比利时荷兰卢森堡投资基金分析报告-培训课件外文版2024.5

INDUSTRIES

&

MARKETSInvestmentfundsinBeneluxCHAPTER

01OverviewValueoftotalassetsundermanagementinEuropefrom2007to2021(intrillioneuros)TotalassetsundermanagementinEurope2007-20213530252032.228.52723.723.122.721.620.317.61614.31510513.513.612.310.802007200820092010201120122013201420152016201720182019202020213Description:Assetsundermanagement(AUM)inEuropehavegrownalmostannuallyfrom2008to2021to32.2trillioneuros.AUM,coversallclientfundsandassetsthataremanagedontheirbehalfbyafinancialinstitute.Theseassetmanagementcompaniesincludemutualfund,venturecapitalfirmsandbrokers.ReadmoreNote(s):Europe;2007to2021;EFAMAEuropeanmemberassociationsSource(s):EFAMARatioofinvestmentfundsassetsundermanagementinEuropetothecountry'sGDPattheendof2021,bycountryProportionofinvestmentfundsassetstocountryGDPinEurope2021,bycountryRatioofassetvaluetoGDPvalue0%50%100%150%200%250%300%SwitzerlandUnitedKingdomFrance282%197%123%120%113%NetherlandsDenmarkGermanyBelgium79%49%43%AustriaSpainItaly31%30%HungaryPolandPortugal14%12%12%4/statistics/368648/europe-investment-funds-assets-to-gdp-ratio-by-countryAsof2021,thelargestratioofinvestmentfundsassetstoGDPinEuropewasrecordedinSwitzerland,at282percent.Thatyear,totalinvestmentfundsassetsundermanagementintheUnitedKingdomreached197percentofthecountry'sGDP.

ReadmoreNote(s):Europe;Atyearend2021;EFAMAEuropeanmemberassociationsSource(s):EFAMANetassetsofopen-endedmutualfunds(UCITS)inEuropeinthe4thquarterof2022,bycountry(inbillioneuros)NetAssetsoftheEuropeanUCITSQ42022,bycountryNetassetsinbillioneuros05001,0001,5002,0002,5003,0003,5004,0004,500LuxembourgIreland4,077.72,814.1UnitedKingdomFrance1,272.8836.2SwitzerlandSweden584.4470.2452GermanySpainItalyBelgium288.7228.3181.3NorwayDenmarkFinland157.9157.4118.25Description:Themarketvalueofopen-endedmutualinvestmentfunds(UCITS)inEuropeintheattheendof2022washigherinLuxembourgthaninanyothercountry.Thisincludesallpubliclyofferedopen-endedinvestmentfunds(transferablesecuritiesandmoneymarketinstruments,includingfunds-of-fundsassets).ItcanbeseenthatthenetassetsofmutualfundscomplyingwiththeUCITSstandardsinLuxembourgamountedtooverfourtrillioneurosasofend2022.ReadmoreNote(s):Europe;Q42022Source(s):EFAMANetassetsundermanagement(AUM)oftheUCITSindustryinBelgium,LuxembourgandtheNetherlands(Benelux)from4thquarter2015to4thquarter2023(inmillioneuros)NetAUMofUCITSinvestmentfundsinBelgium,LuxembourgandNetherlands2015-2023Belgium7149171654722167653176235732347496881124874309041093552120462126733Luxembourg2955916296277828203702946860284741829064983051016311610432577733288338338094334864453473243NetherlandsQ12015Q22015Q32015Q42015Q12016Q22016Q32016Q42016Q12017Q22017Q32017Q42017Q12018340823856437819381483764236573355593730837153349786Description:Thequarterlynetassetsundermanagement(AUM)oftheUCITSindustryintheBeneluxregion(Belgium,Luxembourg,andtheNetherlands)generallyincreased,albeitwithsomefluctuation,fromthefirstquarterof2015tothefirstquarterof2023.UCITSandAIFaretermsthatcoverinvestmentfundsasfinancialassets.UCITSstandsforUndertakingsforCollectiveInvestmentsinTransferableSecuritiesandatitscorestandsforinvestmentfundsthataredomiciledinEuropeandregulatedby[...]

