UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------
SCHEDULE 13G
Under the Securities Exchange Act of 1934
The Mexico Fund, Inc.
(Name of Issuer)
Common Stock, $1.00 par value per share
(Title of Class of Securities)
592835102
(CUSIP Number)
March 31, 2008
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
----------------
*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act
of 1934 ("Act") or otherwise subject to the liabilities of that section of the
Act but shall be subject to all other provisions of the Act (however, see the
Notes).
Page 1 of 12 Pages
CUSIP No. 592835102 13G Page 2 of 12 Pages
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(1) NAMES OF REPORTING PERSONS
Hudson Bay Fund, LP
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) [X]
(b) [ ]
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF (5) SOLE VOTING POWER
0
SHARES --------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
0
OWNED BY --------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING --------------------------------------------------------
PERSON WITH: (8) SHARED DISPOSITIVE POWER
0
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
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(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
[ ]
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(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0%
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(12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
PN
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CUSIP No. 592835102 13G Page 3 of 12 Pages
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(1) NAMES OF REPORTING PERSONS
Hudson Bay Overseas Fund, Ltd.
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) [X]
(b) [ ]
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
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NUMBER OF (5) SOLE VOTING POWER
0
SHARES --------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
198,670 shares of Common Stock
OWNED BY --------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING --------------------------------------------------------
PERSON WITH: (8) SHARED DISPOSITIVE POWER
198,670 shares of Common Stock
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
198,670 shares of Common Stock
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(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
[ ]
-----------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0.99%
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(12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
CO
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CUSIP No. 592835102 13G Page 4 of 12 Pages
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(1) NAMES OF REPORTING PERSONS
Hudson Bay Capital Management, L.P.
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) [X]
(b) [ ]
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF (5) SOLE VOTING POWER
0
SHARES --------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
198,670 shares of Common Stock
OWNED BY --------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING --------------------------------------------------------
PERSON WITH: (8) SHARED DISPOSITIVE POWER
198,670 shares of Common Stock
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
198,670 shares of Common Stock
-----------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
[ ]
-----------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0.99%
-----------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
PN
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CUSIP No. 592835102 13G Page 5 of 12 Pages
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(1) NAMES OF REPORTING PERSONS
Sander Gerber
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) [X]
(b) [ ]
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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NUMBER OF (5) SOLE VOTING POWER
0
SHARES ---------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
198,670 shares of Common Stock
OWNED BY --------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING --------------------------------------------------------
PERSON WITH: (8) SHARED DISPOSITIVE POWER
198,670 shares of Common Stock
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
198,670 shares of Common Stock
-----------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
[ ]
-----------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0.99%
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(12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
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CUSIP No. 592835102 13G Page 6 of 12 Pages
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(1) NAMES OF REPORTING PERSONS
Yoav Roth
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) [X]
(b) [ ]
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Israel
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NUMBER OF (5) SOLE VOTING POWER
0
SHARES --------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
198,670 shares of Common Stock
OWNED BY --------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING --------------------------------------------------------
PERSON WITH: (8) SHARED DISPOSITIVE POWER
198,670 shares of Common Stock
-----------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
198,670 shares of Common Stock
-----------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
[ ]
-----------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0.99%
-----------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
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CUSIP No. 592835102 13G Page 7 of 12 Pages
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(1) NAMES OF REPORTING PERSONS
John Doscas
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) [X]
(b) [ ]
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
-----------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
0
SHARES --------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
198,670 shares of Common Stock
OWNED BY --------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING --------------------------------------------------------
PERSON WITH: (8) SHARED DISPOSITIVE POWER
198,670 shares of Common Stock
-----------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
198,670 shares of Common Stock
-----------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
[ ]
-----------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0.99%
-----------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
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CUSIP No. 592835102 13G Page 8 of 12 Pages
Item 1.
(a) Name of Issuer
The Mexico Fund, Inc. (the "Company")
(b) Address of Issuer's Principal Executive Offices
1775 I Street, NW, Suite 1100
Washington, DC 20006
Item 2(a). Name of Person Filing
This statement is filed by the entities and persons listed below, who are
collectively referred to herein as "Reporting Persons".
FUNDS
(i) Hudson Bay Fund, LP, with respect to the shares of Common Stock
held by it.
(ii) Hudson Bay Overseas Fund, Ltd. with respect to the shares of
Common Stock held by it.
