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

As at 31 July 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 5,906.147 billion compared to EUR 5,787.186 billion as at 30 June 2025, i.e. an increase of 2.06% over one month. Over the last twelve months, the volume of net assets increased by 5.11%.

The Luxembourg UCI industry thus registered a positive variation amounting to EUR 118.961 billion in July. This increase represents the sum of positive net capital investments of EUR 22.939 billion (0.40%) and of the positive development of financial markets amounting to EUR 96.022 billion (1.66%).

The development of undertakings for collective investment is as follows:

The number of undertakings for collective investment taken into consideration totalled 3,096, against 3,104 the previous month. A total of 2,058 entities adopted an umbrella structure representing 12,320 sub-funds. Adding the 1,038 entities with a traditional UCI structure to that figure, a total of 13,358 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.

Investor sentiment improved during the month, supported by greater clarity regarding future US trade and fiscal policy. Key developments included the announcement of several trade agreements, most notably with the European Union and Japan, which helped to ease concerns over a potential escalation in trade tensions. The passage of a comprehensive fiscal package in the US further contributed to market confidence. In addition, enthusiasm for artificial intelligence lent support to technology stocks, including component suppliers.

Against this backdrop, US equities recorded the strongest monthly gains, with major indices reaching record highs, also supported by positive corporate earnings. Asian markets recorded strong performance, led by Taiwan, China and South Korea. Chinese equities benefitted from the lifting of US export restrictions on AI chips, as well as domestic policy measures aimed at addressing excessive competition and industrial overcapacity, both considered contributing to deflationary pressures. By contrast, Latin America is the only region to register a monthly decline, with Brazilian equities particularly affected by a sharp increase in US tariffs, raised to 50%.

In July, equity UCI categories registered an overall positive capital investment, mostly driven by inflows in the categories European, Eastern European and Other equities, whereas Latin American and Asian equities incurred significant outflows.

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

During the month, bond markets benefitted from a significant tightening in credit spreads, supported by the positive developments outlined above, while facing increasing yields, in both the US and Europe, reflecting ongoing concerns over sovereign debt levels. On the monetary policy front, the ECB left interest rates unchanged, as broadly expected following its previous meeting, and is widely viewed as having reached the end of its easing cycle, amid elevated economic uncertainty. Similarly, the Federal Reserve maintained its benchmark rates, due to concerns on inflation. Against this backdrop, all fixed income UCI categories recorded positive monthly returns, largely driven by favourable currency movements.

In July, fixed income UCIs registered an overall positive net capital investment from all categories except the USD money market and USD-denominated bonds categories.

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

UCIs Part II 2010 Law:

• GAM ALTERNATIVES UCI PART II SICAV, 5, Heienhaff, L-1736 Senningerberg
• HEP UMBRELLA FONDS, 19, rue de Flaxweiler, L-6776 Grevenmacher
• KKR K-SERIES SCA-SICAV, 60, avenue John F. Kennedy, L-1855 Luxembourg
• PRIVATE MARKETS EVERGREEN FUNDS S.A. SICAV, 4, rue Peternelchen, L-2370 Howald

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

UCITS Part I 2010 Law:

• ALLIANZ EURO CREDIT SRI PLUS, Bockenheimer Landstraße 42-44, 60323 Frankfurt am Main¹
• AMUNDI TOTAL RETURN, 5, allée Scheffer, L-2520 Luxembourg
• BERENBERG ABSOLUTE RETURN EUROPEAN EQUITIES, 15, rue de Flaxweiler, L-6776 Grevenmacher
• BERENBERG SUSTAINABLE MULTI ASSET DYNAMIC, 15, rue de Flaxweiler, L-6776 Grevenmacher
• CS INVESTMENT FUNDS 3, 33A, avenue John F. Kennedy, L-1855 Luxembourg
• GLOBAL MASTERS MULTI ASSET STRATEGY, 16, rue Gabriel Lippmann, L-5365 Munsbach
• GLOBAL OPPORTUNITIES (SICAV), 16, rue Gabriel Lippmann, L-5365 Munsbach
• UNIPROFIANLAGE (2025), 3, Heienhaff, L-1736 Senningerberg

SIFs:

• CIVILITÀ SCA SICAV FIS, 6, route de Trèves, L-2633 Senningerberg
• REPE UMBRELLA FUND S.A., SICAV-SIF, 19, rue de Flaxweiler, L-6776 Grevenmacher
• VINTAGE FUND SICAV-SIF, 12C, rue Guillaume J. Kroll, L-1882 Luxembourg

SICARs:

• AXA INFRASTRUCTURE FUND III S.C.A., SICAR, 26A, boulevard Royal, L-2449 Luxembourg