Fund Profile


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BlackRock Latin America (BRLA) offers exposure to the commodity-rich Latin American equity markets, which are flourishing in the current inflationary environment. As we discuss under Performance, BRLA was the top-performing investment trust in any sector during Q1 2022, thanks to the strength of commodity markets and the strength of its currencies boosting corporate profits. Yet despite high commodity prices seeming to become entrenched, the region still trades on a significant discount to its five-year average valuation.

BRLA is managed by Ed Kuczma and Sam Vecht, who bring BlackRock’s considerable resources to bear on top-down macroeconomic research and bottom-up fundamental analysis with the aim of identifying high-quality companies and adding value through stock selection. Ed has 17 years’ experience investing in Latin America and describes the region’s balance sheets as being in the best state he has ever seen them.

BRLA’s portfolio typically has a high allocation to commodity producers, reflecting the makeup of the region’s markets. This, along with the exposure to energy and banks, means the region and the portfolio are typically more exposed to the value factor. This brings with it diversification value versus global bonds (see Performance) which might prove attractive in the current environment of rising interest rates. Commodity producers also bring exposure to some secular themes in the energy transition (see Portfolio).

BRLA pays a dividend of 1.25% of NAV each quarter (5% on an annualised basis) from capital reserves where necessary. This means BRLA offers a high yield without being constrained to buy high-yielding companies, which might have worse growth prospects.

The trust trades on a discount of 8.4%, and there will be a 24.99% tender offer at the AGM in May (see Discount).

Analyst's View

BRLA looks particularly attractive at this point in time. The high exposure to commodity producers is key, as it means corporate profits and economic activity should be strong in the region if commodity prices remain elevated. While returns have been strong year-to-date, valuation multiples remain low versus history, and a reversion of this gap could be an extra source of returns in the coming months. Latin America is a beneficiary of high commodity prices, which have been supported by tight supply conditions following the pandemic, and further exacerbated by the tragic events in Eastern Europe.

Global trade and capital flows are in flux and Latin America is in a position to step in as a source of raw materials and labour and a place to invest. BRLA is the only equity-only investment trust offering access to the Latin America region, and offers geared exposure to this potentially high-return market.

However, investors have to be prepared for volatility. High inflation will affect consumers in Latin America which could cause issues for some companies and sectors which governments will have to negotiate. Should global inflation tip the world economy into recession, this will have a negative effect on cyclical sectors such as energy and financials, which are a major part of the portfolio. There are also elections in Colombia and Brazil, and political instability is a perennial issue for the region. That said, the immediate outlook looks good for LatAm, and it offers good diversification from political risks in China and Russia and duration in growth stocks.


  • High commodity prices benefit the portfolio and the region
  • Offers a 5% annualised yield on NAV
  • An experienced management team with deep resources to draw on


  • Energy and commodity markets can be economically sensitive which could bring high beta in a global recession
  • Latin American markets and politics can be extremely volatile
  • Any increase of gearing brings greater exposure to falling markets as well as rising markets
Continue to Portfolio

