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Morocco SICAV and Mutual Funds 2026: Investment Fund Comparison

By Wafir TeamUpdated on August 27, 202611 min read

Moroccan mutual funds (UCITS — Undertakings for Collective Investment in Transferable Securities), grouping SICAV (Société d'Investissement à Capital Variable / Open-end Investment Company) and FCP (Fonds Commun de Placement / Common Investment Fund), count over 470 marketed funds in May 2026 for total AUM of ~ MAD 615 billion according to AMMC. For an individual wishing to invest without actively managing a stock portfolio, mutual funds offer: instant diversification, professional management by an AMMC-approved company, accessibility (entry ticket MAD 1,000-10,000), liquidity. This 2026 guide compares the 4 fund categories (stocks, bonds, money market, diversified), 2024-2025 performance, top funds by category, real fees, and applicable taxation.

1. The 4 Moroccan mutual fund categories 2026

Each fund is classified by AMMC according to its main investment strategy.

Stock funds (~ 25% of AUM)

Invest at least 60% in listed stocks. 2024 performance: +18 to +25%. High volatility. Recommended for horizon ≥ 5 years.

Bond funds (~ 35% of AUM)

Invest in sovereign and corporate bonds. 2024-2025 performance: +3.5 to +5% per year. Low volatility.

Money market funds (~ 30% of AUM)

Invest in very short-term securities. Performance +2.5 to +3.0% per year. Near-zero volatility. Modern alternative to savings account.

Diversified funds (~ 10% of AUM)

Mix stocks + bonds + money market. Performance +6 to +12%. Recommended for 3-5 year horizon.

2. Compared 2024-2025 performance by category

Overview of real performance of main fund categories.

2024 performance ranking

1. Morocco stock funds: +18 to +25%. 2. Diversified funds: +9 to +14%. 3. Bond funds: +4.2 to +5.5%. 4. Money market funds: +2.8 to +3.2%.

Estimated 2025 performance

1. Stock funds: +12 to +18%. 2. Diversified: +7 to +11%. 3. Bonds: +3.8 to +5.0%. 4. Money market: +2.7 to +3.0%.

5-year performance (2020-2025)

Stock funds 11.5%, diversified 7.8%, bonds 4.2%, money market 2.5%.

3. Top 10 Moroccan asset management companies (SGO) 2026

The Moroccan collective management market counts ~ 25 AMMC-approved companies.

Top 5 — bank-affiliated

1. Wafa Gestion (Attijariwafa, ~ MAD 160bn). 2. Upline Capital Management (BCP, ~ MAD 95bn). 3. CFG Asset Management. 4. CDG Capital Asset Management. 5. BMCE Capital Asset Management.

Top 6-10 — independent and international

6. AXA Investment Managers Morocco. 7. Marogest (Crédit du Maroc). 8. BMCI Asset Management. 9. Saham Asset Management. 10. Sogécapital Gestion.

4. Real fees: entry, management, exit

Fees are the key factor that can destroy long-term mutual fund performance.

Entry fees (subscription)

Stock and diversified funds: 0.5 to 2.0%. Bond funds: 0 to 0.5%. Money market funds: 0% (often free). Negotiable for amounts > MAD 100,000.

Annual management fees

Stock funds: 1.2 to 1.8%/year. Bond funds: 0.5 to 1.0%/year. Money market: 0.3 to 0.5%/year. Impact: 1.5% annual fees = -30% capital over 20 years.

Exit fees — often free

Most Moroccan mutual funds have no exit fees in 2026.

Hidden fees to anticipate

Performance commission: 10-20% of gains. Arbitrage fees: generally free. Securities account maintenance: MAD 0-200/year.

5. 2026 Mutual fund taxation

Moroccan mutual fund taxation is generally advantageous.

Tax regime by category

Pure stock funds: capital gains exemption. Bond and money market funds: 20% source withholding on interest. Distributed dividends: 15% withholding.

Tax advantages vs other investments

Vs savings account: money market funds (~ 2.8% net) > savings (~ 1.93% net). Vs direct stocks: pure stock funds inherit capital gains exemption but add management fees.

MRE case

MREs can subscribe to all Moroccan mutual funds under same conditions as residents. Specificity: if subscription financed via CCDC account, redemptions can be re-credited to CCDC and freely re-transferred abroad.

6. FAQ

Q.What is the difference between SICAV and mutual fund in Morocco 2026?
Mutual fund (UCITS) is the generic term encompassing two legal forms: SICAV (open-end investment company) and FCP (common investment fund). In practice, operation and taxation identical for subscriber.
Q.What is the average return of a SICAV in Morocco 2024-2025?
Depends on category: Morocco stock funds +18 to +25% in 2024. Bond funds +4.2 to +5.5%. Money market +2.8 to +3.2%. Diversified +9 to +14%.
Q.What is the minimum amount to invest in a SICAV in Morocco 2026?
Minimum entry ticket varies by fund: MAD 1,000 for money market and bond funds, MAD 5,000 for stock funds, MAD 10,000-25,000 for wealth management SICAV.
Q.What are SICAV fees in Morocco 2026?
Three types: (1) Entry fees 0-2%. (2) Annual management fees: 0.3-0.5% money market, 0.5-1.0% bonds, 1.2-1.8% stocks. (3) Exit fees: generally 0% in Morocco.
Q.Is it better to invest in stock SICAV or direct stocks in Morocco 2026?
For invested wealth < MAD 100,000, Morocco stock SICAV more advantageous. For wealth > MAD 100,000, direct stocks more profitable.
Q.Can MREs subscribe to Moroccan SICAV in 2026?
Yes, without restriction. Same tax conditions as residents. Specificity: if subscription financed by CCDC account, redemptions can be re-credited to CCDC and freely re-transferred abroad.
Q.What is the best-performing money market SICAV in Morocco 2026?
Top money market SICAV 2026: (1) Upline Trésorerie +3.0% in 2024. (2) Wafa Cash +2.9%. (3) CDG Cash +2.8%.

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