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

As at 30 September 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 5,659.544 billion compared to EUR 5,638.940 billion as at 31 August 2024, i.e. an increase of 0.37% over one month. Over the last twelve months, the volume of net assets increased by 10.58%.

The Luxembourg UCI industry thus registered a positive variation amounting to EUR 20.604 billion in September. This increase represents the sum of negative net capital investments of EUR 27.297 billion (-0.48%) and of the positive development of financial markets amounting to EUR 47.901 billion (+0.85%).

The development of undertakings for collective investment is as follows:

The number of undertakings for collective investment taken into consideration totalled 3,194, against 3,205 the previous month. A total of 2,094 entities adopted an umbrella structure representing 12,623 sub-funds. Adding the 1,100 entities with a traditional UCI structure to that figure, a total of 13,723 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.

The most notable event during the month is the large positive performance reported by the Asian equities UCI category, which was driven by a surge in Chinese equities, following the announcement of a significant stimulus package by the Chinese central bank, the most significant one since the COVID crisis, which includes interest rates cuts, reducing reserve requirements for banks and support for the housing sector. The other equity UCI categories reported mixed performances, in the absence of any new significant economic development (with the exception of monetary policy decisions, as detailed below, which were however widely anticipated).

In September, 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}

The performance of fixed income UCIs was mostly positive, supported by a decrease in interest rates (given the negative relationship between yields and prices) driven by  a second consecutive 25 bps interest rate cut by the ECB and a 50 bps cut by the Fed (the first cut in more than four years), as well as expectations of further monetary easing supported by dovish comments from officials and positive data on inflation. USD money market and USD-denominated bonds however incurred losses, mostly explained by the depreciation of the US dollar against most currencies, including the Euro, due to higher expectations of monetary policy easing by the Fed.

In September, fixed income UCIs registered mixed net capital investment. The largest changes are outflows for the Global market bonds 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 three undertakings for collective investment have been registered on the official list:

UCITS Part I 2010 Law:

• THE SQUARE FUND, 4, rue Robert Stumper, L-2557 Luxembourg

UCIs Part II 2010 Law:

• JPMORGAN ELTIFS, 20, rue de la Poste, L-2346 Luxembourg

SIFs:

• MANTRA PRIVATE MARKETS, 3, rue Gabriel Lippmann, L-5365 Munsbach

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

UCITS Part I 2010 Law:

• AURORA MULTISTRATEGY, 2, rue Edward Steichen, L-2540 Luxembourg
• BL FUND SELECTION, 16, boulevard Royal, L-2449 Luxembourg
• DEKA-CONVERGENCEAKTIEN, 6, rue Lou Hemmer, L-1748 Senningerberg
• MATURIUS FLEXBONDPLUS, 1C, rue Gabriel Lippmann, L-5365 Munsbach
• ROBECO QI GLOBAL DYNAMIC DURATION, 6, route de Trèves, L-2633 Senningerberg

UCIs Part II 2010 Law:

• FRANKLIN TEMPLETON PRIVATE MARKETS SICAV, 3, rue Jean Piret, L-2350 Luxembourg

SIFs:

• ALT FUND, 2, rue d’Alsace, L-1122 Luxembourg
• EUROPEAN CAPITAL INVESTMENT FUND, 5, allée Scheffer, L-2520 Luxembourg
• EUROPEAN DIVERSIFIED INFRASTRUCTURE FEEDER FUND II S.C.A., SICAV-SIF, 11-13, boulevard de la Foire, L-1528 Luxembourg
• EUROPEAN DIVERSIFIED INFRASTRUCTURE FUND FCP-SIF, 11-13, boulevard de la Foire, L-1528 Luxembourg
• EUROPEAN DIVERSIFIED INFRASTRUCTURE GERMAN FEEDER FUND SCA, SICAV-SIF, 11-13, boulevard de la Foire, L-1528 Luxembourg
• ING PRIVATE CAPITAL SPECIAL INVESTMENTS FUND S.C.A SICAV-FIS, 80, route d’Esch, L-1470 Luxembourg
• MU ABRDN FUND, 287-289, route d’Arlon, L-1150 Luxembourg
• PRIVATE EQUITY PLUS, 1C, rue Gabriel Lippmann, L-5365 Munsbach