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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.

October confirmed the duality currently experienced by the US economy (whose interpretation is further complicated by the shutdown of several government agencies, resulting in delays in the publication of key macroeconomic data).

Monthly comment from the manager

On one hand, consumption remains solid and GDP has shown growth above expectations. At the same time, the slowdown in new hires and the gradual reduction in labour supply outline a picture of moderation, with real incomes essentially stagnant. This precarious balance is further weighed down by the effect of tariffs, which are effectively equivalent to a tax whose burden is still uncertainly distributed between companies and consumers.

Financial markets have been characterised by a constructive sentiment towards risk assets. On the geopolitical front, trade tensions between the United States and China over semiconductors and rare earths intensified again but were resolved at the end of the month with a new truce between the two superpowers. However, there is a growing sense that China increasingly wants to emerge as the dominant technological power. The tariffs on chip exports imposed by Trump contributed to the development of a flourishing Chinese ecosystem that has surprised with its technological level.

Furthermore, China has a significantly greater energy availability than the USA and, at this stage, energy supply is the bottleneck for the development and distribution of AI models. In Europe, the European Central Bank has maintained a wait-and-see approach, balanced by a more accommodative tone towards system liquidity. Markets are betting that the enormous capital investments to create artificial intelligence models will be justified by future revenues. Our view is more cautious, and we do not consider this scenario to be certain.

Consequently, we maintain a relatively lower exposure to the equity market. However, we are aware that prices may continue to rise simply on the confidence that the future outlined by big tech CEOs is near. As a result, within the fund, active equity bets have been reduced in favour of a more direct exposure to the S&P 500 and, therefore, to US technology. The exposure to the bond market has not changed, where we continue to maintain a limited exposure to corporate credit, whose risk premiums are at historic lows, preferring to hold government bonds in the portfolio.

Offer documents

Document Date of the document Download
KID 03/03/2025 PDF get_app
Management rules 05/02/2019 PDF get_app
Prospectus 15/04/2025 PDF get_app

Semi-annual reports

Document Date of the document Download
Semi annual report 30/06/2025 PDF get_app
Semi annual report CH 30/06/2024 PDF get_app

Annual reports

Document Date of the document Download
Annual report 31/12/2024 PDF get_app
Annual Report CH 31/12/2023 PDF get_app
Fund manager
Fulvio Martina
Fulvio Martina
Responsabile strategie flessibili e investimenti multi-asset
Matteo Pugnaloni
Matteo Pugnaloni
Team Investimenti Multi-Asset
Risk level
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