I just reviewed how the Mexican market is doing in 2026, and honestly, there are interesting things happening. The Bolsa Mexicana de Valores remains the second-largest in Latin America, but what catches my attention is how these brokerage houses in Mexico are showing surprising resilience despite everything that’s going on globally.

In April, the S&P/BMV IPC was up around 22% over the past 12 months. To put it in perspective: the S&P 500 was only around 5% over the same period. That’s quite significant. The Mexican market is made up of 145 listed companies, but the concentration is enormous: only 35 make up the main index and account for approximately 80% of market value.

The five largest companies that dominate the market are Walmart de México, América Móvil, Grupo México, FEMSA, and Fresnillo plc. Together, they account for nearly 50% of total market capitalization. It’s not surprising if you know the Mexican market, but what’s relevant is that these brokerage houses in Mexico have managed to navigate a fairly complex environment.

Walmart de México reported consolidated sales close to 246 billion pesos in the first quarter of 2026. Analysts maintain a Overweight recommendation with price targets around 65-66 MXN. América Móvil grew 2.1% year over year in revenue, and its net profit rose strongly by 25.1%. Grupo México also showed a rebound of more than 50% in net profit in the last quarter of 2025.

What’s really surprising is that all of this is happening under a very complex second Trump administration. At first, there was uncertainty due to 25% or 50% tariffs, but the resilience of domestic consumption and sustained nearshoring have cushioned the blow. The Mexican peso remains within a narrow range of 17.30-17.80 MXN per dollar, which has reduced cost pressures from imports.

From the macroeconomic side, inflation is around 4.5-4.6% annually, above Banxico’s 3% target. The central bank cut rates by 25 basis points in March but then paused further adjustments. Growth prospects have moderated, but the market continues to find opportunities.

The strongest sectors have been mining (especially copper), basic consumption, and telecommunications. If you analyze it closely, the Bolsa Mexicana has shown resilience that many didn’t expect. It’s currently trading in the range of 68,000-70,000 points, far from the February highs of 72,000, but the accumulated gain for the year is still solid at around 5-6%.

For anyone who has concentrated their assets in the United States for years, 2026 is becoming a turning point. A diversified portfolio that combines exposure to Mexican equities in mining, basic consumption, and telecommunications, along with a selective presence in U.S. assets and local bonds, could be an interesting strategy to take advantage of performance differences and reduce geopolitical risks. Brokerage houses in Mexico are offering real opportunities in this context.