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

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Benchmark - - - -
1 year 3 years 5 years 10 years
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1 year 3 years 5 years 10 years
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Annual chart

April saw a correction in the Italian stock market, which, thanks to significant gains since the beginning of the year, nevertheless remains one of the strongest in Europe.

Monthly comment from the manager

The index's performance was affected by geopolitical tensions, uncertainties regarding the timing of central banks' rate cuts, and finally, a less-than-brilliant start to the reporting season. At sector level, banking and financial stocks in general were still the strongest, while the weakest included industrials and oil. Among the mass of results, we highlight Tenaris and Eni with data substantially in line with expectations and cautious guidance. As for Stellantis, both the results and guidance for the year fell short of expectations, causing a sharp correction.

We remain short on the stock, waiting to close the position if the correction becomes excessive. Finally, STM also cut its expectations for the year, delivering the worst data within the reference context. From the point of view of sectoral choices, we are still long on banking, as we await reporting, whereas we reduced industrials and oil and bought back utilities. We are keeping the mid and small cap component high, up to 62%, favouring stocks with attractive valuations.

The overall share came to 102%. The most significant positions among small caps are Sol, Saes Getters, Danieli savings shares, Mondadori, D'Amico, Garofalo and Philogen. Over the month we saw numerous takeover bids on mid and small caps: Saes Getters, Salcef and Ivs. These offers highlight the considerable liquidity in the market and the still attractive valuations of this segment. 


Document Date of the document Download
Monthly report 13/06/2024 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 30/06/2023 PDF get_app
Semi annual report CH 30/06/2023 PDF get_app

Annual reports

Document Date of the document Download
Annual report 31/12/2023 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
Morningstar star star star star star


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