I just reviewed how the Mexican market is doing in 2026, and honestly, there are interesting things happening that many investors are not seeing. The Mexican Stock Exchange is being the surprise of the year.

Look, the S&P/BMV IPC has gained +22% over the last 12 months. To compare: the S&P 500 is just up +5%. That’s no small feat. And this is happening while the Trump administration is being quite aggressive with tariffs. The resilience comes from nearshoring, strong domestic consumption, and some companies that are simply dominating.

The companies on the stock exchange leading this movement are mainly five: Walmart Mexico, América Móvil, Grupo México, FEMSA, and Fresnillo. Together, they account for nearly 50% of the total market capitalization of the BMV. If you understand these five, you understand quite well what is happening in the Mexican market.

Walmart Mexico reported consolidated sales of 246 billion pesos in Q1 2026. The volume is there, although net margins faced pressure from operating costs. Analysts maintain a buy rating around 65-66 MXN. América Móvil grew 2.1% year-over-year in revenue, but its net profit increased 25.1%, which is quite strong. Grupo México had an impressive Q4 2025 with net profit over 50%.

The interesting thing is that only 145 companies are listed on the Mexican stock exchange in total, and 140 are Mexican. It’s a concentrated market. The main index is composed of 35 companies that represent 80% of the market value. This means that if you invest in the largest listed companies, you are capturing most of the action.

The macro context is complex: inflation hovers around 4.5-4.6% annually (above Banxico’s 3% target), but the peso is the best news. It trades at 17.30-17.80 MXN per dollar, avoiding sharp depreciations. For companies on the Mexican stock exchange, this reduces pressures on imports and dollar-denominated debt.

The sectors driving the market are mining (especially copper), basic consumption, and telecommunications. Fresnillo reported 2025 revenues of $4.56B (+30.5% year-over-year) and EBITDA of $2.8B (+80.7%). That’s real movement.

For those who have been entirely focused on the United States, 2026 is a moment to rethink. A diversified portfolio combining exposure to the companies listed on the Mexican stock exchange (especially mining and consumption), some selective U.S. assets, and local bonds could be capturing opportunities that the global market has not fully valued yet. Nearshoring is not a passing trend; it’s a structural flow that is supporting the Mexican market even in a tense geopolitical environment.