I have been reviewing how the Mexican Stock Exchange performs in 2026, and honestly, there are interesting things happening that many are not seeing. While everyone is focused on the U.S. markets, the BMV has gained about 22% over the past 12 months. That’s much more than the modest 5% of the S&P 500.

The Mexican stock market has 145 listed companies, but the reality is that everything is concentrated in very few. The top five SAB de CV companies and other large firms account for nearly 50% of the entire market capitalization. It’s as if the entire exchange depends on a handful of players.

The leading SAB companies in the market are quite clear: Grupo México in mining, América Móvil in telecommunications, Walmart Mexico in retail, FEMSA in beverages and commerce, and Fresnillo in precious metals. These SAB companies account for around 55-58% of the IPC index value. Grupo México has a capitalization of 1.53 trillion, América Móvil 1.35 trillion, and Walmart Mexico around 923 billion. These numbers speak volumes.

What surprises me is the resilience. Trump recently imposed tariffs of 25-50% on Mexican products, and most expected a disaster. But nearshoring has been an important cushion. The main SAB companies have held up well thanks to strong domestic Mexican consumption and the peso remaining stable in the 17.30-17.80 per dollar range. That’s a superpeso relative to previous years.

Regarding sectors, mining, basic consumption, and telecommunications are the drivers. Grupo México grew over 11% in revenue in the latest available quarter, with net profits increasing by more than 50%. América Móvil reported a 2.1% revenue growth and a 25.1% increase in net profit in the first quarter. Walmart Mexico closed with sales close to 246 billion pesos, although margins are under pressure.

Inflation remains an issue, around 4.5-4.6% annually in March-April, above Banxico’s 3% target. That has made the central bank more cautious. It cut rates by 25 basis points in March but then paused further adjustments. Growth prospects have moderated somewhat because of this.

For those who have been focused on U.S. stocks for years, 2026 is a reminder that geographic diversification can make sense. A balanced portfolio could combine exposure to strong Mexican SAB companies in sectors like mining and consumption, some presence in U.S. assets, and local bonds from both economies. This way, you take advantage of yield differences, benefit from the superpeso, and reduce trade and geopolitical risks that are worsening.

The S&P/BMV IPC index is currently in the 68,000-70,000 point range, far from the February highs of 72,000, but the momentum remains positive considering everything happening globally. It’s worth monitoring how this evolves in the coming months.