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

As at 31 August 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 5,638.940 billion compared to EUR 5,619.217 billion as at 31 July 2024, i.e. an increase of 0.35% over one month. Over the last twelve months, the volume of net assets increased by 8.53%.

The Luxembourg UCI industry thus registered a positive variation amounting to EUR 19.723 billion in August. This increase represents the sum of positive net capital investments of EUR 17.461 billion (+0.31%) and of the positive development of financial markets amounting to EUR 2.262 billion (+0.04%).

The development of undertakings for collective investment is as follows:

The number of undertakings for collective investment taken into consideration totalled 3,205, against 3,211 the previous month. A total of 2,098 entities adopted an umbrella structure representing 12,642 sub-funds. Adding the 1,107 entities with a traditional UCI structure to that figure, a total of 13,749 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 August.

The beginning of the month was characterised by extreme volatility in Equity markets following notably a surprise interest rate hike and the announcement of a quantitative tightening program by the Bank of Japan, that prompted the worst daily loss for the Nikkei since October 1987. During the same days, the publication of disappointing economic data in the US, notably with respect to the labour market, raised fears of a recession, which prompted significant losses among global equity markets – however not as severe as the ones in Japan. Markets subsequently settled down and recovered gradually as the sentiment turned more positive, following strong corporate earnings and increased expectations of a monetary policy easing in the US, helped by low inflation data and a supporting narrative from the Fed Chairman. The prospect of lower interest rates in the US in turn weakened the US dollar against most currencies, including the Euro. Finally, over the month, stock markets delivered slightly positive returns.

In August, most equity UCI categories registered negative capital investment. The largest outflows were reported by the Latin American and Eastern European equities categories.

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

Yields decreased during the month, both in the US and in Europe, driven by expectations of an easing in monetary policies, resulting in gains for all the major bond UCI categories. USD money market and USD-denominated bonds are the sole categories to incur losses, mostly explained by currency effects.

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

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

UCITS Part I 2010 Law:

• FFPB AKTIEN SELECT, 1C, rue Gabriel Lippmann, L-5365 Munsbach
• FIFTYSIX FUNDS, 15, avenue John F. Kennedy, L-1855 Luxembourg
• PREMIUM INVEST RENTEN SUBSTANZ, Lyoner Straße 13, 60528 Frankfurt am Main¹
• PREMIUM INVEST RENTEN, Lyoner Straße 13, 60528 Frankfurt am Main²
• UNIEURORENTA STAATSANLEIHEN, 3, Heienhaff, L-1736 Senningerberg
• WEALTH MANAGEMENT STRATEGIES, 5, rue Jean Monnet, L-2180 Luxembourg

UCIs Part II 2010 Law:

• FIRST EAGLE AMUNDI ALTERNATIVE CREDIT, 5, allée Scheffer, L-2520 Luxembourg

SIFs:

• HAEK INVEST S.A. SICAV-SIF, 2, rue Edward Steichen, L-2540 Luxembourg

SICARs:

• ONCOVEST SCA SICAR, WestSide Village, Immeuble Daphné, 89D, Parc d’activités Cap, L-8308 Capellen

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

UCITS Part I 2010 Law:

• DEKA-COMMODITIES, 6, rue Lou Hemmer, L-1748 Senningerberg
• EMERALD SICAV, 5, allée Scheffer, L-2520 Luxembourg
• INNOVATIVE INVESTMENT FUNDS SOLUTIONS, 5, allée Scheffer, L-2520 Luxembourg
• INTERNATIONAL FUNDS SICAV, 106, route d’Arlon, L-8210 Mamer
• RENTEN 7-15, 6, rue Lou Hemmer, L-1748 Senningerberg
• VISION VERANTWORTUNG FONDS, 1C, rue Gabriel Lippmann, L-5365 Munsbach
• WUV, 15, rue de Flaxweiler, L-6776 Grevenmacher

UCIs Part II 2010 Law:

• P & R UMBRELLA, 15, rue de Flaxweiler, L-6776 Grevenmacher
• THOMASLLOYD CLEANTECH INFRASTRUCTURE FUND SICAV, 6A, rue Gabriel Lippmann, L-5365 Munsbach

SIFs:

• ARCHEIDE, 11-13, boulevard de la Foire, L-1528 Luxembourg
• BEGO ALTERNATIVE ASSETS FUND S. A., SICAV-FIS, 15, rue de Flaxweiler, L-6776 Grevenmacher
• HOLOS SICAV-SIF, 6H, route de Trèves, L-2633 Senningerberg
• INTEGRATED INVESTMENTS SICAV-SIF, 11-13, boulevard de la Foire, L-1528 Luxembourg
• MANTRA ALTERNATIVE PRIVATE EQUITY, 3, rue Gabriel Lippmann, L-5365 Munsbach
• MUGC/UGA US CORPORATE BOND FUND, 287-289, route d’Arlon, L-1150 Luxembourg