The Ibero-America Fund, Inc.

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-05189

THE IBERO-AMERICA FUND, INC.

(Exact name of registrant as specified in charter)

1345 Avenue of the Americas, New York, New York 10105

(Address of principal executive offices) (Zip code)

Joseph J. Mantineo

AllianceBernstein L.P.

1345 Avenue of the Americas

New York, New York 10105

(Name and address of agent for service)

Registrant’s telephone number, including area code: (800) 221-5672

Date of fiscal year end: November 30, 2011

Date of reporting period: August 31, 2011

 

 

 

ITEM 1. SCHEDULE OF INVESTMENTS.

The Ibero-America Fund

Portfolio of Investments

August 31, 2011 (unaudited)

 

Company

    Shares        U.S. $ Value  

COMMON STOCKS - 95.2%

        

Financials - 26.9%

        

Commercial Banks - 16.9%

        

Banco Bilbao Vizcaya Argentaria SA (a)

      284,450         $     2,580,993   

Banco Santander SA

      597,976           5,525,127   

Grupo Financiero Banorte SAB de CV - Class O

      297,400           1,203,975   

Itausa - Investimentos Itau SA (Preference Shares)

      165,102           993,578   
       

 

 

  
          10,303,673   
       

 

 

  

Consumer Finance - 1.9%

        

Compartamos SAB de CV

      705,200           1,146,527   
       

 

 

  

Diversified Financial Services - 5.1%

        

BM&F Bovespa SA

      50,600           296,563   

CaixaBank

      431,009           2,195,430   

Corp. Financiera Alba

      11,948           588,701   
       

 

 

  
          3,080,694   
       

 

 

  

Insurance - 2.1%

        

Grupo Catalana Occidente SA

      59,027           1,284,657   
       

 

 

  

Real Estate Management & Development - 0.9%

        

BR Malls Participacoes SA

      48,300           538,555   
       

 

 

  
          16,354,106   
       

 

 

  

Telecommunication Services - 18.9%

        

Diversified Telecommunication Services - 14.0%

        

Telefonica SA

      409,082           8,504,873   
       

 

 

  

Wireless Telecommunication Services - 4.9%

        

America Movil SAB de CV

      2,316,200           2,966,021   
       

 

 

  
          11,470,894   
       

 

 

  

Consumer Discretionary - 14.2%

        

Auto Components - 1.4%

        

Cie Automotive SA (b)

      100,510           837,419   
       

 

 

  

Diversified Consumer Services - 1.0%

        

Anhanguera Educacional Participacoes SA

      35,000           580,438   
       

 

 

  

Hotels, Restaurants & Leisure - 0.5%

        

Melia Hotels International SA

      36,300           285,086   
       

 

 

  

Household Durables - 2.1%

        

PDG Realty, SA Empreendimentos e Participacoes

      146,800           722,058   

Tecnisa SA

      80,800           576,091   
       

 

 

  
          1,298,149   
       

 

 

  

Media - 0.7%

        

Antena 3 de Television SA

      33,820           238,753   

Mediaset Espana Comunicacion SA

      26,900           194,310   
       

 

 

  
          433,063   
       

 

 

  

Specialty Retail - 8.5%

        

Inditex SA

      60,947           5,179,630   
       

 

 

  
          8,613,785   
       

 

 

  

Company

    Shares        U.S. $ Value  

Energy - 10.4%

        

Oil, Gas & Consumable Fuels - 10.4%

        

Petroleo Brasileiro SA

      40,000         $ 576,669   

QGEP Participacoes SA

      127,700           1,279,487   

Repsol YPF SA

      128,832           3,707,801   

Ultrapar Participacoes SA

      41,600           726,217   
       

 

 

  
          6,290,174   
       

 

 

  

Utilities - 8.4%

        

Electric Utilities - 7.7%

        

EDP - Energias de Portugal SA

      117,300           385,051   

Iberdrola SA

      581,812           4,279,417   
       

 

 

  
          4,664,468   
       

 

 

  

Gas Utilities - 0.7%

        

Enagas SA

      22,065           462,354   
       

 

 

  
          5,126,822   
       

 

 

  

Industrials - 8.4%

        

Commercial Services & Supplies - 1.7%

        

Prosegur Cia de Seguridad SA

      22,349           1,031,792   
       

 

 

  

Construction & Engineering - 5.2%

        

Ferrovial SA

      106,900           1,335,615   

Obrascon Huarte Lain SA

      64,743           1,797,347   
       

 

 

  
          3,132,962   
       

 

 

  

Machinery - 1.0%

        

Construcciones y Auxiliar de Ferrocarriles SA

      1,150           595,734   
       

 

 

  

Transportation Infrastructure - 0.5%

        

Abertis Infraestructuras SA

      19,600           310,798   
       

 

 

  
          5,071,286   
       

 

 

  

Consumer Staples - 4.4%

        

Beverages - 1.5%

        

Cia de Bebidas das Americas (Preference Shares)

      26,810           932,178   
       

 

 

  

Food & Staples Retailing - 2.2%

        

Grupo Comercial Chedraui SA de CV

      203,600           603,289   

Wal-Mart de Mexico SAB de CV

      274,900           737,469   
       

 

