In 2023, FDC’s SICAV earned a return on investment of 10.41%, equivalent to 2.29 billion euro. The SICAV’s return was 0.84% above the return of its strategic benchmark. Main drivers were the SICAV’s equity investments with a return of 17.07%. 

« Equity returns in 2023 were driven by the fact that investors were more confident, particularly due to the exuberance surrounding artificial intelligence and the “Magnificent Seven”, as well as to a regressing inflation », says Alain Reuter, Chairman of the Board.

Investments in fixed income provided a return of 6.21%. Rising short-term interest rates allowed money market investments to achieve a return of 3.34%. On the opposite, unlisted real estate did suffer from the raise of interest rates and showed a negative rate of return of -10%. 

« Property prices adjusted to the high interest rates and the weaker economic environment of 2023 and thus real estate performance declined », notes André Birget, member of the Investment Committee.
 

There were no inflows into the SICAV during 2023. At year-end, the SICAV had a value of about 24.2 billion euro. 47.2% of the SICAV was invested in equities, 44.4% in fixed income, 4.7% in money market instruments and 3.7% in unlisted real estate.

Click here to downlod the full report.