STERLING’S weakness, a mild recovery in commodity prices and the growing strength of Latin American markets helped the Aberdeen Latin American Income fund make a positive return in the last financial year.

Assets in the trust, which is run by Aberdeen Asset Management, grew by 46.2 per cent in the year to the end of August having shrunk by 36.8 per cent in the previous year.

The 2015/16 figure compares with growth in the fund’s benchmark – a composite index made up of the MSCI EM Latin America 10/40 Index and JP Morgan GBI-EM Global Diversified Index – of 38.8 per cent.

Chairman Richard Prosser said the trust, which is 39 per cent invested in equites and 61 per cent in bonds, benefited from a rally in Latin American bond and equity prices, especially in the second half of the year.

“For some markets, positive political developments spurred optimism,” he said.

“For most others, a recovery in oil and metal commodity prices and continued monetary easing from global central banks proved supportive.

“Inflation has peaked and started to decline in the region, allowing central banks to end their rate-hiking cycles.

“Meanwhile, regional currencies gained against sterling following the unexpected results of the UK’s referendum on European Union membership.”

Mr Prosser said that the £112,000 annual company secretarial fee paid to Aberdeen, which the fund manager agreed to waive for the past two years after dividends were cut from 4.25p to 3.5p, will now be reinstated and raised to £114,000.

“In light of the signs of strengthening currencies and improved confidence in the region, the board has agreed to reinstate the company secretarial fee at the level of £114,000 for the year ending 31 December 2017,” Mr Prosser said.

Aberdeen received a management fee of £442,000 for 2015/16.