Morningstar Fund Report | 07/04/2025

abrdn SICAV I - Latin American Equity Fund S Acc USD

Performance History	31/03/2025

Growth of 1,000 (GBP)	Advanced Graph

	Fund	-15.7	15.3	20.2	-29.2	7.9
	+/-Cat	-4.3	-0.7	-1.6	-3.3	-1.2
	+/-B’mrk	-7.2	-	-5.7	-5.0	-1.8


Category: Latin America Equity
Category Benchmark: Morningstar EM Americas TME...

Key Stats
NAV 04/04/2025		USD 2833.44
Day Change		-5.22%
Morningstar Category™		Latin America Equity
ISIN		LU0476875785
Fund Size (Mil) 03/04/2025		USD 19.35
Share Class Size (Mil) 03/04/2025		USD 4.04
Max Initial Charge		-
Ongoing Charge 23/08/2024		2.12%

Morningstar Research

Analyst Report	26/03/2025 Harsh Jain, Senior Analyst Morningstar, Inc
Abrdn Latin American Equity continues to benefit from the depth of analytical resource and collegial approach. However, the strategy’s quality characteristics have deteriorated, which leaves some question marks over execution of the process. As a...
Click here to read this analyst report on the underlying fund.

Morningstar Pillars
People	24
Parent	23
Process	23
Performance
Price

Investment Objective: abrdn SICAV I - Latin American Equity Fund S Acc USD

The Fund’s investment objective is long term total return to be achieved by investing at least two-thirds of the Fund’s assets in equities and equity-related securities of companies with their registered office in a Latin American country; and/or, of companies which have the preponderance of their business activities in a Latin American country; and/or, of holding companies that have the preponderance of their assets in companies with their registered office in a Latin American country.

Returns

Trailing Returns (GBP)	04/04/2025
YTD	3.15
3 Years Annualised	-8.36
5 Years Annualised	5.31
10 Years Annualised	0.59

12 Month Yield

0.00

Management

Manager Name Start Date
Eduardo Figueiredo 14/02/2011
Nick Robinson 26/07/2010
Click here to see others
Inception Date 26/07/2010

Category Benchmark

Fund Benchmark	Morningstar Benchmark
MSCI EM Latin America 10/40 NR USD	Morningstar EM Americas TME NR USD

Portfolio Profile for abrdn SICAV I - Latin American Equity Fund S Acc USD	28/02/2025

Morningstar Style Box®

Equity Style

Asset Allocation

	% Long	% Short	% Net Assets
Stock	87.84	0.00	87.84
Bond	0.00	0.00	0.00
Property	0.00	0.00	0.00
Cash	1.76	0.02	1.73
Other	10.43	0.00	10.43

Top 5 Regions	%
Latin America	98.55
Canada	1.45
United States	0.00
United Kingdom	0.00
Eurozone	0.00

Top 5 Sectors		%
	Financial Services	22.70
	Industrials	15.35
	Basic Materials	15.23
	Consumer Defensive	14.82
	Energy	10.77

Top 5 Holdings	Sector	%
Itausa S.A. 0%		8.01
Petroleo Brasileiro Sa Petrobr	Energy	6.98
Vale SA	Basic Materials	5.83
Wal - Mart de Mexico SAB de CV	Consumer Defensive	5.46
Grupo Mexico SAB de CV Class B	Basic Materials	5.24

Increase Decrease New since last portfolio
abrdn SICAV I - Latin American Equity Fund S Acc USD

Growth Of 1000 (GBP)

31/03/2025

	Fund: abrdn SICAV I - Latin American Equity Fund S Acc USD
	Category: Latin America Equity
	Category Index: Morningstar EM Americas TME NR USD

Annual Returns (GBP)						31/03/2025
	2018	2019	2020	2021	2022	2023	2024	31/03
Price Return	-6.38	15.39	-18.30	-15.74	15.28	20.17	-29.17	7.92
+/- Category	-3.55	0.21	-2.09	-4.28	-0.66	-1.60	-3.30	-1.24
+/- Category Index	-6.24	1.04	-1.36	-7.20	-	-5.70	-4.95	-1.82
% Rank in Category	84	43	65	77	70	72	91	83

