Fitch Report: Mexican Bond Funds with the Highest Performance

MONTERREY, Mexico--(BUSINESS WIRE)-- Fitch Ratings' special report 'Bond Funds with the Highest Performance', identifies bond investment funds (BIFs) with the highest three-year compound annual return (3y-CAR) at the end of December 2014, based on a comparison between similar classifications and investment strategies. It also highlights 14 managers with the most high-performing DIFs.

The agency selected 194 BIFs that share three important elements: minimum history of three years, amount of assets under management equal to or greater than MXN100 million, and funds that belong to a peer group comprising at least five funds.

Fitch created 10 reference groups (RGs) for the analysis in order to classify the BIFs as homogeneously as possible. These groups are: Short-Term Government, Medium-Term Government, Short-Term Multi-Issuer, Medium-Term Multi-Issuer, Short-Term Repos, Long-Term Multi-Issuer, Long-Term Government, Short-Term Financial Institutions, Real Rate, and Foreign Currency.

At December 2014, 62 funds stood out for their high performance; their average 3y-CAR was 4.6%, which exceeds the average 3.4% of the total BIFs analyzed. The report's Appendix shows the 10 RGs with their respective BIFs, highlighting the highest performing funds.

Amongst the conclusions of the analysis, it can be noted that the longer the term of the fund (i.e. greater risk), the greater the return. Likewise, the Real Rate RG, whose investment horizon is mainly long term, shows the highest average 3y-CAR (5.8%). On the other hand, funds with a short- and medium-term investment horizon prevail, representing 73.2% of the total funds and 90.1% of the assets under management.

Special report 'Bond Funds with the Highest Performance' is available at www.fitchratings.com and www.fitchratings.mx.

Additional information available at: www.fitchratings.com or www.fitchratings.mx.

Applicable Criteria and Related Reports:

-- 2015 Outlook: Bond Funds, Increase of AuMs and Profitability Linked to Macro Conditions (December 10, 2014).

-- Significant Events of Bond Funds Rated by Fitch (August 2013-September 2014) (October 30, 2014).

-- Return According to Market Risk Rating (Sept. 11, 2014).

Applicable Criteria and Related Research: Bond Funds with the Highest Performance

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=865075

Significant Events of the Bond Funds Rated by Fitch (August 2013 - September 2014)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=813270

2015 Outlook: Bond Funds

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=838448

Return According to Market Risk Rating -- Bond Investment Funds (First-Half 2014)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=781668

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Fitch Ratings
Bertha Cantu
Director
+52 81 8399 9128
Fitch Mexico S.A. de C.V.
Prol. Alfonso Reyes 2612, Monterrey, Nuevo Leon, Mexico
or
Sofia Vite
Analyst
+52 81 8399 9100
or
Arturo Rueda
Senior Director
+52 81 8399 9100
or
Media Relations:
Elizabeth Fogerty, +1 212-908-0526
[email protected]

Source: Fitch Ratings

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