Moroccan fund classifications

Every fund belongs to a category that summarises its investment policy and therefore its expected risk / return trade-off.

ASFIM sorts Moroccan funds into six broad families. The classification appears in the fund's prospectus and sets the instruments it may hold.

Equity

At least 60 % of assets in listed shares. Highest return potential, highest volatility, recommended horizon of five years or more.

OMLT (medium and long-term bonds)

Invested in bonds with an average maturity above one year, mostly Treasury bonds and corporate debt. Sensitive to interest rates: when rates rise, bond prices fall. Medium to long horizon.

OCT (short-term bonds)

Bonds and debt instruments with short maturities. Less rate-sensitive than OMLT, more modest return, one-to-three-year horizon.

Money-market

Very short instruments (deposits, sub-one-year Treasury bills, certificates). Minimal volatility, used as a cash vehicle. The return tracks short-term market rates.

Diversified

Blends equities and fixed income without meeting the thresholds of a pure category. The profile depends on the allocation the manager chooses.

Contractual

The fund commits to an outcome (capital protection, a performance formula) at a set maturity. Close in spirit to structured products.

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