Global situation of undertakings for collective investment at the end of May 2016

As at 31 May 2016, total net assets of undertakings for collective investment and specialised investment funds reached EUR 3,487.980 billion compared to EUR 3,442.080 billion as at 30 April 2016, i.e. a 1.33% growth over one month. Over the last twelve months, the volume of net assets decreased by 3.15%.

The Luxembourg UCI industry thus registered a positive variation amounting to EUR 45.900 billion in May. This increase represents the balance of positive net issues of EUR 4.599 billion (0.13%) and a positive development in financial markets amounting to EUR 41.301 billion (1.20%).

The number of undertakings for collective investment (UCIs) and specialised investment funds (SIFs) taken into consideration totalled 3,882 as against 3,880 in the previous month. A total of 2,569 entities have adopted an umbrella structure, which represents 12,851 sub-funds. When adding the 1,313 entities with a traditional structure to that figure, a total of 14,164 fund units are active in the financial centre.

As regards, on the one hand, the impact of financial markets on Luxembourg UCIs and SIFs (hereafter “UCIs”) and, on the other hand, the net capital investment in these UCIs, the following can be said about May.

The various categories of equity UCIs developed differently during the month under review.

As regards developed countries, the European, American and Japanese equity UCIs all achieved positive performance. As a result of still positive economic growth figures in Europe and despite uncertainties related to the British referendum, the European equity UCIs appreciated. As far as American and Japanese equity UCIs are concerned, this increase is due to positive results of undertakings in the United States and an economic growth higher than expected entailing the depreciation of the yen in Japan.

As regards emerging countries, the Asian equity UCI category, following heterogeneous developments of the equity markets in the different countries of the region, closed the month, overall, with a slight increase despite mixed indicators for the Chinese economy. In the face of enduring political and economic issues in these regions, the Eastern European and Latin American equity UCIs recorded, overall, price losses.

In May, equity UCI categories registered an overall positive net capital investment.

Development of equity UCIs during the month of May 2016*

* Variation in % of Net Assets in EUR as compared to the previous month

EUR-denominated bond UCIs recorded a positive performance due to the continuation of the accommodative monetary policy by the European Central Bank within a context of still very low inflation and high uncertainties, overall, resulting in lower yields both for government bonds and EUR-denominated corporate bonds.

In the United States, the yields of bonds changed little in the month under review, with, in particular, the publication of the minutes of the Fed’s monetary policy committee which increased the likelihood of a rise in interest rates in June/July. Moreover, expectations of higher US interest rates led to an appreciation of the USD against the EUR which implied a positive trend for USD-denominated bond UCIs at the end of the month.

The slight decrease in emerging countries bond UCIs occurred in a context of (upward and downward) rating changes of certain countries, divergent monetary policies as well as enduring political and economic issues.

In May, fixed-income UCIs registered an overall positive net capital investment.

Development of fixed-income UCIs during the month of May 2016*

* Variation in % of Net Assets in EUR as compared to the previous month

The development of net assets of diversified Luxembourg UCIs and of funds of funds is illustrated in the table below:

Diversified income UCIs and Funds of Funds during the month of May 2016*

* Variation in % of Net Assets in EUR as compared to the previous month

In May, the following 18 undertakings for collective investment and specialised investment funds have been registered on the official list:

1) UCITS Part I 2010 Law:

• DWS WORLD PROTECT 90, 2, boulevard Konrad Adenauer, L-1115 Luxembourg
• IRON TRUST, 4, rue Thomas Edison, L-1445 Strassen
  
• NORDEA 2, SICAV, 562, rue de Neudorf, L-2220 Luxembourg
  
• RATHBONE LUXEMBOURG FUNDS SICAV, 16, boulevard d’Avranches, L-1160 Luxembourg
  
• SEDEC UCITS, 5, allée Scheffer, L-2520 Luxembourg
  
• VAHOCA FOCUS FUND, 12, rue Eugène Ruppert, L-2453 Luxembourg

2) UCIs Part II 2010 Law:

