Record-Breaking Net Assets of Mutual Funds
As we predicted a month ago, the net assets of mutual funds (OPCVM) have surpassed the threshold of 9 billion dinars at the end of August 2025, totaling 9,007.6 MTND, an absolute record. Since the beginning of the year, the evolution has reached 2,003.2 MTND, a significant collection. This progress comes from all types of investment vehicles: 1,844.7 MTND from bond mutual funds, 155.1 MTND from mixed mutual funds, and 3.5 MTND from equity mutual funds. Over the past month, the increase has been 157.8 MTND, with 151.5 MTND attributed to bond mutual funds.
Understanding the Impact of Interest Rate Changes
Investors have realized that the decrease in the key interest rate does not have the same effects on all investment options. While bank savings are directly penalized by changes in savings remuneration rates, mutual funds invested in fixed-rate securities continue to generate attractive returns. It is only when reinvesting at lower rates that these returns will gradually decrease - while still remaining, in many cases, higher than those offered by traditional savings products.
Mutual Funds and Banks: Not Direct Competitors
It is essential to remember 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. The real distinction between different savings strategies lies more in the level of risk aversion of each investor. Some will prioritize the security of traditional bank investments, while others, more inclined to diversify and seek returns, will turn to mutual funds.
Key Takeaways
- Net assets of mutual funds have reached a record high of 9,007.6 MTND at the end of August 2025.
- The increase in net assets comes from all types of investment vehicles, with bond mutual funds contributing the most.
- Mutual funds offer attractive returns, even in a low-interest-rate environment, making them a viable alternative to traditional savings products.
- Banks and mutual funds are not direct competitors, but rather complementary options for investors with different risk tolerance levels.
