Situation globale des organismes de placement collectif à la fin du mois de janvier 2025 (uniquement en anglais)

As at 31 January 2025, the total net assets of undertakings for collective investment, comprising UCIs subject to the 2010 Law, specialised investment funds and SICARs, amounted to EUR 5,929.317 billion compared to EUR 5,820.088 billion as at 31 December 2024, i.e. an increase of 1.88% over one month. Over the last twelve months, the volume of net assets increased by 11.32%.

The Luxembourg UCI industry thus registered a positive variation amounting to EUR 109.229 billion in January. This increase represents the sum of positive net capital investments of EUR 9.474 billion (0.16%) and of the positive development of financial markets amounting to EUR 99.755 billion (1.72%).

The development of undertakings for collective investment is as follows:

The number of undertakings for collective investment taken into consideration totalled 3,128, against 3,143 the previous month. A total of 2,060 entities adopted an umbrella structure representing 12,482 sub-funds. Adding the 1,068 entities with a traditional UCI structure to that figure, a total of 13,550 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 January.

In January, President Trump’s inauguration was a key market theme, generating both high expectations and concerns about potential policy changes, especially regarding tariffs. The US economy continued to show strength with signs of disinflation. The main development of the month was the emergence of Deepseek, a Chinese company challenging the US leadership in AI, which casted doubt on the massive investments required in technology to support AI developments, causing significant losses for technology stocks, including Nvidia, whose market value fell by nearly $600 billion – the largest single-day loss in US stock market history. Despite this, US equities posted a positive monthly performance due to gains in other sectors. European equities also recorded significant gains, benefiting from a shift away from technology stocks and from improving economic data, while concerns over US tariffs eased. Latin American equities performed strongly, mainly due to significant gains in Colombia and Brazil, and further bolstered by the appreciation of the Brazilian real by more than 5% against the euro.

In January, equity UCI categories registered mixed capital investment, with the largest inflows in the categories US equities and Eastern European equities.

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

In January, all fixed income UCI categories achieved positive monthly performances, with the exception of the Global money market due to the depreciation of the pound sterling against the euro. European bonds benefitted from tightening credit spreads, whereas US bonds benefitted from declining yields. Throughout the month, several central bank meetings took place, including those of the Federal Reserve, which maintained interest rates and signalled no imminent rate cuts, and the European Central Bank, which reduced interest rates by a quarter of a percentage point as anticipated.

In January, fixed income UCIs registered positive net capital investment, except for the USD money market category. The categories Global money market and Global market bonds collected the largest inflows.

* _{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:

• DEKA-LIFESTYLE, 6, rue Lou Hemmer, L-1748 Senningerberg
• DEKA-SECURITY AND DEFENSE, 6, rue Lou Hemmer, L-1748 Senningerberg
• ELDRIDGE INVESTMENT FUNDS, 19, rue de Bitbourg, L-1273 Luxembourg
• UNIEURORENTA UNTERNEHMENSANLEIHEN 2028 III, 3, Heienhaff, L-1736 Senningerberg
• WWK KI ALPHA, 1C, rue Gabriel Lippmann, L-5365 Munsbach

UCIs Part II 2010 Law:

• CANDRIAM PRIVATE ASSETS, 5, allée Scheffer, L-2520 Luxembourg
• MUZINICH EUROPEAN PRIVATE CREDIT ELTIF SICAV, S.A., 12E, rue Guillaume Kroll, L-1882 Luxembourg
• STEPSTONE (LUXEMBOURG) SCA SICAV, 10, rue du Château d’Eau, L-3364 Leudelange

SIFs:

• VITUS SICAV-FIS, S.A., 2, rue Edward Steichen, L-2540 Luxembourg

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

UCITS Part I 2010 Law:

• BELGRAVIA LUX UCITS, 6A, rue Gabriel Lippmann, L-5365 Munsbach
• CMB GLOBAL LUX, 5, allée Scheffer, L-2520 Luxembourg
• CREDIT SUISSE WEALTH FUNDS 1, 5, rue Jean Monnet, L-2180 Luxembourg
• LBBW ALPHA DYNAMIC, 9A, rue Gabriel Lippmann, L-5365 Munsbach
• LBBW GLOBAL RISK PARITY FUND, 9A, rue Gabriel Lippmann, L-5365 Munsbach
• LBBW OPTI RETURN, 9A, rue Gabriel Lippmann, L-5365 Munsbach
• ODDO BHF POLARIS FLEXIBLE, 6, rue Gabriel Lippmann, L-5365 Munsbach
• QTRON STOCK BOOSTER EQUITY, 15, rue de Flaxweiler, L-6776 Grevenmacher
• SWISS STRATEGIE, 9A, rue Gabriel Lippmann, L-5365 Munsbach

SIFs:

• BERNHEIM INVESTMENT FUND SICAV-SIF, 5, rue Jean Monnet, L-2180 Luxembourg
• EUROPEAN CAPITAL PARTNERS GROWTH FUND, 5, avenue Gaston Diderich, L-1420 Luxembourg
• FREGATE FUND, 15, avenue John F. Kennedy, L-1855 Luxembourg
• IMPACT VENTURES S.A., SICAV-SIF, 21-25, allée Scheffer, L-2520 Luxembourg
• INVESCO GLOBAL DIRECT REAL ESTATE FEEDER FUND S.À R.L. SICAV-SIF, 37A, avenue John F. Kennedy, L-1855 Luxembourg
• INVESCO GLOBAL DIRECT REAL ESTATE FUND FCP-SIF, 37A, avenue John F. Kennedy, L-1855 Luxembourg
• NAEV ALTERNATIVE INVESTMENTS SCS SICAV-FIS, 2, rue Edward Steichen, L-2540 Luxembourg
• NAEV-IMMO S.C.S., SICAV-FIS, 15, rue de Flaxweiler, L-6776 Grevenmacher
• NAEV-INFRASTRUKTUR S.C.S., SICAV-FIS, 15, rue de Flaxweiler, L-6776 Grevenmacher
• PALESSIA MULTI ASSET FUND SICAV-SIF, 5, rue Jean Monnet, L-2180 Luxembourg
• SOCIALALPHA INVESTMENT FUND (SAIF) SICAV-SIF, 9, rue de Bitbourg, L-1273 Luxembourg
• VALUE SIF SICAV, 5, allée Scheffer, L-2520 Luxembourg

SICARs:

• ALPHA PRIVATE EQUITY FUND 6 (SCA) SICAR, 15, rue Bender, L-1229 Luxembourg
• ELIKONOS JEREMIE S.C.A. SICAR, 17, boulevard F.W. Raiffeisen, L-2411 Luxembourg
• ODYSSEY PARTNERS S.C.A. SICAR, 534, rue de Neudorf, L-2220 Luxembourg