INVESTMENT MANAGER
(iii) Hudson Bay Capital Management, L.P., (the "Investment Manager"),
with respect to the shares of Common Stock held by Hudson Bay
Fund, LP and Hudson Bay Overseas Fund, Ltd. (together, the
"Hudson Bay Funds")and to which the Investment Manager serves as
investment manager.
REPORTING INDIVIDUALS
(iv) Mr. Sander Gerber ("Mr. Gerber"), with respect to the shares of
Common Stock held by each of the Hudson Bay Funds.
(v) Mr. Yoav Roth ("Mr. Roth"), with respect to the shares of Common
Stock held by each of the Hudson Bay Funds.
(vi) Mr. John Doscas ("Mr. Doscas"), with respect to the shares of
Common Stock held by each of the Hudson Bay Funds.
Mr. Gerber, Mr. Roth and Mr. Doscas are collectively referred to as the
"Reporting Individuals."
The Investment Manager serves as the investment manager to each of the
Hudson Bay Funds. Each of the Reporting Individuals is an executive
officer of the Investment Manager.
Item 2(b). Address of Principal Business Office or, if none, Residence
The address of the principal business office of each of the Reporting
Persons is:
120 Broadway, 40th Floor
New York, NY 10271
Item 2(c). Citizenship
Citizenship is set forth in Row 4 of the cover page for each Reporting
Person hereto and is incorporated herein by reference for each such
Reporting Person.
Item 2(d) Title of Class of Securities
CUSIP No. 592835102 13G Page 9 of 12 Pages
Common Stock, $1.00 par value per share ("Common Stock")
Item 2(e) CUSIP Number
592835102
Item 3. If this statement is filed pursuant to ss.ss.240.13d-1(b) or
240.13d-2(b) or (c), check whether the person filing is a:
(a) [ ] Broker or dealer registered under Section 15 of the Act (15 U.S.C.
78o).
(b) [ ] Bank as defined in Section 3(a)(6) of the Act (15 U.S.C. 78c).
(c) [ ] Insurance company as defined in Section 3(a)(19) of the Act (15
U.S.C. 78c).
(d) [ ] Investment company registered under Section 8 of the Investment
Company Act of 1940 (15 U.S.C. 80a-8).
(e) [ ] An investment adviser in accordance with ss.240.13d-1(b)(1)(ii)(E);
(f) [ ] An employee benefit plan or endowment fund in accordance with
ss.240.13d-1(b)(1)(ii)(F);
(g) [ ] A parent holding company or control person in accordance with
ss.240.13d-1(b)(1)(ii)(G);
(h) [ ] A savings association as defined in Section 3(b) of the Federal
Deposit Insurance Act (12 U.S.C. 1813);
(i) [ ] A church plan that is excluded from the definition of an investment
company under Section 3(c)(14) of the Investment Company Act of 1940 (15
U.S.C. 80a-3);
(j) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
Item 4. Ownership
Provide the following information regarding the aggregate number and
percentage of the class of securities of the issuer identified in Item 1.
The information required by Items 4(a) - (c) is set forth in Rows 5 -
11 of the cover page for each Reporting Person hereto and is
incorporated herein by reference for each such Reporting Person. Based
on the Notification of Repurchase Offer filed pursuant to Rule 23C-3 on
Form N-23C-3 on March 10, 2008, the total number of outstanding shares
of Common Stock as of March 4, 2008 is 20,055,720.
As of March 31, 2008, (i) Hudson Bay Fund, LP beneficially owned
423,193 shares of Common Stock, (ii) Hudson Bay Overseas Fund, Ltd.
beneficially owned 690,489 shares of Common Stock and (iii) each of the
Reporting Individuals and the Investment Manager may have been deemed
the beneficial owner of the 1,113,682 shares of Common Stock
beneficially owned by the Hudson Bay Funds.
Therefore as of March 31, 2008, (i) Hudson Bay Fund, LP beneficially
owned 2.11% of the outstanding shares of Common Stock of the Company,
(ii) Hudson Bay Overseas Fund, Ltd. beneficially owned 3.44% of the
outstanding shares of Common Stock of the Company and (iii) each of the
Reporting Individuals and the Investment Manager may have been deemed
to beneficially own 5.55% of the outstanding shares of Common Stock of
the Company. The foregoing should not be construed in and of itself as
an admission by any Reporting Person as to beneficial ownership of
shares of Common Stock owned by another Reporting Person.
