As at 28 February 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 5,957.264 billion compared to EUR 5,929.317 billion as at 31 January 2025, i.e. an increase of 0.47% over one month. Over the last twelve months, the volume of net assets increased by 10.46%.

The Luxembourg UCI industry thus registered a positive variation amounting to EUR 27.947 billion in February. This increase represents the sum of positive net capital investments of EUR 34.145 billion (0.58%) and of the negative development of financial markets amounting to EUR 6.198 billion (-0.11%).

The development of undertakings for collective investment is as follows:

The number of undertakings for collective investment taken into consideration totalled 3,131, against 3,128 the previous month. A total of 2,069 entities adopted an umbrella structure representing 12,458 sub-funds. Adding the 1,062 entities with a traditional UCI structure to that figure, a total of 13,520 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 February.

In February, the threat of US trade tariffs continued to weight on equity markets with concerns over their potential repercussions on global growth, including in the US, along with growing doubts on valuations, particularly for large technology stocks. Against this backdrop, US equities posted the poorest monthly performance among developed markets. In contrast, European and Eastern European equities outperformed, driven by growing investor optimism regarding the possibility of a ceasefire in Ukraine. Japanese equities, which are particularly exposed to global trade, faced significant losses, which were partially offset by the appreciation by more than 2% of the Japanese yen against the euro. Finally, the modest overall gains in the Asian equity category mask significant differences between countries, with strong gains in Chinese equities (mostly from AI and technology related stocks) and losses in India and Taiwan.

In February, equity UCI categories registered mixed capital investment, with the largest inflows in the categories Eastern European equities and US equities.

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

In February, all fixed income UCI categories achieved positive monthly performances, with the sole exception of the US money market category, due to a slight depreciation of the US dollar against the euro. The category USD-denominated bonds delivered the largest monthly performance, driven by declining US yields amid a yield curve flattening, despite widening credit spreads. This occurred as investors shifted their focus from inflation to growth concerns and favoured safer assets. European bonds benefitted from slightly declining yields combined with tightening credit spreads amid hopes of a ceasefire in Ukraine and expectations of increased government spending to support defence investments.

In February, all fixed income UCIs registered positive net capital investment. The categories USD money market and Global 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 fifteen undertakings for collective investment have been registered on the official list:

UCITS Part I 2010 Law:

• INVESTEC UCITS, 3, rue Jean Piret, L-2350 Luxembourg
• PETRUS ADVISERS UCITS SICAV, 3, rue Gabriel Lippmann, L-5365 Munsbach
• PRIO PARTNERS I, 4, rue Thomas Edison, L-1445 Strassen
• UNIESG UNTERNEHMENSANLEIHEN 2031, 3, Heienhaff, L-1736 Senningerberg

UCIs Part II 2010 Law:

• AXA IM ALTERNATIVE CREDIT STRATEGIES SA SICAV, Vertigo Building – Polaris, 2-4, rue Eugène Ruppert, L-2453 Luxembourg
• CARMIGNAC S.A. SICAV- PART II UCI, 60, Avenue J.F. Kennedy, L-1855 Luxembourg
• FASANARA INVESTMENTS IV SA, SICAV-FONDS PARTIE II, ELTIF, 17, boulevard Raiffeisen, building Bijou, L-2411 Luxembourg
• IIV SOLAR ELECTRIFICATION DEBT ELTIF, 19, rue Flaxweiler, L-6776 Grevenmacher
• MACQUARIE PRIVATE MARKETS SICAV, 3, rue Jean Piret, L-2350 Luxembourg
• NATIXIS INTERNATIONAL FUNDS – ALTERNATIVE (LUX), 80, route d’Esch, L-1470 Luxembourg
• RGV, 19, rue Flaxweiler, L-6776 Grevenmacher
• STONEPEAK-PLUS INFRASTRUCTURE FUND S.A. SICAV – UCI PART II, 3, rue Jean Piret, L-2350 Luxembourg
• VISTAONE (LUX) FEEDER, SICAV SA, Vertigo Building – Polaris, 2-4, rue Eugène Ruppert, L-2453 Luxembourg
• VISTAONE (LUX) MASTER SCSP, Vertigo Building – Polaris, 2-4, rue Eugène Ruppert, L-2453 Luxembourg

SICARs:

• CP VIII PARTICIPATIONS S.À R.L., SICAR, 2, avenue Charles de Gaulle, 4th floor, L-1653 Luxembourg

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

UCITS Part I 2010 Law:

• APO EMERGING HEALTH, 1C, rue Gabriel Lippmann, L-5365 Munsbach
• ASSENAGON SHORT TERM INCOME, 1B, Heienhaff, L-1736 Senningerberg
• BERENBERG SUSTAINABLE EURO IG CREDIT, 15, rue de Flaxweiler, L-6776 Grevenmacher
• BERENBERG, 15, rue de Flaxweiler, L-6776 Grevenmacher
• COLEMAN STREET INVESTMENTS, 287, route d’Arlon, L-1150 Luxembourg
• FCS FUND SERVICES SICAV, 3, rue Gabriel Lippmann, L-5365 Munsbach

SIFs:

• FONCIERE GLOBALE DU MONSATERE SICAV-FIS, 2, avenue de Blues, L-4368 Belvaux
• ICAMAP INVESTORS, 5, rue Jean Monnet, L-2180 Luxembourg
• KUTTER SICAV-SIF, S.C.A., 20, rue de la Poste, L-2346 Luxembourg
• SILKROAD ASIA VALUE PARALLEL FUND SCS SICAV-SIF, 1, côte d’Eich, L-1450 Luxembourg
• WN PENSION FCP-SIF, 9A, rue Gabriel Lippmann, L-5365 Munsbach
• ZUKUNFT SICAV-SIF, 4, rue Thomas Edison, L-1445 Strassen