In 2024, FDC’s SICAV earned a return on investment of 12%, equivalent to roughly 2.91 billion euros. The SICAV’s return was 0.77% above the return of its strategic benchmark. Main drivers were again the SICAV’s equity investments with a return of 23.63%.

“2024 was an exceptional year for stock investors. The bull market that began in 2023 has continued unabated in 2024, unaffected by the wars in the Middle East and Ukraine, the economic tightening and government disruption in Germany, the slowdown in China or the budget turmoil in France” says Alain Reuter, Chairman of the Board.

“This is also due to a second year of strong gains of US equities, underpinned by strong economic and corporate earnings growth, as well as the ongoing exceptional momentum of the “Magnificent Seven”, with growth finally extending beyond given seven names”, adds Marc Flammang, member of FDC’s Investment Committee.

Bonds faced a rather challenging year despite rate cuts while FDC’s real estate investments were able to recover, taking advantage of the falling interest rate environment and subsequent lower borrowing and financing costs.

“Interest rates have fallen in all the major economies this year, but some bond investors struggled as they had counted on more monetary easing than central banks eventually implemented, as inflation remained more persistent than expected”, notes André Birget, another member of FDC’s Investment Committee.

In this context, the SICAV’s investments in fixed income provided a return of 2.07% and money market investments achieved a return of 3.93%. In addition, unlisted real estate showed a positive rate of return of 4.72%.

With regard to new inflows, 10 million euros were invested into the SICAV in November 2024. This was part of a decision taken during the year to invest a total of 100 million euros in stages in order to increase the SICAV’s exposure to real estate. 

At year-end, the SICAV had a value of about 27.12 billion euro. 48% of the SICAV was invested in equities, 45% in fixed income, 3.6% in money market instruments and 3.4% in real estate.

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