Agefi Luxembourg - novembre 2025

Novembre 2025 25 AGEFI Luxembourg Fonds d’investissement T he Luxembourg StockEx- change (LuxSE) unveiled on 10November 2025 a new windowon itsUN-awardedplat- formfor sustainable finance, the LuxembourgGreenExchange (LGX) - taking a stepbeyond its tra- ditional security-level focus and shining the spotlight on issuers demonstrating alignment with the EUTaxonomy. The EU Taxonomy Issuers Window showcases LuxSE issuerswith either Sig- nificant Turnover Alignment or Signifi- cant CapEx Alignment with the EU Taxonomy. Thismarks a newstep for the exchange and the LGX Platform as this new window places the focus on an is- suer’s overall businessmodel and its con- tribution to the green activities set out in the EUTaxonomy. With this latest move, LuxSE strength- ens its commitment to fostering aware- ness of the broader universe of investment options contributing to pos- itive environmental outcomes, provid- ing visibility to companies that are aligned with - or investing in – the EU’s ambitious green agenda, even if they do not issue green bonds. Introduced in 2020 and applicable from 2022, the EU Taxonomy is the European Union (EU)’s classification systemfor en- vironmentally sustainable economic ac- tivities. It establishes clear criteria to help companies, investors and policymakers identify activities thatmake a substantial contribution to the EU’s climate and en- vironmental objectives. Building on the EUTaxonomy and align- ment data reported by issuers, LuxSE has defined two categories of companies within this window. These categories highlight the extent towhich each engage in environmentally sustainable activities. The first category highlights companies with significant turnover alignment - gen- erating more than 75% of their revenue fromEUTaxonomy-alignedactivities.The second category, on the other hand, fea- tures companies with significant CapEx alignment, meaning those that invest at least 75% in EU Taxonomy-aligned pro- jects or assets, orwithCapEx alignment at least 25 percentage points above turnover alignment. Upon launch, the EU Taxonomy Issuers Window – which is the first window ex- clusivelydedicated to issuerswithsignifi- cant EU Taxonomy alignment launched by a European exchange - is publicly ac- cessibleviaLuxSE’swebsite andprovides information on issuers with securities listed or admitted on one of LuxSE’s in- ternationally respected markets or plat- forms, and demonstrating Significant TurnoverAlignment or SignificantCapEx Alignment with the EUTaxonomy. In addition to displaying information on the entity’s overall issuer profile, all bonds listedby these issuersonLuxSEwill be in- cluded in this window and form part of the LGXPlatform. “Our EUTaxonomy IssuersWindowen- hances transparency by connecting in- vestors with issuers demonstrating tangible engagement in environmental sustainability. This initiativemakes it eas- ier to distinguish companies leading the transition, ensures their efforts are recog- nised within the broader sustainable fi- nance market, and helps broaden the scope of investment opportunities for in- vestors,” saidLucasRabiot, Headof LGX Operations at LuxSE. More info :https://www.luxse.com/discover-lgx LuxSE unveils new EUTaxonomy IssuersWindow on LGX By Nicolas FALLER, Co-CEO Asset Management, UnionBancaire Privée (UBP) M any baby boomers have entered the decumula- tion phase of their finan- cial lives and for them, the priority has shifted from capital ap- preciation to income stabi- lity. Accordingly, diver- sification and carry (in- come from coupons) are paramount. Investors value the stable yields bonds provide, espe- cially when they come withmanaged volati- lity, and emerging- market debt (EMD) is an excellent source of diversification. In their quest for stable income, many in- vestors look to Switzerlandwhich, as the world’s leading wealth management hub, offers themaccess toawide range of investment strategies, including in the EMD space. With their expertise and so- lidity, Swiss financial institutions arewell equipped to help clients gain exposure to higher-yielding assets while effectively managing risk. Emergingeconomies are entering the cur- rent economic cycle fromanovel position: in terms of sovereigncredit, agency rating upgrades have outnumbered down- grades two toone. This represents a sharp contrast with developed markets, which are strugglingwithwideningdeficits and higher debt levels. At the same time, the US administration has shown clear signs of favouring a weaker dollar to address its trade imbal- ance. We have seen this before: in 1971 underNixonandagainwith thePlazaAc- cordsin1985,co-ordinatedeffortstoreinin dollar strength led to multi-year declines. EMD should therefore benefit from the current context: a softer dollar and lower US interest rates would ease funding pressures and re- duce debt servicing costs for emerging-market issuers. Far from its outdated reputa- tion as a risky niche, and look- ing beyond macro trends, EMD has provided consistent income and resilience throughdifferent rate cycles, re- wardinginvestors who take a selec- tiveandpatientap- proach. The figures speak for themselves: over the past twodecades, EMD hasdeliveredannual in- come of roughly 6%, compared with around5%forUScorporatesandlessthan 3%forTreasuries,allwithsimilarvolatility. Geopolitical tensions are reshapingglobal trade, but rather than curbing flows, they are redirecting them. Supply chains are being rewired, regional demand is grow- ing, and clear distinctions are emerging betweenwinners and laggards. TheUS is aperfect example, offeringgenerous sup- port to allies such asArgentina while ap- plying stricter terms elsewhere. To make themost of the opportunities that arise in this kind of situation, activemanagement is key: understanding which countries andcompaniesstandtobenefitfromshift- ing trade patterns is crucial. The current environment is also ideal for carry strategies. EMDyields remain com- fortablyabovedeveloped-market equiva- lents and investors can also benefit from spread compression as fundamentals im- prove. As risk premiums narrow, bond prices rise, creating the optimal combina- tionofreliableincometodayandpotential capital appreciation tomorrow. For in- vestorslookingtobuilddurableportfolios, this ability to generate a regular income while keeping duration and credit risk undercontrolisaconsiderableadvantage. In this sense, EMD offers real benefits in an uncertainworld. For private investors, EMD plays a spe- cific role that complements other asset classes. Currently, it adds good liquidity, daily pricing and diversification. Corre- lations betweenEMlocal-currencyyields and those of US Treasuries have fallen sharply since early 2025, helping to smooth portfolio performance through different rate cycles. Default data also tells a story. Since 2002, EM sovereign high-yield de- faults have averaged around 2%, com- paredwith4%in the same segment in the US, with recovery rates significantly higher. EMDinvestors are thereforebeing paid more to take lower historical credit risk, supported by stronger governance and deeper local investor bases. After being neglected for several years, EMD is seeing renewed investor interest, particularly for local-currency strategies. The quality of issuers has improved markedly: close to 80% of the EM local- currencyuniverseandabouttwo-thirdsof the hard-currency universe are now in- vestment-grade,markingastructuralshift in the asset class’s risk profile.Allocations remainlightcomparedwiththesizeofthe market, suggesting substantial room for normalisation. For investors focused on income genera- tion – for purposes such as retirement – EMD can therefore be a useful portfolio component. As well as stable coupons, it provides a valuable diversification tool, offering potential decorrelation in the event of a drawdown. As a result, it is an asset class that is well worth considering for investors, pro- vided that theyhave the required expert- ise: this iswhere Switzerland is uniquely positioned, with specialists capable of supporting investorswith innovative di- versification strategies. 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