Recently, I was reviewing how the Mexican market is moving in 2026, and the truth is that interesting things are happening in the stock exchange. The Mexican Stock Exchange remains the second largest in Latin America, but what’s fascinating is seeing how just 145 companies listed on the Mexican stock market hold so much power in the country’s economy.

Let’s talk numbers. The S&P/BMV IPC index groups the 35 largest companies and has gained about 22% over the past 12 months. That clearly outperforms the S&P 500, which has been around 5% in the same period. This is not a minor fact considering the complexity of the environment with Trump’s administration and its tariffs.

The five publicly traded companies with the greatest weight are Walmart de México, América Móvil, Grupo México, FEMSA, and Fresnillo plc. Together, they account for nearly 50% of the total market capitalization. Walmart de México is around 923 billion pesos in market cap, with consolidated sales close to 246 billion pesos in the first quarter. América Móvil reported revenues of 237 billion pesos with a year-over-year growth of 2.1%, although its net profit rose sharply by 25.1%. Grupo México showed an 11% increase in revenue in the fourth quarter of 2025, with net profits exceeding 50%. FEMSA maintains a solid position as the world’s largest Coca-Cola bottler. Fresnillo plc closed 2025 with revenues of $4,561 million, a 30.5% increase year-over-year.

What catches my attention most is the resilience of the market. Despite initial uncertainty due to tariffs, companies listed on the Mexican stock exchange have shown a surprising ability to adapt. Nearshoring remains an important driver, the Mexican peso stays within a narrow range between 17.30 and 17.80 per dollar, and domestic consumption remains strong.

The macroeconomic context is not easy. Inflation hovers around 4.5-4.6% annually in March-April, above the Banco de México’s 3% target. Banxico cut rates by 25 basis points in March but has paused further adjustments. Despite this, sectors like mining, basic consumption, and telecommunications are pulling the index upward.

For those who have been heavily concentrated in U.S. assets, 2026 presents a real opportunity to diversify. A portfolio combining exposure to companies listed on the Mexican stock exchange, especially in mining and consumer sectors, with selective presence in U.S. assets and local bonds, could take advantage of performance differences and reduce geopolitical risks. The relative superpeso of the Mexican peso is also helping to reduce pressures on import costs and dollar-denominated debt for these companies. It’s an interesting time to watch how the Mexican market evolves.