WHAT ARE THE ASSET MANAGER RATING CRITERIA USED BY FITCH RATINGS?
Fitch Ratings, a rating agency, analyses asset management companies against a number of organisational, operational and financial criteria. The agency also appraises the management of various risks as well as analysing the control environment adopted.
BMCE Capital Gestion obtained the maximum “Highest Standards” rating in all areas analysed : company, controls, investments, operations and technology.
WHEN TO SUBSCRIBE?
You may submit your subscription or redemption orders to the sales department prior to 10.30 am on any day that the net asset value is calculated.
WHAT ARE THE REGULATORY DOCUMENTS REGARDING A MUTUAL FUND?
Each mutual fund investor has access, by a number of different means, to a prospectus and a fund factsheet, approved by the AMMC (Autorité Marocaine du Marché des Capitaux).
The prospectus and factsheet for each fund are available on the BMCE Capital Gestion website or can be obtained from your investment advisor. We are also able to provide you, on request, with the latest interim and annual reports and the latest quarterly asset inventory, certified by the custodian.
HOW TO APPRAISE THE PERFORMANCE OF A MUTUAL FUND?
The performance of a mutual fund is represented by the change in its net asset value calculated at the start and end of the period under review plus any income distributed over the same period.
The performance of a mutual fund can be appraised using two complementary approaches:
- Absolute performance, which is the change in the fund’s net asset value over a given time period;
- Relative performance, which is the difference between the fund’s performance and its benchmark index.
WHAT IS A MUTUAL FUND?
A mutual fund is a portfolio of financial securities managed by an asset management company and collectively owned by private investors or legal entities.
The management of a mutual fund is governed by a well-defined investment policy that is described in its Articles of Association, management rules and the fund’s prospectus. This investment policy shall determine the allocation between the different classes of transferable securities, which comprise equities, bonds, negotiable debt securities and shares in other funds.
There are two different types of mutual fund: open-end investment funds (SICAVs) and collective investment funds (FCPs). The difference is exclusively legal in nature and does not affect the way in which the mutual fund operates.
More precisely:
- A SICAV, which is able to issue shares, is an open-ended mutual fund which is a legal entity. Each investor become a shareholder of a SICAV.
- An FCP, which is also able to issue shares, is not a legal entity. Each investor is a joint-owner of the transferable securities.
A share of a mutual fund is valued on the basis of its Net Asset Value (NAV), which is the ratio of the total net assets of the mutual fund to the number of shares issued. The net asset value is calculated daily or weekly depending on the mutual fund. It therefore changes over time and reflects the performance of all the assets of which the mutual fund portfolio is comprised.
WHAT ARE THE ADVANTAGES OF A MUTUAL FUND?
Investing in a mutual fund offers several advantages including:
Liquidity, with redemptions possible on a daily or weekly basis
Direct access to financial markets, due to a modest minimum investment and simplified administrative procedures;
A diversity of products, covering various investment horizons and different risk profiles;
Management by specialist professionals, who are constantly leveraging their expertise to enhance the performance of the mutual funds;
Reduced level of risk by diversifying the financial securities held by the mutual fund;
A strict legal and regulatory framework with permanent control ensured by the Autorité Marocaine du Marché des Capitaux (AMMC);
Regular performance monitoring through weekly mutual fund progress reports and portfolio statements on request;
Constant access to financial information through a series of regular publications.
WHAT IS THE INVESTMENT UNIVERSE FOR MONEY MARKET MUTUAL FUNDS?
The investment universe for money market funds comprises repos, certificates of deposits (CDs), commercial paper, finance company bills, term deposits, Treasury bonds, corporate bonds and other money market funds.
HOW TO SUBSCRIBE?
You may subscribe to our mutual funds by contacting your BMCE Capital Gestion investment adviser or by subscribing directly online via your OPCVM Direct account.
HOW TO MONITOR THE PERFORMANCE OF A MUTUAL FUND?
You may contact your investment advisor to request an order confirmation, a copy of your investment account or a detailed report of your investment portfolio.
You may also monitor the performance of our mutual funds via the BMCE Capital Gestion wesite or by signing in to your OPCVM Direct account.
Lastly, don’t hesitate to subscribe to our frequent publications by registering via OPCVM Direct or by sending us a request at the following address: contactbkg@bmcek.co.ma. You will receive information about financial markets and our range of funds on a regular basis.
