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Main information

Fund name Leadersel Flexible Bond Class A
Category Flexible bond fund
Legal structure Luxembourg umbrella mutual fund
Currency Euro

Investment policy

The Fund's primary investment objective is to increase its capital by investing mainly (i.e. more than 50% of its net assets) in bonds or other transferable securities of the same nature issued by (or relating to) states, local authorities, international authorities, financial institutions or corporations, both high yield and investment grade, issued both by issuers from developed countries and from emerging countries. The Fund may invest in bonds of any sort and other similar debt securities and in Exchange Traded Funds (ETFs) or Undertakings for Collective Investments in Transferable Securities (UCITS) and/or other Undertakings for Collective Investments (UCIs). The Fund may invest in instruments denominated in currencies other than the euro. The Fund may hold cash, less than 50% of the Fund Net Asset Value (NAV). The Fund may use financial techniques and instruments in order to promote an efficient portfolio management, in accordance with the prospectus. In particular, the Fund will use listed derivatives and OTC derivatives in order to create long and short exposure with the aim of exploiting potential opportunities. Investments in the Fund involves risks due to possible variations in net asset value which, in turn, depend on the values of the securities in which the Fund invests. The recommended minimum investment period horizon is 3/5 years. The Fund addresses to investors willing to accept a medium/high level of risk. Any income received by the Fund is reinvested. The Fund's value is calculated and expressed in Euros. Investors can buy or sell shares of the Fund on a daily basis (full bank business day).

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 LU2065928777
Bloomberg LEADFBA LX

Charges

Entry charge None
Exit charge None
Maximum management fees 0.5% on an annual basis
Performance fee Maximum of 10% of the annual performance exceeding both the Highwatermark (the highest year end value attained prior to the calculation date) and the Hurdle Rate (annual performance of Euribor 12 Month + 2%). Paid annually.
Minimum amount of the first subscription 2.000.000 euro
Minimum amount of subsequent subscriptions 0

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

The accommodative Fed and the solid macroeconomic picture were drove another very positive month for risky assets.

Manager's comment of the month

March also saw a positive performance in credit, with spreads narrowing moderately on investment grade and subordinates, while widening for the first time on high yield. On the lower ratings, some idiosyncratic situations began to emerge, with expectations of capital structure restructuring bringing more volatility to the market.

Against this backdrop, high grade credit advanced by more than 1 point, and subordinates outperformed the other segments, with CoCos gaining about 2 points, while high yield performance was only marginally positive. Rates remained in a rather narrow range, with inflation still above expectations, but with the Fed and ECB basically confirming the start of a rate cut cycle. The US ten-year returned to 4.20%, while the German Bund fell to 2.30%. On the foreign exchange market, the dollar appreciated against most of the G10 currencies, with the exception of CAD (+0.28%) and AUD (+0.42%), which are more linked to global growth and commodities. Among the worst were SEK (-2.62%, Riksbank dovish) and CHF (1.94%, SNB cut).

On the programme, we continued to exploit the narrow range on foreign exchange, considering 4.35% on the US ten-year and 2.50% on the German Bund as levels at which to place purchases, with relatively small targets of around 20bps to return to lower duration. Central banks continued not to deny their intention to reduce policy rates, so we initiated positions on the short end of both the US and German curves.

Factsheet

Document Date of the document Download
Monthly report 17/04/2024 PDF get_app

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
Fund manager
Carlo Bodo
Carlo Bodo
Responsabile Investimenti Obbligazionari
Marco Castelnuovo
Marco Castelnuovo
Team investimenti obbligazionari
Risk level
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Rating
Morningstar star star star star star
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