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

As at 31 August 2018, total net assets of undertakings for collective investment, including UCIs subject to the 2010 Law, specialised investment funds and SICARs, amounted to EUR 4,272.388 billion compared to EUR 4,282.464 billion as at 31 July 2018, i.e. a 0.24% decrease over one month. Over the last twelve months, the volume of net assets rose by 7.15%.

The Luxembourg UCI industry thus registered a negative variation of EUR 10.076 billion during the month of August. This decrease results from the balance of positive net issues amounting to EUR 2.619 billion (0.06%) combined with a negative development in financial markets of EUR 12.695 billion (-0.30%).

The development of undertakings for collective investment is as follows:

The number of undertakings for collective investment (UCIs) taken into consideration totalled 3,957 as against 3,966 in the previous month. A total of 2,570 entities adopted an umbrella structure, which represented 13,376 sub-funds. When adding the 1,387 entities with a traditional structure to that figure, a total of 14,763 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 in these UCIs, the following can be said about August.

As regards developed countries, the category of European equity UCIs recorded a negative performance linked to the continuing commercial tensions between the United States and China, the political uncertainties in Italy and the crisis in Turkey. Commercial tensions also explain the decrease in value of the Japanese equity UCI category. A sustained growth in the US, good operating results and the appreciation of the USD against the EUR sustained the US equity UCI category.

As concerns emerging countries, the negative impact of commercial tensions between the US and China on Chinese equity markets, as well as a diverging development in other Asian regions made the Asian equity UCI category end down. The crisis in Turkey, the geopolitical tensions between the US and Russia as well as the strong depreciation of the currencies of Eastern European countries impacted the Eastern European equity UCI category. In Latin America, the political and economic issues in some countries, as for example Brazil or Argentina, as well as the depreciation of most South American currencies resulted in price losses.

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

Development of equity UCIs during the month of August 2018*

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

In Europe, the increasing risk aversion of investors looking for high-rated bonds towards the commercial tensions and political uncertainties in Italy resulted in a widening of the spreads between high-rated and low-rated European government bonds. This trend, together with a relatively stable situation of corporate bonds, led to slight price decreases for EUR-denominated bond UCIs.

In the US, the continuing commercial tensions resulted in an increase of government bond prices as investors sought to invest in safe heavens, which, together with the USD appreciation against the EUR, led to the USD-denominated bond UCI category ending the month in positive territory.

As far as emerging countries are concerned, the economic and political issues faced by certain countries like Turkey and Argentina, as well as the continuing commercial tensions with the US resulted in an increase in risk premiums, implying a decline in emerging market bond UCIs. This trend has been accentuated by the depreciation of a number of emerging currencies.

In August, fixed-income UCI categories registered an overall negative net capital investment.

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

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

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

1) UCITS Part I 2010 Law:

• MOBIUS SICAV, 33A, avenue J-F Kennedy, L-1855 Luxembourg

2) UCI Part II 2010 Law:

• –

3) SIFs:

• CMB EVERGREEN SA, SICAV-SIF, 20, boulevard Royal, L-2449 Luxembourg
• FLEURON FUND, 291, route d’Arlon, L-1150 Luxembourg
• KGAL WALKABILITY FUND 1 SICAV-SIF S.C.S, 1C, rue Gabriel Lippmann, L-5365 Munsbach
• WEALTHCAP SPEZIAL PORTFOLIO IMMOBILIEN 1 SA SICAV-SIF, 8, rue Lou Hemmer, L-1748 Findel
• WEALTHCAP SPEZIAL PORTFOLIO IMMOBILIEN 1 SCS SICAV-SIF, 8, rue Lou Hemmer, L-1748 Findel
• WEALTHCAP SPEZIAL PORTFOLIO PRIVATE EQUITY 1 SA SICAV-SIF, 8, rue Lou Hemmer, L-1748 Findel
• WEALTHCAP SPEZIAL PORTFOLIO PRIVATE EQUITY 1 SCS SICAV-SIF, 8, rue Lou Hemmer, L-1748 Findel

4) SICARs:

• –  

The following 17 undertakings for collective investment have been deregistered from the official list during the month under review:

1) UCITS Part I 2010 Law:

• BNP PARIBAS FORTIGO, 10, rue Edward Steichen, L-2540 Luxembourg
• H & A ASSET ALLOCATION FONDS, 1C, rue Gabriel Lippmann, L-5365 Munsbach
• HARNESS INVESTMENT FUND, 49, avenue J-F Kennedy, L-1855 Luxembourg
• JRS SICAV 2, 4, rue Peternelchen, L-2370 Howald
• MANTEX SICAV, 16, rue Jean-Pierre Brasseur, L-1258 Luxembourg
• MARGIN OF SAFETY FUND, 5, allée Scheffer, L-2520 Luxembourg
• TIBERIUS, 1C, rue Gabriel Lippmann, L-5365 Munsbach
• UNIINSTITUTIONAL EURO LIQUIDITY, 308, route d’Esch, L-1471 Luxembourg

2) UCIs Part II 2010 Law:

• AMUNDI ABSOLUTE RETURN HARMONY, 5, allée Scheffer, L-2520 Luxembourg
• OLD MUTUAL AFRICAN AGRICULTURAL FUND (LUXEMBOURG), 58, rue Charles Martel, L-2134 Luxembourg

3) SIFs:

• ABERDEEN UMBRELLA PROPERTY FUND OF FUNDS, 35A, avenue J-F Kennedy, L-1855 Luxembourg
• CREDIT STRATEGIES ACCESS FUND, 2, boulevard de la Foire, L-1528 Luxembourg
• LASARTE-FIS, 1C, rue Gabriel Lippmann, L-5365 Munsbach
• UFG GLOBAL COMMERCIAL REAL ESTATE FUND I S.A., SICAV-SIF, 1B, rue Jean Piret, L-2350 Luxembourg
• UFG RUSSIAN COMMERCIAL REAL ESTATE FUND I S.A., SICAV-SIF, 1B, rue Jean Piret, L-2350 Luxembourg

4) SICARs:

• BPH INVESTMENT S.A., SICAR, 412F, route d’Esch, L-2086 Luxembourg
• FORTUNA SOLIDUM S.C.A., SICAR, 20, boulevard Emmanuel Servais, L-2535 Luxembourg