Net asset value and net assets

The net asset value (NAV) is the price at which you buy or sell a fund unit. It does not trade continuously: it is struck periodically.

A fund's net assets is the value of everything it holds (securities, cash, accrued coupons) minus its liabilities. The net asset value is that figure divided by the number of units outstanding.

A periodic price, not a stock quote

Unlike a listed share, a fund unit has no price that moves during the session. The management company values the portfolio at a fixed frequency (weekly for most Moroccan funds) and publishes a NAV. Your orders are filled at the next NAV struck.

What the NAV tells you, and what it does not

The change in NAV between two dates measures portfolio performance, with dividends reinvested for an accumulating fund. A high NAV in absolute terms means nothing: it depends on the starting price and the fund's age. What matters is the percentage change.

Net assets and fund size

Total net assets indicate the size of the fund. A large asset base makes diversification easier and spreads fixed costs, but can reduce agility in thin markets. Its change over time combines performance and net flows.

See NAV and net assets for every fund →