I just reviewed how the Mexican market is structured in 2026, and there's something interesting that many investors keep overlooking. While everyone talks about Wall Street, it turns out that Mexican companies listed on the stock exchange are performing frankly better than the main U.S. indices.

Look, the Mexican Stock Exchange is the second largest in Latin America, but the market itself is quite concentrated. Only 145 companies are listed there, and here’s the important part: the top 5 account for almost 50% of all market capitalization. We're talking about Walmart Mexico, América Móvil, Grupo México, FEMSA, and Fresnillo. These are the pillars driving everything.

In the last 12 months, the S&P/BMV IPC gained about 22% until the end of April. Compare that to the S&P 500, which barely reached 5% in the same period. Quite a difference, right? And this happened despite all the initial uncertainty with tariffs and the Trump administration.

What’s supporting this is interesting: nearshoring continues to be a steady flow of investment, Mexican domestic consumption remains strong, and the peso is at its best in years, trading between 17.30 and 17.80 per dollar. That reduces import cost pressures for these companies.

Among Mexican companies listed on the stock exchange, the most prominent are from specific sectors. Grupo México leads in mining, América Móvil dominates telecommunications with 323 million users in 23 countries, Walmart Mexico controls retail with a market cap close to 923 billion MXN, FEMSA is the largest Coca-Cola bottler worldwide, and Fresnillo is the world's largest primary silver producer.

Now, the macroeconomic context isn't perfect. Inflation hovers around 4.5-4.6% annually, above Banxico’s target of 3%. The Bank of Mexico has been cautious: lowered rates by 25 basis points in March but paused further adjustments. Still, resilience remains.

For those who have kept everything in U.S. stocks for years, 2026 is presenting an interesting case. Mexican companies listed on the stock exchange are showing a potential that was previously easy to ignore. A diversified portfolio might consider exposure to sectors like mining, consumer staples, and telecommunications in Mexico, combined with selective U.S. stocks and local bonds. It’s a way to take advantage of performance differences and reduce geopolitical risks that are intensifying.