Global situation of undertakings for collective investment at the end of May 2026

As at 31 May 2026, the total net assets of undertakings for collective investment, comprising UCIs subject to the 2010 Law, specialised investment funds and SICARs, amounted to EUR 6,634.393 billion compared to EUR 6,436.197 billion as at 30 April 2026, i.e. an increase of 3.08% over one month. Over the last twelve months, the volume of net assets increased by 15.07%.

The Luxembourg UCI industry thus registered a positive variation amounting to EUR 198.196 billion in May. This increase represents the sum of positive net capital investments of EUR 18.253 billion (+0.28%) and of the positive development of financial markets amounting to EUR 179.943 billion (+2.80%).

The development of undertakings for collective investment is as follows:

The number of undertakings for collective investment taken into consideration totalled 2,981, against 2,993 the previous month. A total of 2,009 entities adopted an umbrella structure representing 12,302 sub-funds. Adding the 972 entities with a traditional UCI structure to that figure, a total of 13,274 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 May.

Markets improved in May, supported by solid corporate earnings, particularly within technology and AI‑related sectors, and growing expectations of de‑escalation in the Middle East as discussions between the US and Iran appeared to gain credibility, raising hopes of a peaceful resolution of the conflict and the reopening of the Strait of Hormuz. Although negotiations were still under way at month‑end, this prospect helped ease inflation concerns as oil prices fell, contributing to broadly positive risk sentiment. Against this backdrop, equity markets delivered another month of gains. Asian equities performed especially well, with Korea and Taiwan posting exceptional advances driven by continued demand for AI infrastructure. By contrast, Latin American equities underperformed notably due to inflation concerns in Brazil.

In May, equity UCI categories registered an overall negative capital investment, with significant inflows limited to Latin American equities and Other equities.

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

Bond markets experienced elevated volatility during the month amid shifting geopolitical developments in the Middle East and evolving inflation expectations. European yields declined from April levels, as falling oil prices helped improve the inflation outlook, reducing the likelihood of further monetary tightening. In contrast, US yields moved higher amid robust economic data, notably labour market conditions. Credit spreads narrowed overall, reflecting solid corporate fundamentals and an improved market sentiment. Against this backdrop, all fixed income UCI categories recorded monthly gains, also benefiting from a slight appreciation of the US dollar against the euro.

In May, fixed income UCIs registered an overall positive net capital investment from all categories except for the EUR and Global money market 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:

During the month under review, the following four undertakings for collective investment have been registered on the official list:

UCITS Part I 2010 Law:

• DEKA-EUROLAND PROTECT 2031, 6, rue Lou Hemmer, L-1748 Senningerberg
• SILVERWAY GLOBAL, Calle Montalbán, 7, Bajo 28014, Madrid¹
• TIS SICAV, 15, rue de Flaxweiler, L-6776 Grevenmacher
• WEST BAY PARTNERS SICAV, 4, rue Jean Monnet, L-2180 Luxembourg

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

UCITS Part I 2010 Law:

• BERENBERG EUROPEAN FOCUS FUND, 15, rue de Flaxweiler, L-6776 Grevenmacher
• BERENBERG INTERNATIONAL MICRO CAP, 15, rue de Flaxweiler, L-6776 Grevenmacher
• KENSINGTON INVESTMENT FUNDS, 2, rue Henri M. Schnadt, L-2530 Luxembourg
• WESTPROFIL, 6, rue Lou Hemmer, L-1748 Senningerberg

SIFs:

• AB ARYA PARTNERS (LUXEMBOURG) FUND, SICAV-SIF S.C.SP., 2-4, rue Eugène Ruppert, L-2453 Luxembourg
• AB COMMERCIAL REAL ESTATE DEBT FUND, SICAV-SIF S.C.SP, 2-4, rue Eugène Ruppert, L-2453 Luxembourg
• AIPP FOLKSAM GLOBAL, 35A, avenue John F. Kennedy, L-1855 Luxembourg
• AWL INFRASTRUCTURE INVESTMENT FUND, S.C.S. SICAV-FIS, 17, boulevard F.W. Raiffeisen, L-2411 Luxembourg
• CRESCENT EUROPEAN SPECIALTY LOAN FUND SCS, SICAV-FIS, 412F, route d’Esch, L-1471 Luxembourg
• EQUITA PRIVATE DEBT FUND, 16, rue Jean l’Aveugle, L-1148 Luxembourg
• MOZAIQUE FUND MANAGEMENT SICAV-SIF, 3, rue Gabriel Lippmann, L-5365 Munsbach
• PALLADIUM FUND 1870 MANAGEMENT S.C.A. SICAV SIF, 136, route d’Arlon, L-1150 Luxembourg
• THE ENTERPRISE EXPANSION FUND, 1C, rue Gabriel Lippmann, L-5365 Munsbach

SICAR:

• ADARA VENTURES II S.C.A., SICAR, 15, boulevard F.W. Raiffeisen, L-2411 Luxembourg
• MICROCAP 07- FTL S.C.A., SICAR, 18, boulevard de la Foire, L-1528 Luxembourg
• VENTECH CHINA III SICAR, 3, rue Gabriel Lippmann, L-5365 Munsbach