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Tunisia: launch of institutional mutual fund to stabilize demand in financial market

A mutual fund dedicated primarily to institutional investors, accepting a high risk, has been created by the broker, “Tunisie Valeurs” (TV), in collaboration with the Deposit and Consignment Fund (CDC). It is the largest fund for institutional investors on the Tunis Stock Exchange, Fadhel Abdelkefi, Director General of “TV” told TAP news agency.

 “The objective is to close the subscription operations launched December 14, 2015, by the end of January 2016, to reach a capital of about 32 million Tunisian dinars (MTD). The idea is to set up a substantial investment fund in the medium and long terms at the Tunis Stock Exchange, and this for a period of 7 years to stabilize demand and reduce financial market volatility,” it said.

 The mutual fund should realize a return higher than 7% a year. The fund, which is the result of a public-private partnership, aims to mainly invest in the market for listed shares and minimally in fungible treasury bonds, zero-coupon treasury bonds and bonds issued by public offering for savings.

The fund will invest primarily in securities of companies with promising growth prospects in the medium term, a moderate risk profile and a valuation considered attractive, compared to the financial market.

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