Situation globale des organismes de placement collectif à la fin du mois de juillet 2023 (uniquement en anglais)

As at 31 July 2023, the total net assets of undertakings for collective investment, comprising UCIs subject to the 2010 Law, specialised investment funds and SICARs, amounted to EUR 5,243.579 billion compared to EUR 5,197.746 billion as at 30 June 2023, i.e. an increase of 0.88% over one month. Over the last twelve months, the volume of net assets decreased by 2.52%.

The Luxembourg UCI industry thus registered a positive variation amounting to EUR 45.833 billion in July. This increase represents the sum of negative net capital investments of EUR 2.811 billion (-0.06%) and of the positive development of financial markets amounting to EUR 48.644 billion (+0.94%).

The development of undertakings for collective investment is as follows:

The number of undertakings for collective investment (UCIs) taken into consideration totalled 3,324, against 3,336 the previous month. A total of 2,177 entities adopted an umbrella structure representing 13,059 sub-funds. Adding the 1,147 entities with a traditional UCI structure to that figure, a total of 14,206 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 July.

Similarly to previous months, markets were mainly focused on the level of inflation, which started to moderate in recent months while remaining higher than the target rates set by the respective central banks. In that respect, the US Federal Reserve increased its benchmark interest rate by 25bps, to a target range of 5.25% to 5.5%, and signaled that further increases could follow this year. The European Central Bank also raised rates by 25bps to 4.25%.

Equity indices recorded positive returns, both in developed and emerging markets, driven by a fall in inflation and resilient growth, raising hopes for a “soft landing” and by supportive policies for the real estate sector and consumption in China. Against this backdrop and despite the depreciation of the USD against the EUR, all the equity UCI categories showed positive returns, for the second month in a row.

In terms of flows, equity UCIs registered an overall negative capital investment with large differences among categories. Latin American and Japanese equities recorded the highest net inflows whereas European equities suffered the largest net outflows.

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

Long-term yields increased in July, while short-term yield slightly decreased in Europe and were relatively stable in the US. In addition, credit markets benefitted from the slowing inflation and growth relative resilience, inducing positive returns for the investment grade and high yield bond markets in comparison to sovereign bonds.

As a result, and given the negative relationship between yields and prices, fixed income UCIs achieved a positive return, with the exception of the USD money market and the USD-denominated bonds categories, which posted a negative performance mostly due to the depreciation of the USD against EUR.

Fixed income UCIs registered an overall positive net capital investment. The Global Money market UCI category recorded the highest net inflows.

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

The development of net assets of diversified 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:

• FIDELITY FUNDS 2, 2A, rue Albert Borschette, L-1246 Luxembourg
• MIRALTA SICAV, 4, rue Jean Monnet, L-2180 Luxembourg

SIFs:

• ATIVORE REAL ESTATE LUXEMBOURG ILLIQUID FUND SCSP SICAV-SIF, 4, rue Peternelchen, L-2370 Howald
• HIH ALTERNATIVE INVESTMENTS SCS SICAV-SIF, 1c, rue Gabriel Lippmann, L-5365 Munsbach
• TEMPUS EUROPE FUND III S.À R.L., SICAV-SIF, 8, rue Lou Hemmer, L-1748 Senningerberg

SICARs:

• EXPON VENTURES (S.C.A.) SICAR, 15, boulevard F.W. Raiffeisen, L-2411 Luxembourg

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

UCITS Part I 2010 Law:

• DASYM SICAV, 3, rue Jean Piret, L-2350 Luxembourg
• DEKA ZIELKONZEPT, 6, rue Lou Hemmer, L-1748 Luxembourg-Findel
• GESTION PRIVEE, 16, boulevard Royal, L-2449 Luxembourg
• HSBC AKTIENSTRUKTUREN EUROPA, 2, rue Edward Steichen, L-2540 Luxembourg
• HWB DACHFONDS, 9A, rue Gabriel Lippmann, L-5365 Munsbach
• HWB GLOBAL, 9A, rue Gabriel Lippmann, L-5365 Munsbach
• LION-INTERGESTION, 5, allée Scheffer, L-2520 Luxembourg
• METIS AM UCITS, 60, avenue J-F Kennedy, L-1855 Luxembourg
• UNIPROFIANLAGE (2023/II), 3, Heienhaff, L-1736 Senningerberg

UCIs Part II 2010 Law:

• ASR FONDS, 60, avenue J-F Kennedy, L-1855 Luxembourg

SIFs:

• BEARS U.S. CORPORATE BONDS FUND, 287-289, route d’Arlon, L-1150 Luxembourg
• FONDS MASSINISSA LUX, 5, allée Scheffer, L-2520 Luxembourg
• HEALTH PROPERTY FUND 1 FEEDER SA SICAV-SIF, rue Edward Steichen, L-2540 Luxembourg
• LEPERCQ PARTNERS, 10, rue du Château d’eau, L-3364 Leudelange
• PRIVATE INVESTMENT FUND S.C.SI SICAV SIF, 1C, rue Gabriel Lippmann, L-5365 Munsbach

SICARs:

• PARTNERS GROUP DIRECT INVESTMENTS 2009 S.C.A., 35D, avenue J-F Kennedy, L-1855 Luxembourg
• PARTNERS GROUP GLOBAL REAL ESTATE 2008 S.C.A., 35D, avenue J-F Kennedy, L-1855 Luxembourg
• SGAM PRIVATE VALUE S.C.A., SICAR B., 17, boulevard F.W. Raiffeisen, L-2411 Luxembourg