AFOREs report capital gains of US$14 billion

In May, the 10 retirement fund administrators (AFOREs) generated capital gains of US$14 billion for workers: the second-highest figure so far this year.

According to the National Commission for the Retirement Savings System (CONSAR), during the first five months of the year, the system generated capital gains of US$27.5 billion, representing a 5.5% increase compared to the same period in 2025.

Meanwhile, the capital gains generated over the past 12 months from investments of funds contributed by workers, their employers, and the government to the AFOREs totaled US$70 billion.

In a statement, the Mexican Association of AFOREs (AMAFORE) noted that May’s capital gains reflect the recovery observed since April, following the episode of volatility in March.

The fund managers make investments professionally, with a long-term vision, and recognize that short-term volatility can cause temporary fluctuations in the value of the portfolios. Furthermore, the SAR manages approximately US$523.5 billion and has generated a historical nominal return of over 10.5%, which is close to 5% above inflation.