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Main information

Fund name Globersel Global Equity Class A - Walter Scott
Benchmark 95% Morgan Stanley World Developped Market Index USD convertito in euro; 5% Merrill Lynch Euro Government Bill Index
Category International equity fund
Legal structure Luxembourg umbrella mutual fund
Currency Euro

Investment policy

The Fund seeks to maximise capital growth. In order to achieve the above said aims, the Fund invests mainly in shares and similar securities and also in convertible bonds or other types of bonds. The Fund may invest, on a residual basis, in money market instruments with duration of less than 12 months and hold liquid assets, including bank deposits. The Fund may invest up to 10% in Undertakings for Collective Investments in Transferable Securities (UCITS) or Undertakings for Collective Investments (UCI). The Fund's investment decisions are made on a discretionary basis. The Fund hedges the market currency exposure. In order to achieve the above aims, the Fund can use derivatives not only for hedging purposes. Any income received by the Fund is reinvested.The investor can buy or sell shares of the Fund on a daily (full bank business days) basis.

ESG, environment, society, governance

The investment process integrates environmental, social and governance factors. The fund monitors the ESG (Environmental, Social and Governance) profile of the investments and can take a position on issues that could have a negative impact on the matter.

 

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:00.352.47.67.59.99
  • Faxnumber:00.352.47.67.70.37
  • Business hours: 9 a.m. to 6 p.m. CET
  • Languages: English, 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 LU0012092564
Bloomberg GLBREQU LX

Charges

Entry charge None
Exit charge None
Maximum management fees Max 1.75% on an annual basis
Performance fee Calculated quarterly on 18% of the positive difference between the net return of the Fund and its reference index: 5% Merrill Lynch Euro Government Bill Index and 95% MSCI World 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

Summary table

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Annual chart

November marked a reversal from the positive trend that had characterized previous months, with global equity indices posting overall negative or flat monthly returns.

Manager's comment of the month

The regional picture proved heterogeneous: in euro terms, Europe showed greater resilience, with the STOXX Europe 600 up 0.8% and the UK's FTSE 100 unchanged (0.0%), while US markets closed only marginally positive for the S&P 500 (+0.1%) and weaker for the Nasdaq Composite (-1.5%). Emerging markets proved decidedly weaker, with the MSCI EM down -2.5%, while China showed a less punishing but still negative performance (Hang Seng -0.2%).

Bucking the trend was Japan, where the Topix posted a solid +1.4%, also supported by the persistent weakness of the yen. From a factor perspective, useful for understanding the underlying dynamics, during the period of greatest weakness, the quality factor outperformed, confirming its defensive role during moments of risk aversion. By contrast, the momentum factor showed fragility (MSCI World Momentum -0.3%), only regaining strength toward month-end, contributing to the broad-based market recovery.

In terms of styles, the rotation was also evident in the superior resilience of MSCI World Value (+1.9%) compared to MSCI World Growth (-1.3%), while global small caps (+1.6%) surprised on the upside after weaker months. On the fixed income front, November saw divergent movements. In the United States, yields declined, fueling a Treasury rally. In Europe, by contrast, the opposite movement was observed, with German 10-year yields rising, reflecting the path already embarked upon by the ECB. 10-year TIPS closed essentially unchanged.

In currency markets, the euro strengthened slightly against the dollar (EUR/USD +0.5%), while the yen continued to weaken (USD/JPY +1.4%), confirming the persistent monetary policy differential between the Fed and BoJ. The renminbi gained ground, with USD/CNY down -0.6%. In commodities, the picture was weaker: WTI crude fell -4.0%, weighed down by both downward revisions to demand expectations and the progressive rebalancing of supply.

Gold, by contrast, posted a strong rally (+5.9%), supported by falling real yields in the United States and renewed demand for safe-haven assets. The fund posted a negative absolute return, slightly below its benchmark for the period. Sector allocation provided a positive contribution but was insufficient to offset negative stock selection, driven by Copart, Linde, and West Pharma. No significant portfolio movements.

Factsheet

Document Date of the document Download
Monthly report 21/11/2025 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 01/08/2025 PDF get_app
Prospectus UK 24/10/2019 PDF get_app

Semi-annual reports

Document Date of the document Download
Semi annual report 30/06/2025 PDF get_app

Annual reports

Document Date of the document Download
Annual report 31/12/2024 PDF get_app
Annual Report CH 31/12/2021 PDF get_app

Notice

Document Date of the document Download
NOTICE Leadersel Innotech into Globersel Global Equity Walter Scott 21/07/2025 PDF get_app
Fund manager
Walter Scott & Partners Ltd
Gestore in delega
Risk level
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Rating
Morningstar star star star star star
CFS Rating star star star star star

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