ReadmoreNote(s):Belgium,Luxembourg,Netherlands;Q12015toQ12023Source(s):EFAMANetassetsundermanagementofalternativeinvestmentfinanceinBeneluxfrom1stquarter2015to1stquarter2023(inmillioneuros)NetAUMofAIFinvestmentfundsinBelgium,LuxembourgandNetherlands2015-2023BelgiumLuxembourgNetherlands1,200,0001,000,000800,000600,000400,000200,00007Description:Inthefirstquarterof2023,theNetherlands,Europe'sthirdbiggestdomicilewhenitcomestothealternativeinvestmentfinance(AIF)industry,sawanincreaseinnetassets,whichreachedroughly8400billioneuros.AIFstandsforAlternativeInvestmentFundsandincludeallinvestmentfundsthathavenotyetbeenregulatedbytheEuropeanUnion.Thisincludeshedgefunds,fundsofhedgefunds,venturecapitalandprivateequityfundsandrealestatefunds.ReadmoreNote(s):Belgium,Luxembourg,Netherlands;Q12015toQ12023Source(s):EFAMACHAPTER

02BelgiumTotalnetassetsofinvestmentfundsinBelgiumfrom1stquarter2015to1stquarter2023(inmillioneuros)NetassetsofinvestmentfundsinBelgium2015-2023230,000210,000190,000170,000150,000130,000110,0009Description:ThevalueoftotalassetsofinvestmentfundsinBelgium,cumulativeofbothUCITSandAIF,increasedgreatlyfromthefirstquarterof2015tothefirstquarterof2023,despitesomefluctuation.UCITSandAIFaretermsthatcoverinvestmentfundsasafinancialasset.UCITSstandsforUndertakingsforCollectiveInvestmentsinTransferableSecuritiesandatitscorestandsforinvestmentfundsthataredomiciledinEuropeandregulatedbytheEuropeanUnion.AIFstandsforAlternative[...]

ReadmoreNote(s):Belgium;Q12015toQ12023Source(s):EFAMATotalnumberofpublicUCITSandAlternativeInvestmentFunds(AIFs)inBelgiumfrom2014to2022TotalUCITSandAIFinvestmentfundsinBelgium2014-20226,0005,3845,3495,3315,2665,2915,0704,9965,0264,8095,0004,0003,0002,0001,000020142015201620172018201920202021202210Description:ThenumberofinvestmentfundunitsinBelgium,eitherUCITSorAIF,increasedsignificantlyfrom2014to2022.UCITSandAIFaretermsthatcoverinvestmentfundsasafinancialasset.UCITSstandsforUndertakingsforCollectiveInvestmentsinTransferableSecuritiesandatitscorestandsforinvestmentfundsthataredomiciledinEuropeandregulatedbytheEuropeanUnion.AIFstandsforAlternativeInvestmentFundsandincludeallinvestmentfundsthathavenotyetbeenregulated[...]

ReadmoreNote(s):Belgium;2014to2022;RegisteredwiththeFSMAinBelgiumSource(s):FSMATotalnumberofUCITSandAlternativeInvestmentFunds(AIFs)inBelgiumfrom2ndquarter2015to4thquarter2023TotalinvestmentfundsinBelgium2015-2023,bytypeUCITSAIF1,6001,4001,2001,000800806

767

767565

585

585696654

654541

513

482446368

329292

292222

222

22215893766547

475236

333120

1919

1960019400747

736702

714

708

708

710

710

710

713719

706725

725702

701651

655675

670

667635

633623

640602

599

599589200011Description:ThenumberofUCITSinvestmentfundsinBelgiumincreasedoverallbetweenthesecondquarterof2015andthefirstquarterof2023.Ontheotherhand,thenumberofAlternativeInvestmentfundssteadilydecreasedinBelgiumduringthesameperiod.UCITSandAIFaretermsthatcoverinvestmentfundsasafinancialasset.UCITSstandsforUndertakingsforCollectiveInvestmentsinTransferableSecuritiesandatitscorestandsforinvestmentfundsthataredomiciledinEuropeand[...]

ReadmoreNote(s):Belgium;Q22015toQ42023Source(s):EFAMATotalnumberofpublicinvestmentfunds(UCIs)inBelgiumfrom2010to2022,bytypeofinstitutionInvestmentfundsinBelgium2010-2022,byinstitutiontypeOpen-endedinvestmentcompanies(Beveks/Sicavs)JointinvestmentfundsPensionsavingsfundsOtherClosed-endrealestateinvestmentcompanies(Vastgoedbevaks/Sicafis)180160140120100806040200201020112012201320142015201620172018201920202021202212Description:Thetotalnumberofpublicundertakingsforcollectiveinvestment(UCIs)inBelgiumfrom2010to2022canbesortedbytypeofinstitution.UCIsarefinancialinstitutionsthatcollectcapitalamonginvestorsandmanagethatmoneycollectivelyfollowinganestablishedinvestmentpolicy.Theycanoffertwomaininvestmentassets:anUCTIS(UndertakingsforCollectiveInvestmentinTransferableSecurities,whichatitscorestandsforinvestmentfundsthataredomiciledinEuropeand[...]

