Published on 1 April 2026 Press release

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

Press release 26/08

I. Overall situation

As at 28 February 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 6,436.135 billion compared to EUR 6,294.473 billion as at 31 January 2026, i.e. an increase of 2.25% over one month. Over the last twelve months, the volume of net assets increased by 8.04%.

The Luxembourg UCI industry thus registered a positive variation amounting to EUR 141.662 in February. This increase represents the sum of positive net capital investments of EUR 47.047 billion (0.75%) and of the positive development of financial markets amounting to EUR 94.615 billion (1.50%).

The development of undertakings for collective investment is as follows:

The number of undertakings for collective investment taken into consideration totalled 3,005, against 3,013 the previous month. A total of 2,025 entities adopted an umbrella structure representing 12,312 sub-funds. Adding the 980 entities with a traditional UCI structure to that figure, a total of 13,292 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.

Global markets saw several significant developments during the month, notably a marked deterioration in investor sentiment toward traditional software companies, whose business models are increasingly seen as vulnerable to advances in AI. Escalating tensions over Iran also weighted, although the military operations only began at month‑end, after markets had closed. Finally, the US Supreme Court invalidated the global tariffs imposed in April 2025 due to an improper use of emergency powers, although they were quickly replaced using an alternative legal basis. Market sentiment however remained positive, supported by favourable economic data indicating a continued global growth and further signs of easing inflation.

Against this backdrop, all the equity categories delivered significant positive monthly performances, except for US equities, as investors diversify away from large US technology stocks amid concerns about excessive valuations. Japanese equities recorded the strongest monthly gains, supported by expectations of political stability and fiscal support after the large victory of the ruling party in the snap elections.

In February, equity UCI categories registered an overall positive capital investment, with significant inflows in most categories, particularly in the Eastern European and Latin American equities.

Development of equity UCIs during the month of February 2026*

| **** | Market variation in % | Net issues in % |
| Global market equities | 1,99% | 0,21% |
| European equities | 2,86% | 2,35% |
| US equities | -0,55% | -0,33% |
| Japanese equities | 9,97% | 2,21% |
| Eastern European equities | 0,22% | 10,86% |
| Asian equities | 3,35% | -0,05% |
| Latin American equities | 4,21% | 7,39% |
| Other equities | 4,21% | 1,87% |
** Variation in % of Net Assets in EUR as compared to the previous month*

During the month, bond markets benefitted from a decline in government bond yields, supported by easing inflation and increased demand for safe assets amid rising geopolitical tensions, while credit spreads widened. Against this backdrop, all fixed income UCI categories delivered positive monthly returns, also helped by favourable currency movements.

In February, fixed income UCIs registered an overall positive net capital investment from all categories.

Development of fixed income UCIs during the month of February 2026*

| **** | Market variation in % | Net issues in % |
| EUR money market | 0,12% | 0,83% |
| USD money market | 1,00% | 1,43% |
| Global money market | -0,17% | 0,12% |
| EUR-denominated bonds | 0,80% | 1,44% |
| USD-denominated bonds | 1,72% | 0,28% |
| Global market bonds | 1,03% | 0,42% |
| Emerging market bonds | 1,65% | 2,31% |
| High Yield bonds | 0,50% | 0,35% |
| Others | 1,07% | 0,67% |
** 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:

Development of diversified UCIs and funds of funds during the month of February 2026*

| **** | Market variation in % | Net issues in % |
| Diversified UCIs | 1,33% | 0,77% |
| Funds of funds | 1,15% | 0,63% |
** Variation in % of Net Assets in EUR as compared to the previous month*

II. Breakdown of the number and net assets of UCIs

During the month under review, the following five undertakings for collective investment have been registered on the official list:

UCITS Part I 2010 Law:

• ELM DEUTSCHLAND, Kapstadtring 8, 22297 Hamburg 1
• SEB PRIVATE BANKING FUND SICAV, 4, rue Peternelchen, L-2370 Howald

UCI part II 2010 Law:

• ASTORG EVERGREEN SICAV, 3, rue Jean Piret, L-2350 Luxembourg

• LICUS ELTIF, 19, rue Flaxweiler, L-6776 Grevenmacher
  SIFs:

• EUTHENIA INVESTMENTS SICAV-SIF, 60, Avenue John F. Kennedy, L-1855 Luxembourg

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

UCITS Part I 2010 Law:

• BERENBERG HEALTH FOCUS FUND, 15, rue de Flaxweiler, L-6776 Grevenmacher
• BERENBERG MERGER ARBITRAGE, 15, rue de Flaxweiler, L-6776 Grevenmacher
• DWS RUSSIA, 2, boulevard Konrad Adenauer, L-1115 Luxembourg

• HARVEST INVESTMENT FUND, 2, rue Edward Steichen, L-2540 Luxembourg
  SIFs:

• BTG PACTUAL GLOBAL TIMBERLAND RESOURCES FUND, 60, avenue John F. Kennedy, L-1855 Luxembourg

• DCM SYSTEMATIC FUND SICAV-SIF, 22, rue de l’Industrie, L-8399 Windhof

• ELSINORE CREDIT INVESTMENT FUND I S.C.A. SICAV-SIF, 15, boulevard F. W. Raiffeisen, L-2411 Luxembourg

• MPE EVERGREEN FCP-SIF, 22, rue Alfred de Musset, L-2175 Luxembourg

• MUZINICH ITALIAN PRIVATE DEBT FUND, 49, avenue John F. Kennedy, L-1855 Luxembourg

• MUZINICH UK PRIVATE DEBT FUND, 49, avenue John F. Kennedy, L-1855 Luxembourg

• SEB PRIVATE BANKING FUND SICAV, 4, rue Peternelchen, L-2370 Howald

• SOCIALALPHA INVESTMENT FUND (SAIF) SICAV-SIF, 9, rue de Bitbourg, L-1273 Luxembourg

• SUSTAINABLE GROWTH FUND II, SCSP, SICAV-SIF, 12C, rue Guillaume J. Kroll, L-1882 Luxembourg

1 Undertaking for collective investment for which the designated management company was authorised by the competent authorities of another Member State in accordance with Directive 2009/65/EC.