Main information

Fund name Leadersel PMI Class A
Benchmark 50% FTSE MIB TR NET and 50% FTSE Italia Mid Cap TR NET
Category Italian equity fund
Legal structure Luxembourg umbrella mutual fund
Currency Euro

Investment policy

The Fund aims to increase the value of its portfolio through the investment in equities denominated in Euro, issued by low, medium and high cap Italian issuers. It may use financial derivative instruments to promote a more efficient portfolio management. The Fund is not intended to reproduce the composition of the benchmark and can deviate significantly from the benchmark. Income generated by the Fund is reinvested and included in the value of shares. The Fund's value is calculated and expressed in Euros. Investors can buy or sell shares of the Fund on a daily basis.

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:  
  • 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

Fund ticker

ISIN code LU1011691893


Entry charge None
Exit charge None
Maximum management fees 0.9% on an annual basis
Performance fee 20% of the positive difference between the net return of the Fund and an index consisting of 50% FTSE MIB TR NET and 50% FTSE Italia Mid Cap TR NET with a maximum of 2% of the average net asset value during the period.
Minimum amount of the first subscription 2.000.000 euro
Minimum amount of subsequent subscriptions -


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

1 year 3 years 5 years 10 years
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Benchmark - - - -
1 year 3 years 5 years 10 years
Fund - - - -
Benchmark - - - -
1 year 3 years 5 years 10 years
Fund - - - -
Benchmark - - - -

Annual chart

In October, stock markets continued to be characterised by considerable volatility, in addition to fears of inflation and rising interest rates, as well as concerns about the crisis in Israel and the start of the reporting season, which so far has not been particularly stellar.

Monthly comment from the manager

At the sector level, oil companies and banks continued to perform well, while industrials and defensives underperformed, as did Telecom Italia, penalised by the further postponement of the sale of the network. Among the stocks that have reported so far, we underline the excellent results of Eni, on which we remain long as on the whole sector, where we are also invested in Saras and D'amico. However, were the figures for Campari and Moncler were worse than expected, while also presenting cautious guidance. On the other hand, STM reported data in line with expectations, although there are still many uncertainties about the coming year.

Lastly, attention should be drawn to stocks such as Amplifon, Stellantis and Piaggio, which presented unexciting data, but were steeply discounted by their share performance trend. Finally, Cucinelli performed well, continuing to grow at a very high rate. Among small caps, we bought De Longhi, Ferretti, Fila and Piaggio and sold Elica and Brembo. At the end of the month, the main positions were in Saes Getters, Mondadori, Sol, Philogen and Fila. We therefore end the period with an investment weighting of around 99%, with 53% invested in small and mid caps, up from the previous month; in fact, we believe that after the strong underperformance this year and given the valuations achieved, many stocks are starting to become attractive.

Offer documents

Document Date of the document Download
KID 01/03/2023 PDF get_app
KID SWI 13/01/2023 PDF get_app
Management rules 05/02/2019 PDF get_app
Prospectus 16/08/2023 PDF get_app

Semi-annual reports

Document Date of the document Download
Semi annual report 30/06/2023 PDF get_app
Semi annual report CH 30/06/2023 PDF get_app

Annual reports

Document Date of the document Download
Annual report 31/12/2022 PDF get_app
Annual Report CH 31/12/2022 PDF get_app
Fund manager
Carlo De Vanna
Team Investimenti Equity Italia
Marco Nascimbene
Team Investimenti Equity Italia
Risk level
  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
Morningstar star star star star star


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