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Learn/Financial Dictionary

Financial Dictionary

19 terms to master the market

5ACDEHLMNOPSV
5
1

52-Week Range(Fourchette 52 Semaines)

opcvm

The lowest and highest NAV a fund reached over the past year (52 weeks). This range shows how much the fund's value has fluctuated — a narrow range suggests stability (typical of money market or short-term bond funds), while a wide range indicates higher volatility (typical of equity funds). It helps investors quickly gauge whether the current NAV is closer to its annual high or low.

Example: A Moroccan equity OPCVM shows a 52-week range of 850.00 - 1,130.00 MAD, a spread of 33%. A money market fund shows 1,200.50 - 1,219.30 MAD, a spread of only 1.6%. The first fund is clearly more volatile but potentially offers higher returns.
A
2

Assets Under Management (AUM)(Actifs Sous Gestion (ASG))

opcvm

The total market value of all investments that a fund manages on behalf of its investors. AUM reflects the size and popularity of a fund — larger AUM generally means more investor confidence and better liquidity. In Morocco, OPCVM total AUM surpassed 800 billion MAD in early 2026, with bond funds holding the largest share.

Example: If Wafa Gestion manages a bond fund with 15 billion MAD in total investments from all its clients, that fund's AUM is 15 billion MAD. When new investors subscribe, AUM increases; when investors redeem their shares, AUM decreases.

Average Volume(Volume Moyen)

Technical Analysis

Average volume is the average number of shares traded in a security over a specific period of time, typically 30 days. It shows the level of interest in a stock.

C
1

Composition (Classification)(Composition (Classification))

opcvm

The type of financial assets an OPCVM primarily invests in, which determines its official AMMC classification. Morocco recognizes five categories: Actions (equities, highest risk/return), Obligataire (bonds, moderate risk), Diversifié (mixed assets), Monétaire (money market, lowest risk), and Contractuel (guaranteed-return contracts). The classification dictates investment rules, minimum holding ratios, and the fund's risk profile.

Example: An "Obligataire Moyen et Long Terme" fund must invest the majority of its portfolio in medium and long-term bonds. An "Actions" fund must maintain a significant exposure to the Casablanca Stock Exchange. If you want safety and short-term parking of cash, you choose Monétaire; if you want growth over 5+ years, you choose Actions.
D
3

Distribution Policy(Politique de Distribution)

opcvm

How a fund handles the income it earns (dividends from stocks, coupons from bonds). "Capitalisation" means all earnings are reinvested back into the fund, increasing the NAV over time — you only pay taxes when you sell your shares. "Distribution" means earnings are paid out periodically to investors as cash — these payments are taxed when received. Most Moroccan OPCVMs use capitalisation, which benefits long-term growth through compounding.

Example: You invest in two bond funds, both earning 4% annually. The "Capitalisation" fund reinvests that 4%, so your NAV grows from 100 to 104 MAD, then compounds next year. The "Distribution" fund pays you 4 MAD per share in cash, but your NAV stays at 100 and you owe taxes on the 4 MAD received.

Dividend(Dividende)

Stocks

A dividend is a distribution of a portion of a company's earnings, decided by the board of directors, to a class of its shareholders.

Dividend Yield(Rendement du dividende)

Stocks

The dividend yield is a financial ratio that shows how much a company pays in dividends each year relative to its stock price.

E
1

Ex-Dividend Date(Date ex-dividende)

Stocks

The ex-dividend date is the day on which the stock starts trading without the value of its next dividend payment. An investor must own the stock before the ex-dividend date to receive the dividend.

H
1

High(Haut)

Trading

The highest price at which a stock traded during the course of a trading day.

L
2

Legal Nature (FCP vs SICAV)(Nature Juridique (FCP vs SICAV))

opcvm

OPCVMs come in two legal forms. A SICAV (Société d'Investissement à Capital Variable) is a company — investors are shareholders who can vote at general assemblies and the fund can manage itself. A FCP (Fonds Commun de Placement) is a co-ownership structure with no legal personality — investors hold units, cannot vote, and the fund must always be managed by an external management company. For investors, the practical difference is minimal: both offer the same subscription/redemption process and investment protections. FCP is the more common structure in Morocco.

