Global situation of undertakings for collective investment at the end of April 2025

As at 30 April 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 5,618.885 billion compared to EUR 5,749.779 billion as at 31 March 2025, i.e. a decrease of 2.28% over one month. Over the last twelve months, the volume of net assets increased by 3.64%.

The Luxembourg UCI industry thus registered a negative variation amounting to EUR 130.894 billion in April. This decrease represents the sum of negative net capital investments of EUR 4.342 billion (-0.08%) and of the negative development of financial markets amounting to EUR 126.552 billion (-2.20%).

The development of undertakings for collective investment is as follows:

The number of undertakings for collective investment taken into consideration totalled 3,112, against 3,124 the previous month. A total of 2,060 entities adopted an umbrella structure representing 12,402 sub-funds. Adding the 1,052 entities with a traditional UCI structure to that figure, a total of 13,454 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 April.

During the month, global financial markets remained largely driven by uncertainty around the US trade policy. In the beginning of the month, market volatility surged to levels not seen since the Covid crisis, following the announcement on 2 April of broad-based trade tariffs by the US, which were significantly higher than expected. Retaliation measures were immediately announced by China, which triggered further escalation between both countries, pushing tariffs to untenable levels. Amid increasing risks of recession, stock markets recorded massive losses in the days following the announcement. While troubling signals emerged in the debt market, the US President announced on 9 April a 90-day pause on most newly announced tariffs, except for those targeting China. Market sentiment rebounded swiftly in response, allowing stock markets to recover most of their losses. In this context, US equities and Asian equities reported the worst monthly losses, which are mostly explained by significant adverse currency effects. Latin American equities is the only category to report a positive monthly performance, thanks to strong performance in Mexico and Brazil.

In April, equity UCI categories registered an overall negative capital investment, with European equities being the most notable exception.

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

During the month, bond markets also experienced heightened volatility, largely due to the announcement of US trade tariffs and their subsequent partial suspension. In the US, concerns over the independence of the Federal Reserve further exacerbated market instability. These events led to a steepening of the Treasury yield curve and a widening of credit spreads, as subdued economic growth and higher inflation concerns weighted on investor sentiment. In Europe, yields declined amid increased growth uncertainty and growing confidence that inflation is on track to the 2% target. In that context, the European Central Bank proceeded with a seventh consecutive 25 bps rate cut. Credit spreads also widened due to increased concerns over economic growth. Against this backdrop, most fixed income categories posted negative monthly losses, also affected by adverse currency effects.

In April, fixed income UCIs registered an overall positive net capital investment mostly driven by inflows in the money market categories while High yields bonds reported the largest 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 seven undertakings for collective investment have been registered on the official list:

UCITS Part I 2010 Law:

• OA FUND SCHRODERS, 5, Heienhaff, L-1736 Senningerberg

UCIs Part II 2010 Law:

• ALLIANCEBERNSTEIN PRIVATE CREDIT FUND FEEDER, SA SICAV PART II UCI, 2-4, rue Eugène Ruppert, L-2453 Luxembourg
• ALLIANCEBERNSTEIN PRIVATE CREDIT FUND MASTER, SCSP SICAV PART II UCI, 2-4, rue Eugène Ruppert, L-2453 Luxembourg
• PIMCO CREDIT S.C.A. SICAV, 7, rue Genistre, L-1623 Luxembourg

SIFs:

• AETERNUM S.A. SICAV-FIS, 21-25 Allée Scheffer, L-2520 Luxembourg
• SOCIALALPHA INVESTMENT FUND (SAIF) SICAV-SIF, 9, rue de Bitbourg, L-1273 Luxembourg

SICARs:

• AM-RE S.A. SICAR, 2, rue d’Alsace, L-1122 Luxembourg

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

UCITS Part I 2010 Law:

• ALQUANT CONVEXUS, 4, rue Thomas Edison, L-1445 Strassen
• CHALLENGER GLOBAL FONDS, 9A, rue Gabriel Lippmann, L-5365 Munsbach
• FAIRWIN SICAV, 12, rue Eugène Ruppert, L-2453 Luxembourg
• GLOVISTA INVESTMENT FUNDS, 5, rue Jean Monnet, L-2180 Luxembourg
• LFS SICAV, 5, allée Scheffer, L-2520 Luxembourg
• PRIVATFONDS: KONSEQUENT, 3, Heienhaff, L-1736 Senningerberg
• TS FUND, 1C, rue Gabriel Lippmann, L-5365 Munsbach
• UNIRENT MÜNDEL, 3, Heienhaff, L-1736 Senningerberg
• UNITHEMEN DEFENSIV, 3, Heienhaff, L-1736 Senningerberg

SIFs:

• GLOBAL RETURNS FUND, 15A, avenue John F. Kennedy , L-1855 Luxembourg
• GRANTIA SICAV-SIF, 4, rue Peternelchen, L-2370 Howald
• GREEN TREE FUND SICAV SIF S.A., 13, rue des Bains, L-1212 Luxembourg
• OSCAR DIVERSIFY UMBRELLA SCS, SICAF-FIS, 41, avenue de la Liberté, L-1931 Luxembourg
• OSCAR GERMANY SCS, SICAF-FIS, 41, avenue de la Liberté, L-1931 Luxembourg
• OSCAR INTERNATIONAL UMBRELLA SCS, SICAV-FIS, 41, avenue de la Liberté, L-1931 Luxembourg
• SUEBIA S.C.S., SICAV-FIS, 15, rue de Flaxweiler, L-6776 Grevenmacher

SICARs:

• CEP II PARTICIPATIONS S.A R.L. SICAR, 2, avenue Charles de Gaulle, L-1653 Luxembourg
• ENERIS SICAR S.C.A., 270, route d’Esch, L-1471 Luxembourg
• VALLIS SUSTAINABLE INVESTMENTS I, S.C.A., SICAR, 12C, Rue Guillaume J. Kroll, L-1882 Luxembourg