The best Afores in Mexico according to Morningstar

Morningstar evaluated the 10 Afores in Mexico for the fourth consecutive year and classified them on a qualitative scale of five levels with three positive classifications: Gold, Silver and Bronze, as well as Neutral and Negative classifications.

First of all, the Mexican retirement savings system is designed to improve the economic condition of Mexican workers and promote long-term savings in the economy, providing financing for investment projects in both the public and private sectors.

The independent retirement accounts of each worker are managed by Retirement Fund Administrators (Afores).

These private sector entities are established, subject to government approval, to manage individual pension accounts and mutual funds known as Specialized Retirement Fund Investment Societies (SIEFORES).

Although investments in Afores by foreign financial institutions are permitted, Mexican individuals must own the majority of the outstanding shares of each entity.


The ratings reports presented by Morningstar are a useful tool to detect the strengths and main areas of opportunity of each Afore, based on the knowledge and analysis of investment fund professionals with more than 30 years of experience in international markets.

They also help foster continuous improvement and competition among Afores.

In 2020, Morningstar Asset Manager analysts gave two Silver, one Bronze, three Neutral and four Negative ratings to the 10 Managers.

These are:

  • Sura.
  • Future.
  • XXI Banorte.
  • Aztec.
  • Citibanamex.
  • Principal.
  • Coppel.
  • Inbursa.
  • Invercap.
  • Pensionissste.


No person may acquire control of more than 10% of any class of shares.

Afores can invest up to 100% of the funds they manage in public debt securities or in debt securities issued by private sector companies, depending on the issuer’s credit rating, and up to 20% in foreign securities, with specific credit limits.

Afores can also invest in equity securities issued by Mexican entities.


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