Moroccan fund glossary

Short, jargon-free notes to understand what the numbers on FondsMaroc measure.

• What is a mutual fund (OPCVM)?

  SICAV, FCP, net asset value, the role of the AMMC: the basics.

• Moroccan fund classifications

  Equity, OMLT, OCT, money-market, diversified, contractual.

• Net asset value and net assets

  The price of a unit, how it forms and what it tells you.

• Reading fund performance

  YTD, 1 / 3 / 5 years, cumulative versus annualised.

• Fund fees

  Management, subscription, redemption: what you really pay.

• The Sharpe ratio

  Return per unit of risk, and how to read it.

• Sharpe, Sortino, Calmar: the differences

  Three ways to define risk in the denominator.

• Volatility and maximum drawdown

  The size of the swings, and the worst historical loss.

• Net flows

  Subscriptions minus redemptions, separated from market effect.

• Structured products

  Capital protection, autocall, worst-of: the vocabulary.