Global situation of undertakings for collective investment at the end of April 2018

As at 30 April 2018, total net assets of undertakings for collective investment, including UCIs subject to the 2010 Law, specialised investment funds and SICARs amounted to EUR 4,227.532 billion compared to EUR 4,148.898 billion as at 31 March 2018, i.e. a 1.90% increase over one month. Over the last twelve months, the volume of net assets rose by 7.35%.

Consequently, the Luxembourg UCI industry registered a positive variation of EUR 78.634 billion in April. This increase represents the balance of positive net issues of EUR 26.702 billion (0.65%) and a positive development in financial markets amounting to EUR 51.932 billion (1.25%).

The development of undertakings for collective investment is as follows:

The number of undertakings for collective investment (UCIs) taken into consideration totalled 3,990 as against 3,996 in the previous month. A total of 2,581 entities adopted an umbrella structure, which represented 13,363 sub-funds. When adding the 1,409 entities with a traditional structure to that figure, a total of 14,772 fund units were 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.

As regards developed countries, European equity UCIs realised a positive performance due to good economic fundamentals and the weakness of the EUR against the USD. While US equity prices barely moved amid trade tensions with China and sound corporate results in the United States, the appreciation of the USD against the EUR made the US equity UCIs end in positive territory. The increase of the Japanese equity UCIs was mainly sustained by an overall favourable economic environment and the depreciation of the YEN against the USD boosting the Japanese export.

As regards emerging countries, despite trade tensions between the United States and China, Asian equity UCIs registered a positive performance in the context of sound economic data in several countries of the region and the appreciation of the main Asian currencies against the EUR. The new economic sanctions imposed by the United States on Russia as well as political problems in Turkey resulted in losses for the category of Eastern European equity UCIs. Although Latin American equity markets declined, despite the increase of the main commodity prices, the appreciation of the USD against the EUR prompted the Latin American equity UCIs to end the month up.

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

Development of equity UCIs during the month of April 2018*

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

In view of an unchanged monetary policy of the European Central Bank in a context of low core inflation in Europe, the yields of government bonds and corporate bonds changed little during the month under review which explains the inertia of the EUR-denominated bond UCIs.

The USD-denominated bond yields increased due to a stable growth of the US economy, the upward revision of inflation anticipations and the monetary tightening by the Fed. This increase in yields which resulted in price losses of bonds was, however, more than offset by the appreciation of the USD against the EUR. Consequently, USD-denominated bond UCIs slightly appreciated.

The increase in the yields of US bonds, the trade tensions between the United States and China, the geopolitical problems in some emerging countries explain the price decreases of emerging market bond UCIs.

In April, fixed-income UCI categories registered an overall positive net capital investment.

Development of fixed-income UCIs during the month of April 2018*

* 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 2018*

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

During the month under review, the following 14 undertakings for collective investment have been registered on the official list:

1) UCITS Part I 2010 Law:

• AFH, 5, allée Scheffer, L-2520 Luxembourg
• ARTEMIS FUNDS (LUX), 6C, route de Trèves, L-2633 Senningerberg
• CHINA LION FUND UCITS, 6B, route de Trèves, L-2633 Senningerberg
• PREMIUM SAVINGS SOLUTIONS, 8-10, rue Jean Monnet, L-2180 Luxembourg

2) UCIs Part II 2010 Law:

• –

3) SIFs:

• ALLIANCEBERNSTEIN FUND III, 2-4, rue Eugène Ruppert, L-2453 Luxembourg
• BAYVK R PRIVATE DEBT S.C.S. SICAV-FIS, 15, rue de Flaxweiler, L-6776 Grevenmacher
• HERMES EUROPEAN DIRECT LENDING MASTER FUND SCS, SICAV-SIF, 50, avenue J-F Kennedy, L-1855 Luxembourg
• INFINITY B S.C.S. SICAV-SIF, 1C, rue Gabriel Lippmann, L-5365 Munsbach
• MEAG INFRASTRUCTURE DEBT FUND S.C.S. SICAV-FIS, 15, rue de Flaxweiler, L-6776 Grevenmacher
• MULTI INVESTMENT SOLUTIONS SICAV-SIF, 26, avenue de la Liberté, L-1930 Luxembourg
• PRIVATE DEBT FUND S.A. SICAV-SIF, 5, rue Jean Monnet, L-2180 Luxembourg
• SL FIXED INCOME FUND SICAV-SIF S.A., 80, route d’Esch, L-1470 Luxembourg
• VERIANOS REAL ESTATE MEZZANINE FUND 1 SICAV-SIF, 2, place François-Joseph Dargent, L-1413 Luxembourg
• ZEUS CAPITAL ALTERNATIVE, 20, boulevard Emmanuel Servais, L-2535 Luxembourg

4) SICARs:

• –

The following 20 undertakings for collective investment have been deregistered from the official list during the month under review:

1) UCITS Part I 2010 Law:

• AMINVEST GLOBAL, 4, rue Jean Monnet, L-2180 Luxembourg
• AXA IM DYNAMIC CREDIT, 49, avenue J-F Kennedy, L-1855 Luxembourg
• BKC-FONDS, 15, rue de Flaxweiler, L-6776 Grevenmacher
• DEKA-DEUTSCHLANDGARANT STRATEGIE 1, 5, rue des Labours, L-1912 Luxembourg
• OPTIMUM INVESTMENT FUNDS, 15, rue de Flaxweiler, L-6776 Grevenmacher
• PICTET STRATEGY FUND, 3, boulevard Royal, L-2449 Luxembourg
• PROSPECT YIELD FUND, 25, Grand-rue, L-1661 Luxembourg
• THREE BRIDGES UCITS FUND, 60, avenue J-F Kennedy, L-1855 Luxembourg
• UNIPROTECT: EUROPA, 308, route d’Esch, L-1471 Luxembourg

2) UCIs Part II 2010 Law:

• PRISMA ALTERNATIVES FUND, 2-4, rue Eugène Ruppert, L-2453 Luxembourg
• UNIGARANT: COMMODITIES (2018) II, 308, route d’Esch, L-1471 Luxembourg
• UNIGARANT: COMMODITIES (2018) III, 308, route d’Esch, L-1471 Luxembourg

3) SIFs:

• ARDI IMMO SICAV, 60, avenue J-F Kennedy, L-1855 Luxembourg
• FOS PRESTO, 1C, rue Gabriel Lippmann, L-5365 Munsbach
• FRANKLIN GLOBAL INVESTMENT FUNDS, 8A, rue Albert Borschette, L-1246 Luxembourg
• IRUS EUROPEAN RETAIL PROPERTY FUND, 69, route d’Esch, L-1470 Luxembourg
• KGAL SCPF 1 SICAV-SIF S.C.S., 1C, rue Gabriel Lippmann, L-5365 Munsbach
• MEAG GLOBAL FCP-SIF, 15, rue Notre-Dame, L-2240 Luxembourg
• RESS UNCORRELATED ASSETS FUND, 7, avenue Jean-Pierre Pescatore, L-2324 Luxembourg
• VELOCITY FUNDS, SICAV S.A., 37A, avenue J-F Kennedy, L-1855 Luxembourg

4) SICARs:

• –