I just reviewed how the companies listed on the Mexican stock exchange are doing in 2026, and honestly, the outlook is quite interesting. The BMV has only 145 listed companies, but those 35 in the IPC index account for almost 80% of the total value. It’s a small but highly concentrated market, and that has its advantages and disadvantages.

What catches my attention is that while the world is in uncertainty with Trump and his tariffs, the Mexican market has gained nearly +22% over the past 12 months. That far exceeds the S&P 500, which is barely at +5%. It’s no coincidence.

The five companies listed on the stock exchange that lead everything are practically the ones we know: Grupo México with 1.56 trillion pesos in market capitalization, América Móvil at 1.38 trillion, Walmart Mexico with nearly 1 trillion, FEMSA, and Fresnillo. These five alone represent almost half of the entire market value.

Walmart Mexico closed the first quarter with sales of 246 billion pesos. Its performance is solid, although margins are under pressure. Analysts maintain a buy recommendation around 65-66 MXN. América Móvil grew 2.1% in revenue, but its net profit increased 25.1%, which is what investors are looking for. Grupo México had a strong fourth quarter with profits over 50%.

What’s interesting is that the macroeconomic context is complicated but manageable. Inflation hovers around 4.5-4.6% annually, above Banxico’s target, so we shouldn’t expect further rate cuts. The Mexican peso remains strong between 17.30 and 17.80 MXN per dollar, better than previous years. That reduces cost pressure on imports for companies listed on the stock exchange.

The sectors driving growth are mining, basic consumption, and telecommunications. Looking at the IPC index, materials account for 20-23%, basic consumption 18-20%, and telecommunications 12-14%. That explains why Grupo México and América Móvil continue to be the heavyweights.

For those who spent years focused on U.S. stocks, 2026 is a time to rethink. A diversified portfolio of Mexican stocks in these sectors, with some exposure to the U.S. and local bonds, could take advantage of performance differences and the super peso. Nearshoring remains the engine, and that doesn’t stop. The Mexican Stock Exchange has shown resilience that few expected.