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Main information

Fund name Leadersel Corporate Bond ESG Class B
Benchmark ICE BofAML Euro Corporate
Category Euro corporate bond investment grade fund
Legal structure Mutual fund under Luxembourg Law with multiple sub-funds
Currency Euro

Investment policy

The Sub-Fund is actively managed and will invest principally in bonds, debt securities and credit instruments issued by companies in any sector whatsoever, including instruments with no rating and those of “below investment grade”. Credit risk exposure may be mitigated by using credit default swaps.
The quota of the portfolio invested in “investment grade” credit instruments must be more than fifty per cent (50%) of the Sub-Fund’s net assets.
The Sub-Fund will not invest in Asset Backed Securities (“ABS”) or Mortgage Backed Securities (“MBS”) or other structured products involving special purpose vehicles with the aim of grouping together on their books any series of claims on different debtors.
The Sub-Fund cent (10%) of its net assets in will not invest more than ten per Coco Bonds, Distressed and Defaulted Debt Securities.
The Sub-Fund will only invest in unlisted securities to the extent permitted by the Law of 2010 and Paragraph 2 of the Chapter entitled “Investment restrictions”, namely for a total less than ten per cent (10%) of the Sub-Fund’s net assets.
The Sub-Fund may invest in instruments denominated in currencies other than the euro.
The Sub-Fund may invest, on a residual basis, in money market instruments with duration of less than twelve (12) months.
The Sub-Fund may invest up to ten per cent (10%) of its net assets in UCITS or other UCI as referred to in art. 41, section 1, of the Law of 2010. The value of the Fund is calculated and expressed in Euros. The fund is classified as ex art.8 SFDR. The implementation of ESG criteria is described in detail in the RTS sheet attached to the prospectus.

Investment object

The objective of this Sub-Fund is to achieve an increase of the capital invested by exposure to the international bond markets, using investments principally in bonds of any sort and other similar debt securities, to the extent that they are among the investments authorised by the Law of 2010 on Part I funds, such as (but not exhaustively) bonds issued by governments, regional entities, supranational organisations and companies, convertible bonds, certificates of deposit, short-term notes and treasury notes with a term longer than twelve (12) months. The Fund does not aim to replicate the composition of the benchmark; therefore, it also invests in financial instruments not present in the benchmark or present in different proportions.

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. The fund is classified as ex art.8 SFDR. The implementation of the ESG criteria is described in detail in the RTS tab attached to the prospectus.
NAV calculation frequency Daily
Fund units publication Fundsquare.net

Fund ticker

ISIN code LU0012092481
Bloomberg GLBRBND LX

Charges

Entry charge None
Exit charge None
Maximum management fees 0.8% on an annual basis
Performance fee 20% on the excess return over the benchmark index ICE BofAML Euro Corporate
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

1 year 3 years 5 years 10 years
Fund - - - -
Benchmark - - - -
1 year 3 years 5 years 10 years
Fund - - - -
Benchmark - - - -
1 year 3 years 5 years 10 years
Fund - - - -
Benchmark - - - -

Annual chart

In March rates moved against a backdrop of high volatility in the face of higher-than-expected inflation in both producer and consumer prices, along with still accommodative central banks and still weak leading indicators.

Monthly comment from the manager

After fully recouping the losses of the first half of the month, they then came back down to close marginally below the levels of late February. Spreads tightened moderately on investment grade and subordinated bonds, while high yield bonds recorded their first widening since the end of October. Some idiosyncratic situations with potential debt restructuring risks weighed on the segment, especially on lower ratings.

Against this backdrop, performance was only marginally positive on high yield, while high grade credit advanced by more than 1 point and subordinates outperformed all other segments, with euro CoCos gaining almost 3 points during the month. Over the period in question, the strategy recorded a positive performance slightly above the benchmarks due to the higher exposure to subordination risk. At the operational level, part of the resources from new subscriptions were reinvested in the investment grade segment, exploiting the primary market to increase exposure to financial issuers.

Although credit spreads have compressed significantly since the beginning of the year, euro investment grade and bank subordinates still remain attractive relative to other segments. Investment grade offers greater potential in a downward rate scenario, while AT1 – and, to a lesser extent Tier 2 – banks, have a better risk-return profile than high yield due to a risk premium with greater compression potential. In this context, a gradual increase in duration and the maintenance of an overweight on subordination risk relative to cyclical risk, especially on European names, still appear attractive.

Factsheet

Document Date of the document Download
Monthly report 17/04/2024 PDF get_app

Offer documents

Document Date of the document Download
KID 01/03/2023 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 31/12/2022 PDF get_app
Annual Report CH 31/12/2022 PDF get_app

ESG Policy

Document Date of the document Download
Responsible Investment Policy 08/03/2024 PDF get_app

Sustainability related disclosure

Document Date of the document Download
Web Disclosure 08/03/2024 PDF get_app
Leadersel Corporat Bond ESG - Pre-contractual disclosure information RTS 15/03/2024 PDF get_app

Notice

Document Date of the document Download
Notice to shareholders Leadersel Corporate Bond 21/12/2023 PDF get_app
Fund manager
Antonio Ruggeri
Antonio Ruggeri
Team investimenti obbligazionari
Risk level
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Rating
Morningstar star star star star star
CFS Rating star star star star star
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