The world's richest man, Carlos Slim, is using the recent market slump as an opportunity to add to his largest US holdings -- Saks and The New York Times -- at lower prices.

Via Bloomberg News:

Slim's billionaire Inmobiliaria Carso investment fund bought 621,000 Saks shares on Aug 18 for prices ranging from $7.72 to $8.01, according to regulatory filings (on Monday). The Mexican billionaire paid $6.83 to $7.09 for 553,000 Times Co. shares the same day.

While Slim chose to increase his stakes on the US-based companies, other wealthy business-owners and corporations throughout Latin America have embarked on a local buyback wave after stock markets losses piled.

In the case of Mexico, the country's benchmark IPC index slid about 14 per cent this year. Not as much as Brazil's Ibovespa index, which has accumulated almost a 25 per cent drop YTD.

Still, declines in America Movil -- Latin America's leading mobile phone carrier and Slim's biggest telecom holding -- far outpaced that of the IPC. Shares in the company, which trade at a 0.942 beta versus the IPC index, are down over 20 per cent this year. Bloomberg estimated that losses in Slim's portfolio earlier this month alone totalled almost $8bn.

America Movil YTD performance on Mexico's Bolsa

America Movil YTD performance (Bloomberg)

Source: Bloomberg

See also:
Carlos Slim less rich than a week ago - FT Tilt
Coverage of Latin American equities - FT Tilt
Global market rout series - FT Tilt