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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

In September, market volatility increased across several asset classes.

Monthly comment from the manager

The resilience of economic activity, a more restrictive stance from central banks and growing concerns over energy supply drove government bond yields higher: the 10-year US Treasury yield rose above 5.25%, while in Europe the widening of sovereign spreads weighed further on bond markets. Equity markets held up comparatively better, supported by the large US technology companies most closely linked to artificial intelligence, whereas smaller companies, European markets and parts of Asia came under greater pressure.

In commodities, Brent crude moved towards the USD 100 per barrel area on the back of supply disruptions in the Persian Gulf; the US dollar strengthened as interest rate differentials widened, while gold lost ground as a result of rising real yields. During the first part of the month, the fund maintained a moderate equity exposure, pending the release of US inflation data and the subsequent Federal Reserve policy decision.

As these key events approached, call options on the US equity index were purchased and, at the same time, exposure to European equities, which had previously been reduced through the use of options, was increased. These decisions reflect our still positive assessment of the equity market outlook, underpinned by continued growth in corporate earnings and an economy that remains in expansion. In light of the heightened uncertainty, we preferred to implement these positions through option strategies, with the aim of limiting potential losses. The fixed income allocation, by contrast, remains invested predominantly in government bonds, with only a residual allocation to corporate credit.

In our view, there is limited room for further increases in interest rates, and we expect yields to stabilise at levels not far from current ones. This view is supported by the central bank’s commitment to bringing inflation under control, by economic growth that remains robust but gradual, and by the US Treasury’s intention to contain the cost of servicing its debt. Higher starting yields also provide a partial cushion against any further declines in bond prices. Finally, should the artificial intelligence theme lose momentum, a scenario that is currently absent from consensus forecasts, government bonds could once again play a protective role within the portfolio.

Factsheet

Document Date of the document Download
Monthly report 16/10/2026 PDF get_app

Offer documents

Document Date of the document Download
KID 02/03/2026 PDF get_app
Management rules 25/01/2013 PDF get_app
Prospectus 01/10/2026 PDF get_app

Semi-annual reports

Document Date of the document Download
Semi annual report 30/06/2026 PDF get_app

Annual reports

Document Date of the document Download
Annual report 31/12/2025 PDF get_app

Notice

Document Date of the document Download
Investor notice - Reduction of management fee 30/09/2026 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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