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

As at 31 January 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 6,294.473 billion compared to EUR 6,199.370 billion as at 31 December 2025, i.e. an increase of 1.53% over one month. Over the last twelve months, the volume of net assets increased by 6.16%.

The Luxembourg UCI industry thus registered a positive variation amounting to EUR 95.103 in January. This increase represents the sum of positive net capital investments of EUR 31.223 billion (0.50%) and of the positive development of financial markets amounting to EUR 63.880 billion (1.03%).

The development of undertakings for collective investment is as follows:

The number of undertakings for collective investment taken into consideration totalled 3,013, against 3,036 the previous month. A total of 2,027 entities adopted an umbrella structure representing 12,300 sub-funds. Adding the 986 entities with a traditional UCI structure to that figure, a total of 13,286 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 January.

The beginning of 2026 has been marked by a sharp rise in geopolitical tensions, which unsettled financial markets, notably the US intervention in Venezuela and strong statements to acquire or takeover Greenland, a plan which was later withdrawn following firm opposition and negative market reactions. By the end of the month, tensions heightened further with the prospect of military action against Iran. Despite these developments, investors risk appetite increased, supported by improvements in activity data and inflation.

Against this backdrop, equities markets recorded notable gains over the month. Optimism about artificial intelligence continued to drive markets, helped by strong quarterly earnings from companies in the sector. This contributed to large gains in Japanese and Asian equities (particularly in South Korea) while US equities delivered only modest returns (a slight monthly loss in euro terms, due to negative currency effects), as investors diversified away from major US technology stocks, amid concerns about high valuations. Latin American equities surged, with double digit returns in several local markets, including Brazil, supported by a weaker dollar, higher commodity prices and easing inflation.

In January, equity UCI categories registered an overall positive net capital investment from all categories except for US equities which incurred slight outflows.

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

During the month, bond markets benefitted from a slight overall decrease in credit spreads, which remain at historically low levels, while yields rose in the US and decreased slightly in Europe. With respect to monetary policy, the Fed kept its benchmark rates unchanged at 3.5-3.75%. Some volatility in US yields occurred during the month, notably due to renewed concerns about the independence of the Fed, particularly following the announcement of a criminal investigation against its Chairman, Jerome Powel. Against this backdrop, all fixed income UCI categories recorded positive monthly returns, with the exception of USD money market and USD-denominated bonds, which were affected by negative currency movements.

In January, fixed income UCIs registered an overall positive net capital investment from all categories except for the categories EUR- and USD-denominated bonds as well as Global market bonds which incurred slight outflows.

* _{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:

• YOURACTIVE SICAV, 49, Avenue J.F. Kennedy, L-1855 Luxembourg

UCI part II 2010 Law:

• ARDIAN ACCESS UMBRELLA, S.C.A., SICAV, 3, rue Jean Piret, L-2350 Luxembourg
• BG PRIVATE MARKETS SOLUTION, 5, allée Scheffer, L-2520 Luxembourg
• DIGITALBRIDGE AI & CLOUD INFRASTRUCTURE FUND MASTER SCSP SICAV, 20, rue de la Poste, L-2346 Luxembourg
• DIGITALBRIDGE AI & CLOUD INFRASTRUCTURE FUND SICAV SA, 20, rue de la Poste, L-2346 Luxembourg
• TIERA CAPITAL ELTIF II SICAV, S.A., 12, rue Eugène Ruppert, L-2453 Luxembourg
• TITANBAY GLOBAL PRIVATE MARKETS STRATEGIES, 9, rue de Bitbourg, L-1273 Luxembourg

SICARs:

• CRSEF II PARTICIPATIONS S.A R.L., SICAR, 2, avenue Charles de Gaulle L-1653 Luxembourg

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

UCITS Part I 2010 Law:

• ALLEGRO SHORT TERM BOND FUND, 17, boulevard F.W. Raiffeisen, L-2411 Luxembourg
• ALLIANZ STIFTUNGSFONDS, Bockenheimer Landstraße 42-44, 60323 Frankfurt am Main¹
• BAYERNINVEST, 6, rue Gabriel Lippmann, L-5365 Munsbach
• BEST EUROPE CONCEPT, 18, boulevard de la Foire, L-1528 Luxembourg
• DJE GESTIÓN PATRIMONIAL 2026, 2, boulevard Konrad Adenauer, L-1115 Luxembourg
• MELCHIOR SELECTED TRUST, 4, rue Peternelchen, L-2370 Howald
• SQUAD GREEN, 15, rue de Flaxweiler, L-6776 Grevenmacher
• UNIGARANTTOP: EUROPA III (2025), 3, Heienhaff, L-1736 Senningerberg
• WALLRICH, 15, rue de Flaxweiler, L-6776 Grevenmacher

UCI part II 2010 Law:

• DINVEST, 8 rue Henri M. Schnadt, L-2530 Luxembourg
• MUZINICH FIRSTLIGHT MIDDLE MARKET ELTIF SICAV, S.A., 12E, rue Guillaume J. Kroll, L-1882 Luxembourg
• NCRAM LOAN TRUST, 33, rue de Gasperich, L-5826 Hesperange

SIFs:

• A&G ALTERNATIVE SICAV-SIF, 56, Grand-rue, L-1660 Luxembourg
• B SETTLEMENT SICAV-SIF, 5, rue Jean Monnet, L-2180 Luxembourg
• BEL AIR, 5, allée Scheffer, L-2520 Luxembourg
• BLUEHOUSE PROPERTY FUND IV L.P. SIF-SICAV, 15, boulevard F.W. Raiffeisen, L-2411 Luxembourg
• BOSTON CAPITAL INCOME AND VALUE U.S. APARTMENT FUND, 5, Heienhaff, L-1736 Senningerberg
• CHORUS INFRASTRUCTURE FUND S.A. SICAV-SIF, 1C, rue Gabriel Lippmann, L-5365 Munsbach
• CIGOGNE CLO ARBITRAGE, 18, boulevard Royal, L-2449 Luxembourg
• DASOS TIMBERLAND FUND I, 5, allée Scheffer, L-2520 Luxembourg
• GOLDING BUYOUT EUROPE 2011 SICAV-FIS, 6, avenue Marie-Thérèse, L-2132 Luxembourg
• IW ALTERNATIVE SIF, 15, avenue John F. Kennedy, L-1855 Luxembourg
• KBC LIFE PRIVILEGED PORTFOLIO FUND, 4, rue du Fort Wallis, L-2714 Luxembourg
• PREMIUM ALTERNATIVE S.A. (SICAV-FIS), 24-26, avenue de la Liberté, L-1930 Luxembourg
• TAVIS CAPITAL INVESTMENT FUNDS SICAV-SIF, 5, rue Jean Monnet, L-2180 Luxembourg
• UFENAU IV GERMAN ASSET LIGHT, SCA-SICAV-SIF, 3, rue Gabriel Lippmann, L-5365 Munsbach
• WRE INTERNATIONAL INVESTMENTS XI, 42-44, avenue de la Gare, L-1610 Luxembourg
• WREF X INTERNATIONAL INVESTMENTS, 42-44, avenue de la Gare, L-1610 Luxembourg

SICARs:

• ARCANO GERMANY (SARL) SICAR, 46A, avenue John F. Kennedy L-1855 Luxembourg
• DIGITAL EAST FUND 2013 SCA SICAR, 7, avenue Gaston Diderich L-1420 Luxembourg
• MD MEZZANINE S.A., SICAR, 26A, Boulevard Royal L-2449 Luxembourg