Global situation of undertakings for collective investment at the end of May 2024

As at 31 May 2024, the total net assets of undertakings for collective investment, comprising UCIs subject to the 2010 Law, specialised investment funds and SICARs, amounted to EUR 5,472.493 billion compared to EUR 5,421.538 billion as at 30 April 2024, i.e. an increase of 0.94% over one month. Over the last twelve months, the volume of net assets increased by 6.00%.

The Luxembourg UCI industry thus registered a positive variation amounting to EUR 50.955 billion in May. This increase represents the sum of positive net capital investments of EUR 9.180 billion (+0.17%) and of the positive development of financial markets amounting to EUR 41.775 billion (+0.77%).

The development of undertakings for collective investment is as follows:

The number of undertakings for collective investment taken into consideration totalled 3,232, against 3,236 the previous month. A total of 2,115 entities adopted an umbrella structure representing 12,738 sub-funds. Adding the 1,117 entities with a traditional UCI structure to that figure, a total of 13,855 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 May.

Developed equity markets rebounded in May, supported by strong corporate earnings and investor optimism. The US and Europe economies diverged further, notably with regards to inflation, which has moderated significantly in Europe over the recent months whereas it remains stickier in the US. In that context, European equity markets benefitted from anticipations of a first rate cut by the ECB during its forthcoming monetary meeting in June. While no imminent rate cut was expected by the Fed, US equity markets also reported positive performances notably due to continuing demand for technology stocks. The performance of Asian equities was mixed, with gains in Taiwan as well as, to a lower extent, China and Malaysia, which were offset by losses in South Korea and Indonesia. Latin American equities fell the most due to losses in Brazil.

In May, equity UCI categories registered an overall positive capital investment, with limited flows for all categories except the Eastern European and Latin American equities, which reported larger inflows and outflows respectively.

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

European government bond yields increased during the month while they decreased in the US following economic data suggesting lower growth and a decline in inflation pressures in the US. Spreads compressed during the month resulting in gains for all the major bond UCI categories.

In May, fixed income UCIs registered an overall positive net capital investment although with significant differences among categories. The largest flows were reported by the UCI categories Global money market and Others.

* _{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 eight undertakings for collective investment have been registered on the official list:

UCITS Part I 2010 Law:

• PORTOFINO, 5, allée Scheffer, L-2520 Luxembourg
• R-CO LUX 2, 5, allée Scheffer, L-2520 Luxembourg
• SYZ CAPITAL UCITS, 5, allée Scheffer, L-2520 Luxembourg

UCIs Part II 2010 Law:

• ACP PERMANENT PRIVATE MARKETS S.A., SICAV, 3, rue Jean Piret, L-2350 Luxembourg
• ALTAROC ODYSSEY SCA – SICAV – UCI PART II, 9, rue de Bitbourg, L-1273 Luxembourg
• CIP GLOBAL ENERGY TRANSITION FEEDER, Vertigo Building – Polaris, 2-4, rue Eugène Ruppert, L-2453 Luxembourg
• COLLER INTERNATIONAL SECONDARIES PRIVATE EQUITY FUND (MASTER) SCSP, 49, Avenue J.F. Kennedy, L-1855 Luxembourg
• COLLER INTERNATIONAL SECONDARIES PRIVATE EQUITY FUND SICAV SA, 49, Avenue J.F. Kennedy, L-1855 Luxembourg

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

UCITS Part I 2010 Law:

• ALPEN PRIVATBANK VERMÖGENSFONDS, 4, rue Thomas Edison, L-1445 Strassen
• ALPEN PRIVATBANK, 4, rue Thomas Edison, L-1445 Luxembourg-Strassen
• ASIA PACIFIC PERFORMANCE, 12, rue Eugène Ruppert, L-2453 Luxembourg
• ASSENAGON SELECT PLUS, 1B, Heienhaff, L-1736 Senningerberg
• AYDEAL UCITS, 287-289, route d’Arlon, L-1150 Luxembourg
• BI SICAV, 11-13, boulevard de la Foire, L-1528 Luxembourg
• BRIGHT CAP, 25A, boulevard Royal, L-2449 Luxembourg
• HARVEST GLOBAL FUNDS, 106, route d’Arlon, L-8210 Mamer
• PALLADIUM FCP, 2, boulevard de la Foire, L-1528 Luxembourg

UCIs Part II 2010 Law:

• CANDRIAM M, 5, allée Scheffer, L-2520 Luxembourg
• INGENIUM, 16, boulevard Royal, L-2449 Luxembourg

SIFs:

• FINEX SICAV SIF S.A., 25A, boulevard Royal, L-2449 Luxembourg