The fund has 40 percent of its fund in Mexican equities or dollar denominated bonds.
Argentina's board helped keep its peso firmly fixed to the dollar when the Mexican peso collapsed three years ago.
Families in Mexico who depend on the income sent to them from workers abroad are also suffering from the unfavourable exchange rate of the Mexican peso against the US dollar - with the US dollar falling 8% this year.
The Mexican peso is stronger against the dollar than it's been in a year and a half.
The Mexican IPC index better than tripled in dollar terms from January 2003 through early May this year.
The strong peso has hurt exports, but not as much as last year's falloff in demand from the U.S. So far this year the Mexican Bolsa is up 10% in dollar terms, but stocks are still relatively cheap at 17 times earnings.
Commodity currencies including the Russian rouble are responsive to expectations of a rise in commodity prices fuelled by Fed easing, while investors view the Mexican peso, along with the Canadian dollar, as a play on any economic recovery in the US because of their strong trade links.
Recreation at the end of the day consists of listening to Mexican pop music and drinking beer for a dollar a can.
Many of the emerging currencies are strong, with the Turkish lira and Mexican peso up 6.6% versus the dollar last month.
The Brazilian and Mexican markets have fallen 29% and 19% in dollar terms since May 9 amid a broad downturn in global markets.
When flows left equities and came into U.S. fixed income over the last several months, more demand for the dollar pushed currencies like the Brazilian real and Mexican peso lower.
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In addition to participating in the Mexican stock market, investors in this fund will gain some diversification from the U.S. dollar.
On August 15th the Hong Kong Monetary Authority pushed interbank rates up to levels not seen since the Mexican peso crisis in 1995, to counter what it said was a speculative attack on the Hong Kong dollar.
Having sought U.S. dollar exposure last year, we would expect to build our exposure to currencies like the Brazilian real, Mexican peso and Turkish lira in 2013.
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