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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: 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 LU1011691893

Charges

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 -

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

Annual chart

The month of August was characterised by a sharp fall in the markets triggered by fears of a more accentuated economic slowdown than expected.

Monthly comment from the manager

In addition, investors are of the opinion that central banks have moved late in cutting rates. In the second half of the month, equity markets recovered their losses and returned towards their highs, thanks to more encouraging economic data especially in the US. However, many uncertainties remain with regard to the second half of the year.

The reporting season was also not particularly positive, especially for cyclical and industrial stocks, which presented lower-than-expected data and lowered their guidance for the second half of the year, thus showing very limited visibility. On the other hand, banking data were still positive and utilities data improved, helped by downward interest rate trends. Finally, there continue to be uncertainties surrounding the war in Ukraine and tensions in the Middle East. Industrials and technology stocks corrected the most, while banking and defensive stocks did better.

Taking all of these elements into consideration, we are maintaining a defensive position at sector level. We remain underweight on industrials, particularly Stellantis and STM, and on oil, while we have increased our position on insurance. We are keeping the mid and small cap component high at 58%, favouring stocks with attractive valuations.

In particular, we increased De Longhi, Daniela risp and Fila. The portion of the portfolio invested in single stocks was reduced to 96%. The most significant positions among small caps are Sol, D'Amico, Danieli risp, Mondadori, Garofalo and Philogen. During the month we participated in the Saras takeover bid. 

Factsheet

Document Date of the document Download
Monthly report 22/10/2024 PDF get_app

Offer documents

Document Date of the document Download
KID 01/03/2024 PDF get_app
Management rules 05/02/2019 PDF get_app
Prospectus 17/06/2024 PDF get_app

Semi-annual reports

Document Date of the document Download
Semi annual report 30/06/2024 PDF get_app
Semi annual report CH 30/06/2024 PDF get_app

Annual reports

Document Date of the document Download
Annual report 31/12/2023 PDF get_app
Annual Report CH 31/12/2023 PDF get_app
Fund manager
Carlo De Vanna
Team Investimenti Equity Italia
Marco Nascimbene
Team Investimenti Equity Italia
Risk level
  • 1
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  • 6
  • 7
Rating
Morningstar star star star star star

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