Morocco Equity Fund (OPCVM Actions) Simulator — net return projection

A Moroccan equity fund (OPCVM actions) invests in shares listed on the Casablanca Stock Exchange, offering the highest long-term growth potential of all Moroccan savings products — with corresponding market risk. Our simulator projects your net capital after the 15% capital gains tax over any horizon up to 50 years.

Indicative yield 2025–2026: ~7% per year (MASI historical average)
Tax: 15% on redemption gains, 11.25% on dividends (Finance Act 2026)
Risk: high — capital not guaranteed, subject to market volatility
Liquidity: good — redemption typically within 3–5 business days
Minimum investment: from MAD 100 (varies by fund)

Equity fund vs direct BVC shares

An equity fund provides instant diversification managed by professionals — suitable if you don't want to pick individual stocks. Direct Casablanca Stock Exchange shares give more control, with the same 15% capital-gains rate as equity funds. On a 10+ year horizon, both typically outperform fixed-income products significantly. Try our comparator to see the difference.

Who should consider an equity fund?

Equity funds suit investors willing to accept short-term volatility in exchange for higher long-term returns over 5 years or more. They are ideal for working-age adults preparing for retirement or a long-term project, without having to select individual stocks listed on the Casablanca Stock Exchange. Professional management provides immediate diversification across MASI constituents and, depending on the fund, eligible international equities.

How to invest in an equity fund in Morocco?

Subscribe through your bank or directly with an AMMC-licensed asset manager. Leading equity fund managers include Attijari Asset Management, BMCE Capital Gestion, CDG Capital Gestion and Wafa Gestion. Check the total expense ratio — Moroccan equity funds typically charge 1.5%–2.5% per year — and compare rolling 3-year and 5-year performances published on the AMMC website. A minimum investment horizon of 5 years is strongly recommended to ride out market cycles.

What is an equity fund (OPCVM actions) in Morocco?

An OPCVM actions invests at least 60% of its assets in shares listed on the Casablanca Stock Exchange. It offers exposure to Moroccan equity markets with automatic diversification, managed by an AMMC-licensed asset manager. Capital is not guaranteed.

What return can I expect from a Moroccan equity fund?

Moroccan equity funds track the MASI index. Over the long term (10+ years), the MASI has averaged around 6% to 8% per year. In 2025 the MASI rose over 26%. Short-term returns can be negative. These are historical averages — not guaranteed.

What is the tax on equity funds in Morocco?

Capital gains on OPCVM actions are taxed at 15% at redemption (Finance Act 2026), withheld at source. Dividends are taxed at 11.25%.

Equity fund vs direct BVC shares: which is better?

Equity funds give instant diversification managed by professionals. Direct shares give more control at the same 15% capital-gains rate. Both outperform fixed income over 10+ years. Your choice depends on how actively you want to manage your investments.

Worked projection: 50,000 MAD invested in an equity mutual fund (OPCVM)

Illustrative scenario computed with our simulator: 50,000 MAD initial capital, 500 MAD monthly contribution, indicative annual return of 7% / yr, taxation 11.25% div + 15% gains (2026 Finance Act). Indicative figures — past performance does not guarantee future results.

Equity fund projection — 50,000 MAD + 500 MAD/mo, 7% / yr
Horizon	Total invested	Gross capital	Estimated tax	Net-of-tax capital	Net gain
1 yr	56 000 MAD	59 811 MAD	529 MAD	59 282 MAD	+3 282 MAD
3 yrs	68 000 MAD	81 611 MAD	1 889 MAD	79 723 MAD	+11 723 MAD
5 yrs	80 000 MAD	106 678 MAD	3 702 MAD	102 976 MAD	+22 976 MAD
10 yrs	110 000 MAD	187 025 MAD	10 687 MAD	176 338 MAD	+66 338 MAD
15 yrs	140 000 MAD	300 928 MAD	22 329 MAD	278 600 MAD	+138 600 MAD
20 yrs	170 000 MAD	462 400 MAD	40 571 MAD	421 830 MAD	+251 830 MAD

Over 20 years, a saver who set aside 170 000 MAD in total would build net-of-tax capital of 421 830 MAD — a 2.40× multiple of cumulative savings.

Equity fund vs other Moroccan products

For the same savings effort (50,000 MAD + 500 MAD/mo), here is the estimated net-of-tax capital under the 2026 Finance Act:

Estimated net-of-tax capital comparison — same investment
Product	Indicative rate	Tax (2026)	After 5 yrs	After 10 yrs	After 20 yrs
Equity fund	7% / yr	11.25% div + 15% gains	102 976 MAD	176 338 MAD	421 830 MAD
BVC stocks	8% / yr	15% gains + 11.25% div.	107 015 MAD	189 974 MAD	490 786 MAD
Bond fund	4% / yr	20% redemption gains	91 359 MAD	140 533 MAD	269 613 MAD

Over 20 years, Equity fund produces 1.51× the net capital of Bond fund (421 830 MAD vs 269 613 MAD) in this scenario. Adjust these inputs to your profile with our savings comparator.

Other Morocco savings simulators

Casablanca Stock Exchange Equity Savings Plan (PEA) Bond Fund Term Deposit Full comparator

Sources: Casablanca Stock Exchange — MASI performance; AMMC — OPCVM regulation. Calculations are indicative — past performance does not guarantee future results.