Situation globale des organismes de placement collectif à la fin du mois de mars 2025 (uniquement en anglais)

As at 31 March 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 5,749.779 billion compared to EUR 5,957.264 billion as at 28 February 2025, i.e. a decrease of 3.48% over one month. Over the last twelve months, the volume of net assets increased by 4.82%.

The Luxembourg UCI industry thus registered a negative variation amounting to EUR 207.485 billion in March. This decrease represents the sum of positive net capital investments of EUR 16.319 billion (0.28%) and of the negative development of financial markets amounting to EUR 223.804 billion (-3.76%).

The development of undertakings for collective investment is as follows:

The number of undertakings for collective investment taken into consideration totalled 3,124, against 3,131 the previous month. A total of 2,066 entities adopted an umbrella structure representing 12,461 sub-funds. Adding the 1,058 entities with a traditional UCI structure to that figure, a total of 13,519 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 March.

During the month, global financial markets were adversely affected by a series of announcements regarding US tariffs, initially directed at China, Canada and Mexico, followed by steel and aluminium, and eventually the automobile sector. Numerous revisions, suspensions and exemptions created confusion and undermined both business and consumer confidence. The resulting trade tensions and likely negative impact on growth, including an increasing risk of global recession or even stagflation in the US, also added to concerns. In Europe, the announcement of a historic decision in Germany to invest hundreds of billions of euros in defence and infrastructure led to a strong improvement in market sentiment and to a reassessment of economic forecasts, resulting among other in a significant appreciation of the euro against most other currencies. Against this backdrop, most equities UCIs categories, including European equities despite an improved outlook, posted substantial monthly losses, the largest being US equities including a nearly 4% depreciation of the US dollar against the euro.

In March, equity UCI categories registered positive capital investment. The categories European equities and Eastern European equities collected the largest inflows.

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

During the month, the European Central Bank reduced interest rates by 25 bps for the sixth consecutive time, as anticipated, while the Federal Reserve left its benchmark interest rate unchanged, indicating the possibility for future cuts due to concerns regarding economic growth. Performances were however mostly driven by tariff-related developments, rather than by monetary policy decisions. Emerging market recorded the worst returns, primarily due to weaker growth anticipations resulting from US tariffs, including fears concerning those to be announced in April, as well as the impact of exchange rates. European bonds also experienced negative returns driven by a steepening of the yield curve resulting from anticipated increases in long-term funding requirements, while credit spreads remained broadly stable.

In March, fixed income UCIs registered positive net capital investment. The category EUR money market collected the largest inflows.

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

UCITS Part I 2010 Law:

• DANSKE INVEST 2, 13, rue Edward Steichen, L-2540 Luxembourg
• INTERNATIONAL INVESTMENT PORTFOLIOS, 6, route de Trèves, L-2633 Senningerberg
• PSY ENPAP, 33A, avenue John F. Kennedy, L-1855 Luxembourg
• UNIEURORENTA UNTERNEHMENSANLEIHEN 2031, 3, Heienhaff, L-1736 Senningerberg
• YOURINDEX SICAV, 49, avenue John F. Kennedy, L-1855 Luxembourg

UCIs Part II 2010 Law:

• HAMILTON LANE PRIVATE MARKETS ACCESS ELTIF, 80, route d’Esch, L-1470 Luxembourg
• INVESTINDUSTRIAL EVERGREEN FEEDER SICAV SA, 11, rue Aldringen, L-1118 Luxembourg
• INVESTINDUSTRIAL EVERGREEN MASTER SCSP, 11, rue Aldringen, L-1118 Luxembourg

SIFs:

• GOLDING PRIVATE CREDIT ALLIANCE S.A. SICAV-FIS, 6, avenue Marie-Thérèse, L-2132 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:

• ALLIANZ GLOBAL STRATEGY DYNAMIC, Bockenheimer Landstraße 42-44, 60323 Frankfurt am Main¹
• AMUNDI UNICREDIT PREMIUM PORTFOLIO, 5, allée Scheffer, L-2520 Luxembourg
• ANAROSA FUNDS (LUX), 20, rue des Peupliers, L-2328 Luxembourg
• GENERALI INVESTMENTS GLOBAL SOLUTIONS FUND, 4, rue Jean Monnet, L-2180 Luxembourg
• IKC FUND, 33, rue de Gasperich, L-5826 Hesperange
• UNIGARANTTOP: EUROPA II (2025), 3, Heienhaff, L-1736 Senningerberg
• UNIINSTITUTIONAL BASIC GLOBAL CORPORATES IG, 3, Heienhaff, L-1736 Senningerberg

UCIs Part II 2010 Law:

• KBC INTEREST FUND, 80, route d’Esch, L-1470 Luxembourg
• PARTNERS GROUP PRIVATE MARKETS CREDIT STRATEGIES ELTIF SICAV, 60, avenue John F. Kennedy, L-1855 Luxembourg

SIFs:

• PRIVIUM SELECTION FUND S.C.A. SICAV-SIF, 3, rue Gabriel Lippmann, L-5365 Munsbach
• UNIVERSAL INVESTMENT FUND, 4, rue Robert Stumper, L-2557 Luxembourg

SICARs:

• AMETHIS FINANCE LUXEMBOURG S.C.A., SICAR, 5, allée Scheffer, L-2520 Luxembourg
• CREATHOR VENTURE FUND III (SCS) SICAR, 54, boulevard Napoléon 1er, L-2210 Luxembourg
• CREATHOR VENTURE FUND III PARALLEL (SCS) SICAR, 54, boulevard Napoléon 1er, L-2210 Luxembourg
• LUXEMBOURG APPALACHES SICAR FEEDER, S.A., 12, rue Eugène Ruppert, L-2453 Luxembourg
• TERRA VENTURE PARTNERS II S.C.A., SICAR, 31-33, Grand-Rue, L-1660 Luxembourg