Since March 31, 2008, the Hudson Bay Funds sold a portion of their
shares of Common Stock such that as of the date hereof, the Reporting
Persons ceased to be the beneficial owner of 5% of the shares of
Common Stock of the Company.
CUSIP No. 592835102 13G Page 10 of 12 Pages
The Investment Manager, which serves as the investment manager to the
Hudson Bay Funds, may be deemed to be the beneficial owner of all
shares of Common Stock owned by the Hudson Bay Funds. Each of the
Reporting Individuals, as executive officers of the Investment Manager
with the power to exercise investment discretion, may be deemed to be
the beneficial owner of all shares of Common Stock owned by the Hudson
Bay Funds. Each of the Investment Manager and the Reporting Individuals
hereby disclaims any beneficial ownership of any such shares of Common
Stock, except for their pecuniary interest therein.
Item 5. Ownership of Five Percent or Less of a Class
If this statement is being filed to report the fact that as of the date
hereof the reporting person has ceased to be the beneficial owner of more than
five percent of the class of securities, check the following: [X]
Item 6. Ownership of More than Five Percent on Behalf of Another Person
Not applicable.
Item 7. Identification and Classification of the Subsidiary Which Acquired
the Security Being Reported on by the Parent Holding Company
Not applicable.
Item 8. Identification and Classification of Members of the Group
See Exhibit I.
Item 9. Notice of Dissolution of Group
Not applicable.
Item 10. Certification
By signing below each of the undersigned certifies that, to the best of its
knowledge and belief, the securities referred to above were not acquired and are
not held for the purpose of or with the effect of changing or influencing the
control of the issuer of the securities and were not acquired and are not held
in connection with or as a participant in any transaction having that purpose or
effect.
Exhibits:
Exhibit I: Joint Filing Agreement, dated as of May 30, 2008, by and among Hudson
Bay Fund, LP, Hudson Bay Overseas Fund, Ltd., Hudson Bay Capital Management, LP,
Sander Gerber, Yoav Roth and John Doscas
CUSIP No. 592835102 13G Page 11 of 12 Pages
SIGNATURES
After reasonable inquiry and to the best of its knowledge and belief, each
of the undersigned certifies that the information with respect to it set forth
in this statement is true, complete, and correct.
Dated: May 30, 2008
HUDSON BAY FUND, LP HUDSON BAY OVERSEAS FUND, LTD.
By: /s/ Yoav Roth By: /s/ Yoav Roth
------------------------- --------------------------
Name: Yoav Roth Name: Yoav Roth
Title Principal and Portfolio Manager Title Principal and Portfolio Manager
HUDSON BAY CAPITAL MANAGEMENT, L.P.
By: /s/ Yoav Roth /s/ Sander Gerber
------------------------- ------------------------
Name: Yoav Roth SANDER GERBER
Title Principal and Portfolio Manager
/s/ Yoav Roth /s/ John Doscas
----------------------------- ------------------------
YOAV ROTH JOHN DOSCAS
CUSIP No. 592835102 13G Page 12 of 12 Pages
EXHIBIT I
JOINT FILING AGREEMENT
This will confirm the agreement by and among the undersigned that the Schedule
13G filed with the Securities and Exchange Commission on or about the date
hereof with respect to the beneficial ownership by the undersigned of the shares
of common stock, $1.00 par value, of The Mexico Fund, Inc. is being filed, and
all amendments thereto will be filed, on behalf of each of the persons and
entities named below in accordance with Rule 13d-1(k) under the Securities
Exchange Act of 1934, as amended. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.
Dated as of May 30, 2008
HUDSON BAY FUND, LP HUDSON BAY OVERSEAS FUND, LTD.
By: /s/ Yoav Roth By: /s/ Yoav Roth
------------------------- --------------------------
Name: Yoav Roth Name: Yoav Roth
Title Principal and Portfolio Manager Title Principal and Portfolio Manager
HUDSON BAY CAPITAL MANAGEMENT, L.P.
By: /s/ Yoav Roth /s/ Sander Gerber
------------------------- ------------------------
Name: Yoav Roth SANDER GERBER
Title Principal and Portfolio Manager
/s/ Yoav Roth /s/ John Doscas
----------------------------- ------------------------
YOAV ROTH JOHN DOSCAS