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

As at 30 November 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 5,840.177 billion compared to EUR 5,665.580 billion as at 31 October 2024, i.e. an increase of 3.08% over one month. Over the last twelve months, the volume of net assets increased by 13.35%.

The Luxembourg UCI industry thus registered a positive variation amounting to EUR 174.597 billion in November. This increase represents the sum of positive net capital investments of EUR 9.787 billion (0.17%) and of the positive development of financial markets amounting to EUR 164.810 billion (2.91%).

The development of undertakings for collective investment is as follows:

The number of undertakings for collective investment taken into consideration totalled 3,161, against 3,179 the previous month. A total of 2,081 entities adopted an umbrella structure representing 12,568 sub-funds. Adding the 1,080 entities with a traditional UCI structure to that figure, a total of 13,648 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 November.

Financial markets were primarily influenced by the US elections, which ended with a clear victory for the Republican party in the Presidential race, as well as in the Congress, resulting in a strong performance for US stock markets, following expectations of higher economic growth, tax cuts and deregulation. In that context, the US equities and the Global market equities categories recorded very positive performances, also helped by the appreciation of the US dollar against EUR by 3%. Outside the US, concerns over the adoption of a more restrictive trade policy by the forthcoming US administration, notably the potential for significant increases in trade tariffs, weighted on stock market performances. Against this backdrop, most UCI equity categories nevertheless posted positive performances due to the appreciation of most foreign currencies against the EUR (e.g. almost 5% for the Japanese Yen).

In November, all equity UCI categories registered negative capital investment, with the exception of the US equities category.

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

All fixed income UCI categories delivered a positive monthly performance, supported by a decrease in interest rates and, to a smaller extent, in credit spreads (given the negative relationship between yields and prices). However, the main performance driver was the appreciation of the US dollar and most foreign currencies against the EUR, which is mainly due to anticipations that the ECB will lower interest rates further due to a declining economic outlook.

In November, all fixed income UCI categories registered positive capital investment, with the exception of Emerging market bonds, which incurred limited outflows.

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

UCITS Part I 2010 Law:

• UNIEURORENTA UNTERNEHMENSANLEIHEN 2030 III, 3, Heienhaff, L-1736 Senningerberg

UCIs Part II 2010 Law:

• ALFAKRAFT LUXEMBOURG S.A. SICAV, 5, allée Scheffer, L-2520 Luxembourg
• CVC PRIVATE EQUITY STRATEGIES FUNDS (MASTER) SCSP, Vertigo Building – Polaris, 2-4, rue Eugène Ruppert, L-2453 Luxembourg
• CVC PRIVATE EQUITY STRATEGIES FUNDS S.A. SICAV, Vertigo Building – Polaris, 2-4, rue Eugène Ruppert, L-2453 Luxembourg
• FRANKLIN LEXINGTON PRIVATE MARKETS FUND (MASTER) SCSP, 19, rue de Bitbourg, L-1273 Luxembourg
• FRANKLIN LEXINGTON PRIVATE MARKETS FUND SICAV S.A., 19, rue de Bitbourg, L-1273 Luxembourg
• LUMYNA ALTERNATIVE FUNDS SICAV, 4, rue Peternelchen, L-2370 Howald
• NEXT II S.C.A. SICAV, 2, rue Edward Steichen, L-2540 Luxembourg

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

UCITS Part I 2010 Law:

• BANKHAUS NEELMEYER AKTIENSTRATEGIE, Kapstadtring 8, 22297 Hamburg¹
• CS INVESTMENT FUNDS 6, 5, rue Jean Monnet, L-2180 Luxembourg
• D&R BEST-OF, Kapstadtring, 8, 22297 Hamburg1
• DWS ESG GLOBAL EMERGING MARKETS BALANCED, 2, boulevard Konrad Adenauer, L-1115 Luxembourg
• HAFS VMARKETS, 1C, rue Gabriel Lippmann, L-5365 Munsbach
• HEITMAN UCITS, 15, avenue John F. Kennedy, L-1855 Luxembourg
• SEB FUND 4, 4, rue Peternelchen, L-2370 Howald
• SEB GREEN BOND FUND, 4, rue Peternelchen, L-2370 Howald
• TCM INVESTMENT FUNDS LUXEMBOURG, 5, allée Scheffer, L-2520 Luxembourg
• UBS (LUX) MONEY MARKET SICAV, 33A, avenue John F. Kennedy, L-1855 Luxembourg

UCIs Part II 2010 Law:

• SELECT PORTFOLIO, 12, rue Eugène Ruppert, L-2453 Luxembourg

SIFs:

• ATHENA CAPITAL FUND, SICAV-FIS, 2a, rue Eugène Ruppert, L-2453 Luxembourg
• BLACKBOROUGH FUND S.A., SICAV-SIF, 3, rue Gabriel Lippmann, L-5365 Munsbach
• CAPITAL STRATEGIES INTERNATIONAL FUND, 2, boulevard Konrad Adenauer, L-1115 Luxembourg
• CUMMINGSVILLE FUND S.A., SICAV-SIF, 3, rue Gabriel Lippmann, L-5365 Munsbach
• HOLDSWORTH FUND S.A., SICAV-SIF, 3, rue Gabriel Lippmann, L-5365 Munsbach
• KAMIR FUND S.A., SICAV-SIF, 3, rue Gabriel Lippmann, L-5365 Munsbach
• LUX CAPITAL FUND S.C.A., SICAV-SIF, 2, rue Edward Steichen, L-2540 Luxembourg
• NAXOS SCA SICAV SIF, 5, allée Scheffer, L-2520 Luxembourg
• OBERON CREDIT INVESTMENT FUND III S.C.A. SICAV-SIF, 15, boulevard F.W. Raiffeisen, L-2411 Luxembourg
• PE FEEDER SIF, 2, rue d’Alsace, L-1122 Luxembourg
• SHOPPING PROPERTY FUND 2 FEEDER SA SICAV-SIF, 10, rue Edward Steichen, L-2540 Luxembourg
• SONORAN FUND S.A., SICAV-SIF, 3, rue Gabriel Lippmann, L-5365 Munsbach
• SWISS ASIA S.C.A. SICAV-SIF, 153-155, rue du Kiem, L-8030 Strassen
• WILSALL FUND S.A., SICAV-SIF, 3, rue Gabriel Lippmann, L-5365 Munsbach

ZANNY FUND S.A., SICAV-SIF, 3, rue Gabriel Lippmann, L-5365 Munsbach