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Main information

Fund name Leadersel Dynamic
Benchmark In relation to the purpose of the fund it is not possible to identify a benchmark representative of the investment policy.
Category Flexible fund
Legal structure Luxembourg umbrella mutual fund
Currency Euro

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 LU0904227583
Bloomberg LEADYNA:LX

Charges

Entry charge None
Exit charge None
Maximum management fees Max 1.5% on an annual basis
Performance fee None
Minimum amount of the first subscription 2.500 euro
Minimum amount of subsequent subscriptions None

July 2026 was marked by a sudden shift in the geopolitical backdrop and a sharp focus on corporate fundamentals within the technology sector.

Monthly comment from the manager

The breakdown of the truce between the United States and Iran reignited tensions in the Strait of Hormuz, quickly driving Brent crude prices from $70 to around $90 per barrel. Despite this energy shock, equity markets displayed an orderly consolidation, underpinned by the resilience of the US macroeconomic framework and signs of stabilization in Europe. The equity sector saw a renewed debate surrounding Artificial Intelligence profitability. Up until July, the market heavily rewarded infrastructure providers ("picks and shovels") over hyperscalers: the SOX Semiconductor Index posted a record year-to-date outperformance (+78% versus -4% for hyperscalers).

However, with corporate Capex projected to surge 73% YoY in Q2 for giants such as Meta, Google, Amazon, and Microsoft, investor focus shifted toward return on investment (ROI). Compute demand and AI adoption remain exceptionally strong, as evidenced by the Annual Run Rate (ARR) of leading frontier models (OpenAI and Anthropic) rising to $102 billion (+126% quarter-on-quarter), yet rising component costs pose constraints on spending sustainability absent an immediate acceleration in Cloud revenues.

From a technical perspective, the Momentum factor experienced one of its most pronounced monthly drawdowns of the past decade. This triggered a swift sector rotation toward defensive and undervalued segments, such as US Healthcare, where profits were subsequently taken following a rapid realignment with fundamental valuations. In this environment, portfolio management maintained full equity exposure. Geographically, European exposure was increased through two positions on the DAX and Mid DAX, under the view that Germany’s new economic plan could boost exports over the coming months.

Concurrently, weakness in the World Momentum factor was exploited to progressively accumulate positions at declining prices. Finally, during the last week of the month, two bullish option strategies were implemented (long S&P 500 and long Bund): the structure aims to capture a potential resumption of diplomatic mediation in the Middle East, based on the thesis that an easing of tensions could yield dual benefits across both equities and rate containment.

Factsheet

Document Date of the document Download
Monthly report 12/08/2026 PDF get_app

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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