Trailing Returns (GBP)			04/04/2025
	Total Returns	+/- Category	+/- Category Index
1 Day	-5.22	-2.71	-0.03
1 Week	-5.19	-2.32	-0.95
1 Month	-1.88	-3.18	-2.79
3 Months	2.37	-3.57	-3.34
6 Months	-11.71	-6.54	-4.26
YTD	3.15	-4.10	-2.54
1 Year	-22.70	-4.85	-5.42
3 Years Annualised	-8.36	-3.66	-5.31
5 Years Annualised	5.31	-2.98	-5.75
10 Years Annualised	0.59	-1.38	-2.83

Category: Latin America Equity
Category Index: Morningstar EM Americas TME NR USD

Quarterly Returns (GBP)				31/03/2025
	Quarter 1	Quarter 2	Quarter 3	Quarter 4
2025	7.92	-	-	-
2024	-4.90	-13.12	-2.17	-12.37
2023	1.68	8.72	-1.65	10.53
2022	27.75	-18.19	14.52	-3.67
2021	-5.06	10.29	-15.21	-5.10
2020	-43.48	22.75	-5.96	25.21

Morningstar Rating™(Relative to Category)

31/03/2025

	Morningstar Return	Morningstar Risk	Morningstar Rating™
3-Year	Below Average	Below Average
5-Year	Below Average	Below Average
10-Year	Below Average	Above Average
Overall*	Below Average	Average

Click here to see our Methodology

Volatility Measurements

31/03/2025


3-Yr Std Dev	19.60 %
3-Yr Mean Return	-4.27 %


3-Yr Sharpe Ratio	-0.43

Modern Portfolio Statistics	31/03/2025	31/03/2025
	Standard Index	Best Fit Index
	Morningstar EM Americas TME NR USD	MSCI EM Latin America NR USD
3-Yr Beta	0.99	0.98
3-Yr Alpha	-5.44	-5.04

Investment Style Details

28/02/2025

Morningstar Style Box®

Equity Style

Size		Rel to Cat
Average Mkt Cap (Mil)	USD 15053	-


Market Capitalisation	% of Equity
Giant	43.51
Large	39.23
Medium	11.98
Small	5.28
Micro	0.00

Valuations and Growth Rates	Equity Portfolio	Relative to Category
Price/Prospective Earnings	9.47	1.16
Price/Book	1.46	1.15
Price/Sales	1.43	1.45
Price/Cash Flow	4.78	1.18
Dividend-Yield Factor	5.72	0.88

Long-Term Projected Earnings Growth	7.48	0.89
Historical Earnings Growth	9.13	1.68
Sales Growth	10.79	-8.60
Cash-Flow Growth	13.15	0.33
Book-Value Growth	12.69	1.45

Asset Allocation

28/02/2025

	% Long	% Short	% Net Assets
Stock	87.84	0.00	87.84
Bond	0.00	0.00	0.00
Property	0.00	0.00	0.00
Cash	1.76	0.02	1.73
Other	10.43	0.00	10.43

World Regions

28/02/2025

	% of Equity	Relative to Category
United States	0.00	0.00
Canada	1.45	2.14
Latin America	98.55	1.01
United Kingdom	0.00	0.00
Eurozone	0.00	0.00
Europe - ex Euro	0.00	-
Europe - Emerging	0.00	-
Africa	0.00	-
Middle East	0.00	-
Japan	0.00	0.00
Australasia	0.00	-
Asia - Developed	0.00	-
Asia - Emerging	0.00	-

Sector Weightings

28/02/2025

	% of Equity	Relative to Category
Basic Materials	15.23	1.24
Consumer Cyclical	2.58	0.30
Financial Services	22.70	0.76
Real Estate	3.10	1.07
Consumer Defensive	14.82	1.22
Healthcare	4.28	2.26
Utilities	9.13	1.40
Communication Services	2.02	1.38
Energy	10.77	1.17
Industrials	15.35	1.20

Top 10 Holdings

28/02/2025

	Portfolio NEW
Total Number of Equity Holdings	33
Total Number of Bond Holdings	0
Assets in Top 10 Holdings	53.39

