What is a mutual fund (OPCVM)?

An OPCVM is a collective portfolio: your money is pooled with that of other investors and run by an approved management company.

OPCVM is the French acronym for a mutual fund (undertaking for collective investment in transferable securities). It pools the savings of many subscribers and invests them, following a policy set in advance, in equities, bonds, money-market instruments or a mix of these asset classes.

SICAV and FCP

In Morocco a fund takes one of two legal forms. A SICAV is an investment company in which you become a shareholder. An FCP is a co-ownership of securities in which you hold units. The distinction is mainly legal; for the investor the mechanics are the same.

Net asset value

The price of a unit or share is the net asset value (NAV): the fund's net assets divided by the number of units. It is struck at regular intervals, usually weekly for Moroccan funds, and is the basis for subscriptions and redemptions.

The role of the AMMC

Every fund is approved by the Moroccan Capital Market Authority (AMMC), which signs off its prospectus, supervises the management company and the custodian, and checks compliance with diversification and valuation rules. ASFIM, the industry body, publishes market-wide performance every week.

Why use a fund

A fund gives access to a diversified, professionally managed portfolio for a modest amount, with weekly liquidity. In exchange, fees apply and the unit price fluctuates: capital is not guaranteed, except where explicitly stated for certain contractual funds.

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