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Main information

Fund name Leadersel Event Driven Class B
Category Flexible fund
Legal structure Luxembourg umbrella mutual fund
Currency Euro

Investment policy

The Fund aims to maximize capital with focus on companies subject to extraordinary/special situations such as mergers, acquisitions and restructuring with the aim to take advantage of such events. This objective will be reached by investing mainly intransferable securities, particularly equities and bonds, money market instruments and derivatives (such as futures and options, Contracts for Difference or Equity Swaps), in order to create long and short exposure with the aim of exploiting potential opportunities. If the Fund invests in Swaps on Indexes, the index composition will be public and disciplined by appropriate Index Rules publicly available and in accordance with the provisions of the Law. The Fund will not invest in derivatives where the counterparties have any discretion on the composition or management of the Fund’s investment portfolio or on the underlying of the financial derivative instruments. The Fund may hold liquid assets, including cash, bank deposits, money market instruments or units of Undertakings for Collective Investments in Transferable Securities (UCITS) and/or other Undertakings for Collective Investments (UCIs) that have a policy of investing mainly in liquidity strategies on a residual basis (less than 50% of its net assets). The Fund may invest up to 100% of its net assets in various issues (minimum 6) of securities and money market financial instruments, issued or guaranteed by a Member State of the European Union, by its public territorial authorities, by a Member state of the OECD, by international public institutions to which one or more EU Member States belong. The Fund will invest mainly in developed markets. The Fund may invest up to 10% of its net assets in units of other UCITS or other UCIs. The Fund may use financial techniques and instruments in order to promote efficient portfolio management. The investor can buy or sell shares of the Fund on a weekly basis, each Friday, or next full banking.

Legal information

Depository bank Caceis Bank, Luxembourg branch
Audit firm EY
How to subscribe it

The Funds managed by Ersel Gestion Internationale S.A. can be subscribed by sending an order to the Transfer Agent and Custodian Bank of the Fund. Investor Services Team:

  • Email address: fds-investor-services@caceis.com  
  • Phone number: 00 352 47 6759 99 
  • Fax number: 00 352 47 67 70 37 
  • Business hours: 9 a.m. to 6 p.m. CET 
  • Languages: Inglese, French, Spanish, Italian, German, Dutch

For institutional investors the orders can also be transmitted through the following distributors: Allfunds Bank, Mfex, Fund Channel.
NAV calculation frequency Daily
Fund units publication Fundsquare.net

Fund ticker

ISIN code LU1323913191
Bloomberg LEAEVDR LX

Charges

Entry charge None
Exit charge None
Maximum management fees 1.5%
Performance fee Maximum of 20% calculated on the positive return of the net asset value per unit with reference to each Valuation Date (High Water Mark), paid quarterly.
Minimum amount of the first subscription 2.500 euro
Minimum amount of subsequent subscriptions 250 euro

Performance

Period NAV Fund Benchmark
- - - -
* Average annual compound yield
NOTE: Before subscribing, read the informative prospectus. There is no guarantee of obtaining the same return afterwards.

Graphic trend

Summary table

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Annual chart

Leadersel Event Driven's performance in April was the result of the good performance of the relative-value portfolio, which was, however, dampened by the weakness of several merger-arbitrage spreads, with the contribution of special situations, near break-even in a complicated month for risk assets.

Manager's comment of the month

However, there was no shortage of opportunities thanks to the numerous extraordinary transactions that continued the trend of recent months, with a rebound of the European component, which had lagged behind in 2023. 

In detail, relative value saw the recovery of the spread between Telecom Italia's savings and ordinary bonds, with the confirmation of the formal request to the European Commission for approval of the sale of Netco to KKR, in line with the timeline indicated by the company. Also important was the compression of the holding discounts for Unipol, with the complete success of the takeover bid for Unipol Sai, and above all for Exor, thanks to the movement by Philips after the settlement of the lawsuits related to the malfunction of a sleep apnoea machine with the US authorities.

Turning to the risk-arbitrage book, the largest contributions can be attributed to positions in Applus, a Spanish quality certification company, with the outcome of the final auction seeing the acquisition bid by TDR/I Squared prevail over that of Apollo for Portugal's Greenvolt, which was liquidated with the sale to KKR, and in Saes Getters, after the ex-dividend before the delisting operation launched by the controlling shareholder. In the US, the most interesting move was that of Pioneer Natural Resources, with the antitrust approval of the deal with Exxon. On the negative side were the widening arbitrage spreads of Capri and US Steel, grappling with the approval process for their respective takeover bids, and, above all, the weakness of DS Smith, after Mondi withdrew from the race for the British paper mill to leave the field open to International Paper.

Lastly, in special situations, attention should be drawn to the contributions of the Sirius bond, thanks to BHP's offer for Anglo American and Naturgy, supported by the projection that ADNOC would acquire an equity interest, in the face of a decline by Allfunds due to the failure of a purchase proposal for the company to materialise.

As far as asset allocation is concerned, the overall exposure increased by about 15% due to investments in merger arbitrage situations in both Europe and the US.

Offer documents

Document Date of the document Download
KID 01/03/2024 PDF get_app
Management rules 05/02/2019 PDF get_app
Prospectus 28/02/2024 PDF get_app

Semi-annual reports

Document Date of the document Download
Semi annual report 30/06/2023 PDF get_app
Semi annual report CH 30/06/2023 PDF get_app

Annual reports

Document Date of the document Download
Annual report 31/12/2023 PDF get_app
Annual Report CH 31/12/2023 PDF get_app

Notice

Document Date of the document Download
Notice of Merger of Alternative Strategies Sub-Fund with Event Driven Sub-Fund 18/12/2023 PDF get_app
Fund manager
Giorgio Nicola
Giorgio Nicola
Team Investimenti Event Driven
Riccardo Costa
Riccardo Costa
Team Investimenti Event Driven
Alessandro Moretti
Alessandro Moretti
Team Investimenti Event Driven
Risk level
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Rating
CFS Rating star star star star star
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