ReadmoreNote(s):Belgium;2010to2022;registeredwiththeFSMAinBelgiumSource(s):FSMAFinancialassetsofinvestmentfundsinBelgiumasofthe1stquarter2023,byassettype(inmillioneuros)ValueoffinancialassetsofinvestmentfundsinBelgiumQ12023,byassettypeAssetsinmillioneuros60,000

80,000020,00040,000100,000120,000140,000160,000180,000200,000EquityandinvestmentfundsharesDebtsecurities176,073.539,436.2CurrencyanddepositsOther4,3402,585.713Description:ThatthetotalvalueofequityandinvestmentfundsharesownedbyinvestmentfundsinBelgiumamountedtonearly177billioneurosin2023.Thetotalfinancialassetsofinvestmentfundsheldindebtsecuritiesreachedavalueofover39billioneurosasof2021.ReadmoreNote(s):Belgium;Q12023Source(s):OECDCHAPTER

03LuxembourgTotalnetassetsofinvestmentfundsinLuxembourgfrom1stquarter2015to1stquarter2023(inmillioneuros)NetassetsofinvestmentfundsinLuxembourg2015-20237,000,0006,000,0005,000,0004,000,0003,000,0002,000,0001,000,000015Description:ThevalueofassetsofinvestmentfundsinLuxembourg,eitherUCITSorAIF,increasedoverallfromthefirstquarterof2015tothefourthquarterof2021,despitesomefluctuation.UCITSandAIFaretermsthatcoverinvestmentfundsasafinancialasset.UCITSstandsforUndertakingsforCollectiveInvestmentsinTransferableSecuritiesandatitscorestandsforinvestmentfundsthataredomiciledinEuropeandregulatedbytheEuropeanUnion.AIFstandsforAlternativeInvestmentFunds[...]

ReadmoreNote(s):Luxembourg;Q12015toQ12023Source(s):EFAMATotalnumberofUCITSandAlternativeInvestmentFunds(AIFs)inLuxembourgfrom2ndquarter2015to1stquarter2023TotalUCITSandAIFinvestmentfundsinLuxembourg2015-2023UCITSAIF16,00014,00012,00010,0008,0006,0004,0002,000016Description:ThenumberofUCITSinvestmentfundsinLuxembourgincreasedoverallfromthesecondquarterof2015tothefirstquarterof2023.Ontheotherhand,thenumberofAlternativeInvestmentFundsinthecountryfollowedtheoppositetrendduringthesameperiod.UCITSandAIFaretermsthatcoverinvestmentfundsasafinancialasset.UCITSstandsforUndertakingsforCollectiveInvestmentsinTransferableSecuritiesandatitscorestandsforinvestmentfundsthataredomiciledinEurope[...]

ReadmoreNote(s):Luxembourg;Q22015toQ12023Source(s):EFAMATotalnumberofinvestmentfunds(UCIs)inLuxembourgfrom2006toMarch2023,bytypeoffundNumberofinvestmentfundsinLuxembourg2006-2023,bytypeoffundStand-alonefundsMultiplecompartmentfunds4,5004,0003,5003,0002,5002,0001,5001,0005002,6562,6032,427

2,462

2,529

2,538

2,5522,5362,3022,4522,1082,3772,0192,2912,199

2,1881,6881,3871,488

1,4411,352

1,355

1,3651,418

1,379

1,373

1,3671,32620151,37220181,29420191,18020071,234

1,201

1,178

1,1578510200620082009201020112012201320142016201720202021

Q42022

Mar2023Typeoffund17Description:AsofMarch2023,thenumberofinvestmentfundsinLuxembourgreachedatotalof3,345,with1,157ofthesebeingstand-alonefunds.Thisisadecreaseofthetotalnumbercomparedto2020.

