Mexico could be the go-to play for investors concerned with discord in the White House and the struggles of the Republican congress to pass legislation, Jack Ablin, chief investment officer at BMO Private Bank, said Friday on CNBC's "Closing Bell."

"Mexico could be an interesting play for investors who think that the Trump agenda is going to continue to get pushed out," Ablin said.

The White House has denied a swirl of reports claiming that senior White House officials Reince Priebus and Steve Bannon are on the way out, but among the commotion, Ablin said the Mexican stock market's strong performance makes it an attractive play for investors losing faith in the promise of deregulation and tax reform.

"We've got a Mexican peso that is trading much cheaper than it was before the election, [and] we've got a Mexican stock market that is certainly cheap relative to the S&P 500," Ablin said. "In fact, Mexico has been one of the best-performing markets this year and if the Trump agenda gets pushed out, it will likely continue."

The Mexico IPC Index is up more than 8 percent year to date, while the is up more than 5 percent year to date.

Watch: State of US-Mexico relations