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

As at 31 December 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 6,199.370 billion compared to EUR 6,179.880 billion as at 30 November 2025, i.e. an increase of 0.32% over one month. Over the last twelve months, the volume of net assets increased by 6.52%.

The Luxembourg UCI industry thus registered a positive variation amounting to EUR 19.490 billion in December. This increase represents the sum of positive net capital investments of EUR 30.047 billion (0.49%) and of the negative development of financial markets amounting to EUR 10.557 billion (-0.17%).

The development of undertakings for collective investment is as follows:

The number of undertakings for collective investment taken into consideration totalled 3,036, against 3,045 the previous month. A total of 2,034 entities adopted an umbrella structure representing 12,317 sub-funds. Adding the 1,002 entities with a traditional UCI structure to that figure, a total of 13,319 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 December.

During the month, investors were focused on the resumption of official data releases in the US after the government shutdown, which revealed better than expected growth and inflation figures, alongside a weakening labour market. In this context, the Fed cut interest rates for a third consecutive meeting but signalled it may leave them unchanged for some time.

Against this backdrop, global equity markets delivered mixed return during the month. Europe was the top performer, benefiting from a lower exposure to technology stocks, which were under pressure amid recurring concerns over overstretched valuations and the future profitability of the huge investments required. Monthly returns were also affected by adverse currency effects, notably the depreciation of the US dollar, the Japanese yen and the Brazilian real against euro.

In December, equity UCI categories registered an overall positive capital investment, with inflows in most categories and outflows limited to the smaller categories Eastern European, Asian and Japanese equities.

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

During the month, bond markets were impacted by higher long-term government yields in Europe and in the US, driven by persistent concerns about sovereign debt levels, but also benefitted from some further tightening of credit spreads, especially for lower-quality bonds. On the monetary policy front, unlike the Fed, the ECB left interest rates unchanged, as expected, for the fourth consecutive time. Against this backdrop, all fixed income UCI categories (excluding money markets) recorded negative monthly returns, largely driven by negative currency effects.

In December, fixed income UCIs registered an overall positive net capital investment from all categories except for the Global money market category which incurred slight 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 eleven undertakings for collective investment have been registered on the official list:

UCITS Part I 2010 Law:

• 1ST IQ SICAV, 1C, rue Gabriel Lippmann, L-5365 Munsbach
• LATINA FUND, 6A, rue Gabriel Lippmann, L-5365 Munsbach
• MONETA AM FUND, 4, rue Peternelchen, L-2370 Howald
• OMNES FCP, 4, rue Jean Monnet, L-2180 Luxembourg
• SPINECAP UCITS, 136, route d’Arlon, L-1150 Luxembourg

UCI part II 2010 Law:

• APAX HELIX FEEDER SICAV, Vertigo Building – Polaris, 2-4, rue Eugène Ruppert, L-2453 Luxembourg
• APAX HELIX MASTER SCSP SICAV, Vertigo Building – Polaris, 2-4, rue Eugène Ruppert, L-2453 Luxembourg
• BARINGS ALTERNATIVE SOLUTIONS SCA SICAV, 80, route d’Esch, L-1470 Luxembourg
• HAMILTON LANE GLOBAL PRIVATE INFRASTRUCTURE FUND, 3, rue Gabriel Lippmann, L-5365 Munsbach
• INFRAVEST ELTIF, 8, rue Albert Borschette, L-1246 Luxembourg
• LGT PRIVATE MARKETS SICAV, 60, Avenue J.F. Kennedy, L-1855 Luxembourg

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

UCITS Part I 2010 Law:

• EPIC UCITS, 80, route d’Esch, L-1470 Luxembourg
• GLOBAL PARTNERS, 80, route d’Esch, L-1470 Luxembourg
• IDB-STRATEGIE WUPPERTAL, 6, rue Lou Hemmer, L-1748 Senningerberg
• PRO FONDS (LUX), 4, rue Thomas Edison, L-1445 Strassen
• SELECT GLOBAL, 12, rue Eugène Ruppert, L-2453 Luxembourg

UCI part II 2010 Law:

• ARES EUROPEAN CREDIT SOLUTIONS FUND (MASTER) FCP, 14-16, avenue Pasteur, L-2310 Luxembourg

SIFs:

• BCB & PARTNERS FUND, 33A, avenue John F. Kennedy, L-1855 Luxembourg
• BLACK FOREST SICAV-SIF, 18, rue de l’Eau, L-1449 Luxembourg
• CBRE FRENCH LOGISTICS VENTURE SCSP SICAV-SIF, 404, route d’Esch, L-1471 Luxembourg
• CONFLUENCE CAPITAL, 12, rue Eugène Ruppert, L-2453 Luxembourg
• JATROPHA S.C.A., SICAV-FIS, 1B, rue Jean Piret, L-2350 Luxembourg
• JUNE S.C.A., SICAV-FIS, 1B, rue Jean Piret, L-2350 Luxembourg
• LEPERCQ MULTI-ASSET FUND, 3, rue Gabriel Lippmann, L-5365 Munsbach
• PATRIZIA RETAIL OPPORTUNITY SCS SICAV-SIF, 41, avenue de la Liberté, L-1931 Luxembourg
• TIMBERCREEK VALUE ADD FUND S.C.S. SICAV-SIF, 3, rue Gabriel Lippmann, L-5365 Munsbach
• UNTITLED, 534, rue de Neudorf, L-2220 Luxembourg

SICARs:

• ALTERALIA S.C.A., SICAR, 6A, rue Gabriel Lippmann, L-5365 Munsbach
• GINKGO FUND II S.C.A., SICAR, 4, rue Robert Stumper, L-2557 Luxembourg
• NCP I S.C.A. SICAR, 412F, route d’Esch, L-1471 Luxembourg
• QUREINVEST II (SCS) SICAR, 3, rue Gabriel Lippmann, L-5365 Munsbach