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Main information

Fund name Leadersel Active
Category Flexible fund
Legal structure Luxembourg umbrella mutual fund
Currency Euro

Investment object

The Fund is actively managed and aims to achieve capital and revenue growth by investing transferable securities. The Fund has no reference Benchmark.

Investment policy

The Fund may invest up to 75% of its portfolio in fixed and floating rate debt securities, bonds, debenture notes, commercial papers, convertible bonds, Asset Backed Securities (""ABS""), and Mortgage-Backed Securities (""MBS""), with no duration, rating, issuer countries or currency constraints. The Sub-Fund will invest directly or indirectly through investments in undertakings for collective investments in transferable securities (UCITS) authorised pursuant to the EU Directive 2009-65 (UCITS Directive) and/or other UCIs within the meaning and limits set by said Directive. The Sub-Fund will not invest more than one hundred per cent (100%) of its net assets in equity and in equity linked securities, including UCITSs and/or UCIs, that have a policy of investing mainly in equity and equity linked derivatives. The investment in UCITS may include UCITS ETFs. The Fund may also:

  • invest up to 15% of its net assets in securities related to commodities (exposure to commodities shall be realised mainly through ETFs) in compliance with article 41(1)e of the Law of 17 December 2010 and article 2 of the Grand Ducal Regulation of 8 February 2008, and derivatives, including UCITSs and/or UCIs, that have a policy of investing mainly in commodities and commodities linked derivatives;
  • invest in the following specific asset classes up to: 15% in Cocos Bonds; 40% non-investment grade or High Yield, including 10% Distressed Securities; 10% CAT Bonds (via UCITSs and or UCIs); 15% Delta One Securities; 10% Real estate (via UCITS and/or UCIs); 35% in aggregate in ETNs or ETCs.
  • invest up to 50% of its net assets in Emerging Markets including 10% Mainland China, and up to 30% of its net assets in alternative strategies (i.e. event driven, long/short equity and long/short credit) and in algorithmic/systematic trading for a maximum of 10% of its portfolio. The exposure to these asset classes may occur by investing in UCITSs and/or UCIs.
  • invest up to 30% of its assets in green bonds.
  • hold cash (i.e., bank deposits at sight) up to 20% of its total net assets, except under exceptionally unfavourable conditions and on a temporary basis.
  • invest in unrated debt securities up to 10% of its net assets. In this respect, the Management Company has an internal rating procedure allowing to assign an equivalent rating to these unrated securities.

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 67 5999
  • 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 LU2600226877

Charges

Entry charge None
Exit charge None
Maximum management fees 0.60% on an annual basis
Performance fee Maximum rate of 10% according to the High Watermark method.
Minimum amount of the first subscription 2.500 euro
Minimum amount of subsequent subscriptions 0

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.

In September, volatility increased across several markets.

Monthly comment from the manager

The resilience of the economy, a more restrictive stance from central banks and growing concerns over energy supply pushed government bond yields higher: the 10-year US Treasury yield rose above 5.25%, while in Europe bond markets were also weighed down by the widening of sovereign spreads. Equities proved more resilient, supported by the large US technology companies linked to artificial intelligence, whereas smaller companies, European markets and parts of Asia came under greater pressure.

In commodity markets, Brent crude moved towards the USD 100 per barrel area on the back of supply disruptions in the Persian Gulf; the US dollar strengthened as interest rate differentials widened, while gold lost ground as a result of rising real yields. In the first part of the month, the fund maintained a moderate equity exposure, pending the release of US inflation data and the subsequent Federal Reserve monetary policy decision.

As these key events approached, call options on the US equity index were purchased and, at the same time, exposure to European equities, which had previously been reduced through the use of options, was increased. This positioning reflects our still constructive assessment of the equity market outlook, underpinned by continued growth in corporate earnings and an economy that remains in expansion. Given the heightened level of uncertainty, we preferred to implement these positions through option strategies, with the aim of limiting potential losses. By contrast, the fixed income exposure remains moderate and is invested exclusively in government bonds.

In our view, there is limited room for further increases in interest rates, and we expect yields to stabilise at levels not far from current ones. This view is supported by the central bank’s commitment to bringing inflation under control, by economic growth that remains robust but gradual, and by the US Treasury’s intention to contain the cost of servicing its debt. Higher starting yields also provide a partial cushion against any further declines in bond prices. Finally, should the artificial intelligence theme lose momentum, a scenario that is currently absent from consensus forecasts, government bonds could once again play a protective role within the portfolio.

Offer documents

Document Date of the document Download
KID 02/03/2026 PDF get_app
Management rules 25/01/2013 PDF get_app
Prospectus 01/10/2026 PDF get_app

Semi-annual reports

Document Date of the document Download
Semi annual report 30/06/2026 PDF get_app

Annual reports

Document Date of the document Download
Annual report 31/12/2025 PDF get_app
Risk level
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Rating
Morningstar star star star star star
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