Overview
Mexican equity via America Movil, FEMSA, and Walmart Mexico. Near-shoring beneficiary thesis. 2025 headwinds from US tariff uncertainty and peso weakness offset strong underlying corporate earnings growth.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| AMXL | America Movil | 15.8% |
| FEMSAUBD | FEMSA | 12.4% |
| WALMEX | Walmart de Mexico | 10.8% |
| BIMBOA | Grupo Bimbo | 7.4% |
| GFNORTEO | Banorte | 6.8% |
| GMEXICOB | Grupo Mexico | 5.8% |
| LIVEPOLC | El Puerto Liverpool | 4.8% |
| GRUMAB | Gruma SAB | 4.4% |
| GCARSOA1 | Grupo Carso | 3.8% |
| ORBIA | Orbia Advance | 3.4% |
Fund Details
Investment Thesis
Mexico offers a compelling near-shoring investment thesis as multinationals diversify supply chains toward USMCA-compliant North American alternatives. Mexico's proximity to the US, skilled manufacturing workforce, and trade agreement advantages have attracted massive FDI in industrial parks. However, the thesis faces near-term headwinds from US trade policy uncertainty and potential tariff escalation. Mexico's consumer sector through FEMSA, Bimbo, and Walmart Mexico provides domestic demand dimension alongside the manufacturing and export story.
Who It's For
Investors with a positive long-term thesis on Mexico's near-shoring opportunity and North American supply chain integration. EWW suits those who believe Mexico will be a structural beneficiary of China+1 manufacturing diversification regardless of short-term trade policy turbulence. The world-class consumer companies like Bimbo, FEMSA, and Walmart Mexico provide a defensive domestic balance to the cyclical manufacturing thesis. Factor MXN/USD currency risk into position sizing.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | $42.18 | -- |
| 2017 | $50.82 | +20.5% |
| 2018 | $42.18 | -17.0% |
| 2019 | $46.82 | +11.0% |
| 2020 | $36.18 | -22.7% |
| 2021 | $46.82 | +29.4% |
| 2022 | $42.82 | -8.5% |
| 2023 | $52.82 | +23.4% |
| 2024 | $44.82 | -15.1% |
| 2025 | $39.84 | -11.1% |
| Year | Yield |
|---|---|
| 2016 | 3.82% |
| 2017 | 3.52% |
| 2018 | 3.92% |
| 2019 | 3.68% |
| 2020 | 3.42% |
| 2021 | 2.98% |
| 2022 | 3.58% |
| 2023 | 3.32% |
| 2024 | 3.58% |
| 2025 | 3.82% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | $1.8B | -- |
| 2017 | $2.4B | +33.3% |
| 2018 | $1.6B | -33.3% |
| 2019 | $1.8B | +12.5% |
| 2020 | $1.2B | -33.3% |
| 2021 | $1.8B | +50.0% |
| 2022 | $1.6B | -11.1% |
| 2023 | $2.0B | +25.0% |
| 2024 | $1.6B | -20.0% |
| 2025 | $1.1B | -31.2% |
Historical figures are ETFHub estimates modelled from asset-class return patterns and may differ from official fund records. Data as of August 2026.
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