Investissement

Le troisième trimestre 2022 avait commencé sur une note optimiste : l’espoir de voir la hausse des prix ralentir avait donné des ailes aux actions internationales. Au cours de l’été, toutefois, les inquiétudes relatives à l’inflation, historiquement élevée, le durcissement de la politique monétaire à l’échelle mondiale, les craintes de récession et l’évolution imprévisible du conflit militaire en Ukraine ont pris le dessus.

An extrapolation of Preqin’s global projection for private capital demand to Luxembourg suggests the grand duchy’s private and alternative investment market could add more than 1000 billion euro in private capital during the coming years.

Over the past 12 months, the yield on corporate bonds has been as much as minus 22 per cent. As a result, the effective yield on investment grade corporate bonds has now risen to 5.5 per cent at a duration of just over 6 years. This is in line with the return earned on investments according to the tax authorities, on which 31 per cent tax has to be paid this year.

At the same time, most banks still do not give interest on current account balances, but that is not subject to tax these days.

2022 est une année désastreuse pour les obligations, surtout celles à échéance longue.

For Zurich-based Serpentine Ventures, a venture asset manager, Luxembourg is a key gateway to reaching international investors. The firm is leveraging the grand duchy’s regime for alternative investment funds for four of its venture capital funds that nurture Swiss startups.

Panic appears to rule the world’s most liquid financial market, the foreign exchange market. The Bank of England had to announce emergency measures on Wednesday to stop the pound’s dump. Behind the panic is a systemic crisis: a dramatic fall in European currencies against the dollar, an analysis shows.

Not only the pound, but also the euro has been failing against the dollar for more than a year. Falling currencies are eating into investors› returns and specialists believe that their devaluation against the dollar will not bottom out for the time being.

Nuveen Infrastructure’s Glennmont Partners, a major clean energy infrastructure manager, on Thursday said it has raised 250 million euro through its energy transition enhanced credit II strategy, or ETEC II, based on a Luxembourg alternative fund.

The ETEC II fund is one of the new Reserved Alternative Investment Funds, or Raifs, that were officially registered in Luxembourg this month. 

L’argument selon lequel les fonds durables sont forcément plus onéreux que les fonds traditionnels, du fait des coûts supplémentaires engendrés par les études de durabilité, n’est pas forcément fondé. Et cela vaut pour les fonds actifs et les fonds passifs. La réglementation européenne répartit les fonds durables en deux catégories : ceux relevant de l’article 8 et ceux relevant de l’article 9. Dans la deuxième catégorie, nous établissons un classement des options les moins onéreuses parmi les fonds d’actions internationales de grandes capitalisations.

Les private assets se sont démocratisés ces dernières années. Autrefois réservés aux clients ultra-fortunés, ils s’adressent désormais également aux clients private banking ‘ordinaires’. En particulier la structure ELTIF (European Long Term Investment Fund), de plus en plus populaire, offre des possibilités de structuration.

“Capital markets are in complete disarray and we are detecting structural changes,” said Ewout van Schaick, head of multi assets at NN Investment Partners, talking to InvestmentOfficer.nl in a podcast interview.