Afore capital gains increased 10% in the first two months

The capital gains (unconsolidated returns until the moment of retirement) generated by the retirement fund administrators (Afore) grew 10 percent in the first two months compared to the same period in 2025.

According to the National Commission of the Retirement Savings System (Consar), last February the resources of the individual accounts held by the Afores obtained returns of 148,254 million pesos. “If we count from the previous year, the system has had capital gains for 10 consecutive months,” he added.

The accumulated amount of capital gains in January and February was 306,725 million pesos, since in the first month they added 158,471 million pesos.

A capital gain is an increase in the value of an asset, in this case the savings managed by the Afore. When the value goes down, it is called a handicap.

Both situations become respectively losses or gains when the investment instrument is sold or the asset is withdrawn, which happens when people retire.

The Mexican Association of Afore (Amafore) commented in a statement that the results confirm the solid performance of the system, which had already shown very favorable results throughout 2025.

He pointed out that the sum of 10 consecutive months of capital gains is a reflection of a prudent, diversified and long-term investment strategy.

He stressed that it is important to recognize that financial markets are going through an “unfavorable” episode in the short term.

“Since the beginning of the war in the Middle East, pressures have been generated in oil prices and volatility in different financial markets, which could translate into temporary losses during the current month,” he admitted.

Amafore recalled that the fundamental purpose of the Retirement Savings System (SAR) is to generate long-term returns and that fluctuations are a natural part of the behavior of the markets. “Historically, these episodes have been transitory and have been more than compensated for over time,” he said.

He mentioned that the resources managed by the system total 8.67 trillion pesos, equivalent to more than 24 percent of the gross domestic product.

Of that amount, 57 percent corresponds to returns generated by investments, which is equivalent to an average return of 10.74 percent nominal and 5.06 percent in real terms.

The association maintained that these levels are highly competitive and superior to many other investment options available in the market.

“For this reason, we maintain that the SAR is a solid, reliable instrument aimed at protecting the savings of Mexican workers in the long term,” he stated.