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Main information

Fund name Leadersel Gaflex Class A
Category Mixte fund
Legal structure Luxembourg umbrella mutual fund
Currency Euro

Investment policy

This Fund is actively managed and aims to achieve capital growth by investing in different classes of international transferable securities. The Fund has no reference Benchmark. The Fund may invest up to 100% in transferable securities, such as fixed and floating rate debt securities, bonds, debenture notes, commercial papers, convertible bonds, with no duration, rating, issuer countries or currency constraints; directly or through investments in undertakings for collective investments in transferable securities (UCITS) authorised pursuant to UCITS Directive and/or other UCIs within the meaning of Article 1, paragraph 2, first and second indent of said Directive. The Fund will not invest more than 80% of its net assets in equity and in equity linked securities, including UCITSs and/or UCIs, that have a policy of investing mainly in equity and equity linked derivatives. The investment in UCITS may include UCITS ETFs. The Fund may also invest up to 15% in Cocos Bonds; 40% Non investment grade or High Yield, including 10% Distressed Securities; 10% CAT Bonds (via UCITSs and or UCIs); 15% Delta One Securities; 10% Real estate (via UCITS and/or UCIs); 35% in aggregate in ETNs or ETCs. The Fund may hold cash (i.e. bank deposits at sight) but not more than 20% of its total net assets, except under exceptionally unfavourable conditions and on a temporary basis. The Fund may use financial techniques and instruments in order to promote an efficient portfolio management, in accordance with the restrictions set forth in the “Financial techniques and instruments” chapter of the prospectus. The Fund will neither invest in Asset Backed Securities (“ABS”), nor in Mortgage Backed Securities (“MBS”). Nevertheless, indirect exposure limited to a residual part of the assets of the Fund may occur from the investment in the eligible UCITSs and/or UCIs. The Fund may use SFT. The Fund takes into account the sustainability risks in its investment decisions as defined and described in the Chapter ESG CRITERIA AND SUSTAINABILITY RISKS. This Fund qualifies as an "Article 6" financial product for the purposes of Regulation UE 2019/2088 on Sustainable Finance Disclosure Regulation (‘SFDR’). The Fund also takes into account ESG criteria in the manner described in the same Chapter, section "General approach to ESG
criteria and sustainability risks". Nevertheless, the investments underlying this Fund do not take into consideration the enviromental objectives as defined by Regulation 2020/852 (EU Taxonomy) for environmentally sustainable economic activities. Any income received by the Fund is reinvested. The reference currency of the Fund is the Euro. The Class A is quoted in Euro. 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 LU2454328100
Bloomberg BBG019D8FNP3

Charges

Entry charge None
Exit charge None
Maximum management fees 0.70% on an annual basis
Performance fee None
Minimum amount of the first subscription 1.000.000 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 month of March was dominated by a sudden and violent geopolitical escalation driven by a joint operation between the United States and Israel in Iranian territory, an initiative that caught global observers by surprise and whose official motivations appeared strategically inconsistent.

Monthly comment from the manager

Although the US administration seemed to aim for a swift resolution through a regime decapitation strategy, an approach already successfully tested in Venezuela but in a non-comparable context, the reality on the ground has highlighted greater-than-expected resilience and tenacity from Iranian forces. Furthermore, the successive waves of attacks, which systematically eliminated the top tiers of the command hierarchy, have made identifying an interlocutor for potential negotiations extremely complex.

This instability triggered retaliations against neighboring oil-producing countries and led to the blockage of transit through the Strait of Hormuz. This represents the most critical scenario for energy analysts, as 20% of global crude oil and 25% of liquefied natural gas depend on this chokepoint, along with strategic flows for agriculture and the semiconductor industry. Against this backdrop, financial markets reacted with corrections ranging between 10% and 15% for major equity indices, reflecting uncertainty that was further fueled by the White House's erratic communication on social media channels.

On the fixed income front, initial fears of an inflationary spike gave way to concerns regarding the sustainability of economic growth and potential demand destruction caused by elevated energy prices. In line with this highly fluid scenario, portfolio management maintained a prudent approach, benefiting from the decision made the previous month to reduce equity exposure for macroeconomic reasons.

Currently, we favor government bonds over corporate credit, believing they offer superior downside protection in the event of a cyclical deterioration, while the allocation to commodities via diversified ETFs has effectively fulfilled its role in shielding the portfolio. We will maintain a defensive stance until a clearer view emerges regarding the exit strategy from the conflict and its potential repercussions on the global economy.

Factsheet

Document Date of the document Download
Monthly report 15/04/2026 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
Risk level
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Rating
Morningstar star star star star star
CFS Rating star star star star star
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