Published on 8 May 2017
Press release

Global situation of undertakings for collective investment at the end of February 2017

Press release 17/18

I. Overall situation

As at 28 February 2017, total net assets of undertakings for collective investment, which includes UCIs subject to the Law of 2010, specialised investment funds and SICARs, reached EUR 3,860.317 billion compared to EUR 3,767.387 billion as at 31 January 2017, i.e. a 2.47% growth over one month. Over the last twelve months, the volume of net assets rose by 13.68%.

The Luxembourg UCI industry thus registered a positive variation amounting to EUR 92.930 billion in February. This increase represents the balance of positive net issues of EUR 19.505 billion (0.52%) and a positive development in financial markets amounting to EUR 73.425 billion (1.95%).

The development of undertakings for collective investment is as follows1:

The number of undertakings for collective investment (UCIs) taken into consideration totals 4,130 as against 4,126 in the previous month. A total of 2,649 entities have adopted an umbrella structure, which represents 13,072 sub-funds. When adding the 1,481 entities with a traditional structure to that figure, a total of 14,553 fund units are active in the financial centre.

As regards, on the one hand, the impact of financial markets on the main categories of undertakings for collective investment and, on the other hand, the net capital investment in these UCIs, the following can be said about February:

All equity UCI categories registered a positive performance during the month under review.

As far as developed countries are concerned, the favourable economic indicators on both sides of the Atlantic are the driving force behind the price increases for European and American equity UCI categories, despite continuing political uncertainties in Europe. The Japanese equity market having sparsely evolved during the month under review, the appreciation of the JPY against the EUR explains the positive performance of Japanese equity UCIs.

As far as emerging markets are concerned, the Asian equity UCI category’s appreciation is notably linked to a buoyant global economy and good economic figures in several Asian countries. This general upward trend in financial markets sustained Eastern European and Latin American equity UCI categories; this growth was less accentuated for Eastern European equity UCIs due to the decrease in oil prices and the appreciation of the rouble which affected the Russian domestic stock markets.

In February, the equity UCI categories registered an overall slightly positive net capital investment.

Development of equity UCIs during the month of February 2017*


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

As far as bond markets are concerned, the returns decreased on both sides of the Atlantic.

In Europe, the continuity of the ECB’s asset buy back policy and the ongoing political uncertainties, despite positive economic data, implied a decrease in government and corporate bond yields supporting the valorisation of EUR-denominated bond UCI categories.

Despite the likelihood of an increase in key interest rates by the US Federal Reserve, considering the improving economic climate in the US, the lack, in particular, of visibility in the expansionary fiscal measures announced by the new US president implied a minor decline in USD-denominated bond yields. Together with a USD vs. EUR appreciation, USD-denominated bond UCIs registered a positive performance during the month under review.

The marginal yield decreases in the United States, the movements of capital towards emerging countries, the stabilisation of the prices of some raw materials as well as the tightening of risk premiums on emerging countries’ bonds allowed emerging market bond UCIs to develop positively.

In February, the category of fixed-income UCIs registered an overall positive net capital investment.

Development in fixed-income UCIs during the month of February 2017*



* Variation in % of Net Assets 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:

Development of diversified UCIs and funds of funds during the month of February 2017*

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

II. Breakdown of the number and the net assets of UCIs according to Parts I and II, respectively, of the 2010 Law and of SIFs according to the 2007 Law

During the month under review, the following 19 undertakings for collective investment have been registered on the official list:

1) UCITS Part I 2010 Law:

