06

Sicav – Sif

6.1 The characteristics of the sicav

The undertakings for collective investment may take two different legal forms:

Investment funds: investors do not become members, but the sums paid constitute an independent asset (the mutual fund) with respect to the management company that manages it.

Variable Capital Investment Company (Sicav): the investment on the part of savers takes place through the subscription of the shares issued by that company

In the Sicav the assets themselves of the company are invested in financial instruments or other assets.

The share capital is equal to the net assets, therefore, with respect to the joint-stock company it is not fixed. This variability provides great flexibility in subscriptions or refunds.

Of the 4,193 undertakings for collective investment in Luxembourg, the legal form most widely used is the Sicav.

As of 31 December 2014 there are about 2,095, up by 0.29% compared to 2013.

The net assets represent 74.03% of the total assets of the UCITS. From among the 2,095 Sicav, 1,070 are Sif.

Performance of SICAV SIF
Source: Cssf

6.2 Vehicles to invest in any type of asset

The SIF (Specialised Investment Funds) are investment vehicles governed by the 2007 law of Luxembourg for well-informed investors. The current legal framework allows you to invest in multiple asset types, including the specialised ones.

The SIF can be used to create all kinds of alternative investment fund products:

  • Traditional funds: Equity, Mixed;
  • Hedge funds;
  • Real estate funds;
  • Private equity funds;
  • Private debt fund;
  • Thematic funds: specific areas such as natural resources and raw materials, energy, technology, biotechnology, etc.

A SIF can be structured as mutual fund (FCP) or as an investment company (SICAV or SICAF).

According to industry professionals, the freedom of investment without any quantitative, qualitative or geographical diversification restriction, the freedom of choice between open or closed fund and the absence of constraints on the number of subscribers make the Sicav SIF the more effective and efficient instruments to manage and protect assets.

Number of SIF
Source: Cssf

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