Recently, I was reviewing the performance of the Mexican stock exchange, and honestly, I was quite surprised. While the S&P 500 has barely increased by 5% over the past 12 months, the S&P/BMV IPC has accumulated nearly 22%. It's no coincidence.

The Mexican Stock Exchange has 145 listed companies, but here’s the interesting part: only 35 of them account for 80% of the market value. And if we focus on the five largest, these Mexican companies listed on the exchange represent almost half of the entire capitalization. We’re talking about Walmart de México, América Móvil, Grupo México, FEMSA, and Fresnillo plc.

Walmart de México continues to be a solid pillar. In the first quarter, it reported consolidated sales close to 246 billion pesos. Its market capitalization is around 923 billion, and analysts maintain a buy recommendation with targets around 65-66 MXN. Retail in Mexico remains a resilient business.

América Móvil is another giant. This telecommunications multinational with a presence in 23 countries moves impressive numbers: 237 billion pesos in revenue last quarter, with a net growth of 25% year-over-year. Its EBITDA increased by 3.8%, with margins near 40%. These figures explain why it remains the largest telecommunications company on the continent.

Grupo México is fascinating because it combines mining, transportation, and infrastructure. In the fourth quarter of 2025, its revenue grew 11%, and net profit jumped over 50%. As a mining company, it is the third-largest copper producer in the world, so it’s at the heart of the global energy transition.

FEMSA continues to be the largest Coca-Cola bottler worldwide. Although its Q1 2026 results have not yet been published, the previous quarter showed solid growth despite margin pressures due to currency issues. But here’s the key: these Mexican companies listed on the stock exchange have exposure to international markets, which diversifies risk.

And then there’s Fresnillo plc, the world’s largest primary silver producer. It inherited a spectacular 2025: revenues of $4.561 billion (up 30.5% year-over-year) and EBITDA of $2.796 billion (an explosion of 80.7%). With precious metal prices where they are, this has potential.

Now, the macro context is what makes all this interesting. Mexico is navigating the second Trump administration with surprising resilience. Inflation is at 4.5-4.6% annually, above Banxico’s target, but the Mexican peso remains strong in a range of 17.30-17.80 MXN per dollar. This is important because it reduces pressure on imports and dollar-denominated debt for companies.

What catches my attention most is nearshoring. Investment flows into Mexico continue to be sustained, and that is supporting both domestic consumption and the value of these Mexican listed companies. Mining, basic consumption, and telecommunications are the sectors that have driven the index the most.

For those who have had everything concentrated in the United States for years, 2026 is presenting a real case to rethink the strategy. Geographic diversification is not just theory; it’s real numbers. A portfolio that combines exposure to Mexican stocks with selectivity in U.S. assets and local bonds could be better positioned for what’s coming.

The Mexican stock market is currently moving around 68,000-70,000 points, far from the February highs, but with a positive trend. If nearshoring continues to flow and consumption remains resilient, there are real opportunities here. The numbers speak for themselves.