Mexican Pension Funds Post $28 Billion in Gains for First Half of 2026

Mexico's pension fund administrators, known as Afores, have reported substantial gains, accumulating 484.07 billion pesos (approximately $28 billion USD) in capital gains during the first half of 2026. This positive performance follows a strong June, which saw returns of 7.659 billion pesos.

The positive results in June extended the Retirement Savings System's (SAR) streak to three consecutive months of positive accumulated balances for the year. This recovery is particularly notable given the significant losses experienced in March, when the funds managed by Afores saw a historic drop of 417.321 billion pesos.

Over the past 12 months, from July 2025 to June 2026, the SAR has generated an impressive 1.1 trillion pesos in capital gains. Capital gains represent the increase in the value of investments managed by Afores, which include government bonds, debt instruments, and stocks. These gains directly impact the balances in workers' retirement savings accounts, though they can fluctuate with market conditions.

The figures released by the National Commission of the Retirement Savings System (Consar) show a significant rebound starting in April. After the March downturn, April alone contributed 347.525 billion pesos in capital gains, bringing the accumulated balance back into positive territory. May added another 239.481 billion pesos, further solidifying the positive trend leading into the second half of the year.