Recently, I started looking into how the Mexican market has performed in 2026, and honestly, the numbers are quite surprising. While the S&P 500 has accumulated only +5% over the last 12 months, the main index of the Bolsa Mexicana de Valores is hovering around +22%. This is not something many U.S. investors are expecting, but the data is there.

The BMV has 145 listed companies, 140 of which are Mexican. The market is small compared with its economy, but that’s precisely what makes it interesting. When things work well here, they really work well. The S&P/BMV IPC index groups the 35 largest companies, and these concentrate around 80% of the total market value.

What catches my attention most are the five companies that are leading all of this. Walmart de México is still a retail giant with a market capitalization close to 923 billion pesos. América Móvil, controlled by Grupo Carso, is showing solid figures: revenues grew +2.1% in the first quarter, and net profit jumped +25.1% year over year. Grupo México, with its mining, transportation, and infrastructure divisions, reported net profit growth of more than 50% in Q4 2025.

Then there’s FEMSA—that Mexican conglomerate that is the world’s largest bottler of Coca-Cola. It trades on both the BMV and in New York, and it maintains a consensus analyst recommendation of Buy. And we can’t forget Fresnillo plc, the world’s largest producer of primary silver, which closed 2025 with revenue of $4.561 billion (+30.5% year over year).

The macroeconomic backdrop is mixed. Inflation is around 4.5-4.6% annually, above Banxico’s 3% target, so the central bank has been cautious with rate cuts. But what’s interesting is that the Mexican peso is trading in a relatively narrow range of 17.30-17.80 MXN per dollar—much more stable than in previous years. This is due to nearshoring flows, remittances, and expectations for the 2026 World Cup.

The BMV index is currently moving in the 68,000-70,000 point range, far from the February highs of 72,000, but up 5-6% so far this year. The sectors gaining traction are mining, consumer staples, and telecommunications. These are the pillars of the Mexican market right now.

For anyone who has had their portfolio concentrated in the United States for years, 2026 is opening up a real door. I’m not saying to abandon U.S. assets, but a mix that includes exposure to Mexican stocks in defensive sectors, some presence in U.S. assets, and local bonds could be interesting. It’s a way to take advantage of performance differences and reduce geopolitical risks that are getting worse.