Record-Breaking Growth in Tunisian Mutual Funds
In just six months, the total net assets of mutual funds (OPCVM) in Tunisia have surpassed the symbolic threshold of 11 billion dinars. As of June, the collective savings have reached a net asset value of 11,205.9 million dinars (MDT). Since the beginning of the year, the growth has been unprecedented, with an increase of 2,709.3 MDT.
Drivers of Growth
This surge is primarily driven by bond funds, which now have a net asset value of 9,362.8 MDT, representing a growth of 2,109.4 MDT since January. Mixed funds follow, albeit at a distance, with 1,803.4 MDT, while equity funds account for only 39.6 MDT, reflecting the persistent cautious behavior of Tunisian savers towards the stock market. The sole monetary fund available on the market is still in its infancy, with a net asset value of 0.1 MDT.
Monthly Progression
In the month of June alone, the global net asset value has increased by 433.1 MDT, driven by bond funds (+267.3 MDT) and mixed funds (+161.7 MDT). This sustained pace confirms investors' appetite for products offering a perceived stable and predictable return.
Factors Contributing to Growth
Several factors explain this historic surge:
- Reinvestment of bond coupons: public and private issuers have raised significant capital on the bond market in recent years, offering attractive yields that have attracted available savings.
- Dividends distributed by listed companies are often automatically invested in fund shares.
- A flight to safety in an economic context marked by high inflation and uncertainty on the stock market, savers are prioritizing bond investments, deemed less risky.
- The maintenance of high interest rates has allowed for attractive bond yields, reinforcing the appeal of these products.
- Finally, this type of savings is ideal for those who, faced with soaring property prices and tightening credit conditions, find an excellent means to capitalize on their money in these vehicles.
The growth of mutual funds in Tunisia is a significant trend, driven by a combination of factors that make these investments an attractive option for savers seeking stable and predictable returns.
