In short
- An OPCVM pools the money of many savers in a managed portfolio.
- The AMMC tracks six categories, from money market funds to equity funds.
- Capital and returns are not guaranteed, and fees apply.
How an OPCVM works
OPCVM is the French term for a collective investment fund. You buy units in a fund. A management company then invests everyone’s money according to a written strategy. There are two legal forms: the FCP (a common fund) and the SICAV (an investment company with variable capital).
The market is large: according to AMMC figures reported by Hespress, net assets were more than 827.09 billion dirhams on June 5, 2026, with 623 active funds.
The six categories tracked by the AMMC
| Category | General principle | What moves its value |
|---|---|---|
| Money market | Very short-term investments | Mainly short-term rates |
| Short-term bonds | Debt with a short maturity | Rates and credit |
| Medium and long-term bonds | Debt with a longer maturity | More sensitive to rates |
| Equity | Mainly shares | Stock markets |
| Diversified | A mix of shares and debt | Both markets |
| Contractual | Rules specific to each fund | The fund’s contract |
This table sums up the main principles. The exact rules of each fund are in its documents.
Net asset value
Net asset value is the price of one unit. It is the value of the portfolio, after fees, divided by the number of units. A made-up example: a fund of 10 million dirhams with 10,000 units has a net asset value of 1,000 dirhams.
Fees to look at
- Entry fees: charged when you subscribe.
- Exit fees: charged when you redeem, in some funds.
- Management fees: charged each year and already deducted from net asset value.
Over several years, these fees affect the final result. They appear in the fund’s information document.
What not to confuse
- Past performance does not guarantee future performance.
- A money market fund is not a guaranteed account: its value can also change.
- Tax depends on the type of fund: the AMMC publishes a page on this.
Frequently asked questions
What is the difference between an FCP and a SICAV?
An FCP is a jointly owned pool of securities, with no legal personality. A SICAV is a company in which the investor becomes a shareholder.
Where can I find information on a fund?
From the management company or the institution selling it, in the approved information document.
Sources
This article is for information and educational purposes only. It is not investment advice or a recommendation to buy or sell any security. Investing in shares involves a risk of capital loss. Check figures against official sources (Casablanca Stock Exchange, AMMC) and consult a licensed professional. Read the full disclaimer.
