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Main information

Fund name Leadersel Event Driven Class B
Category Flexible fund
Legal structure Luxembourg umbrella mutual fund
Currency Euro

Investment policy

The Fund aims to maximize capital with focus on companies subject to extraordinary/special situations such as mergers, acquisitions and restructuring with the aim to take advantage of such events. This objective will be reached by investing mainly intransferable securities, particularly equities and bonds, money market instruments and derivatives (such as futures and options, Contracts for Difference or Equity Swaps), in order to create long and short exposure with the aim of exploiting potential opportunities. If the Fund invests in Swaps on Indexes, the index composition will be public and disciplined by appropriate Index Rules publicly available and in accordance with the provisions of the Law. The Fund will not invest in derivatives where the counterparties have any discretion on the composition or management of the Fund’s investment portfolio or on the underlying of the financial derivative instruments. The Fund may hold liquid assets, including cash, bank deposits, money market instruments or units of Undertakings for Collective Investments in Transferable Securities (UCITS) and/or other Undertakings for Collective Investments (UCIs) that have a policy of investing mainly in liquidity strategies on a residual basis (less than 50% of its net assets). The Fund may invest up to 100% of its net assets in various issues (minimum 6) of securities and money market financial instruments, issued or guaranteed by a Member State of the European Union, by its public territorial authorities, by a Member state of the OECD, by international public institutions to which one or more EU Member States belong. The Fund will invest mainly in developed markets. The Fund may invest up to 10% of its net assets in units of other UCITS or other UCIs. The Fund may use financial techniques and instruments in order to promote efficient portfolio management. The investor can buy or sell shares of the Fund on a weekly basis, each Friday, or next full banking.

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 6759 99 
  • 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 LU1323913191
Bloomberg LEAEVDR LX

Charges

Entry charge None
Exit charge None
Maximum management fees 1.5%
Performance fee Maximum of 20% calculated on the positive return of the net asset value per unit with reference to each Valuation Date (High Water Mark), paid quarterly.
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

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

Annual chart

In October, Leadersel Event Driven's return was near break-even due to the good performance of the risk-arbitrage and relative-value components, offset by positions in special situations, which were affected by the general movement of the stock market and interest rates.

Manager's comment of the month

In detail, the most important development in risk arbitrage was the closing of Microsoft's acquisition of Activision, with the formal approval of the British antitrust authority. The Emis and Kabel Deutschland acquisitions were also finalised in the European component, marking the end of a phase in which these three investments were the main source of volatility in an otherwise decidedly stable portfolio. Another the positive factor was the formalisation of the merger between TGS and PGS, Norwegian geophysical survey companies, following the preliminary announcement last September. On the other hand, Vmware was particularly volatile due to uncertainty over China's effective approval of the deal with Broadcom, and Dufry continued to suffer, despite the presentation of its first good results after the deal with Autogrill.

Turning to the relative value book, the recovery of Willis Towers against AON contributed to a significant degree, while on the negative side attention should be drawn to the Telecom Risp/Ord spread, with Vivendi poised for a legal battle against the sale of NetCo, not considered in line with shareholders' interests.

Lastly, among the special situations positions, the change in interest rates had a negative impact on the positions in Inwit, due to a valuation issue, and in Playtech, whose growth profile remains attractive but creditworthiness appears to be deteriorating. On the positive side, mention should be made of the contribution of Basf's dividend futures, due to the confirmation of its earnings distribution policy, as well as of the movement by the Nexi convertible bond, driven by press rumours about the interest of private equity funds in a possible delisting transaction. 

In terms of asset allocation, the overall exposure decreased slightly, mainly due to the conclusion of the deals on Activision, Emis and Kabel Deutschland. The current financial conditions and complicated regulatory environment suggest a certain degree of caution in the timing of investments in transactions that are expected to be lengthy and procedurally complex.

Offer documents

Document Date of the document Download
KID 01/03/2023 PDF get_app
KID SWI 13/01/2023 PDF get_app
Management rules 05/02/2019 PDF get_app
Prospectus 16/08/2023 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
Fund manager
Giorgio Nicola
Giorgio Nicola
Team Investimenti Event Driven
Riccardo Costa
Riccardo Costa
Team Investimenti Event Driven
Alessandro Moretti
Alessandro Moretti
Team Investimenti Event Driven
Risk level
  • 1
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  • 6
  • 7
Rating
CFS Rating star star star star star
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