close
since 1936
Wealth Management
Ersel in brief
Our history
Group companies
Facts and figures
Our foundations
Sustainability
share

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

The month of June was marked by a retracement of risky assets, except for the S&P which is characterised by almost paradoxical differences within itself, and strong volatility in rates, which first fell and then rose again, mainly in the wake of fears surrounding French political uncertainty.

Manager's comment of the month

The European elections mid-month generated a wave of risk aversion after Macron called new elections in France in response to the overwhelming victory of the right-wing forces of Le Pen. Rates responded accordingly, with the French spread reaching 2017 levels, above 80, and the Bund instead experiencing a classic flight-to-quality movement. The credit beta widened, especially on French names and particularly on the more liquid securities, penalising convertible contingents with respect to high yield securities.

Spreads rose only slightly on credit in US dollars, while the movement was more pronounced in Europe with high yield and subordinated credit expanding 25-40 bps on average. However, the rate movement more than offset the spread effect, especially on senior segments, which recorded positive performance of about 0.7% and 0.5% on the investment grade and high yield segments, respectively.  

By contrast, performance was more subdued for subordinated securities where, with the exception of hybrids, which closed in positive territory at around 0.5 points, convertible contingents underperformed all other segments, with negative average performance dragged down by the notable correction from French issuers caused by political uncertainty.

In the currency sphere, the generalised strength of the dollar was surprising in a context of falling rates, especially against the Yen, which quickly moved beyond the 160 area, depreciating by 2.22% during the month; the Euro, on the other hand, depreciated by 1.24%, with a movement decisively influenced by the risk-off that followed the European elections. The only currencies to gain against the dollar were the Swiss franc (+0.39%) and the Australian dollar (+0.26%).

On the programme, we continued to follow the trading range that has been present in rates for a few months, thus buying on the rise in rates and selling on the fall. During the month, we sold duration on the rebound triggered by the uncertainty surrounding the French political situation, with the idea of buying back if the elections prove to be less concerning than the market believes.

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
Fund manager
Carlo Bodo
Carlo Bodo
Responsabile Investimenti Obbligazionari
Marco Castelnuovo
Marco Castelnuovo
Team investimenti obbligazionari
Risk level
  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
Rating
Morningstar star star star star star
  •        
© Ersel Banca Privata - P.Iva 11894590154 logo EGEA

RISPARMIO ENERGETICO ATTIVO

Questa schermata consente al tuo monitor di consumare meno energia quando il computer resta inattivo.

Clicca in qualsiasi parte dello schermo per riprendere la navigazione.