I have been observing with great interest how the Mexican market has surprised many investors in 2026. While U.S. indices are advancing modestly, the Mexican Stock Exchange has accumulated gains close to 22% over the past twelve months. It’s a contrast worth analyzing, especially considering the complex context facing the Mexican economy.

The BMV, although the second largest in Latin America, remains relatively small in global terms. Only 145 companies listed on the stock exchange operate in this market, of which 140 are Mexican. What’s interesting is that this concentration is not a weakness but a strength: five companies dominate nearly half of the total value, and their results reflect the overall health of the economy.

Grupo México leads the list with a market capitalization close to 1.53 trillion pesos. What many don’t notice is that this mining company not only produces copper but also controls critical railway infrastructure. In the first quarter, its revenue grew around 11%, with net profits soaring over 50%. That indicates expanding margins.

America Movil ranks second and represents something more important: it is the telecommunications bridge of the Americas. With 323 million users across 23 countries, its first-quarter numbers showed revenues of 237 billion pesos with a growth of 2.1%. But the most notable thing was that its net profit jumped 25.1% year-over-year. That’s real dynamism.

Walmart Mexico continues to strengthen in retail. Its consolidated sales reached 246 billion pesos in the first quarter, remaining one of the pillars of domestic consumption. FEMSA, for its part, diversifies across beverages, commerce, and pharmacies, operating in 18 countries and being the largest Coca-Cola bottler worldwide.

What makes companies listed on the stock exchange like these so relevant is that they capture macroeconomic trends. The Mexican peso has remained surprisingly stable between 17.30 and 17.80 pesos per dollar thanks to nearshoring and remittances. Inflation hovers around 4.5-4.6%, above the Bank of Mexico’s target, but is controlled.

The S&P/BMV IPC index, which groups the 35 largest companies listed on the stock exchange, accounts for approximately 80% of the market value. This means that if you understand Grupo México, America Movil, Walmart Mexico, FEMSA, and Fresnillo, you understand most of the movement of the Mexican market.

What I find most interesting is that this opportunity has arisen alongside a complex Trump administration. Despite the initial tariffs of 25-50% on Mexican products, the stock market has shown resilience. Nearshoring continues to flow, domestic consumption holds up, and leading companies keep expanding margins.

For those who have concentrated everything in U.S. assets for years, 2026 raises a serious question: why does the S&P 500 barely advance 5% while the Mexican market accumulates 22%? The answer probably lies in the fact that the Mexican market was undervalued and is now capturing both nearshoring and the appetite for returns in emerging markets with solid companies.

A balanced portfolio could combine exposure to Mexican-listed companies, especially in mining, basic consumption, and telecommunications, with selective U.S. assets and local bonds. It’s a mix that leverages performance differences, benefits from the superpeso, and diversifies geopolitical risks that are increasing. The Mexican market is not speculative at this point; it’s a value opportunity with companies backed by solid results.