Global situation of undertakings for collective investment at the end of September 2023

As at 30 September 2023, the total net assets of undertakings for collective investment, comprising UCIs subject to the 2010 Law, specialised investment funds and SICARs, amounted to EUR 5,117.868 billion compared to EUR 5,195.645 billion as at 31 August 2023, i.e. a decrease of 1.50% over one month. Over the last twelve months, the volume of net assets increased by 1.59%.

The Luxembourg UCI industry thus registered a negative variation amounting to EUR 77.777 billion in September. This decrease represents the sum of negative net capital investments of EUR 26.830 billion (-0.52%) and of the negative development of financial markets amounting to EUR 50.947 billion (-0.98%).

The development of undertakings for collective investment is as follows:

The number of undertakings for collective investment (UCIs) taken into consideration totalled 3,319, against 3,323 the previous month. A total of 2,171 entities adopted an umbrella structure representing 12,953 sub-funds. Adding the 1,148 entities with a traditional UCI structure to that figure, a total of 14,101 fund units were active in the financial centre.

As regards the impact of financial markets on the main categories of undertakings for collective investment and the net capital investment in these UCIs, the following can be said for the month of September.

Most equity markets posted a negative performance in September, amid an increase in long term yields as well as solid performances recorded since the beginning of the year. The drop was particularly significant for US equities, although the losses in the US equity UCI category were partly offset by an appreciation of the US dollar against EUR. Most of the other major equity markets followed the same trend (the main exception being the Japanese equity UCI category which moved sideways), however with less significant losses compared to the ones seen in the US and also with more limited currency effects.

In September, all the equity UCI categories registered a negative capital investment.

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

Several Central Bank monetary policy meetings took place during the month, starting with the ECB which raised its reference rates by 25bps to record levels (4.5% for the main refinancing operations) in the context of strong inflation forecasts. A few days later the Fed and then the BoE decided to keep interest rates unchanged while reiterating their commitment to fight inflation and suggesting that monetary conditions will remain restrictive as long as necessary (without excluding further rate hikes).

Against this backdrop, long term yields increased to levels not seen since multiple years, resulting in losses for most bond UCI categories. The aforementioned appreciation of the USD against the EUR offset some of the losses of the USD-denominated bond UCI category.

In September, fixed income UCI categories registered an overall negative net capital investment. Only a few UCI categories reported inflows, the most significant one being the USD money market UCI category.

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

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

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

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

UCITS Part I 2010 Law:

• DWS LAUFZEIT, 2, boulevard Konrad Adenauer, L-1115 Luxembourg
• FERI SYSTEMATIC GLOBAL EQUITY, 18, boulevard de la Foire, L-1528 Luxembourg

UCIs Part II 2010 Law:

• ARES EUROPEAN CREDIT SOLUTIONS FUND (MASTER) FCP, 14-16, avenue Pasteur, L-2310 Luxembourg
• ARES EUROPEAN CREDIT SOLUTIONS FUND SICAV, 2-4, rue Eugène Ruppert, L-2453 Luxembourg
• LUXEMBOURG SPECIALIST INVESTMENT FUNDS (3) SICAV, 16, boulevard Royal, L-2449 Luxembourg
• S64 ALTOFLEX VI PRIVATE MARKETS SICAV, 3, rue Jean Piret, L-2350 Luxembourg

SIFs:

• FIDELITY REAL ESTATE LOGISTICS IMPACT CLIMATE SOLUTIONS FUND SCA SICAV-SIF, 2A, rue Albert Borschette, L-1246 Luxembourg
• GGI SENIOR INFRASTRUCTURE DEBT S.C.A SICAV-SIF, 2-4, rue Eugène Ruppert, L-2453 Luxembourg
• NATO INNOVATION FUND SCSP SICAV-SIF, 2, rue d’Alsace, L-1122 Luxembourg
• RI EUROPEAN INVESTMENT FUND SCSP, SICAV-SIF, 33, avenue J-F Kennedy, L-1855 Luxembourg

SICARs:

• HALCYON EQUITY PARTNERS S.C.A. SICAR, 17, boulevard Raiffeisen, building Bijou, L-2411 Luxembourg

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

UCITS Part I 2010 Law:

• AERA FUND SICAV, 12, rue Eugène Ruppert, L-2453 Luxembourg
• HVB OPTI SELECT BALANCE, 8-10, rue Jean Monnet, L-2180 Luxembourg
• PIRAEUSINVEST, 87 Syngrou Avenue, 117 45 Athens
• RATIONAL ASSET MANAGEMENT, 33, rue de Gasperich, L-5826 Hesperange

UCIs Part II 2010 Law:

• BNP PARIBAS GLOBAL BOND FUND, 10, rue Edward Steichen, L-2540 Luxembourg

SIFs:

• AINA INVESTMENT FUND, 4, rue Robert Stumper, L-2557 Luxembourg
• AXA ALTERNATIVE FINANCING, 24, avenue Emile Reuter, L-2420 Luxembourg
• RE.A.S. FINANCE S.C.A. SICAV SIF, 12, rue Eugène Ruppert, L-2453 Luxembourg
• ERNESTO FCP-FIS, 1C, rue Gabriel Lippmann, L-5365 Munsbach
• FLIT – PTREL, SICAV-SIF S.C.A., 11-13, boulevard de la Foire, L-1528 Luxembourg
• FRUN INVEST REAL-ESTATE S.C.A. SICAV-SIF, 2, rue d’Alsace, L-1122 Luxembourg
• HAEK FUND, 9A, rue Gabriel Lippmann, L-5365 Munsbach
• LFF DEBT STRATEGIES S.C.S, SIF, 5, Allée Scheffer, L-2520 Luxembourg
• VICTORY EUROPEAN REAL ESTATE FUND I, 4, rue Robert Stumper, L-2557 Luxembourg
• WAVE PRIVATE EQUITY SICAV-SIF, 3, rue Gabriel Lippmann, L-5365 Munsbach