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

As at 31 October 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 5,665.580 billion compared to EUR 5,659.544 billion as at 30 September 2024, i.e. an increase of 0.11% over one month. Over the last twelve months, the volume of net assets increased by 13.13%.

The Luxembourg UCI industry thus registered a positive variation amounting to EUR 6.036 billion in October. This increase represents the sum of positive net capital investments of EUR 18.007 billion (0.32%) and of the negative development of financial markets amounting to EUR 11.971 billion (-0.21%).

The development of undertakings for collective investment is as follows:

The number of undertakings for collective investment taken into consideration totalled 3,179, against 3,194 the previous month. A total of 2,093 entities adopted an umbrella structure representing 12,621 sub-funds. Adding the 1,086 entities with a traditional UCI structure to that figure, a total of 13,707 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 October.

The economic data published during the month was contrasted between a US economy still robust and growing concerns in Europe, mostly due to a decline in the Automobile sector in Germany. Financial markets however gradually moved their focus to the upcoming US elections and by the end of the month reflected a high probability of victory of the Republican candidate, with significant effects for financial markets, since its program is mostly associated with higher growth and inflation, as well as greater uncertainty. In that context, major repricing occurred, notably on the foreign exchange markets, with the appreciation of the US dollar against the EUR by almost 3%. Against this backdrop, the European equities category reported the largest losses. The performances of the other equity categories are also mostly due to currency effects, such as the depreciation of the Yen against the Euro by almost 4%. Asian equities are the exception as the negative performance is mostly explained by doubts on the supporting measures announced last month in China.

In October, most equity UCI categories registered negative capital investment. The largest outflows were reported by the Eastern European equities categories and to a lesser extent by the European and by the Japanese equities categories.

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

The performance of fixed income UCIs was also mostly driven by anticipations of a victory of Donald Trump in the US elections and to an expected resulting increase in inflation in the US and worldwide, which increased uncertainty on the pace of monetary easing, driving yields higher, including in Europe, despite a 25bps cut by the ECB during the month. As a result, fixed income categories reported losses, given the negative relationship between yields and prices.

In October, fixed income UCIs registered positive net capital investment, mostly in the EUR money market category, as well as the Others, High Yield and EUR-denominated bonds 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 six undertakings for collective investment have been registered on the official list:

UCITS Part I 2010 Law:

• FRANKLIN TEMPLETON ONCHAIN FUNDS, 8A, rue Albert Borschette, L-1246 Luxembourg
• GBAM FUNDS SICAV, 136, route d’Arlon, L-1150 Luxembourg
• PRIO PARTNERS, 94B, Waistrooss, L-5440 Remerschen

UCIs Part II 2010 Law:

• BLACKROCK PRIVATE MARKETS, 28, Boulevard Raiffeisen, L-2411 Luxembourg
• TIKEHAU PRIVATE STRATEGIES, Vertigo Building – Polaris, 2-4, rue Eugène Ruppert, L-2453 Luxembourg

SIFs:

• CI GLOBAL RE S.À R.L., SICAF-FIS, 3, rue Gabriel Lippmann, L-5365 Munsbach

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

UCITS Part I 2010 Law:

• DEKA-EUROPROTECT STRATEGIE 90 III, 6, rue Lou Hemmer, L-1748 Luxembourg-Findel
• DEKA-EUROPROTECT STRATEGIE 90 IV, 6, rue Lou Hemmer, L-1748 Luxembourg-Findel
• FFPB DYNAMIK, 1C, rue Gabriel Lippmann, L-5365 Munsbach
• FFPB FOKUS, 1C, rue Gabriel Lippmann, L-5365 Munsbach
• UNIINSTITUTIONAL CONVERTIBLES PROTECT, 3, Heienhaff, L-1736 Senningerberg
• UNIINSTITUTIONAL GLOBAL CONVERTIBLES DYNAMIC, 3, Heienhaff, L-1736 Senningerberg
• UNIINSTITUTIONAL KONSERVATIV NACHHALTIG, 3, Heienhaff, L-1736 Senningerberg

UCIs Part II 2010 Law:

• ENTREPRENEUR SELECT MULTI STRATEGY, 4, rue Thomas Edison, L-1445 Strassen
• PICTET SICAV II, 15, avenue John F. Kennedy, L-1855 Luxembourg

SIFs:

• AWL PROPERTIES I S.C.S. SICAV-SIF, 17, boulevard F.W. Raiffeisen, L-2411 Luxembourg
• GCM SICAV-FIS S.A., 1b, rue Jean Piret, L-2350 Luxembourg
• GT MULTI ALTERNATIVE, 12, rue Eugène Ruppert, L-2453 Luxembourg
• INVESTMENT ACCESS I SICAV SIF, 33A, avenue John F. Kennedy, L-1855 Luxembourg
• IPC-PORTFOLIO INVEST XXI SICAV-FIS, 4, rue Thomas Edison, L-1445 Strassen
• IPC-PORTFOLIO INVEST XXII SICAV-FIS, 4, rue Thomas Edison, L-1445 Strassen
• JANUS HENDERSON LUTRA FUND, 6, route de Trèves, L-2633 Senningerberg
• KMG SICAV-SIF, 2, rue d’Alsace, L-1122 Luxembourg
• KQ S.C.S. SICAV-SIF, 35F, avenue John F. Kennedy, L-1855 Luxembourg
• LOOP U.S. MUNICIPAL BONDS FUND, 287-289, route d’Arlon, L-1150 Luxembourg

SICARs:

• INDUFIN CAPITAL PARTNERS S.A., SICAR, 12, rue Léon Laval, L-3372 Leudelange
• MGE REAL ESTATE FUND S.À R.L. SICAR, 19, rue Eugène Ruppert, L-2453 Luxembourg