I just reviewed how the main companies listed on the Mexican stock exchange are moving in 2026, and honestly, there are interesting things happening that many U.S. investors are missing.

The Mexican Stock Exchange (BMV) is not huge compared to New York, but it’s not irrelevant either. Only 145 companies are listed there, but those that are are serious players. The main index, the S&P/BMV IPC, groups the 35 largest and has already gained nearly 22% over the past twelve months. That’s much more than what the S&P 500 has done in the same period.

The five companies with the largest weight on the stock exchange are well known: Walmart Mexico, América Móvil, Grupo México, FEMSA, and Fresnillo. These five account for approximately 50% of the entire market capitalization. Walmart Mexico is around 923 billion pesos in cap, América Móvil is close to 1.35 trillion, and Grupo México leads with 1.53 trillion. Together, they represent more than half of the total market value.

What’s interesting is that the performance has been much more resilient than most expected. Trump imposed heavy tariffs last year, but nearshoring has offset that. Companies listed on the Mexican stock exchange in sectors like mining, basic consumption, and telecommunications have performed well. Grupo México posted strong results in Q4 2025 with revenue growing 11% and net profit jumping over 50%. América Móvil also showed solid numbers: revenues of 237 billion pesos with 2.1% growth and net profit up 25.1%.

Fresnillo, the world’s largest silver producer, inherited a very strong 2025 with revenues of $35M. Walmart Mexico confirmed sales close to 246 billion pesos in Q1, although net margin was mixed due to high operating costs.

The macroeconomic context is complicated: inflation hovers around 4.5-4.6%, above Banxico’s target, so the bank has been cautious with cuts. But what’s working in their favor is the Mexican peso, which stays within a narrow range of 17.30 to 17.80 per dollar. That reduces import cost pressures for these companies.

For those who have had everything in the U.S. for years, 2026 is a reality check. The BMV has gained 5-6% so far this year and moves around 68,000 to 70,000 points. It’s not spectacular, but considering geopolitical uncertainty, it’s respectable. Mining, consumer, and telecommunications sectors continue to drive the market.

My take is that a diversified portfolio combining well-selected Mexican stocks—especially in those sectors—with some U.S. exposure and local bonds could perform better than concentrating everything in a single market. The companies listed on the Mexican stock exchange have stronger defenses than they seem at first glance.