AGEFI Luxembourg - septembre 2025

Septembre 2025 27 AGEFI Luxembourg Fonds d’investissement ByIsabelleDELAS,ChiefExecutiveOfficer& Viola STROTZ, Senior Communications & MarketingOfficer, LuxFLAG* N ature is not a separate chapter in the sustainabil- ity playbook – it is the foundation onwhich our entire economy rests. Frompollination to cleanwater, fromresilient supply chains to rawmaterials, nature de- livers services essential to business continuity andhumanwellbeing. Yet, we arewitnessing its rapidde- cline. The alarming loss of biodi- versity is no longer an abstract concern for ecologists. It is amate- rial risk to global finance.As ecosystems falter, industries tied to agriculture, food, energy, textiles, andhealth stand exposed. For fi- nancial institutions, this creates a dual challenge: managing nature- related risks and aligning capital withnature-positive outcomes. Nature as capital: The invisible dependency Too often, we underestimate how deeply intertwined businesses, finan- cial institutions, society, and nature re- ally are. The relationships are complex: companies both depend on nature and impact it, and these dynamics ripple through to their financiers. The benefits and costs flow in all directions. Yet, these dependencies are often invisible on a balance sheet. Water scarcity, pol- linator decline, soil degradation – all translate into rising costs, operational disruptions, and eventually, financial instability. Recognizing these intercon- nections is the first step towardbuilding resilience. Biodiversity loss: More than a climate problem Whenwe talkabout biodiversity loss, the conversation frequently centres around climate change. And rightly so, climate change accelerates nature degradation, whileaweakenednaturalsystemreduces our ability to mitigate climate impacts. Butthecrisisisbroader.Land-usechange through deforestation, pollution of air andwater,overexploitationofspecies,in- vasive alien species, and even noise and light pollution are all major contributors to biodiversity decline. These drivers are often sector-specific and localised, yet their consequences are global. Despite this, biodiversity is often ranked as low materiality in ESG risk assess- ments conducted by financial institu- tions. This may appear to suggest that biodiversity risks are negligible. How- ever, in many cases, such conclusions are drawn from incomplete or inade- quate assessments. Robust methodolo- gies are still evolving, and the absence of standardised, forward-looking data often leads tounderestimation. In short: low materiality does not necessarily mean low relevance - it may simply re- flect a lack of scrutiny. This gab highlights how far we still are from achieving the ambitions of the Paris Agreement and the Kunming- Montreal Global Biodiversity Frame- work. Integrating biodiversity into climate strategies is essential, but not enough. We need targeted, systemic ac- tion that accounts for the unique drivers of biodiversity loss. Bridging the gap: Howfinance can respond So how can financial institutions turn biodiversity awareness into actionable strategy? The journey begins with assessing how portfolios, loans, and underwriting ac- tivities interact with nature, both through direct dependencies and im- pacts. This is where structured frame- works come in. Primary among them is the Taskforce on Nature-related Finan- cial Disclosures (TNFD). TNFD: Bringing nature into the risk framework Launchedin2021,theTNFDistheleading global initiative guiding organisations in identifying, assessing, andmanaging na- ture-related risks and opportunities. It mirrors the success of the TCFD but ex- pands the lens to the