I just reviewed the performance of Mexican companies listed on the stock exchange this year, and frankly, there are some interesting things happening in the Mexican market. The Mexican Stock Exchange is showing resilience that many did not expect, especially considering all the geopolitical noise and tariffs that Trump brought back to the table.

This is what's happening: while the S&P 500 has barely gained 5% over the last 12 months, the S&P/BMV IPC is around 22%. Yes, you read that right. Mexican publicly traded companies are clearly outperforming U.S. indices. And this is no coincidence.

The Mexican economy in 2026 is navigating a quite complex environment. Inflation hovers around 4.5-4.6% annually (above Banxico's 3% target), which has made the central bank cautious with rate cuts. But here’s the good part: the Mexican peso is performing exceptionally well, trading in a range of 17.30-17.80 MXN per dollar. This is reducing import cost pressures for local companies.

The five Mexican companies with the largest market weight are Walmart Mexico, América Móvil, Grupo México, FEMSA, and Fresnillo. These five account for nearly 50% of the total market capitalization and are practically a mirror of the Mexican economy. Walmart Mexico leads in retail with a market cap close to 923 billion MXN, reporting sales of 246 billion pesos in the first quarter. América Móvil, controlled by Carlos Slim’s group, totals 1.35 trillion MXN and showed a 25.1% year-over-year net profit growth in Q1.

Grupo México, the mining conglomerate, is at 1.53 trillion MXN and was one of the big winners with a profit rebound of over 50% in Q4 2025. FEMSA, the beverage and retail giant, maintains a market cap of 21.19 billion USD with a dividend yield of 4.07%. And Fresnillo plc, the precious metals miner, closed 2025 with revenues of 4.56B USD (growth of 30.5%) and EBITDA of 2.8B USD.

What’s interesting is that the Mexican Stock Exchange is mainly driven by three sectors: mining (especially copper), basic consumption, and telecommunications. Nearshoring is playing a key role here. Despite initial tariffs, the flow of manufacturing investment into Mexico remains strong, supporting both domestic consumption and labor demand.

Currently, the main index hovers around 68,000-70,000 points, far from the February highs of 72,000, but with an accumulated gain of 5-6% so far this year. Mexican companies listed on the stock exchange are showing that, even in turbulent times, geographic diversification remains relevant.

For those who have everything in the U.S., 2026 is presenting a real opportunity. A balanced portfolio could mix exposure to Mexican stocks (especially mining, consumption, and telecom), selective presence in U.S. assets, and local bonds. This allows taking advantage of performance differences, benefiting from the superpeso, and spreading business and geopolitical risks. Mexican companies listed on the stock exchange are not the solution to everything, but they definitely deserve more attention than they typically receive.