  • COMMERZBANK FLEXIBLE VOLATILITY STRATEGY FUND, 25, rue Edward Steichen, L-2540 Luxembourg
  • CS INVESTMENT FUNDS 6, 5, rue Jean Monnet, L-2180 Luxembourg
  • DEGROOF PETERCAM FRANCE SICAV, 12, rue Eugène Ruppert, L-2453 Luxembourg
  • ETHNA SICAV, 16, rue Gabriel Lippmann, L-5365 Munsbach
  • FRANKLIN TEMPLETON OPPORTUNITIES FUNDS, 8A, rue Albert Borschette, L-1246 Luxembourg
  • HARVEST GLOBAL FUNDS, 16, boulevard d’Avranches, L-1160 Luxembourg
  • PI INVESTMENT FUNDS, 8-10, rue Jean Monnet, L-2180 Luxembourg
  • SASFIN WEALTH SICAV, 49, avenue J-F Kennedy, L-1855 Luxembourg
  • SENTIMENT SICAV, 17, rue de Flaxweiler, L-6776 Grevenmacher
  • UNIINSTITUTIONAL MULTI CREDIT, 308, route d’Esch, L-1471 Luxembourg

2) UCI Part II 2010 Law:

  • BLACKPOINT, 5, allée Scheffer, L-2520 Luxembourg
  • NEMROD DIVERSIFIED, 5, allée Scheffer, L-2520 Luxembourg

3) SIFs :

  • 2XIDEAS SICAV-SIF, 2, rue d’Alsace, L-1122 Luxembourg
  • ASSENAGON GLOBAL VOLATILITY, 1B, Heienhaff, L-1736 Senningerberg
  • BRIGHT STARS SICAV-SIF, 33A, avenue J-F Kennedy, L-1855 Luxembourg
  • CHEYNE REAL ESTATE CREDIT (CRECH) FUND IV – LOANS SCS SICAV-SIF, 20, rue de la Poste, L-2346 Luxembourg
  • PIATTAFORMA FONDAZIONI S.C.A. SICAV-SIF, 412F, route d’Esch, L-2086 Luxembourg
  • RESA FONDS, 15, rue de Flaxweiler, L-6776 Grevenmacher
  • RV AIP S.C.S. SICAV-SIF, 60, avenue J-F Kennedy, L-1855 Luxembourg

4) SICARs :

  • –

The following 14 undertakings for collective investment have been withdrawn from the official list during the month under review:

1) UCITS Part I 2010 Law:

  • COSMOS FUNDS, 14, rue Bergère, F-75009 Paris3
  • VOGELANDFRIENDS INVEST, 1C, rue Gabriel Lippmann, L-5365 Munsbach

2) UCI Part II 2010 Law:

  • HASPA PB HBSF, 15, rue de Flaxweiler, L-6776 Grevenmacher
  • HSBC QUANT ALTERNATIVE FUNDS, 5, allée Scheffer, L-2520 Luxembourg

3) SIFs :

  • ALPINA REAL ESTATE FUND II (LUX), 13, rue Aldringen, L-1118 Luxembourg
  • ANTON INVEST, 12, rue Eugène Ruppert, L-2453 Luxembourg
  • AVON LIFE SETTLEMENT SIF, 5, allée Scheffer, L-2520 Luxembourg
  • CC GLOBAL INVESTMENTS MASTER FUND, 42, rue de la Vallée, L-2661 Luxembourg
  • CC GLOBAL INVESTMENTS, 42, rue de la Vallée, L-2661 Luxembourg
  • CS STRATEGIC PARTNERS V FEEDER S.C.A., SICAV-FIS, 47, avenue J-F Kennedy, L-1855 Luxembourg
  • LOGAXES FUND, 2, rue du Fort Bourbon, L-1249 Luxembourg
  • MORETON SICAV-FIS, 1, place de Metz, L-1930 Luxembourg
  • PROPULSE FUND, 11, rue Aldringen, L-1118 Luxembourg
  • THE FIVE, 33A, avenue J-F Kennedy, L-1855 Luxembourg

4) SICARs :

  • –

1 Since the statistical data of SICARs were published on an annual basis only before December 2016, the chart includes the number and net assets of SICARs as at 31 December 2015 for the previous months, resulting in constant figures until November 2016 for these vehicles.

2 Before 31 December 2016, the statistical data of SICARs were only published on an annual basis.

3 Undertaking for collective investment for which the designated management company has been authorised by the competent authorities of another Member State in accordance with Directive 2009/65/EC.