Translation of the News Article
After an exceptional monthly series of net collections, December 2025 recorded a significant net decline of 705.2 MTND. However, over the entire year, the overall performance remains positive, with a increase in net assets of 1,492.3 MTND. The decline in the last month of the year is not a new phenomenon, but its magnitude is intriguing. The withdrawal comes from bond vehicles (-737.1 MTND), which still have a notable annual performance, with positive annual flows of 1,228.2 MTND. This can be explained by two factors.
- The first is the dynamic stock market, which had a record-breaking end to the year, with a volume of 313,200 MTND in December, including 128,981 MTND in block transactions. These transactions require the mobilization of cash, which comes mainly from mutual funds (OPCVM).
- The second is the wealth tax introduced by the 2026 finance law, which applies to individuals and includes the gains of their minor dependents. The tax rate is 0.5% for net assets between 3 and 5 MTND and 1% above this limit. Since bank and postal accounts are not included in the calculation, unlike OPCVM shares, it is logical to transfer savings to payment institutions to reduce the tax base. This makes sense, as wealthy clients are opting for these strategies, and it is likely that large sums are involved, explaining the more significant decline than usual.
This does not affect the profitability of OPCVM, which should attract new resources from clients who are not affected by the wealth tax but are impacted by the decrease in the savings yield rate, now at 4.8% net from January 7, 2026. Net collections are expected to resume this month, and the goal of exceeding the symbolic bar of 10 billion dinars by the end of the exercise remains possible.