• THE PARTNERS FUND SICAV, 2, place François-Joseph Dargent, L-1413 Luxembourg

3) SIFs:

• ABERDEEN EUROPEAN RESIDENTIAL OPPORTUNITIES FUND, 35A, avenue J-F Kennedy, L-1855 Luxembourg
• BARMENIA IMMOBILIENFONDS II SCS SICAV-SIF, 2-4, rue Beck, L-1222 Luxembourg
  
• BERNHEIM INVESTMENT FUND SICAV-SIF, 5, rue Jean Monnet, L-2180 Luxembourg
  
• CAPLANTIC AIF, SICAV-SIF S.C.SP., 80, route d’Esch, L-1470 Luxembourg
  
• COMPAGNIE FINANCIÈRE ST. EXUPÉRY SICAV-SIF, 42, rue de la Vallée, L-2661 Luxembourg
  
• CUBE INFRASTRUCTURE FUND II, 5, allée Scheffer, L-2520 Luxembourg
  
• FRANKLIN GLOBAL INVESTMENT FUNDS, 8A, rue Albert Borschette, L-1246 Luxembourg
  
• IKANO GLOBAL INVESTMENTS FUND S.A. SICAV-SIF, 1, rue Nicolas Welter, L-2740 Luxembourg
  
• LA FRANÇAISE IC 2, SICAV-FIS, 60, avenue J-F Kennedy, L-1855 Luxembourg
  
• NOGRA GROUP SICAF-SIF, 18, avenue de la Porte-Neuve, L-2227 Luxembourg
  
• NORTHERN HORIZON NORDIC AGED CARE SCSP SICAV-SIF, 5, Allée Scheffer, L-2520 Luxembourg

The following 16 undertakings for collective investment and specialised investment funds have been deregistered from the official list during May:

1) UCITS Part I 2010 Law:

• BKCP FUND, 60, avenue J-F Kennedy, L-1855 Luxembourg
  
• BOCOM SCHRODER GLOBAL OPPORTUNITIES FUND, 16, boulevard d’Avranches, L-1160 Luxembourg
  
• DB PRIVATMANDAT FIT, 2, boulevard Konrad Adenauer, L-1115 Luxembourg
  
• DEUTSCHE BANK, 2, boulevard Konrad Adenauer, L-1115 Luxembourg
  
• EIFFEL UCITS OPPORTUNITIES SICAV, 5, allée Scheffer, L-2520 Luxembourg
  
• SWISS ALPHA, SICAV, 6B, rue Gabriel Lippmann, L-5365 Munsbach
  
• SYSTEMATIC CAPITAL INVESTMENT FUNDS, 4, rue Peternelchen, L-2370 Howald
  
• UBS (LUX) STRUCTURED SICAV, 33A, avenue J-F Kennedy, L-1855 Luxembourg
  
• UFP TIMING GLOBAL SELECT, 5, Heienhaff, L-1736 Senningerberg

2) SIFs:

• ANAXIS FUND, SICAV-FIS S.A., 11, rue Aldringen, L-1118 Luxembourg
  
• ART COLLECTION FUND I SCA SIF, 20, boulevard Emmanuel Servais, L-2535 Luxembourg
  
• GENERAL CAPITAL – S.C.A., SICAV-SIF, 28-32, place de la Gare, L-1616 Luxembourg
  
• HENDERSON INDIRECT PROPERTY FUND (EUROPE), 4A, rue Henri Schnadt, L-2530 Luxembourg
  
• MAINORIA SICAV-SIF, 1A, rue Pierre d’Aspelt, L-1142 Luxembourg
  
• MORGAN STANLEY INFRASTRUCTURE PARTNERS LUXEMBOURG FEEDER II, SICAV-FIS, 6C, route de Trèves, L-2633 Senningerberg
  
• VOLGA RESOURCES INVESTMENTS, 58, rue Charles Martel, L-2134 Luxembourg