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Main information

Fund name Leadersel Gaflex Class B
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 B 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 LU2454328282
Bloomberg BBG019D8FNN5

Charges

Entry charge None
Exit charge None
Maximum management fees 0.95% on an annual basis
Performance fee Maximum rate of 10% according to the High Watermark combined with Hurdle rate method.
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 long-awaited reopening of the Strait of Hormuz finally took place in June, removing the risk of what could have become the largest energy shock of recent years.

Monthly comment from the manager

Despite more than three months of disruption to a route crucial for roughly 20% of global petroleum product consumption, the world economy proved more resilient than expected, supported by a lower dependence on oil, the use of strategic reserves, the rerouting of part of the flows through alternative pipelines, and a decline in Chinese crude oil imports. The asset class most affected by the easing of tensions between Iran and the United States was oil, whose price quickly returned to pre-conflict levels.

Equity markets, which had largely already priced in the reopening of the Strait, merely consolidated near recent highs. Beneath the stability of the major indices, however, sector rotations continue and performance dispersion among individual stocks is increasing. Investors now appear to be waiting for new catalysts, which could come from the upcoming earnings season. Attention is likely to focus in particular on large U.S. technology companies and their ability to monetize the substantial investments made in artificial intelligence.

Against this backdrop, the fund maintained a constructive positioning while introducing some elements of caution. Although still supported by economic growth and corporate earnings, markets may struggle to sustain the same pace observed during the first half of the year. For this reason, hedges were purchased on the U.S. equity index in order to mitigate potential episodes of volatility. In addition, the exposure to the U.S. healthcare sector, introduced in the previous month for diversification purposes, was closed at month-end, restoring the investment in the global MSCI World index.

In fixed income markets, government bond yields remained elevated, partly reflecting inflation concerns linked to energy prices. In anticipation of the reopening of the Strait of Hormuz, options on the German Bund were purchased to benefit from a subsequent decline in yields. By month-end, after the Bund yield had fallen, these positions were closed at a profit and the portfolio’s duration was reduced.

Factsheet

Document Date of the document Download
Monthly report 12/06/2026 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 06/05/2026 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 31/12/2025 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
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