Name	Sector	Country	% of Assets
Itausa S.A. 0%		Brazil	8.01
Petroleo Brasileiro Sa Petrobr		Brazil	6.98
Vale SA		Brazil	5.83
Wal - Mart de Mexico SAB de CV		Mexico	5.46
Grupo Mexico SAB de CV Class B		Mexico	5.24
Credicorp Ltd		Peru	4.78
Nu Holdings Ltd Ordinary Shares Class A		Brazil	4.60
Arca Continental SAB de CV		Mexico	4.32
Banco Santander Chile ADR		Chile	4.15
Companhia De Saneamento Basico Do Est...		Brazil	4.01

Increase Decrease New since last portfolio
Category: Latin America Equity

Management

Name of Company	abrdn Investments Luxembourg S.A.
Phone	(352) 46 40 10 820
Website	www.aberdeenstandard.com
Address	35a Avenue John F Kennedy
	Luxembourg L-1855
	Luxembourg

Domicile	Luxembourg
Legal Structure	SICAV
UCITS	Yes
Inception Date	26/07/2010

Fund Advisor(s)
abrdn Investments Limited

Fund Manager	Eduardo Figueiredo
Manager Start Date	14/02/2011
Career Start Year	2006

Education

Fundação Armando Alvares Penteado - FAAP, BA



Biography
Eduardo Figueiredo is a Director and Head of Brazilian Equities, focusing on the managment of Latin American Equities strategies as part of the Global Emerging Markets Equity Team. Prior to joining Aberdeen Asset Management in February 2011, Eduardo worked at Maua Sekular Investimentos (renamed Maua Capital), a Brazilian Asset Manager. After his initial years as a trainee on the Operations, Macroeconomic Research and Equities he became an Equity Analyst and Portfolio Manager. Eduardo has a BA in Business Administration from Fundação Armando Alvares Penteado - FAAP, São Paulo. He is a CFA charterholder.

Fund Manager	Nick Robinson
Manager Start Date	26/07/2010
Career Start Year	2000

Education

Lincoln College, M.A.



Biography
Nick Robinson is a Senior Investment Director on the Global Emerging Markets Equity team at abrdn. Nick joined the company in 2000 and spent eight years on the North American Equities team, including three years based in the US offices. In 2008 he joined the Global Emerging Markets Equity team. Nick relocated to São Paulo in 2009 to start Aberdeen’s operations in Brazil. In 2016 he returned to London. Nick graduated with an MSc in Chemistry from Lincoln College, Oxford and is a CFA charterholder.

Fund Manager	Brunella Isper
Manager Start Date	26/07/2010
Career Start Year	2009

Education

Fundação Getúlio Vargas - EAESP, BPA



Biography
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.

Fund Manager	Mubashira Bukhari Khwaja
Manager Start Date	01/01/2014
Career Start Year	2007

Education

Singapore Management University, MSc

Lahore University of Management Sciences, MSc



Biography
Mubashira Bukhari Khwaja is an Investment Director on the Global Emerging Markets Equity team. She joined Aberdeen Asset Management in 2007 after two years in the banking industry. 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

Fund Manager	Tiago Rodrigues
Manager Start Date	13/02/2014
Career Start Year	2010

Education

Universidade Presbiteriana Mackenzie, BSc



Biography
Tiago Rodrigues de Lourenço is an Investment Manager on the Global Emerging Markets Equity team. Tiago joined the company in 2012 as an Intern and later joined the graduate rotation scheme. Tiago graduated with a BSc in Business Administration and International Trade from Universidade Presbiteriana Mackenzie and is a CFA charterholder.

Fund Manager	Ivan Kleimann
Manager Start Date	01/03/2016
Career Start Year	2015

Education

funda, B.A.



Biography
Ivan Kleimann is an Investment Manager on the Global Emerging Markets Equity team. Ivan joined Aberdeen in 2016 from Constellation Asset Management where he worked as an Equity Research Intern. Ivan graduated with a BA in Business Administration from Fundação Getúlio Vargas - EAESP, Brazil.

Fees and Expenses

Sales Charges (Maximum)
Max Initial Charge	n/a
Max Exit Charge*	n/a

Annual Charges
Max Annual Management Charge	1.92%
Ongoing Charge	2.12%

Purchase Details

Minimum Investments
Initial	500 USD
Additional	-
Savings	-

Tax Free Savings Schemes
ISAs	Yes