OPCVM Net Assets Continue to Rise
The months are following each other in a similar pattern for OPCVM (Open-Ended Investment Companies): only net asset increases. As of the end of September 2024, the net asset value stood at 6,760.3 million Tunisian dinars (MTND), up by 105.4 MTND compared to the end of August 2024. This growth is mainly driven by bond-based vehicles, which appreciated by 100.8 MTND. This is a result of the successful issuance of the third tranche of the national loan.
Mixed OPCVM and equity OPCVM gained 4.4 MTND and 0.2 MTND, respectively, over the month, benefiting from a buoyant market.
Since the beginning of the year, the global net asset value has increased by 972.9 MTND, with 921.2 MTND coming from bond-based vehicles. These vehicles now hold a record net asset value of 5,827.6 MTND. Mixed OPCVM have seen their valuations increase by 49.2 MTND over the first nine months of the year, reaching 916.3 MTND. Finally, equity OPCVM stand at 16.3 MTND, up from 13.8 MTND at the end of December 2023.
For the rest of the year, we believe that the growth of OPCVM will exceed the one-billion-dinar threshold. However, it would be challenging to reach a total net asset value above 7 billion dinars. Collecting an additional 240 MTND is not impossible, but it would require an exceptional collection effort that we do not foresee. Although there is still the issuance of a final tranche of the national loan in December, attracting such liquidity would be difficult to achieve.
Overall, the year is already a success. Thanks to its good performance, collective management has brought a breath of fresh air to stock exchange intermediaries, especially since the volume of transactions on the equity compartment has decreased significantly.
