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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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Annual chart

In March, Leadersel Event Driven's performance was the result of the positive trend of the risk-arbitrage portfolios and special situations, with some relative value positions reducing the return for the month. The most encouraging element of the period was the continuation of the trend from the beginning of the year towards signs of recovery in M&A activity, with a twofold increase in deals above $10bn, driven mainly by large US deals in the energy, technology and financial sectors. Although with a different mix by sector, there was also a strong rebound in the value of extraordinary transactions in Europe, with an increase of 60% year-on-year.  

Manager's comment of the month

In detail, in risk-arbitrage, the most important movements were those of Biotest, a German company of the Grifols group, which suffered, in a context of low liquidity, from the uncertainties over the solidity of the Spanish parent company, and US Steel, whose acquisition by Nippon Steel is the subject of pre-election rhetoric by US presidential candidates. The portfolio nonetheless performed well, thanks to the progress in the authorisation process of the Network International deal and the battle over the UK's DS Smith, which was the subject of interest by both Mondi and International Paper.

In the special situations book, the largest contributions were made by positions in Avolta, thanks to the rating agencies' assessment of the company's financial profile after the Dufry/Autogrill merger, and the Delivery Hero convertible bond, supported by the the acquisition of an interest by the activist fund Sachem.

Lastly, in relative value, TIM declined after the presentation of its business plan. Indeed, forecasts of the company's financial profile after the sale of the network to KKR, showed a much higher level of debt than expected, with investors signalling strong scepticism towards the current management. Following confirmation of the board of directors, a development that was not at all obvious, at the ordinary shareholders' meeting at the end of April, the divestment of the infrastructure part itself could be called into question. Other positions include the further narrowing of the Unipol discount and the persistent weakness of GBL.

In terms of asset allocation, the fund kept its investment level in line with the previous month, despite the finalisation of the Splunk and Karuna transactions in the US.

Offer documents

Document Date of the document Download
KID 01/03/2024 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

Notice

Document Date of the document Download
Notice of Merger of Alternative Strategies Sub-Fund with Event Driven Sub-Fund 18/12/2023 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
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Rating
CFS Rating star star star star star
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