Overview
- Consar reported November plusvalías of 32,608 million pesos, down 77% from October and 49.6% year over year, marking a seventh straight positive month with only April in the red in 2025.
- From January to November, the system accumulated 1.12 trillion pesos in valuation gains, equal to 16.5% of workers’ SAR savings at the end of 2024.
- Portfolio data show about 52% of assets in Mexican government debt, 13% in international equities and 12% in domestic private instruments at the end of November.
- Strong stock market performance and earlier rate cuts powered the year’s gains, while mixed U.S. market results in November tempered returns.
- Unemployment-related withdrawals reached 3,720 million pesos in November, up 17% from a year earlier, as analysts also flag 2026 headwinds including fewer rate cuts and a higher levy on debt returns.