I have been watching the Mexican market over the past few months, and honestly, interesting things are happening that many investors are overlooking. The Mexican Stock Exchange is showing performance that frankly surprises compared to what you see in the United States.

First, the context: only 145 companies are listed on the BMV, of which 140 are Mexican. It’s a concentrated market, no doubt, but that’s precisely what makes it interesting. The main index, the S&P/BMV IPC, groups the 35 largest companies, and that’s where the real action is. And here’s the interesting part: in the last 12 months, the index has gained about 22%, while the S&P 500 barely reaches 5%. That’s no coincidence.

The Mexican companies listed on the stock exchange leading this movement are mainly five. Walmart Mexico remains the retail giant, with a market capitalization close to 923 billion pesos. América Móvil, controlled by Grupo Carso, is another pillar with over 1.35 trillion in market cap. Then there’s Grupo México, which operates in mining, transportation, and infrastructure, with a market cap of 1.53 trillion. FEMSA, the world’s largest Coca-Cola bottler, is around 615 billion. And Fresnillo, the silver and gold producer, rounds out the top 5.

Together, these five Mexican listed companies account for nearly 70% of the main index’s value. That is, if you want exposure to the Mexican market, you are basically betting on these names.

Now, what’s happening in the macroeconomic context? Trump’s second administration is undoubtedly complicated. The initial tariffs caused volatility, but nearshoring has been a lifesaver. The Mexican peso remains within a narrow range of 17.30 to 17.80 per dollar, which is positive because it reduces pressures on imports and dollar-denominated debt for these companies. Inflation is around 4.5-4.6%, above Banxico’s target, so the central bank has been cautious with rate cuts.

What’s interesting is that the market is being supported by specific sectors: mining (especially copper), basic consumption, and telecommunications. Fresnillo closed 2025 with revenues of $4.561 billion, a 30.5% year-over-year growth. Grupo México showed net profit over 50% in the last quarter of 2025. América Móvil recorded a 25.1% increase in net profit in the first quarter of 2026.

For those who have been focused on the U.S. for years, 2026 is a moment to reconsider the strategy. Mexican publicly traded companies are demonstrating resilience and growth potential that you don’t see in the major U.S. indices. A diversified portfolio could combine exposure to Mexican stocks, especially in those key sectors, with a selective presence in U.S. assets and local bonds. It’s a mix that allows you to take advantage of performance differences, benefit from the peso’s relative strengthening, and reduce geopolitical risks that are intensifying.

The Mexican market remains small on a global scale, but it’s offering real opportunities in 2026. It’s worth paying attention to.