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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 June, the performance of Leadersel Event Driven was the result of the good trend in the risk-arbitrage portfolio and the negative contribution of special situations and relative value positions.

Manager's comment of the month

Uncertainties over the final outcome of the elections in France dampened the risk appetite, although US markets held up well, driven by specific sector themes linked to the world of technology.

In detail, in special situations the portfolio was affected by the abrupt termination of negotiations for the restructuring the shareholding structure of the Spanish company Naturgy. In fact, the Abu Dhabi Taqa fund and the major shareholder Criteria did not agree with the private equity funds on a price that would allow for the latter’s exit. The French political situation also weighed on the position in Alstom, which was expected to rise after the recent capital increase, but was heavily penalised by uncertainties concerning the economic outlook depending on which side will turn out to be victorious. 

Turning to the relative value book, the holding discounts of Christian Dior and Exor expanded during the month, with the holdings grappling with an equity market environment that was not favourable either to the luxury sector or to more cyclical themes such as automotive. Telecom Italia's spread was still volatile, with the conclusion of the sale of the Netco representing a positive element which was, however, offset by the outlooks of the Service Co that have not yet been fully clarified by the management. 

Finally, amongst the risk-arbitrage situations, the largest contributions are attributable to several positions in the European portfolio that saw significant developments in their respective investment cases. Amongst the more structured transactions, the price adjustment offered by the controlling shareholder to the minority shareholders of Saes Getters was significant, while the return of speculation on the possible transaction between Suzano and International Paper increased the likelihood of a successful acquisition of Ds Smith by the American company. It is also worth mentioning the start of formal negotiations between Covestro and Adnoc.

With regard to the asset allocation, the flow of new transactions, especially in Europe, increased the weight of the risk-arbitrage component by almost ten percentage points. If current conditions continue, it is reasonable to expect the fund's overall exposure to increase further in the coming months. 

Offer documents

Document Date of the document Download
KID 01/03/2024 PDF get_app
Management rules 05/02/2019 PDF get_app
Prospectus 17/06/2024 PDF get_app

Semi-annual reports

Document Date of the document Download
Semi annual report 30/06/2024 PDF get_app
Semi annual report CH 30/06/2024 PDF get_app

Annual reports

Document Date of the document Download
Annual report 31/12/2023 PDF get_app
Annual Report CH 31/12/2023 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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