This is a rather rare fact that deserves to be noted: between September 23 and 30, the net assets under management of UCITS fell from 560 to 519 billion dirhams, a drop of 7.31%, according to the latest weekly statistics from the AMMC as of September 30.
In question, a movement of massive outflows occurred following the tightening of monetary policy in the face of inflation and which concerned all categories of UCITS. But it is the short-term bond funds, which show the biggest drop in their outstandings, which fell to 60 billion dirhams (vs. 82 billion dirhams a week earlier), down 27%, despite less sensitivity to changes in interest rates. The weekly redemption volume there reached 24 billion DH once morest subscriptions of barely 1.7 billion DH.
In total, the redemption volume of the week – all categories combined – amounts to 49 billion DH for only 17 billion DH of subscriptions. The tightening of BAM’s monetary policy probably forced institutions and managers to readjust their portfolios and re-examine their asset allocation.
Moreover, Khalid Cheddadi, CEO of the CIMR, had recently declared in an interview with the press that“currently, all pension funds, including the CIMR, are in the process of redefining the parameters of their asset allocation so that they can objectively reflect the current situation of the financial markets as well as the real expected profitability for each segment”.
It should also be noted that the real rates of return which are moving into negative territory are pushing investors towards other more profitable asset classes, such as OPCIs and venture capital.
