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

As at 31 May 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 5,765.403 billion compared to EUR 5,618.885 billion as at 30 April 2025, i.e. an increase of 2.61% over one month. Over the last twelve months, the volume of net assets increased by 5.35%.

The Luxembourg UCI industry thus registered a positive variation amounting to EUR 146.518 billion in May. This increase represents the sum of positive net capital investments of EUR 2.104 billion (0.04%) and of the positive development of financial markets amounting to EUR 144.414 billion (2.57%).

The development of undertakings for collective investment is as follows:

The number of undertakings for collective investment taken into consideration totalled 3,107, against 3,112 the previous month. A total of 2,059 entities adopted an umbrella structure representing 12,380 sub-funds. Adding the 1,048 entities with a traditional UCI structure to that figure, a total of 13,428 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.

During the month, global financial markets recorded strong gains, driven by positive developments concerning US trade tariffs, particularly the easing of tensions between the US and China. This de-escalation helped reduce fears of a global recession and supported a rebound in market sentiment favourable to risk assets. Equities also benefitted from supportive first-quarter corporate earnings, despite persistent uncertainty on the impact of tariffs on future earnings. In that context, all equity categories delivered robust monthly performances, led by the US equities category.

In May, equity UCI categories registered an overall positive capital investment with wide divergences across categories.

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

During the month, bond markets benefited from the positive developments around US tariffs, leading to a tightening of credit spreads favourable to riskier bonds, notably High Yield bonds. In the US, yields increased due to concerns over debt sustainability exacerbated by draft legislation that is expected to substantially increase the fiscal deficit while Moody’s downgraded the US credit rating from AAA to Aa1. In contrast, yields in Europe remained largely unchanged. Against this backdrop, all fixed income categories delivered positive performances, except for the USD-denominated bonds category.

In May, fixed income UCIs registered an overall negative net capital investment mostly driven by outflows in the money market categories while most other categories recorded 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 six undertakings for collective investment have been registered on the official list:

UCITS Part I 2010 Law:

• BERENBERG MERGER ARBITRAGE, 15, rue de Flaxweiler, L-6776 Grevenmacher
• HAMCO SICAV, 4, rue Jean Monnet, L-2180 Luxembourg
• MUTUACTIVOS INTERNATIONAL SICAV, 5, allée Scheffer, L-2520 Luxembourg

UCIs Part II 2010 Law:

• BRIDGEPOINT GENERATIONS MASTER SCSP SICAV, 3, rue Jean Piret, L-2350 Luxembourg
• BRIDGEPOINT GENERATIONS S.A. SICAV, 3, rue Jean Piret, L-2350 Luxembourg

SIFs:

• CBRE GLOBAL ALPHA PARALLEL FUND III FCP-SIF, 177, rue de Luxembourg, L-8077 Bertrange

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

UCITS Part I 2010 Law:

• LBBW BOND SELECT, 9A, rue Gabriel Lippmann, L-5365 Munsbach
• UNINACHHALTIG AKTIEN DIVIDENDE, 3, Heienhaff, L-1736 Senningerberg

UCIs Part II 2010 Law:

• OCEAN FUND, 5, allée Scheffer, L-2520 Luxembourg
• PGIM PRIVATE REAL ESTATE, 49, avenue John F. Kennedy, L-1855 Luxembourg

SIFs:

• AM-RE S.A. SICAV-SIF, 2, rue d’Alsace, L-1122 Luxembourg
• AXA PRIVATE SELECTION, 1, place de l’Etoile, L-1479 Luxembourg
• MASSENA CAPITAL PARTNERS LUXEMBOURG S.C.A./FIS, 1B, rue Jean Piret, L-2350 Luxembourg
• MUTB NON-YEN WGBI YEN-HEDGED INDEX FUND, 287-289, route d’Arlon, L-1150 Luxembourg
• PATRIZIA NORDIC CITIES SCS SICAV-SIF, 41, avenue de la Liberté, L-1931 Luxembourg
• REDWING S.A. SICAV-SIF, 2, rue d’Alsace, L-1122 Luxembourg

SICARs:

• RESPONSABILITY BOP INVESTMENTS S.C.A., 5, rue Jean Monnet, L-2180 Luxembourg