Net Assets of Mutual Funds Experience a Slight Dip in June 2025
The net assets of mutual funds (OPCVM) experienced a slight pause in June 2025, decreasing by 28.6 billion Tunisian dinars (MTND) compared to the end of May, standing at 8,601.6 MTND. Despite this, the first six months of the year still show a significant increase of 1,597.2 MTND, indicating an excellent performance in a still-tense economic context.
The decline in the previous month is attributed to mixed funds, which lost 68.4 MTND, and equity funds, which decreased by 0.1 MTND. On the other hand, bond mutual funds continued to attract investors, increasing by 39.9 MTND over the same period.
The dynamics are positive for all categories since the beginning of the year: +1,486.5 MTND for bond mutual funds, +107.2 MTND for mixed funds, and +3.4 MTND for equity funds.
These positive flows indicate that savers are seeking to maximize the returns on their investments, as interest rates begin to decline. All market players are convinced that the Central Bank of Tunisia will lower its benchmark rate at least once more this year. Meanwhile, the net return of most mutual funds will exceed that of a classic bank savings account. The equation is clear for savers.
It is worth noting that the supply of debt securities on the primary market is less abundant this year, particularly in the absence of sovereign bond issues. This presents an opportunity for corporations to issue debt. All financial institutions have been authorized by their general assemblies to issue bond loans. We believe that the momentum is positive, before liquidity seeks out other opportunities.
