I just reviewed the performance of the Mexican Stock Exchange so far in 2026, and there’s something that catches quite a bit of attention: while the S&P 500 has gained just +5% over the last 12 months, the Mexican index S&P/BMV IPC is up +22%. That’s no small feat. And all of this under a second Trump administration that, in theory, should be complicating everything for Mexico.

What’s interesting is that the BMV remains relatively small compared to its economy — only 145 companies are listed, of which 140 are Mexican. But those 35 companies that make up the main index account for almost 80% of the total market value. It’s a very concentrated stock exchange, and that means if you understand the main players, you understand quite well how the market moves.

Speaking of those main players, the 10 companies listed on the stock exchange with the highest market capitalization are the ones really moving the needle. Grupo México leads with 1.53 trillion pesos, followed by América Móvil with 1.38 trillion. Then come Walmart Mexico, FEMSA, Fresnillo plc, Banorte, Coca-Cola FEMSA, Arca Continental, Peñoles, and Cemex. These companies represent nearly 70% of the index’s value.

What I find remarkable is how these top 10 players have managed to maintain resilience despite everything. Grupo México had a strong performance in Q4 2025 with net profits that increased by more than 50%. América Móvil reported revenues of 237 billion pesos in Q1 2026 with a year-over-year growth of +2.1%, but the most interesting thing was that its net profit jumped +25.1%. Walmart Mexico confirmed sales close to 246 billion pesos in Q1, although with pressure on net margins.

The macroeconomic context is mixed but not as bad as it seemed a few months ago. Inflation is around 4.5-4.6% in March-April 2026, above Banxico’s target of 3%, so the central bank has been cautious. It cut 25 basis points in March but then paused to prevent inflation from spiking. What has worked is the Mexican peso, which remains within a narrow range of 17.30-17.80 MXN per dollar in April. That’s quite stable compared to previous years.

Nearshoring continues to be the key factor supporting all this. Remittances, investment flows seeking alternatives to the United States, and even expectations for the 2026 World Cup have helped keep the peso strong. For Mexican companies, this ‘super peso’ has reduced pressures on import costs and dollar-denominated debt.

The stock market has gained around 5-6% so far in 2026, although it’s currently moving within a range of 68,000-70,000 points, far from the February highs around 72,000. The sectors leading the charge are mining (especially copper), basic consumption, and telecommunications. Quite logical considering who the main players are.

For those who have been focused on the U.S. for years, 2026 is becoming an uncomfortable reality: the Mexican market is winning by a wide margin. And it’s not magic; it’s because companies like Grupo México, América Móvil, and Walmart Mexico have solid fundamentals and are operating in defensive sectors or with strong structural demand.

The question now is whether this continues or if we’re in a temporary correction. What’s clear is that diversifying into markets like Mexico, especially in mining and basic consumption, makes sense in this environment where geopolitics and tariffs are becoming increasingly unpredictable.