Mexico’s exchange traded fund (ETF) has found itself driven by successes in its telecommunications and cement components.

The top holdings in iShares MSCI Mexico (EWW) are America Movil (AMX) at 24% and Cemex at 11%. AMX is one of the largest providers of fixed line and wireless communications in Latin America, accounting for 165 million users. Net profit hit $1.72 billion during the second quarter, says Carl Delfeld for ETF XRAY. Next up for America Movil’s wireless network is Panama. Brazil, Mexico and Columbia have helped to bring the company to success.

Cemex is a cement and building materials giant. Revenues for the fiscal year ending June 30 are up 19%, and has generated $3 billion in operating income. Cemex recently purchased concrete maker Rinker, which is expected to help with its U.S. presence, as well as expansion into Australia.

The country is in the midst of a housing boom, which might be great for residents, but not so hot for black bears. More than 30 black bears have been spotted in Monterrey, Mexico’s richest city, reports Robin Emmott for Reuters. Monterrey has benefited from close links to the United States. Mexican banks have almost no exposure to the slump here and are instead enjoying a credit boom.

EWW is down 6.1% year-to-date.

Tags: Emerging Markets, EWW, Latin America, Mexico