Net Asset Value of Mutual Funds Exceeds 9 Billion Dinars for Second Consecutive Month
The net asset value of mutual funds (OPCVM) has surpassed the 9 billion dinars threshold for the second consecutive month, reaching 9,103.1 million dinars (MTND) at the end of October 2025, compared to 9,007.6 MTND the previous month. Since the beginning of the year, the evolution has been significant, with an increase of 2,098.7 MTND, driven by bond mutual funds (+1,904 MTND) and mixed mutual funds (+190.8 MTND). Stock funds have gained 3.9%, driven by a rising market.
Attractiveness of Mutual Funds
Behind this dynamic is a decline in interest rates, which penalizes traditional savings, while bond funds are more resistant at the beginning of the cycle, strengthening their attractiveness. It is essential to note that mutual funds are not in direct competition with banks. On the contrary, banks often play a role as privileged distributors of the largest funds, offering them to their customers as alternatives or complements to traditional savings products.
Investment Strategies
The real distinction between different savings strategies lies in the level of risk aversion of each investor. Some will prioritize the security of savings accounts, while others, more inclined to diversify and seek returns, will turn to mutual funds.
Impact of Upcoming Tax Reforms
The big question is the impact of the changes envisioned in the 2026 finance bill, which will affect wealth tax. There may be pressure to sell in June, the deadline for declarations, to meet liquidity needs, which would increase costs and disrupt investment strategies. Unlike a change in interest rates, which modifies the relative attractiveness of investments, a wealth tax would act as a direct levy on invested savings, potentially reducing the size of the mutual fund industry (and financial savings in general) and access to financing for companies. In our opinion, Article 50 of the bill is already shaping up to be the most controversial and will spark the longest debates.
