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Main information

Fund name Leadersel Hard Currency Emerging Debt Class R
Benchmark ICE BofA US Investment Grade Emerging Markets External Sovereign Index (DGIG)
Category Bonds other specializations
Legal structure Mutual Fund under Luxembourg Law with multiple Sub-funds
Currency Euro

Investment object

The aim of the Sub-Fund is to increase its capital by investing mainly [i.e. more than seventy per cent (70%) of its net assets] in bonds or other transferable securities of the same nature issued by (or relating to) States, quasi-Sovereign, agencies, territorial public authorities, international public undertakings in emerging countries.The Sub-Fund will pursue a dynamic asset allocation policy in accordance with the situation on the different markets in which it operates.

Investment policy

The Sub-Fund will invest in bonds of Investment Grade or below Investment Grade rating denominated in hard currency, therefore the Sub-Fund may have a sensible exposure to the USD. The Investment Manager may tactically hedge a portion of the USD exposure through investment in swaps, forward, options and futures. The Sub-Fund may also invest in any other credit securities and instruments at a fixed or variable rate, of any duration, such as emerging markets corporate bonds denominated in hard currency (for up to 30% of the net assets).

The maximum investment percentage in convertible bonds may not exceed ten per cent (10%) of the net assets of the Sub-Fund.

The Sub-Fund may invest up to ten per cent (10%) of its net assets in UCITSs or other UCIs as referred to in art. 41, section 1, of the Law of 2010.

The Sub-Fund may invest up to fifty per cent (50%) of its net assets in securities below Investment Grade or not rated (“Maximum Percentage”). The maximum exposure to Not rated bond is 15% (“Maximum Exposure”). Not rated bonds are analysed internally according to models that are specific for government and corporate issuers and that lead to a rating projection that can be in the investment grade or high yield segment, in case of difficulties they can fall in the distressed bucket. These rating projections aren’t anyway used to calculate the minimum exposure to investment grade instruments (hence the limit on maximum exposure to Not rated bonds) as they are not obtained by a rating agency that is regulated, publicly recognized and independent. The Investment Manager will monitor the portfolio composition of the Sub-Fund and will sell, within three (3) months and in the best interest of the Unitholders, any security that has been downgraded from Investment Grade to Not Investment Grade, or that has become Not Rated, or that falls into the distressed bucket, and that results in an excess of the respective limit percentages (i.e. Maximum Percentage, Maximum Exposure).

The maximum exposure to (i) Coco Bonds can be of up to twenty per cent (20%) of the NAV of the Sub-Fund, and (ii) Distressed and Defaulted Debt securities may not exceed ten per cent (10%) of the NAV of the Sub-Fund.

The Sub-Fund may also invest up to ten per cent (10%) of its net assets in USD denominated bonds traded on the China Interbank Bond Market (“CIBM”) in the People’s Republic of China.

For temporary liquidity management, the Sub-Fund may invest up to twenty per cent (20%) of its total net assets in money market instruments with duration of less than twelve (12) months. Furthermore, the Sub-Fund may hold cash up to 20% of its total net assets, except under exceptionally unfavourable conditions and on a temporary basis.

The Sub-Fund will not invest in Asset Backed Securities (“ABS”) or Mortgage Based Securities (“MBS”) or other structured products involving special purpose vehicles with the aim of grouping together on their books any series of claims on different debtors.

The Sub-Fund may use financial techniques and instruments in order to promote an efficient portfolio management, in accordance with the restrictions set forth in the prospectus. The Sub-Fund does not use SFT and TRS. The prospectus will be updated, and the investors will be informed if the situation changes and SFT/TRS are used in the Sub-Fund.

Legal information

Depository bank Caceis Bank Luxembourg SA
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 67 5999
  • 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 LU3053688738

Charges

Entry charge None
Exit charge None
Maximum management fees 0.80% on an annual basis
Performance fee 20% on the yield in excess of the reference index
Minimum amount of the first subscription 2.500 euro
Minimum amount of subsequent subscriptions None

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 November, fixed income markets maintained a constructive tone, continuing the normalization trend that began in the autumn.

Monthly comment from the manager

Core rates exhibited more contained volatility compared with previous months, supported by signs of easing U.S. inflation pressures and by activity indicators pointing to a mild deceleration. Expectations for a Fed easing move in 2026 continued to consolidate, although several FOMC members reiterated the need for additional confirmation on inflation dynamics before making any meaningful changes to the current policy stance.

Emerging market spreads remained well anchored, supported by selective inflows into higher-carry segments. Within the fund, we maintained a significant overweight in Mexico, Brazil, Colombia, and Indonesia, and added an overweight position in Romania euro-denominated debt. Portfolio duration remains approximately six months shorter than the benchmark. The Saudi Arabia exposure included in the benchmark has been partially replaced with U.S. Treasuries.

Offer documents

Document Date of the document Download
KID 19/09/2025 PDF get_app
Management rules 05/02/2019 PDF get_app
Prospectus 15/04/2025 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

Notice

Document Date of the document Download
Notice of Merger HCED and INSIGHT 21/07/2025 PDF get_app
Fund manager
Carlo Bodo
Carlo Bodo
Responsabile Investimenti Obbligazionari
Marco Castelnuovo
Marco Castelnuovo
Team investimenti obbligazionari
Risk level
  • 1
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  • 7
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