Example: You want to invest 50,000 MAD. You find two similar bond funds: one is a SICAV and the other is an FCP. Both invest in Moroccan government bonds with similar returns. The key difference? As a SICAV shareholder, you could technically attend the annual meeting. As an FCP unit holder, the management company makes all decisions for you. Either way, your investment experience — subscribing, tracking NAV, redeeming — is identical.

Low(Bas)

Trading

The lowest price at which a stock traded during the course of a trading day.

M
2

Management Company(Société de Gestion)

opcvm

The licensed firm responsible for managing an OPCVM's investment portfolio. In Morocco, management companies are authorized by the AMMC and grouped under ASFIM (the Moroccan association of fund managers). They make all investment decisions, calculate the NAV, handle subscriptions and redemptions, and ensure regulatory compliance. Morocco has around 22 management companies, with the top five (including Wafa Gestion, CDG Capital Gestion, and BMCE Capital Gestion) managing over 65% of total OPCVM assets.

Example: When you invest in "CDG Trésorerie Plus", the fund is managed by CDG Capital Gestion. They decide which treasury bills and short-term bonds to buy, monitor the portfolio daily, and calculate the NAV every Friday. You trust their expertise, but the AMMC supervises them to protect your investment.

Market Capitalization(Capitalisation Boursière)

Valuation

Market capitalization, or 'market cap,' is the total value of a company's shares of stock. It's calculated by multiplying the price of a stock by its total number of outstanding shares.

N
1

Net Asset Value (NAV)(Valeur Liquidative (VL))

opcvm

The price of one share or unit in an OPCVM fund, calculated by dividing the fund's total net assets (market value of all holdings minus debts and fees) by the number of outstanding shares. In Morocco, the management company must calculate the NAV at least once per week (every Friday) and publish it. The NAV is the price you pay when you subscribe to a fund and the price you receive when you redeem.

Example: An OPCVM holds assets worth 500 million MAD and has debts of 2 million MAD, with 4 million shares outstanding. NAV = (500M - 2M) / 4M = 124.50 MAD per share. If you invest 10,000 MAD, you receive approximately 80.32 shares (before any subscription commission).
O
1

Open(Ouverture)

Trading

The price at which a stock first trades upon the opening of an exchange on a given trading day.

P
1

P/E Ratio (Price-to-Earnings Ratio)(Ratio C/B (Cours/Bénéfice))

Valuation

The price-to-earnings ratio (P/E ratio) is the ratio for valuing a company that measures its current share price relative to its per-share earnings (EPS).

S
2

Sensitivity / Risk(Sensibilité / Risque)

opcvm

For bond-based OPCVMs, sensitivity measures how much the fund's value changes when interest rates move by 1%. A sensitivity of 4 means the NAV drops roughly 4% if rates rise by 1%, and gains 4% if rates fall by 1%. Higher sensitivity means higher risk but also higher potential return. More broadly, OPCVM risk increases by category: Monétaire (lowest), Obligataire Court Terme, Obligataire Moyen/Long Terme, Diversifié, and Actions (highest). Each fund's prospectus, supervised by the AMMC, details its specific risk profile.

Example: Bank Al-Maghrib raises its key rate by 0.5%. Your bond fund has a sensitivity of 3: its NAV drops by approximately 1.5% (3 x 0.5%). Meanwhile, a money market fund with a sensitivity near 0.25 barely moves. This is why short-term bond funds are safer for conservative investors, while long-term bond funds suit those willing to accept rate risk for higher yields.

Stock(Action)

General

A stock represents a share of ownership in a company. When you buy a company's stock, you're buying a small piece of that company.

V
1

Volume(Volume)

Technical Analysis

Volume is the number of shares of a security traded during a given period of time. It is a measure of the trading activity in a stock.