Relative to that, Mexico has been strong, down 2.2% in that time period. The fund has been helped along byu companies such as Cemex, a worldwide manufacturer of building materials, and America Movil, Latin America’s largest wireless provider.
The peso is having a nice ride, too: the CurrencyShares Peso (FXM) is above its long-term trendline. FXM is up 8% for 2008, defying the U.S. dollar and taking tourists by surprise that Mexican stuff isn’t so cheap anymore.
Read the disclosure, as Tom Lydon is a member of the board of Rydex funds.