naturalworld. At its core, the TNFD framework intro- ducesfourpillars:1)Governance,2)Strat- egy, 3) Risk & Impact Management, and 4) Metrics & Targets, with 14 recom- mended disclosures. These help compa- niesandfinancialinstitutionsunderstand their nature-related exposures and inte- grate them into enterprise risk manage- ment systems. Crucially, the TNFDdoes not exist in iso- lation. It is a globally recognised frame- work that is interoperable with the European Sustainability Reporting Stan- dards(ESRS)andalignmentwithinterna- tional frameworks such as the Global Biodiversity Framework and the CSRD. ThisinteroperabilityensuresthatTNFDis not an additional burden but rather a valuable tool that helps financial actors meetEUdisclosurerequirementsinahar- monised, transparent and efficientway. The LEAP approach: Apractical entry point Recognizing the complexity of biodiver- sity risks, the TNFD developed LEAP, a structured, four-step process to support nature-related assessments: 1. Locate the business interface with nature 2. Evaluate dependencies and impacts 3.Assessmaterial risks andopportunities 4. Prepare to respond anddisclose LEAP is not just a reporting tool. It is a strategic planning method. It guides in- stitutions in mapping their operations and portfolios against biodiversity hotspots, sensitive biomes, and nature- related risk drivers. It is designed to be repeatable, flexible, andscalable, regard- less of company size or sector. Impor- tantly, LEAP encourages engagement with local communities, IndigenousPeo- ples, and affected stakeholders, recog- nizing that nature cannot be separated from the social fabric. Stewardship in action: UNPRI’s Spring initiative (1) Disclosure is critical, but on its own, it is not enough. Systemic risks require sys- temicresponses.Thatiswhycollaborative engagement platforms like Spring, the PRI’sstewardshipinitiativefornature,are gaining traction. Springissupportedbyover230endorsing investors with $16 trillionAUM, and the nearly 90 participant investors collabora- tivelyengagewithcompanieswhichmay have an impact on the dynamics of forest loss and land degradation in priority ge- ographies. This includes actors across food, agriculture, banking, mining, and other forest-risk sectors. Participants ben- efit from knowledge sharing opportuni- ties, research support, and a robust assessment framework which they can use to structure engagement strategies. What makes Spring powerful is its focus not only onbusiness operations and sup- ply chain but also on corporate political engagement. Short term or narrow- sighted corporate political engagement, often represented by third-party organi- zationssuchastradeassociations,canhin- der policy action that aims to curtail biodiversity and natural capital loss. By encouraging responsible practices in cor- poratepoliticalengagement,Springhelps align companies’ behaviour with global environmental goals, ultimately generat- ing positive, real-world outcomes, while protecting and enhancing investment re- turns.ThetheoryofchangebehindSpring isbothambitiousandurgent:biodiversity loss is a systemic financial risk, and ad- dressing it requires targeted action in key geographies, aligned policies, and trans- parent corporate conduct. The road forward: Fromrisk to resilience The biodiversity crisis is adefining issue of our time, and the financial sector must be part of the solution. Aligning capitalwithnature-positive outcomes is not just an ethical imperative; it is a busi- ness necessity. Tomove fromwords to action, wemust: -Assessandintegratenature-relatedrisks - Map dependencies and impacts. Use frameworks like TNFD and LEAP to identify