close
since 1936
Wealth Management
Ersel in brief
Our history
Group companies
Facts and figures
Our foundations
Sustainability
share

Main information

Fund name Leadersel Equity World Class IH
Benchmark MSCI Limited (MSCI World Index)
Category International equity fund
Legal structure Luxembourg umbrella mutual fund
Currency Euro

Investment object

The investment objective of this Sub-Fund is to achieve long term capital growth mainly through investment in a portfolio of securities of listed companies selected using fundamental analysis based on economic and financial factors. To find, research and select such companies the Investment Manager applies fundamental analysis and strict quality criteria including but not limited to high levels of return on capital, strong self-financing capability, and sustainable profit margins.

Investment policy

This Sub-Fund mainly invests in shares and similar securities with a focus on listed large caps in developed countries. The Sub-Fund may also invest in ADR (American Depositary Receipts) or GDR (Global Depositary Receipt). Those ADR/GDR will not have derivative incorporated products. The Sub-Fund may invest up to 20% of its total net assets in shares and similar securities of companies listed in Emerging Markets; in such case, the Sub-Fund will invest only in securities listed on regulated markets.

Up to 10% of the portfolio may be invested in bonds. All bonds will be investment grade (the “Minimum Rating”); the Manager will sell within three (3) months, and in the best interest of the Unitholders, any securities that are downgraded below the Minimum Rating.

For temporarily liquidity management, 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 hold cash, on a residual basis, i.e up to 20% of its total net assets, except under exceptionally unfavourable conditions and on a temporary basis.

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 Sub-Fund may use financial techniques and instruments in order to promote an efficient portfolio management, in accordance with the restrictions set forth in the “Financial techniques and instruments” chapter of the prospectus. The Sub-Fund will use only SFT as set forth in the section headed "Use of SFT" below.

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:00.352.47.67.59.99
  • Faxnumber:00.352.47.67.70.37
  • Business hours: 9 a.m. to 6 p.m. CET
  • Languages: English, 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 LU2892988788
Bloomberg LEWOIHE LX

Charges

Entry charge None
Exit charge None
Maximum management fees 1%
Performance fee Calculated on an annual basis on a maximum rate of 20% of the positive difference between the Fund's net return and its benchmark index.
Minimum amount of the first subscription 500.000 euro
Minimum amount of subsequent subscriptions None

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

June extended the positive momentum in global equities, supported by ongoing investment in AI infrastructure and broader AI adoption, as well as a meaningful de-escalation of tensions in the Middle East.

Monthly comment from the manager

The gradual reopening of the Strait of Hormuz and the resulting decline in oil prices provided an additional tailwind for risk assets. Market leadership broadened during the month, with consumer- and industrial-related sectors benefiting from easing cost pressures, while banks also gained indirectly from these dynamics. Despite this improvement in breadth, positive earnings revisions, and therefore performance, remain concentrated within a relatively narrow group of companies. In technology, dispersion and volatility remain elevated, reflecting increasingly crowded positioning.

While this is supported by strong fundamentals, it leaves the sector highly sensitive to news flow and changes in expectations. Key areas requiring close monitoring include the ability of hyperscalers to monetize AI investments and generate attractive returns on the significant capital being deployed. Closely related are the evolution of AI demand, the economics of token production and consumption, and the associated impact on semiconductor pricing. Investors remain focused on OpenAI and Anthropic, where any delay to potential public listings could be interpreted negatively.

More broadly, eventual market listings would likely signal continued investor willingness to fund AI-related investment while providing greater visibility into the profitability achieved by leading AI platforms. We remain constructive on the AI theme and maintain substantial exposure through semiconductors, hardware, industrial companies and hyperscalers. However, increasingly crowded positioning and momentum near historical highs also imply higher short-term risk and volatility. Portfolio activity during the month was therefore largely focused on managing AI-related exposures.

Our objective has been to remain disciplined in taking profits where incremental upside appears more limited and reducing positions with less attractive risk-reward profiles. Within technology, we trimmed Nvidia and Broadcom, reflecting a current preference for semiconductor equipment, CPU and power semiconductor exposure through holdings such as Applied Materials, ASML, TSMC, AMD, Texas Instruments and Infineon. More broadly, we believe it remains essential to balance these exposures with investments in areas that are uncorrelated or negatively correlated to the AI theme.

Factsheet

Document Date of the document Download
Monthly report 12/06/2026 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 30/06/2025 PDF get_app

Annual reports

Document Date of the document Download
Annual report 31/12/2025 PDF get_app
Fund manager
Paolo Baretto
Paolo Baretto
Team Investimenti Lussemburgo
Risk level
  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
© Ersel Banca Privata - P.Iva 11894590154

RISPARMIO ENERGETICO ATTIVO

Questa schermata consente al tuo monitor di consumare meno energia quando il computer resta inattivo.

Clicca in qualsiasi parte dello schermo per riprendere la navigazione.


Ersel