In 2023, FDC’s SICAV earned a return on investment of about 10.4%, equivalent to roughly 2.3 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 17.1%. 

« 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 6.2% and money market investments achieved a return of 3.3%. On the opposite, unlisted real estate 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, 44.3% in fixed income, 4.7% in money market instruments and 3.8% in unlisted real estate.

Note: all figures are unaudited figures and thus subject to change. The SICAV’s annual audited financial statements will be published end of April 2024.