Want to invest in the stock market without managing everything yourself? OPCVMs (the Moroccan equivalent of mutual funds) are probably what you need. They let you hand your money to professional fund managers who invest it in a diversified basket of stocks, bonds, or both — leaving you to simply monitor.
Morocco's mutual fund industry manages more than 600 billion dirhams in assets. Here's everything you need to know before you buy your first unit.
What is an OPCVM?
An OPCVM is a collective pool of money managed by a fund manager licensed by the AMMC (Moroccan Capital Market Authority). In practice:
You buy a unit of the fund with your money. That money is pooled with other investors'. A team of professional managers invests the pool in stocks, bonds, money-market instruments… Your return tracks the fund's overall performance.
You get instant diversification (impossible to replicate alone with a small budget) and professional expertise, without needing to follow markets day to day.
SICAV or FCP: the two legal forms
In Morocco an OPCVM takes one of two forms:
- SICAV (Société d'Investissement à Capital Variable): you are a shareholder of the fund and have voting rights at the general meeting.
- FCP (Fonds Commun de Placement): you are a unit-holder with no voting rights — the fund is co-owned property.
More than 90% of Moroccan OPCVMs are FCPs. The legal distinction barely changes anything in practice — it's the investment strategy that matters.
The 5 OPCVM categories
The AMMC sorts Moroccan OPCVMs into five families based on what they buy:
1. Equity OPCVMs
Invested mostly in listed shares (≥ 60%). Higher risk but also the strongest long-term return potential.
For whom? Investors comfortable with volatility, targeting higher returns over a 5+ year horizon.
2. Bond OPCVMs
Mostly invested in bonds (sovereign and corporate). More stable, more predictable yield.
For whom? Investors who prioritise steady income and capital preservation.
3. Money-market OPCVMs
Very short-term instruments (T-bills, certificates of deposit). Very low risk, very modest yield.
For whom? Parking short-term cash — a modern alternative to a savings account with a more dynamic yield.
4. Diversified OPCVMs
A mix of stocks and bonds in varying proportions depending on the fund's strategy.
For whom? Balanced profiles who want a single product covering their whole savings.
5. Structured (contractual) OPCVMs
Funds with a predefined performance target (for example, capital protection at maturity).
For whom? Investors who want a clear framework and bounded risk.
NAV: the "price" of your fund unit
The Net Asset Value (NAV) is the price of one fund unit at a given time. The formula is simple:
NAV = (total fund portfolio value) ÷ (number of units outstanding)
It's updated at least once a week in Morocco (usually daily for liquid funds). When you subscribe or redeem you do it at the NAV known after your order is processed — this is called "forward pricing". The NAV is what determines your P&L: if it rises from 100 to 110 between your buy and your sell, you've made 10% (before fees).
What an OPCVM costs in Morocco
Three fee types may apply:
- Subscription fee: charged on entry when you buy units. Often negotiable, sometimes zero.
- Redemption fee: charged on exit when you sell. Often also zero.
- Management fee: charged continuously on the fund's assets — capped at 2% (excl. VAT) per year in Morocco. It pays the management company and directly hits your net performance.
To compare two similar funds, look at the management fee first: over 10 years, a 0.5% gap easily compounds into several percentage points of performance.
How to pick an OPCVM
Before subscribing, always check:
The Key Information Document (fiche signalétique): a one-page summary with strategy, fees, historical performance, risk score. The information note: full document approved by the AMMC (objectives, full fee breakdown, risks). NAV history: 1, 3 and 5-year track record for consistency. The manager's profile: AMMC-licensed company, track record, assets under management.
Investing in an OPCVM with Nommo
On Nommo you can browse Morocco's OPCVM catalogue, compare fees and performance, and subscribe to a unit directly from your account. To go further, see our financial glossary or our ABC of investing guide.