Mexico Strategy Flow of Funds: June Equity Flows Turn Negative, Foreign Selling More than Offsets Local Marginal Buying

Research evidence excerpt

Mexico Strategy Flow of Funds: June Equity Flows Turn Negative, Foreign Selling More than Offsets Local Marginal Buying

J P M O R G A N Latin America Equity Research

16 July 2026

Mexico Strategy Flow of Funds

June Equity Flows Turn Negative, Foreign Selling More

than Offsets Local Marginal Buying

In June, net equity flows totaled -$0.5 bn on the back of foreign selling, though Mexico Equity Strategy

ACYTD they remain firmly positive at $2.0 bn. June’s flow picture turned less Adrian E Huerta

supportive on the foreign side, with foreigners reverting to net selling at -$0.8bn (52-81) 8152-8720

(active and passive both negative), snapping a two‑month buying streak—though adrian.huerta@jpmorgan.com

they remain slightly positive YTD (+$0.6bn). Of note, we saw $0.3 bn of foreign J.P.MorganMorganGrupoCasaFinancierode Bolsa, S.A. de C.V., J.P.

buying of FIBRAs this month, the highest print since Apr-24 ($0.4 bn), which was

Felipe Barragan Sanchez

more than offset by selling in other Mexican stocks and ETFs. This FIBRA buying (52-55) 5283-1666

coincided with the cash amount distributed by FMTY to FMQ shareholders (more felipe.barragan@jpmorgan.com

details here), which, after seeing this print, was likely re-allocated within the J.P. Morgan Casa de Bolsa, S.A. de C.V., J.P.

Morgan Grupo Financiero

FIBRA space. Positioning remains light for Mexico (consensus OW moved up to

2 from 1), while Brazil eased further to 20 (from 24). Locals stayed marginally Emy Shayo Cherman

(55-11) 4950-6684

constructive with +$0.3bn of net inflows, supported by both Pension Funds and emy.shayo@jpmorgan.com

Mutual Funds, with allocations broadly steady (PFs at 6.8%, MFs at 6.1%, the latter Banco J.P. Morgan S.A.

at the highest since Apr-24). Buyback activity stayed strong at $652 mn Diego Celedon