In order to best meet the requirement for strict control, BMCE Capital Gestion has adopted an internal control system that is enhanced by additional measures from external bodies. The various controls are enforced at six different complementary levels :

• BMCE Capital Gestion’s internal control system ;
• The custodian ;
• Internal control and compliance within BMCE Capital ;
• The "Autorité Marocaine de Marché des Capitaux", Morocco’s financial industry regulatory authority;
• The BMCE Bank audit;
• The statutory auditors.

You may subscribe to our funds directly by contacting your BMCE Capital Gestion investment advisor.

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.

A mutual fund’s classification is determined by its investment policy. There are six main categories of mutual fund in the current regulatory environment:

• Money market funds: At least 50% of their assets must be invested in negotiable debt securities having an initial or residual maturity of less than 1 year. Furthermore, money market funds’ sensitivity to changes in interest rates is continuously less than or equal to 0.5. As a result, these funds are designed to remunerate liquidity over a recommended investment holding period ranging from 1 day to 6 months while giving immediate access to the capital.
• Short-term fixed income funds: At least 90% of their assets must be invested in debt securities. Fixed income funds’ sensitivity to changes in interest rates is continuously between 0.5 and 1.1. These funds are designed to remunerate liquidity over a recommended investment period ranging from 6 months to 1 year through an active management approach in short-term debt instruments.
• Medium-to-long-term fixed income funds: At least 90% of their assets must be invested in debt securities. Medium-to-long-term fixed income funds’ sensitivity to changes in interest rates is continuously above 1.1. These funds are designed to remunerate savings over a recommended investment period of more than 1 year through an active management approach investing in medium-to-long-term debt instruments. 

• Equity funds: At least 60% of their assets must be invested in equities that are publicly traded on the Casablanca Stock Exchange. These funds, which are designed to remunerate savings over a recommended investment period of more than 3 years, are governed by a highly disciplined investment policy towards equities.
• Balanced funds: No more than 60% of their assets may be invested in equities that are publicly traded on the Casablanca Stock Exchange and no more than 90% in debt securities. Provided that these criteria are met, the allocation between equities and debt securities is at the manager’s discretion. These funds are designed to remunerate savings over a recommended investment period of more than 3 years through an active management approach combining both equities and bonds.
• Contractual funds: These funds feature a contractual undertaking by the asset management company to deliver a specific result expressed in terms of performance and/or capital guarantee. In consideration, the asset management company may request from the subscriber undertakings in respect of the investment holding period for the fund’s securities and/or the amount invested.

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.

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 mutual 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.

A mutual fund is defined by a number of characteristics such as the investment universe, the investment horizon (the length of time that an investor expects to hold a security), the benchmark index (market benchmark enabling an investor to measure the fund’s performance), the legal form (SICAV or FCP) and how income is appropriated (reinvestment or dividend).

The main characteristics outlined in a mutual fund’s prospectus are:

• Legal form: SICAV or FCP;
• Appropriation of income: reinvestment or dividend distribution;
• Classification: money market, short-term fixed income, medium-to-long-term fixed income, equity, balanced or contractual;
• Recommended investment period : from 1 day to 3 years, depending on the mutual fund’s classification;
• Benchmark index: market index enabling an investor to measure the fund’s performance;
• Management objective and investment strategy: the mutual fund’s investment guidelines;
• The initial net asset value: amount representing the value of a share on the inception of the mutual fund;
• Frequency of calculating net asset value: on a daily or weekly basis;
• Subscriber category: individual investors and/or legal entities;
• Charges and fees: maximum subscription and redemption charges as well as management fees.

The choice of asset class will depend on a subscriber’s profile, investment horizon and objectives.

The subscription amount is at your entire discretion. You may benefit from tailor-made advice depending on your aims and restrictions by contacting your investment adviser directly.

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 fund can be assessed 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.

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 site 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.

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 mutual 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.