the day it is filed.

Email me if this changes

What happened, and when

1. Oct 7, 2026

   The fund set its payout at $0.35 a share each quarter.

   Original document →

2. Oct 7, 2026

   Saba raised its stake to 16.6% (from 15.5%). It has said it may push for changes.

   Original document →

3. Sept 8, 2026

   The fund set its payout at $0.35 a share each quarter.

   Original document →

4. Aug 14, 2026

   Gates Foundation Trust sold down below 5% and stopped reporting.

   Original document →

5. Aug 7, 2026

   The fund set its payout at $0.35 a share each quarter.

   Original document →

About this fund

• Run by Impulsora del Fondo Mexico SC. As of Oct 31, 2025, from the fund's yearly report. Original document →
• Size: about $355 million of holdings, as of July 31, 2026. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund does not borrow. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 0.8% a year in management fees; 1.4% a year in total, including interest on borrowed money. Fiscal year ended Oct 31, 2025. As of Oct 31, 2025, from the fund's yearly report. Original document →
  Among the 13 funds we follow that invest outside the U.S., 3 charge a lower management fee and 7 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• Payouts: last fiscal year (ended Oct 31, 2025) the fund paid $0.94 a share. $0.73 of that was income; $0.20 came from gains; $0.01 was your own money back, not income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Oct 31, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Oct 31, 2025): $22.02. The shares traded at $19.39, about 11.9% below that. As of Oct 31, 2025, from the fund's yearly report. Original document →
• How the holdings did: up 1.2% over the last three months we have (May-July 2026), before the share price is taken into account. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 1995.

How this has changed

• Payouts per share: $0.94 in the fiscal year ended Oct 31, 2025; $0.88 in the year ended Oct 31, 2024; $0.80 in the year ended Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →
• Of that, your own money back rather than income: $0.01 in the year ended Oct 31, 2025; $0.08 in the year ended Oct 31, 2024; $0.02 in the year ended Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 1.36% a year in the fiscal year ended Oct 31, 2025; 1.35% a year in the year ended Oct 31, 2024; 1.35% a year in the year ended Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →
• Size of the holdings: about $318 million at Oct 31, 2025; $260 million at Oct 31, 2024; $280 million at Oct 31, 2023. From the fund's quarterly holdings reports. Original documents: Oct 31, 2025 →, Oct 31, 2024 →, Oct 31, 2023 →.
• Borrowing: none at Oct 31, 2025; none at Oct 31, 2024; none at Oct 31, 2023. From the fund's quarterly holdings reports. Original documents: Oct 31, 2025 →, Oct 31, 2024 →, Oct 31, 2023 →.
• The fund had about 14.4 million shares at Oct 31, 2025, down 2.4% from Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Oct 31, 2025: the shares returned +46.5%, counting payouts. As of Oct 31, 2025, from the fund's annual report. Original document →
• The year ended Oct 31, 2024: the shares returned -2.1%, counting payouts. As of Oct 31, 2024, from the fund's annual report. Original document →
• The year ended Oct 31, 2023: the shares returned +12.1%, counting payouts. As of Oct 31, 2023, from the fund's annual report. Original document →
• The year ended Oct 31, 2022: the shares returned -0.8%, counting payouts. As of Oct 31, 2022, from the fund's annual report. Original document →
• The year ended Oct 31, 2021: the shares returned +46.1%, counting payouts. As of Oct 31, 2021, from the fund's annual report. Original document →
• Those five years together: the shares returned +133%. $10,000 of shares bought at the start (Nov 1, 2020) would have become about $23,300 by Oct 31, 2025, with every payout counted, before tax. As of Oct 31, 2025, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to July 31, 2026: +27%. The quarterly reports carry no share price, so this is the holdings alone. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Of the 9 funds that invest in outside the U.S. with a fiscal year ending within six months of this one, 2 reported a higher share return for that year and 6 a lower one. As of Oct 31, 2025, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly shares (98%), the rest cash and short-term holdings. About 1% issued in the U.S.

1. Grupo Mexico, S.A.B. de C.V. (b), Common Stock - 16%
2. Grupo Financiero Banorte, S.A.B. de C.V., Common Stock - 11.1%
3. Fomento Economico Mexicano, S.A.B. de C.V., Common Stock - 10.1%
4. Cemex, S.A.B. de C.V., Common Stock - 6.7%
5. Wal-Mart de Mexico, S.A.B. de C.V., Common Stock - 5.7%
6. America Movil, S.A.B. de C.V. (b), Common Stock - 4.7%
7. Grupo Aeroportuario del Pacifico, S.A.B. de C.V., Common Stock - 3.7%
8. Kimberly-Clark de Mexico, S.A.B. de C.V. (b), Common Stock - 3.3%
9. GCC, S.A.B. de C.V., Common Stock - 3.2%
10. Arca Continental, S.A.B. de C.V., Common Stock - 3.1%

As of July 31, 2026, from the fund's quarterly holdings report. Original document →