hotspots and design mitigation strategies. - Commit to transparent reporting - Align with global disclosure standards. Make biodiversity visible to investors, stakeholders, and regulators. - Build internal capacity - Train staff, raise awareness, and foster a culture that embeds biodiversity into strategic decision-making. - Engage beyond the balance sheet - Join coalitions like Spring. Influence not just companies, but the systems that shape them. Fromawareness to action We are at a crucial inflection point. Bio- diversity is no longer the “forgotten pil- lar” of ESG, it is rising to the top of the risk agenda. Institutions that act now cannot onlymanage emerging risks but also tap into new opportunities – from nature-based solutions to sustainable supply chains. This transition is not about philan- thropy. It is about long-term value cre- ation. As biodiversity gains its rightful place on the financial agenda, the ques- tion is no longer if the finance sector should act, but how fast. * Co-authors : Blanca HIDALGO, ESGManager, Environmental Engineer, EY Luxembourg SelimBOUDHABHAY, Senior Responsible Investment Manager, UNPRI 1) Spring is a PRI stewardship initiative for nature, ad- dressing the systemic risks of biodiversity loss to protect thelong-terminterestsofinvestors.Throughthis,theini- tiativeaimstocontributetotheglobalgoalofhaltingand reversing biodiversity loss by 2030. Spring seeks to en- hancecorporatepractices,ultimatelygeneratingpositive, real-worldoutcomes,whileprotectingandenhancingin- vestment returns. In its first phase, Springwill focus on tackling forest loss and land degradation in priority ge- ographies and encouraging responsible practices in cor- poratepoliticalengagement.Theyalsoseektosupportthe work of other stewardship initiatives on nature, as we recognisetheneedformultipleapproachestocreateasus- tainable future. Why biodiversity deserves a seat at the financial table © iStock FiducOffSolut EUR 26.60 26.60 0.00% 26.80 26.60 Prosiebensat1Me EUR 8.43 8.02 5.05% 8.44 7.80 Vonovia EUR 27.63 27.23 1.47% 29.08 26.72 HellaGmbHKGaa EUR 83.50 87.30 -4.35% 88.70 82.90 VelcanHoldings ordinary shares EUR 18.00 17.80 1.12% 18.00 17.50 Obligations d'État Devise au 29/08 au 31/07 Var Plus haut Plus bas Luxembourg 2,25% 19/03/2028 EUR 101.39 101.19 0.20% 102.42 101.08 Luxembourg 2,75% 20/08/2043 EUR 93.34 93.66 -0.34% 94.24 92.81 Luxembourg 0,625% 01/02/2027 EUR 98.00 98.08 -0.08% 98.18 97.99 Luxembourg 0% 13/11/2026 EUR 97.99 97.62 0.38% 97.99 97.63 Luxembourg 0% 14/09/2032 EUR 84.11 83.04 1.28% 84.11 82.62 Luxembourg 0% 24/03/2031 EUR 87.68 86.87 0.94% 87.68 86.42 Luxembourg 1,375% 25/05/2029 EUR 97.50 96.94 0.58% 97.50 96.91 Luxembourg 1,75% 25/05/2042 EUR 79.36 77.95 1.80% 79.45 77.36 Luxembourg 3,25% 02/03/2043 EUR 97.75 97.12 0.65% 98.61 96.66 Obligations LuxXPrime Devise au 29/08 au 31/07 Var Plus haut Plus bas GolSachsGr 2,875% 03/06/2026 EUR 100.63 100.68 -0.05% 100.83 100.62 VWIntlFin 3,5% pp EUR 95.77 95.95 -0.19% 96.24 95.41 GolSachsGr 3% 12/02/2031 EUR 101.03 101.05 -0.02% 101.27 100.64 DtTelekomIntlFi 1,5% 03/04/2028 EUR 98.24 98.17 0.07% 98.24 97.85 DeutschePost 1,25% 01/04/2026 EUR 99.57 99.54 0.03% 99.61 99.51 LindeFinance 1% 20/04/2028 EUR 97.29 97.92 -0.64% 97.85 97.29 Citigroup 3,4% 01/05/2026 USD 99.45 99.20 0.25% 99.46 99.20 MercedesBenzIFi 1% 11/11/2025 EUR 99.80 99.69 0.11% 99.80 99.14 Symrise 1,375% 01/07/2027 EUR 98.05 97.94 0.12% 98.22 97.86 BEI 0,375% 26/03/2026 USD 98.01 97.59 0.43% 98.01 97.59 FreseniusFinIrl 0,5% 01/10/2028 EUR 93.77 93.83 -0.06% 93.98 93.55 VWFS 0,125% 12/02/2027 EUR 96.67 96.51 0.17% 96.80 96.25 Continental 3,625% 30/11/2027 EUR 102.52 102.86 -0.33% 102.61 102.21 MUTARE Float 03/31/27 EUR 103.30 103.65 -0.34% 103.30 93.95 BEI 4,125% 13/02/2034 USD 100.69 99.71 0.98% 100.69 99.45 RABOBK 6 1/2 PERP EUR 115.50 115.78 -0.24% 116.53 115.31 DE 4 3/4 01/20/28 USD 101.87 101.31 0.56% 101.89 101.22 Romania 6% 24/09/2044 Reg S EUR 94.67 95.06 -0.41% 96.06 94.32 GolSachsGr 3,5% 23/01/2033 EUR 100.61 101.05 -0.44% 101.64 100.61 Obligations vertes Devise au 29/08 au 31/07 Var Plus haut Plus bas Poland 1,125% 07/08/2026 EUR 99.34 99.20 0.14% 99.38 98.80 Otto 2,625% 10/04/2026 EUR 99.81 99.93 -0.12% 100.23 99.80 EON 0,35% 28/02/2030 EUR 90.78 90.76 0.02% 91.02 90.69 BEI 0,75% 23/09/2030 USD 86.43 85.17 1.48% 86.43 85.05 UE 0% 04/07/2035 EUR 74.62 75.17 -0.74% 75.62 74.61 UE 0% 02/06/2028 EUR 94.59 94.33 0.27% 94.60 94.27 Obligations les plus négociées Devise au 29/08 au 31/07 Var Plus haut Plus bas DtTelekomIntlFi 8,875% 27/11/2028 GBP 113.49 114.02 -0.46% 114.50 113.44 SiemensFinancie 2,875% 10/03/2028 EUR 102.13 102.46 -0.32% 102.59 101.94 SüdzuckIntlFin 1% 28/11/2025 EUR 99.60 99.59 0.01% 99.88 99.41 DeutscheBahn 1% 17/12/2027 EUR 97.41 97.05 0.38% 97.41 96.86 KfWA 2,875% 03/04/2028 USD 98.72 98.50 0.22% 98.73 97.94 DtTelekomIntlFi 1,375% 01/12/2025 EUR 99.81 99.82 -0.01% 99.83 99.78 GolSachsGr 2% 01/11/2028 EUR 98.50 98.50 0.00% 98.58 98.28 SiemensFinancie 1% 06/09/2027 EUR 98.19 97.84 0.36% 98.25 97.67 Schaeffler 2,875% 26/03/2027 EUR 100.28 100.66 -0.38% 100.75 100.25 MercedesBenzIFi 0,375% 08/11/2026 EUR 97.91 97.81 0.10% 97.91 97.79 Romania 2% 14/04/2033 Reg S EUR 78.64 78.82 -0.23% 80.00 78.36 VolkswagenLeas 0,375% 20/07/2026 EUR 98.30 98.16 0.14% 98.39 94.90 NestléFinInt 0% 14/06/2026 EUR 98.40 98.23 0.18% 98.49 98.19 NestléFinInt 0,25% 14/06/2029 EUR 92.68 92.50 0.20% 92.75 92.38 NestléFinInt 1,5% 29/03/2035 EUR 85.46 85.58 -0.14% 85.69 84.97 FreseniusMedCar 3,875% 20/09/2027 EUR 102.84 102.91 -0.06% 103.00 102.61 BEI 4% 15/02/2029 USD 101.44 100.58 0.85% 101.57 100.50 Romania 5,25% 30/05/2032 Reg S EUR 100.02 101.19 -1.16% 101.65 99.89 WFC 3 10/23/26 USD 98.80 98.33 0.48% 98.80 98.31 JD 4.7 06/10/30 USD 102.66 101.35 1.29% 102.68 101.27 Actions luxembourgeoises Devise au 29/08 au 31/07 Var Plus haut Plus bas RTLGroup EUR 35.20 34.95 0.72% 35.90 33.75 Socfinaf EUR 21.60 18.70 15.51% 21.60 18.70 Luxempart EUR 68.00 68.00 0.00% 68.50 66.00 Socfinasia EUR 25.60 25.40 0.79% 26.80 23.00 SES FDR EUR 5.97 6.03 -1.00% 6.46 5.76 ArcelorMittal EUR 28.46 27.50 3.49% 30.30 26.44 ReinetInvest EUR 27.00 25.00 8.00% 27.00 24.80 Aperam EUR 25.94 25.84 0.39% 26.76 25.00 Brederode EUR 112 .00 110.40 1.45% 115.80 109.60 Actions étrangères Devise au 29/08 au 31/07 Var Plus haut Plus bas Brait ord EUR 0.10 0.11 -0.95% 0.11 0.10 RobecoGlobStaEq cat A EUR 79.50 78.50 1.27% 79.50 77.00 Rolinco ord A EUR 66.00 66.00 0.00% 66.00 64.00 Engie EUR 17.69 19.64 -9.91% 19.27 17.60 FidRealEstate EUR 172 .00 169.00 1.78% 172.00 169.00 UE 0,2% 04/06/2036 EUR 73.48 73.15 0.46% 73.63 72.87 UE 0% 04/03/2026 EUR 99.15 99.00 0.15% 99.15 99.01 KfWA 0% 15/06/2029 EUR 91.96 91.52 0.48% 91.98 91.44 BEI 1,25% 17/02/2027 NOK 96.60 96.63 -0.03% 98.33 96.59 RWE 0,5% 26/11/2028 EUR 93.97 94.28 -0.32% 94.24 93.81 EON 0,875% 18/10/2034 EUR 82.29 82.09 0.24% 82.42 81.79 WorldBk 7,25% 21/01/2027 MXN 99.55 98.79 0.77% 99.55 98.99 EON 1,625% 29/03/2031 EUR 93.43 93.58 -0.17% 93.84 93.28 IFC 8,25% 25/08/2034 ZAR 99.79 98.06 1.76% 100.18 99.11 WorldBk 4,4% 13/01/2028 AUD 101.79 101.77 0.02% 101.95 101.63 MercedesBenzIFi 3,5% 30/05/2026 EUR 101.21 101.06 0.15% 101.65 101.01 Romania 5,625% 22/02/2036 Reg S EUR 97.75 97.83 -0.08% 99.11 97.64 GrenkeFinance 5,125% 04/01/2029 EUR 104.54 104.52 0.02% 104.59 104.42