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

As at 30 November 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 6,179.880 billion compared to EUR 6,162.301 billion as at 31 October 2025, i.e. an increase of 0.29% over one month. Over the last twelve months, the volume of net assets increased by 5.82%.

The Luxembourg UCI industry thus registered a positive variation amounting to EUR 17.579 billion in November. This increase represents the sum of positive net capital investments of EUR 27.992 billion (0.45%) and of the negative development of financial markets amounting to EUR 10.413 billion (-0.16%).

The development of undertakings for collective investment is as follows:

The number of undertakings for collective investment taken into consideration totalled 3,045, against 3,069 the previous month. A total of 2,038 entities adopted an umbrella structure representing 12,346 sub-funds. Adding the 1,007 entities with a traditional UCI structure to that figure, a total of 13,353 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.

The month was marked by a series of macroeconomic developments that weighed on market sentiment, most notably the end of the US government shutdown, which however did not alleviate uncertainty about its economic impact as well as about the future Fed monetary policy path due to the absence of some key economic data. Geopolitical events also influenced markets, with a US-backed peace plan between Russia and Ukraine, whereas a diplomatic crisis escalated abruptly between China and Japan over Taiwan.

Against this backdrop, equity markets delivered limited monthly variations. US equities posted a modest negative monthly return, experiencing significant volatility during the month amid concerns over stretched valuations of technology stocks, despite a strong earnings season and growing hopes of a Fed rate cut in December. By contrast, Latin American equities performed strongly, supported by improving inflation data in Brazil that reinforced expectations of an imminent easing cycle.

In November, equity UCI categories registered an overall stable capital investment, with inflows in European, Eastern European, Latin American and Other equities offset by outflows in the other categories.

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

During the month, bond markets delivered limited monthly variations in the absence of monetary policy meetings from both the ECB and the Fed. EUR-denominated bonds reported losses, primarily due to a rise in German bund yields (as bond prices move inversely to yields), driven by the prospect of significant new issuance and higher-than-expected borrowing plans. In contrast, US bonds benefitted from a decline in US yields, reflecting market expectations of a rate cut in December and further reductions in 2026, amid anticipations of slowing economic growth, while credit spreads remained broadly stable.

In November, fixed income UCIs registered an overall positive net capital investment with inflows in most categories, particularly substantial for USD money market.

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

UCITS Part I 2010 Law:

• HOTZ – GLOBAL EQUITY (EUR), 4, rue Thomas Edison, L-1445 Strassen
• INSIDER-INVESTMENTFONDS, Stolkgasse 25-45, 50667 Köln¹
• INYOVA SICAV, 1C, rue Gabriel Lippmann, L-5365 Munsbach
• SATISPAY FUNDS SICAV, 146, boulevard de la Pétrusse, L-2330 Luxembourg
• SHIKHARA FUNDS, 4, rue Peternelchen, L-2370 Howald

UCI part II 2010 Law:

• INFRASTRUCTURE OPPORTUNITIES FUND 1 – ELTIF FCP, 19, rue Flaxweiler, L-6776 Grevenmacher
• PIMCO LUXEMBOURG SERIES S.C.A. SICAV, 49, Avenue J.F. Kennedy, L-1855 Luxembourg
• WARBURG PINCUS ACCESS FUND SA SICAV, Vertigo Building – Polaris, 2-4, rue Eugène Ruppert, L-2453 Luxembourg
• WARBURG PINCUS ACCESS MASTER FUND SCSP SICAV, Vertigo Building – Polaris, 2-4, rue Eugène Ruppert, L-2453 Luxembourg

SIFs:

• SUMUP LONG-TERM SME INVESTMENTS SCA SICAV-SIF ELTIF, 18, rue Michel Rodange, L-2430 Luxembourg

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

UCITS Part I 2010 Law:

