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

As at 30 June 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 5,787.186 billion compared to EUR 5,765.403 billion as at 31 May 2025, i.e. an increase of 0.38% over one month. Over the last twelve months, the volume of net assets increased by 3.67%.

The Luxembourg UCI industry thus registered a positive variation amounting to EUR 21.783 billion in June. This increase represents the sum of positive net capital investments of EUR 27.282 billion (0.47%) and of the negative development of financial markets amounting to EUR 5.499 billion (-0.09%).

The development of undertakings for collective investment is as follows:

The number of undertakings for collective investment taken into consideration totalled 3,104, against 3,107 the previous month. A total of 2,057 entities adopted an umbrella structure representing 12,357 sub-funds. Adding the 1,047 entities with a traditional UCI structure to that figure, a total of 13,404 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 June.

During the month, global financial markets remained focused on US policy, with the 90-days temporary pause on reciprocal tariffs due to expire on 9 July and only one agreement finalised (US-UK). By the end of the month, attention has shifted to negotiations over the proposed tax and spending package, which is expected to increase further the US fiscal deficit, therefore raising concerns on the long-term sustainability of US public finances. Furthermore, a major geopolitical event occurred mid-month when Israel and Iran entered direct military confrontation, triggering concerns about potential global contagion. While the conflict caused significant geopolitical volatility, its impact on financial markets remained limited, as a relatively quick ceasefire helped to ease tensions and restored a more positive market sentiment. In that context, most equity categories delivered positive monthly performances, particularly from Tech and AI related stocks, despite significant adverse currency effects – most notably the depreciation of the US dollar and Japanese yen against euro by more than 3%.

In June, equity UCI categories registered an overall negative capital investment, mostly driven by outflows in the categories US equities, Asian equities and Latin American equities.

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

During the month, bond markets benefited from a decrease in credit spreads amid a generally positive market sentiment, while yields rose in Europe and fell in the US (bond prices move inversely to credit spreads and yields). Regarding monetary policy, the European Central Bank (ECB) reduced its reference rates by 25 bps for the eight consecutive time since June 2024, amid easing inflationary pressures, while signalling that the rate cutting cycle is approaching its end, as inflation stabilises around the 2% target. In contrast, in the US, the Federal Reserve maintained its reference rates unchanged amid a deteriorating inflation outlook, but indicated the potential for two rates cuts later in the year. In that context, most fixed income UCI categories delivered negative monthly performances, including significant adverse currency effects.

In June, fixed income UCIs registered an overall positive net capital investment mostly driven by inflows in the USD money market 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 eight undertakings for collective investment have been registered on the official list:

UCITS Part I 2010 Law:

• GLOBAL CAPITAL FUND, 6A, rue Gabriel Lippmann, L-5365 Munsbach

UCIs Part II 2010 Law:

• HPS CREDIT SOLUTIONS MASTER SCSP, 80, route d’Esch, L-1470 Luxembourg
• HPS CREDIT SOLUTIONS SICAV SA, 80, route d’Esch, L-1470 Luxembourg
• INVESCO PRIVATE MARKETS SICAV, 2-4, rue Eugène Ruppert, L-2453 Luxembourg
• MAM S.C.A., SICAV, 3, rue Jean Piret, L-2350 Luxembourg
• MERCER PRIVATE MARKETS S.A. SICAV-UCI PART II, 49, Avenue J.F. Kennedy, L-1855 Luxembourg
• SIERA IMPACT FUND, 6, rue Dicks, L-1417 Luxembourg

SIFs:

• PREMIUM SELECTION SIF SICAV, 9, rue de Bitbourg, L-1273 Luxembourg

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

UCITS Part I 2010 Law:

• INFUSIVE UCITS FUND, 2-4, rue Eugène Ruppert, L-2453 Luxembourg
• JUPITER INVESTMENT FUND, 31, Z.A. Bourmicht, L-8070 Bertrange
• OLB VV-OPTIMUM, Bockenheimer Landstraße 42-44, 60323 Frankfurt am Main¹

UCIs Part II 2010 Law:

• PE-INVEST SICAV, 3, Heienhaff, L-1736 Senningerberg

SIFs:

• AB PRIVATE CREDIT INVESTORS MIDDLE MARKET DIRECT LENDING FEEDER FUND, SICAV-SIF S.C.SP., 2-4, rue Eugène Ruppert, L-2453 Luxembourg
• AB PRIVATE CREDIT INVESTORS MIDDLE MARKET DIRECT LENDING FUND, SICAV-SIF S.C.SP., 2-4, rue Eugène Ruppert, L-2453 Luxembourg
• ALX SICAV-SIF, 5, allée Scheffer, L-2520 Luxembourg
• AMETHIS MAGHREB FUND I SICAV-FIS S.C.A., 4, rue Robert Stumper, L-2557 Luxembourg
• AREAM SUSTAINABLE INFRASTRUCTURE S.C.A., SICAV-FIS, 1C, rue Gabriel Lippmann, L-5365 Munsbach
• KEYSTONE FUND, 51-53, rue de Merl, L-2146 Luxembourg

MERCURA LUX, 42, rue de la Vallée, L-2661 Luxembourg