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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.

August was a demanding month, shaped by energy tensions, record spending on artificial intelligence and rising interest rates. 

Monthly comment from the manager

Geopolitical tension in the Middle East and stalled talks between the United States and Iran pushed Brent crude above USD 90 a barrel, lifting fuel costs and slowing global disinflation. A fresh US–Canada trade dispute added to the strain, with 50% tariffs on a broad range of Canadian goods and the threat of immediate retaliation. Developed-market bonds were volatile, with the thirty-year US Treasury yield climbing above 5.3%. US public debt crossed the psychological USD 40 trillion mark and, with inflation picking up, growth resilient and the large technology companies issuing heavily, yields had every reason to stay high.

In a surprise move, the US Treasury doubled its buyback programme for long-dated securities to support liquidity at the long end; a more cynical reading is that the administration is trying to cap yields to ease its own cost of debt and the mortgage bills facing American households. Equity markets held up well, buoyed above all by the extraordinary wave of investment in technology. Quarterly results confirmed a sharp acceleration in spending on data centres for artificial intelligence, alongside strong growth in cloud revenues, and Nvidia guided for sales above even the most optimistic forecasts.

Even so, unease is building around so-called circular financing, the credit guarantees Nvidia extends to its own customers, and investors are looking far more closely at how long big tech's vast investments will take to pay for themselves. The gains were far from uniform: higher mortgage rates and the high cost of living continued to weigh on consumption, hurting retail and consumer discretionary stocks. Turning to positioning, late in July the fund swapped part of its direct S&P 500 exposure for short-dated call options, keeping the upside while capping the risk of disappointing big tech earnings.

In early August it took profit on those options without fully rebuilding the direct exposure and bought EuroStoxx 50 puts as added protection, leaving US and European equity exposure lower overall. The set-up should help contain risk if markets turn, at a time of year when thin volumes tend to amplify volatility. In fixed income, with developed-market yields rising and the US Treasury stepping in, the fund extended duration, selling short-dated government bonds and buying ten-year paper, a position we believe can deliver an attractive return even if rates do not fall.

Offer documents

Document Date of the document Download
KID 02/03/2026 PDF get_app
Management rules 25/01/2013 PDF get_app
Prospectus 06/05/2026 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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