• ABARIS EMERGING MARKETS EQUITY, 1C, rue Gabriel Lippmann, L-5365 Munsbach
• ABARIS TECHNOLOGY OPPORTUNITIES, 1C, rue Gabriel Lippmann, L-5365 Munsbach
• JAVELIN SELECT, 12, rue Eugène Ruppert, L-2453 Luxembourg
• PORTOFINO, 5, allée Scheffer, L-2520 Luxembourg
• UNIINSTITUTIONAL STRUCTURED CREDIT, 3, Heienhaff, L-1736 Senningerberg
• ZEUS CAPITAL SICAV, 36, rue des Aubépines, L-8052 Bertrange

UCI part II 2010 Law :

• ACCESS PRIVATE MARKET OPPORTUNITIES ELTIF SICAV, 412F, route d’Esch, L-1471 Luxembourg
• DWS EMERGING SOVEREIGN BOND FUND AUD, 2, boulevard Konrad Adenauer, L-1115 Luxembourg
• DWS EMERGING SOVEREIGN BOND FUND USD, 2, boulevard Konrad Adenauer, L-1115 Luxembourg
• DWS WORLD FUNDS, 2, boulevard Konrad Adenauer, L-1115 Luxembourg
• EDMOND DE ROTHSCHILD PRIFUND, 4, rue Robert Stumper, L-2557 Luxembourg
• FONDS GENERAL STRATEGIQUE, 2, rue d’Alsace, L-1122 Luxembourg
• WINNING FUNDS, 80, route d’Esch, L-1470 Luxembourg

SIFs:

• ABERDEEN ASIA III PROPERTY FUND OF FUNDS, 35A, avenue John F. Kennedy, L-1855 Luxembourg
• ABRDN ALPHA, 35A, avenue John F. Kennedy, L-1855 Luxembourg
• ALPHA INVESTMENTS, 9A, rue Gabriel Lippmann, L-5365 Munsbach
• ATIVORE REAL ESTATE LUXEMBOURG ILLIQUID FUND SCSP SICAV-SIF, 4, rue Peternelchen, L-2370 Howald
• COMOI FUND S.C.A., SIF-SICAV, 12, rue Eugène Ruppert, L-2453 Luxembourg
• DIVERSIFIED PRIVATE MARKETS FCP – SIF, 6A, rue Gabriel Lippmann, L-5365 Munsbach
• DWS EMERGING SOVEREIGN BOND MASTER FUND, 2, boulevard Konrad Adenauer, L-1115 Luxembourg
• EUROPEAN OUTLET MALL FUND, 4A, rue Henri Schnadt, L-2530 Luxembourg
• KEEL CAPITAL S.A., SICAV-SIF, 3, rue Gabriel Lippmann, L-5365 Munsbach
• LCN EUROPEAN FUND FCP-SIF, 2, rue Edward Steichen, L-2540 Luxembourg
• LFPI EUROPEAN DEBT FUND S.C.A., SICAV-SIF, 41, avenue de la Liberté, L-1931 Luxembourg
• LI INVEST FONDS, 16, boulevard Royal, L-2449 Luxembourg
• LILJA FUND SICAV-SIF, 42, rue de la Vallée, L-2661 Luxembourg
• PENSIONS SCSP – SICAV-SIF, 2, boulevard Konrad Adenauer, L-1115 Luxembourg
• TOTALCARE FUND, 291, route d’Arlon, L-1150 Luxembourg
• UPPERCARE FUND, 291, route d’Arlon, L-1150 Luxembourg
• WORLDWIDE FUND, 15, avenue John F. Kennedy , L-1855 Luxembourg
• WPA FONDS, 6B, rue Gabriel Lippmann, L-5365 Munsbach
• WPI FONDS, 6B, rue Gabriel Lippmann, L-5365 Munsbach

SICARs:

• QS ITALY SICAR S.A., 22, rue des Bruyères, L-1247 Howald
• RREEF MOROCCAN EXPLORER I, S.A., SICAR, 3, rue Gabriel Lippmann, L-5365 Munsbach