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Main information

Fund name Leadersel Flexible Bond Class B
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 LU1578335538
Bloomberg LEADFBE:LX

Charges

Entry charge None
Exit charge None
Maximum management fees 1% 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 2.500 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

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

In December, interest rates moved higher following stronger-than-expected growth data in the US and a more hawkish stance from the ECB, BoJ and RBA.

Manager's comment of the month

Weaker US labour market and CPI data, on the other hand, had a limited impact, as they were potentially distorted by the lingering effects of the government shutdown. Against this backdrop, yields rose by approximately 15 bps in the US and 20 bps in Europe, while credit spreads tightened moderately in higher-beta segments. As a result, performance was moderately negative in Investment Grade, while High Yield and CoCo bonds delivered positive returns of around 0.5%.

In the FX space, the euro appreciated against both the US dollar and the yen, with the latter being driven more by speculative dynamics than by monetary policy divergence. At the fund level, we closed the year maintaining a conservative duration stance, remaining around 3.5 years, supported by hedges on the long end of the German yield curve. We also maintained the defensive rate position implemented in November, consisting of a long Italy/Germany spread on ultra-long maturities (over 30 years), positioning for a further narrowing of the Italian spread.

Factsheet

Document Date of the document Download
Monthly report 19/12/2025 PDF get_app

Offer documents

Document Date of the document Download
KID 03/03/2025 PDF get_app
Management rules 05/02/2019 PDF get_app
Prospectus 15/12/2025 PDF get_app

Semi-annual reports

Document Date of the document Download
Semi annual report 30/06/2025 PDF get_app
Semi annual report CH 30/06/2024 PDF get_app

Annual reports

Document Date of the document Download
Annual report 31/12/2024 PDF get_app
Annual Report CH 31/12/2023 PDF get_app
Fund manager
Carlo Bodo
Responsabile Investimenti Obbligazionari
Marco Castelnuovo
Team investimenti obbligazionari
Risk level
  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
Rating
Morningstar star star star star star
CFS Rating star star star star star

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