Afores reduce their investments Mexican companies stocks

Retirement fund administrators (AFORES) have decided to reduce their investments in domestic equities of August of this year, with the investments reaching their lowest level since April 2025.

In August 2026, the Afores’ investments in stocks listed on the Mexican Stock Exchange (BMV) accounted for 6.53% of their portfolio, the lowest level since April of last year, when it fell to 7.47%. During the same period in 2025, the figure stood at 6.71%, according to data from the National Commission for the Retirement Savings System (Consar).

At the same time, the value of local equities fell to US$31.9 billion. This decline in Mexican equities occurred during a month in which local stock markets fell. The Mexican Stock Exchange's main index, the S&P/BMV IPC, dropped 2.25% to close at 65,430.32 points, while the FTSE-BIVA, the Institutional Stock Exchange's index, dropped 2.37% to close at 1,322.14 points. In total, the Afores will manage US$499.77 billion in assets. Meanwhile, 51.69% of workers' assets are invested in government debt.

Roberto Solano, an analyst at Monex Casa de Bolsa, noted in an analysis that the factors that hurt the domestic stock market were weak domestic consumption, heavily weighted stocks, and a lack of catalysts.

“Corporate results for the second quarter (2Q26) showed signs of weakness in consumer spending in Mexico, which limits the growth outlook for companies focused on the domestic market,” he noted.

He also added that the market entered a phase of stagnation or consolidation after losing the optimism it had shown earlier in the year. “Adjustments were seen among companies with significant weightings in the index, and the lack of a clear catalyst in the short term prevented a stronger rally from taking hold.”

Within the AFORES’ investment portfolio, international equities rose from 13.69% in August 2025 to 14.42% during the same period this year. Investments allocated to real estate investment trusts (Fibras) increased, rising from 2.99% to 3.05% during the aforementioned period. Investments in commodities rose from 1.04% to 1.08% during the same period.

Government instruments such as federal government development bonds in investment units (Udibonos) and Federal Treasury Certificates (Cetes), among others, remained stable at 51.69%, up from 51.62%. In the meantime, investment in domestic corporate and bank debt fell to 11.34% in August of this year, down from 12.42% last year. On the other hand, exposure to international debt decreased from 0.61% to 0.57%.