Published on 7 June 2017
Press release

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

Press release 17/20

I. Overall situation

As at 30 April 2017, total net assets of undertakings for collective investment, including UCIs subject to the 2010 Law, specialised investment funds and SICARs amounted to EUR 3,937.907 billion compared to EUR 3,906.027 billion as at 31 March 2017, i.e. a 0.82% increase over one month. Over the last twelve months, the volume of net assets rose by 13.17%.

Consequently, the Luxembourg UCI industry registered a positive variation of EUR 31.880 billion in April. This increase represents the balance of positive net issues amounting to EUR 31.731 billion (0.81%) and a positive development in financial markets amounting to EUR 0.149 billion (0.01%).

The development of undertakings for collective investment is as follows1:

The number of undertakings for collective investment (UCIs) taken into consideration totals 4,129 as against 4,139 in the previous month. A total of 2,645 entities have adopted an umbrella structure, which represents 13,099 sub-funds. When adding the 1,484 entities with a traditional structure to that figure, a total of 14,583 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 within these UCIs, the following can be said about April.

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

As far as developed countries are concerned, the European equity UCIs recorded price increases within the context of continued economic growth in the euro area, sound corporate results, ongoing accommodating monetary policy by the European Central Bank and a reduction of the political risks in Europe following the results of the first round of the French presidential elections. While US equity prices also increased due to results of corporates which exceeded expectations, US equity UCIs closed the month in negative territory against the USD vs. EUR depreciation. Despite the positive performance of the stock exchange in Japan linked to the recovery of foreign trade of Japan and positive economic indicators, Japanese equity UCIs recorded a fall in prices relating to the YEN vs. EUR depreciation.

As far as emerging countries are concerned, the Asian positive economic data and the favourable global economic context are attributable to the appreciation of Asian equity UCIs. Eastern European equity UCIs also developed positively, largely because of the positive evolution of the main stock exchanges and the improvement in the growth figures in Russia, whereas Latin American equity UCIs made a downward move due to the depreciation of the main currencies of the region.

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

Development of equity UCIs during the month of April 2017*


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

The continuity of the accommodative monetary policy by the European Central Bank in a context of decline in inflation and easing of political tensions in Europe resulted in a decrease in government and corporate bond yields, enabling EUR-denominated bond UCIs to end the month up.

An inflation below expectations, the delays in implementing the tax reform and a less positive than expected economic situation in the United States bolstered the US bond market where government bonds were particularly sought in a context of geopolitical uncertainties. However, consecutive price increases have been more than offset by the USD vs. EUR depreciation, so that USD-denominated bonds ended the month with a loss.

The negative performance of emerging market bond UCIs is mainly due to the depreciation of the main currencies of this region against the EUR, despite the appreciation of the prices of emerging market bonds linked to the net flows of positive capital to emerging countries, the overall favourable economic situation as well as a growing world trade.

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

Development of fixed-income UCIs during the month of April 2017*


* 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:

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


* Variation in % of Net Assets in EUR 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 29 undertakings for collective investment have been registered on the official list:

1) UCITS Part I 2010 Law:

  • 1ST SICAV, 20, boulevard Emmanuel Servais, L-2535 Luxembourg
  • CRUX GLOBAL FUND, 49, avenue J-F Kennedy, L-1855 Luxembourg
  • DKO-FONDS, 2, place François-Joseph Dargent, L-1413 Luxembourg
  • EUROSWITCH ABSOLUTE RETURN, 2, boulevard Konrad Adenauer, L-1115 Luxembourg
  • RV BOND SELECT, 1C, rue Gabriel Lippmann, L-5365 Munsbach
  • UNIINSTITUTIONAL EM HIGH YIELD BONDS, 308, route d’Esch, L-1471 Luxembourg

2) UCIs Part II Law 2010:

  • PARTNERS GROUP GLOBAL REAL ESTATE FCP, 2, place François-Joseph Dargent, L-1413 Luxembourg

3) SIFs:

  • BAYVK P4-FONDS, 15, rue de Flaxweiler, L-6776 Grevenmacher
  • BLUEORANGE SUSTAINABLE CAPITAL SICAV-SIF SCS, 5, allée Scheffer, L-2520 Luxembourg

4) SICARs:

  • HEALTH FOR LIFE CAPITAL S.C.A. SICAR, 5, allée Scheffer, L-2520 Luxembourg
  • WAGNER CAPITAL S.A. SICAR, 2-4, avenue Marie-Thérèse, L-2132 Luxembourg

The following 21 undertakings for collective investment have been deregistered from the official list during the month under review:

1) UCITS Part I 2010 Law:

  • ARCOBALENO FUND, 11, rue Aldringen, L-1118 Luxembourg
  • CHARTERED INVESTMENTS FUND UI SICAV, 18-20, rue Gabriel Lippmann, L-5365 Munsbach
  • DANSKE INVEST, 13, rue Edward Steichen, L-2540 Luxembourg
  • DEKA-BF EURORENTEN TOTAL RETURN, 5, rue des Labours, L-1912 Luxembourg
  • DEKA-EUROGARANT 1, 5, rue des Labours, L-1912 Luxembourg
  • HAIG GLOBAL CONCEPT FONDS, 1C, rue Gabriel Lippmann, L-5365 Munsbach
  • TIBERIUS INTERBOND OP, 2, boulevard Konrad Adenauer, L-1115 Luxembourg
  • UNIPROFIANLAGE (2017/6J), 308, route d’Esch, L-1471 Luxembourg
  • VITREO, 15, rue de Flaxweiler, L-6776 Grevenmacher

2) UCIs Part II Law 2010:

  • BG DRAGON CHINA, 5, allée Scheffer, L-2520 Luxembourg
  • DEKA-ZINSBUCH PLUS, 5, rue des Labours, L-1912 Luxembourg
  • FUNDO, 14, boulevard Royal, L-2449 Luxembourg
  • MUWM PRIVATE PLACEMENT FUND, 287-289, route d’Arlon, L-1150 Luxembourg
  • SBI GLOBAL SELECTION FUND, 5, allée Scheffer, L-2520 Luxembourg

3) SIFs:

  • DEDICATED MAP SIERRA EUROPE FUND, 28-32, place de la Gare, L-1616 Luxembourg
  • EFG MULTISTRATEGY (LUXEMBOURG) FUND, 56, Grand-rue, L-1660 Luxembourg
  • IFA STIFTUNGSFONDS, 4, rue Thomas Edison, L-1445 Luxembourg-Strassen
  • JUBA GLOBAL FCP-FIS, 26, avenue de la Liberté, L-1930 Luxembourg
  • MEAC-FONDS, 15, rue de Flaxweiler, L-6776 Grevenmacher
  • SAVILLS IM GERMAN RETAIL FUND FCP-FIS, 10, rue C-M Spoo, L-2546 Luxembourg
  • VIRTUS SICAV-SIF S.A., 5, rue Heienhaff, L-1736 Senningerberg

4) SICARs:

  • –

1 Since the statistical data of SICARs were published on an annual basis 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.