 

  
          1,340,758   
       

 

 

  

Personal Products - 0.7%

        

Hypermarcas SA

      47,700           399,722   
       

 

 

  
          2,672,658   
       

 

 

  

Health Care - 1.9%

        

Health Care Providers & Services - 1.1%

        

Diagnosticos da America SA

      66,400           686,149   
       

 

 

  

Pharmaceuticals - 0.8%

        

CFR Pharmaceuticals SA (b)

      783,265           198,660   

Genomma Lab Internacional SAB de CV (b)

      137,300           289,658   
       

 

 

  
          488,318   
       

 

 

  
          1,174,467   
       

 

 

  

Company

    Shares        U.S. $ Value  

Information Technology - 1.2%

        

IT Services - 1.2%

        

Amadeus IT Holding SA

      35,000         $     697,702   
       

 

 

  

Materials - 0.5%

        

Metals & Mining - 0.5%

        

Tubacex SA (b)

      102,700           311,860   
       

 

 

  

Total Common Stocks

        

(cost $47,511,617)

           57,783,754   
       

 

 

  

SHORT-TERM INVESTMENTS - 0.1%

        

Investment Companies - 0.1%

        

AllianceBernstein Fixed-Income Shares, Inc. -
Government STIF Portfolio, 0.09% (c)

        

(cost $80,855)

      80,855           80,855   
       

 

 

  

Total Investments - 95.3%

        

(cost $47,592,472) (d)

           57,864,609   

Other assets less liabilities - 4.7%

           2,862,124   
       

 

 

  

Net Assets - 100.0%

         $     60,726,733   
       

 

 

  

 

(a) Security represents investments in an affiliate.
(b) Non-income producing security.
(c) Investment in affiliated money market mutual fund. The rate shown represents the 7-day yield as of period end.
(d) As of August 31, 2011, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $12,953,005 and gross unrealized depreciation of investments was $(2,680,868), resulting in net unrealized appreciation of $10,272,137.

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard & Poor’s. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market.

The Ibero-America Fund

Portfolio Summary

August 31, 2011 (unaudited)

 

COUNTRY BREAKDOWN*

  72.5%  

Spain

  14.4%  

Brazil

  12.0%  

Mexico

    0.7%  

Portugal

    0.3%  

Chile

    0.1%  

Short-Term

100.0%  

 

  

 

* All data are as of August 31, 2011. The Fund’s country breakdowns are expressed as a percentage of total investments and may vary over time.

The Ibero-America Fund

August 31, 2011 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The U.S GAAP disclosure requirements establish a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

 

  •  

Level 1—quoted prices in active markets for identical investments

  •  

Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

  •  

Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of August 31, 2011:

 

Investments in Securities

    Level 1     Level 2     Level 3     Total  

Common Stocks:

         

Financials

    $     4,767,899      $     11,586,207      $ –0 –    $     16,354,106   

Telecommunication Services

      2,966,021        8,504,873        –0 –     11,470,894   

Consumer Discretionary

      2,716,007        5,897,778        –0 –     8,613,785   

Energy

      2,582,373        3,707,801        –0 –     6,290,174   

Utilities

      –0 –     5,126,822        –0 –     5,126,822   

Industrials

      –0 –     5,071,286        –0 –     5,071,286   

Consumer Staples

      2,672,658        –0 –     –0 –     2,672,658   

Health Care

      1,174,467        –0 –     –0 –     1,174,467   

Information Technology

      –0 –     697,702        –0 –     697,702   

Materials

      –0 –     311,860        –0 –     311,860   

Short-Term Investments

      80,855        –0 –     –0 –     80,855   
  

 

 

    

 

 

    

 

 

    

 

 

  

Total Investments in Securities

      16,960,280        40,904,329 †      –0 –     57,864,609   

Other Financial Instruments*:

      –0 –      –0 –      –0 –      –0 – 
  

 

 

    

 

 

    

 

 

    

 

 

  

Total

    $ 16,960,280      $ 40,904,329      $             –0 –    $ 57,864,609   
  

 

 

    

 

 

    

 

 

    

 

 

  

 

* Other financial instruments are derivative instruments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.
† The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred between the close of the foreign markets and the time at which the Fund values its securities which may materially affect the value of securities trading in such markets. To account for this, the Fund may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a significant portion of the Fund’s investments are categorized as Level 2 investments.

ITEM 2. CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effective at the reasonable assurance level based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.

(b) There were no significant changes in the registrant’s internal control over financial reporting that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

 

ITEM 3. EXHIBITS.

The following exhibits are attached to this Form N-Q:

 

EXHIBIT NO.

  

DESCRIPTION OF EXHIBIT

11 (a) (1)   Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
11 (a) (2)   Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant): The Ibero-America Fund, Inc.

 

By:   /s/    Robert M. Keith
  Robert M. Keith
  President
Date:   October 25, 2011

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By:   /s/    Robert M. Keith
  Robert M. Keith
  President
Date:   October 25, 2011
By:   /s/    Joseph J. Mantineo
  Joseph J. Mantineo
  Treasurer and Chief Financial Officer
Date:   October 25, 2011