ReadmoreNote(s):Luxembourg;2006toMarch2023Source(s):AssociationoftheLuxembourgFundIndustry;CSSFDevelopmentoffinancialassetsofinvestmentfundsasashareofGDPinLuxembourgfrom2010to2021GDPratioofinvestmentfundsfinancialassetsinLuxembourg2010-202110,000%9,000%8,000%9,221.34%8,535%8,121.9%7,871.2%7,380.6%7,417.7%7,274.6%6,773.2%7,000%6,000%5,000%4,000%3,000%2,000%1,000%0%6,283.5%6,011.7%6,009.6%5,470.1%20102011201220132014201520162017201820192020202118Description:Thefinancialassetsofinvestmentfundsasshareofthegrossdomesticproduct(GDP)inLuxembourgincreasedoverallduringtheperiodunderobservation,reachingashareoffundstoGDPofaround9,221.34percentasof2021.Thesmallestvaluewasfoundin2011,whenfinancialassetsofinvestmentfundsreachedashareofaround5,470percentoftotalGDPinLuxembourg.ReadmoreNote(s):Luxembourg;2010to2021Source(s):OECDDistributionoftotalnetassetsofundertakingsforcollectiveinvestment(UCIs)inLuxembourgasofDecember2022,bytypeoffundDistributionoftotalnetassetsofUCIsinLuxembourg2022,bytypeoffundShareoftotalnetassets0%5%10%15%20%25%30%35%33.09%EquitiesBonds23.85%Balanced19.82%MMFandcashFundoffundsPEandventurecapitalRealestate8.66%6.74%3.27%2.73%1.84%Others19/statistics/726561/distribution-of-total-net-assets-of-ucis-in-luxembourg-by-type-of-fundAsofDecember31,2022,equityfundsrepresentedapproximatelyonethirdoftotalnetassetsofundertakingsforcollectiveinvestment(UCIs)inLuxembourg.Bondfundsfollowedinsecondplacewith23.85percentoftotalnetassetsintheUCIsector.ReadmoreNote(s):Luxembourg;December31,2022Source(s):AssociationoftheLuxembourgFundIndustry;CSSFDistributionoftotalnetassetsofspecializedinvestmentfunds(SIFs)inLuxembourgasofDecember2022,bytypeoffundDistributionoftotalnetassetsofSIFsinLuxembourg2022,bytypeoffundShareoftotalnetassets0%5%10%15%20%25%FundoffundsBalanced21.59%19.49%Realestate18.57%Bonds10.92%10.63%OthersPEandventurecapitalEquities9.42%8.19%MMFandcash1.2%20Description:AsofDecember2022,balancedfundsrepresentedthelargestshareoftotalnetassetsofspecializedinvestmentfunds(SIFs)inLuxembourg.Fundoffundsfollowedwithashareof21.59percentoftotalnetassetsintheSIFsector.

ReadmoreNote(s):Luxembourg;December31,2022Source(s):AssociationoftheLuxembourgFundIndustry;CSSFCHAPTER

04NetherlandsTotalassetsundermanagement(AuM)ofinvestmentfundsintheNetherlandsfrom1stquarter2015to2ndquarter2023(inmillioneuros)TotalAuMofinvestmentfundsintheNetherlands2015-20231,150,0001,100,0001,050,0001,000,000950,000900,000850,000800,000750,000700,00022Description:Thetotalassetsundermanagement(AuM)ofinvestmentfundsintheNetherlandsincreasedoverallbetweenthefirstquarterof2015andthesecondquarterof2023.Inthesecondquarterof2023,totalassetsmanagedwereworthapproximately8.4billioneuros.Thiswasadecreasedwhencomparedtothepreviousquarter.Thesourcedefinesaninvestmentfundaseitheraninvestmentcompanyoracommonfund.Valuationofassetstakesplacesatmarketvalue.

ReadmoreNote(s):Netherlands;1stquarter2015to2ndquarter2023Source(s):DNBTotalnetassetsofinvestmentfundsintheNetherlandsfrom1stquarter2015to1stquarter2023(inmillioneuros)NetassetsofinvestmentfundsintheNetherlands2015-20231,200,0001,000,000800,000600,000400,000200,000023Description:ThevalueofassetsofinvestmentfundsintheNetherlands,eitherUCITSorAIF,increasedconsiderablybetweenthefirstquarterof2015andthefirstquarterof2023.UCITSandAIFaretermsthatcoverinvestmentfundsasafinancialasset.UCITSstandsforUndertakingsforCollectiveInvestmentsinTransferableSecuritiesandatitscorestandsforinvestmentfundsthataredomiciledinEuropeandregulatedbytheEuropeanUnion.AIFstandsforAlternativeInvestmentFundsandinclude[...]

ReadmoreNote(s):Netherlands;Q12015toQ12023Source(s):EFAMATotalnumberofUCITSandAlternativeInvestmentFunds(AIFs)intheNetherlandsfrom1stquarter2015to4thquarter2023TotalUCITSandAIFinvestmentfundsintheNetherlands2015-2023UCITSAIF2,0001,8001,6001,4001,2001,000800,73

,717

,720

,72

,717

,748,70,71

,71

,713,64,65

,64

,646

,66

,66,62

,618

,62

,62,582,537,495

,509

,51,47

,46,48,44

,42860040020095

105

104

105

105

106

106

101

101

100

100

93

94

95

95

95

93

92

93

92

93

83

83

83

82

99

99

102

102

1000Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q120152016201620162016201720172017201720182018201820182019201920192019202020202020202020212021202120212022202220222022202324Description:ThequarterlynumberofinvestmentfundsintheNetherlands,bothUCITSorAIF,slightlydecreasedfromthefourthquarterof2015tothefirstquarterof2023.UCITSandAIFaretermsthatcoverinvestmentfundsasafinancialasset.UCITSstandsforUndertakingsforCollectiveInvestmentsinTransferableSecuritiesandatitscorestandsforinvestmentfundsthataredomiciledinEuropeandregulatedbytheEuropeanUnion.AIFstandsforAlternativeInvestmentFundsandincludeall[...]ReadmoreNote(s):Netherlands;Q42015toQ