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

As at 30 September 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 6,796.689 billion compared to EUR 6,790.699 billion as at 31 August 2026, i.e. an increase of 0.09% over one month. Over the last twelve months, the volume of net assets increased by 12.81%.

The Luxembourg UCI industry thus registered a positive variation amounting to EUR 5.990 billion in September. This increase represents the sum of positive net capital investments of EUR 18.875 billion (+0.28%) and of the negative development of financial markets amounting to EUR 12.885 billion (-0.19%).Text content

The development of undertakings for collective investment is as follows:

The number of undertakings for collective investment taken into consideration totalled 2,959, against 2,961 the previous month. A total of 2,006 entities adopted an umbrella structure representing 12,293 sub-funds. Adding the 953 entities with a traditional UCI structure to that figure, a total of 13,246 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 September.

Global markets remained mostly influenced by the unresolved conflict in the Middle East and concerns about the effects of sustained high energy prices. These factors, together with stronger-than-expected economic data and increased debt issuance to finance AI infrastructure, contributed to a sharp rise in government bond yields. While these conditions weighted on investor sentiment, enthusiasm for AI continued to support technology stocks. Against this backdrop, the European and Asian UCI categories reported monthly losses, whereas the US and Japanese UCI categories recorded gains, mostly due to favourable currency effects.

In September, equity UCI categories registered an overall positive capital investment but with material outflows in the Eastern European and Latin American UCI categories.

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

During the month, government bond yields rose sharply to multi-year highs, driven by inflationary concerns and expectations of a prolonged period of restrictive monetary policy. In Europe, political uncertainty – particularly in France – added to market tensions. Regarding monetary policy, the ECB raised its key rates by 25 bps, as widely anticipated, while the Fed also implemented a 25-bps hike, its first since July 2023. Finally, performances were also impacted by widening credit spreads, especially within the high-yield bond segment. Against this backdrop, most fixed income UCI categories incurred losses, except the money market and the USD-denominated bonds mainly due to favourable currency effects.

In September, fixed income UCIs registered an overall positive net capital investment mostly driven by the EUR and USD 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 eight undertakings for collective investment have been registered on the official list:

UCITS Part I 2010 Law:

• EURIZON LIFE ENGINE, 28, boulevard de Kockelscheuer, L-1821 Luxembourg
• LUX IM PRO CAPITAL, 5, allée Scheffer, L-2520 Luxembourg

UCI Part II 2010 Law:

• AXA PRIVATE MARKETS UMBRELLA SICAV, 8, rue Lou Hemmer, L-1748 Luxembourg-Findel
• HAMILTON LANE GLOBAL PRIVATE SECONDARY FUND, 3, rue Gabriel Lippmann, L-5365 Munsbach
• HANSEMERKUR BATTERY STORAGE ELTIF S.C.A., SICAV, 1c, rue Gabriel Lippmann, L-5365 Munsbach
• HANSEMERKUR DEFENCE ELTIF S.C.A., SICAV, 1c, rue Gabriel Lippmann, L-5365 Munsbach
• HANSEMERKUR ENERGY INFRASTRUCTURE ELTIF S.C.A., SICAV, 1c, rue Gabriel Lippmann, L-5365 Munsbach
• HINES PRIVATE MARKETS UMBRELLA S.C.A., SICAV, 3, rue Jean Piret, L-2350 Luxembourg

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

UCITS Part I 2010 Law:

• BERENBERG EURO HIGH YIELD, 15, rue de Flaxweiler, L-6776 Grevenmacher
• DWS OSTEUROPA, 2, boulevard Konrad Adenauer, L-1115 Luxembourg
• GLOBERSEL, 35, boulevard Joseph II, L-1840 Luxembourg
• PERPETUUM VITA BASIS, 1c, rue Gabriel Lippmann, L-5365 Munsbach
• PERPETUUM VITA SPEZIAL, 1C, rue Gabriel Lippmann, L-5365 Munsbach
• SÜDWESTBANK VERMÖGENSMANDAT, 2, boulevard Konrad Adenauer, L-1115 Luxembourg
• VALBOA, 5, allée Scheffer, L-2520 Luxembourg

UCI Part II 2010 Law:

• 1822-STRUKTUR, 6, rue Lou Hemmer, L-1748 Senningerberg
• INFRASTRUCTURE OPPORTUNITIES FUND 1 – ELTIF FCP, 19, rue Flaxweiler, L-6776 Grevenmacher

SICAR:

• HOUSE HANOVER SPAIN S.C.A., SICAR, 9, rue de Bitbourg, L-1273 Luxembourg