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

As at 30 June 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 5,582.271 billion compared to EUR 5,472.493 billion as at 31 May 2024, i.e. an increase of 2.01% over one month. Over the last twelve months, the volume of net assets increased by 7.40%.

The Luxembourg UCI industry thus registered a positive variation amounting to EUR 109.778 billion in June. This increase represents the sum of positive net capital investments of EUR 25.859 billion (+0.47%) and of the positive development of financial markets amounting to EUR 83.919 billion (+1.54%).

The development of undertakings for collective investment is as follows:

The number of undertakings for collective investment taken into consideration totalled 3,228, against 3,232 the previous month. A total of 2,114 entities adopted an umbrella structure representing 12,724 sub-funds. Adding the 1,114 entities with a traditional UCI structure to that figure, a total of 13,838 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 June.

During the month, markets continued to be focused on monetary policy and inflation. While the ECB proceeded as expected to a first 25 bps rate cut in the beginning of the month – with no commitment to further rapid cuts, the Fed and the Bank of England kept their reference rates unchanged during their June meetings. On the economic front, data suggested a slowing of the global economy raising hopes for a further decline in inflation and a normalisation of monetary policies.

In that context, US equity markets delivered the largest monthly performance, once again supported by strong demand for IA and technology stocks. The Asian and Japanese equities also benefitted from significant exposure to those stocks from countries such as Taiwan and South Korea. European equities, on the contrary, posted losses mainly due to political uncertainty in France following the unexpected decision of the French President to call early parliamentary elections after the defeat of the ruling party in the European parliamentary elections. Finally, Latin American equities reported the largest losses, following a significant market decline and a strong currency depreciation both in Mexico, following the national elections which raised concerns of potential upcoming tax hikes, and in Brazil, amid a negative market sentiment.

In June, equity UCI categories registered an overall stable capital investment, with limited outflows in most categories offset by inflows in the Japanese and Other equities categories.

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

All the fixed income UCIs categories reported positive returns as a result of a decrease in bond yields, given the negative relationship between yields and bond prices, which was however partially offset by a slight increase in credit spreads. Returns also benefitted from the appreciation of the US dollar and most other major currencies against the EUR.

In June, all fixed income and money market UCIs categories registered positive net capital investment. The largest inflows were reported by the UCI categories EUR money market and Emerging market bonds.

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

UCITS Part I 2010 Law:

• ALITER INVESTORS, 106, route d’Arlon, L-8210 Mamer
• HAFS VMARKETS, 1C, rue Gabriel Lippmann, L-5365 Munsbach
• M&G (LUX) GLOBAL FUNDS, 16, boulevard Royal, L-2449 Luxembourg
• UNIEURORENTA UNTERNEHMENSANLEIHEN 2028 II, 3, Heienhaff, L-1736 Senningerberg
• UNIEURORENTA UNTERNEHMENSANLEIHEN 2030 II, 3, Heienhaff, L-1736 Senningerberg

UCIs Part II 2010 Law:

• ALLIANZ ELTIF UMBRELLA SCA SICAV, 6A, route de Trèves, L-2633 Senningerberg
• BNP PARIBAS ALTERNATIVE STRATEGIES, 60, Avenue J.F. Kennedy, L-1855 Luxembourg
• CARLYLE ALPINVEST PRIVATE MARKETS SICAV – UCI PART II, 3, rue Gabriel Lippmann, L-5365 Munsbach
• CARLYLE PRIVATE MARKETS S.A. SICAV-UCI PART II, 9, rue de Bitbourg, L-1273 Luxembourg
• CIP GLOBAL ENERGY TRANSITION MASTER, 2-4, rue Eugène Ruppert, L-2453 Luxembourg
• EASTERLAKES PATIENT CAPITAL, 15, rue de Flaxweiler, L-6776 Grevenmacher
• FIDELITY STRATEGIC FUNDS, 2A, rue Albert Borschette, L-1246 Luxembourg

SIFs:

• EVERGREEN I S.A. SICAV-FIS, 6, avenue Marie-Thérèse, L-2132 Luxembourg

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

UCITS Part I 2010 Law:

• CS INVESTMENT FUNDS 12, 5, rue Jean Monnet, L-2180 Luxembourg
• MAINSKY ACTIVE GREEN BOND FUND, 4, rue Thomas Edison, L-1445 Strassen
• MBI FUND SICAV, 3, rue Jean Piret, L-2350 Luxembourg
• RP GLOBAL MARKET SELECTION, 9A, rue Gabriel Lippmann, L-5365 Munsbach
• SERVICED PLATFORM SICAV, 49, avenue J-F Kennedy, L-1855 Luxembourg
• SIMPHONY LUX I, 8-10, rue Jean Monnet, L-2180 Luxembourg
• UNIINSTITUTIONAL ASIAN BOND AND CURRENCY FUND, 3, Heienhaff, L-1736 Senningerberg

UCIs Part II 2010 Law:

• FLEXIFUND, 10, rue Edward Steichen, L-2540 Luxembourg
• MAESTRO SICAV (LUX), 9A, rue Gabriel Lippmann, L-5365 Munsbach

SIFs:

• ALPHA 4 S.A., SICAV-SIF, 15, avenue J-F Kennedy, L-1855 Luxembourg
• BNP PARIBAS LDI SOLUTION, 10, rue Edward Steichen, L-2540 Luxembourg
• ENERGY REVOLUTION, 2, boulevard Konrad Adenauer, L-1115 Luxembourg
• INNEXTO S.C.A., SICAV SIF, 56, rue d’Anvers, L-1130 Luxembourg
• SAVILE FUNDS, 5, allée Scheffer, L-2520 Luxembourg
• WORLDVEST, 15, avenue J-F Kennedy, L-1855 Luxembourg

SICARs:

• ARDIAN PRIVATE DEBT III S.C.A., SICAR, 24, avenue Emile Reuter, L-2420 Luxembourg
• NEW EUROPE VENTURE EQUITY II S.C.A., SICAR, 1B, rue Jean Piret, L-2350 Luxembourg