Fund History

28 Jun 2024 BlackRock Latin American Investment trust: A Look Ahead for 2024
Latin American economies welcomed 2024 with new economic vigour. They have shaken off a legacy of economic mismanagement, and now look set to play a new role in the global economy. The region’s economies are broadening out from their traditional commodity base, bringing a dynamism to the region and a breadth of choice for investors...
27 Mar 2024 Results analysis: BlackRock Latin American
BRLA outperformed its benchmark and even the S&P 500 in 2023…
10 Nov 2023 LATAM rate cuts and central bank gold buying
We take a look at some of the highlights of our BlackRock event…
03 Nov 2023 BlackRock Latin American
Chris Brinkmann
Rewatch this webinar which was part of our October and November online event 'The Best of BlackRock'...
Watch Recording
11 Oct 2023 Fund Analysis
Managers’ ambition to take more active positions has so far paid off…
20 Sep 2023 Five questions about emerging markets
We track key developments in the diverse emerging markets universe…
01 Sep 2023 The next chapter for Latin America
Newsflow around Latin America reflects a changing picture…
21 Apr 2023 Latin America: first out of the blocks?
Latin America has been resilient over the past 12 months, and could be early to recover when the inflation environment shifts, says Christoph Brinkmann, portfolio manager on the BlackRock Latin American Investment trust...
06 Apr 2023 Results analysis: BlackRock Latin American
BRLA’s managers argue Latin America is in a strong position for 2023…
08 Mar 2023 The next supercycle
Our research suggests a structrual tailwind could support the prospects for commodities throughout the next decade...
17 Feb 2023 Never miss an opportunity to miss an opportunity
Is it LATAM’s time to shine?
25 Jan 2023 The toad to recovery
Two of our analysts debate the outlook for China in 2023…
18 Jan 2023 Fund Analysis
Latin America looks set to recover first, according to the managers of BRLA…
24 Jun 2022 Delivering returns in a financial storm
We look at three trusts that have managed to deliver returns for shareholders so far in 2022…
01 Jun 2022 Are emerging markets doomed?
Bunching together different parts of the world leads to an unnuanced view of the opportunities in emerging markets…
11 May 2022 Fund Analysis
The Latin American region seems to be in a sweet spot, benefitting from high commodity prices…
04 May 2022 Time to change the record
We ask whether equities can still offer meaningful diversification or whether investors need to turn to alternatives…
29 Apr 2022 O Canada
The North American market may act as a safe haven for investors in the near future…
27 Apr 2022 Finding value in a haystack
Non-income value strategies are becoming increasingly scarce, but the holdouts represent attractive near-term opportunities…
14 Apr 2022 Has the commodities ship sailed?
The commodities boom may be longer-lasting than you think…
11 Apr 2022 Results analysis: BlackRock Latin American
BRLA was the top-performing investment trust in Q1 2022…
25 Mar 2022 Slides and Audio: BlackRock Latin American
Download the presentation and listen to the audio from our 'Ideas for your ISA' virtual Spring event on 15 March...
23 Mar 2022 Fifteen ideas for your ISA
Slides and audio from our event last week, featuring fund managers running money in every major market in the world...
17 Mar 2022 It's the end of the world as we know it
We examine five potential themes for investors seeking long-term returns in a troubled and uncertain world...
23 Feb 2022 Regime change
Ahead of our spring conference, we ask whether investors need to junk their portfolios and start again…
13 Oct 2021 Beyond the Middle Kingdom
As momentum falters in the emerging markets powerhouse, we examine the options for investors outside China...
29 Sep 2021 Slings and arrows
Our analysts argue over whether it’s better to take arms against volatility in a portfolio, or to simply suffer it…
28 Sep 2021 Fund Analysis
BRLA offers an annualised yield of 5% from a region which should benefit from a global recovery…
01 Sep 2021 Winter is coming
Summer was a welcome opportunity for exhausted investors to turn their backs on the legion threats they face, but they haven't gone away and the days grow short - we examine four in detail...
30 Jun 2021 Inflation – a real threat or hot air?
Two of our analysts ask whether recent high inflation numbers indicate something long-lasting and troubling is happening…
05 May 2021 Vive la revolution
For thirty years quality has had a structural tailwind; but revolt is in the air and value is on the barricades…
28 Apr 2021 Latin America and the commodities supercycle
Commodity prices have been rising fast. Ed Kuczma, Co-Manager of the BlackRock Latin American Investment Trust plc, says Latin America should be a key beneficiary and he is positioning for a long-term trend.
06 Apr 2021 Results analysis: BlackRock Latin American
We look at how BRLA has performed, and what 2021 might have in store for the trust…
24 Mar 2021 Shoot to Thrill: ISA targets for long term growth
We all intend to invest for the long-term but can often be distracted by the news...
16 Mar 2021 Fund Analysis
The managers of BRLA are highly bullish on their region’s prospects in a global recovery from the pandemic…
11 Mar 2021 Slides and Audio: BlackRock Latin American
Download the presentation and listen to the audio from our 'Ideas for your ISA' Spring Conference on 02 March...
10 Mar 2021 Spring Conference '21
Audio and presentations from 21 of the UK’s leading investment trust managers…
10 Dec 2020 Fund Analysis
BRLA invests in Latin America, which has historically seen strong returns in global recovery periods…
09 Dec 2020 A bumper harvest?
Agricultural and industrial commodities have rallied strongly, but what are the implications for emerging market allocations...?
13 Aug 2020 Underground bangers
We look for hidden gems in the smaller end of the investment trust universe...
12 May 2020 Fund Analysis
BRLA invests in Latin America, where valuations could indicate a generational buying opportunity…
06 May 2020 Latin America: discovering new growth
Latin American markets have been hit hard by the coronavirus outbreak. However, says Ed Kuczma, Co-Manager of the BlackRock Latin American Investment Trust plc, there may be opportunities amid the gloom...
01 Apr 2020 Back in Brazil
As global markets have suffered in 2020, Brazilian stocks have been no exception. Could this be a good time to consider buying?
16 Jan 2020 Drifting apart: how emerging markets have become less correlated
We examine how correlations between different emerging markets have evolved, and whether single country strategies could diversify returns going forward....
10 Dec 2019 Fund Analysis
BRLA has raised its gearing in anticipation of a Brazilian market rally...
04 Sep 2019 Time to pay attention to Latin America?
07 May 2019 Fund Analysis
The trust's high profile new managers are bullish on the outlook, particularly for Brazil, and the discount has narrowed sharply...
22 Mar 2018 Fools rush in
The strong performance of emerging markets has seen investors flooding into ETFs, but the evidence shows that active managers produce far better results...
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