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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
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1 year 3 years 5 years 10 years
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Annual chart

During September, the Italian equity market, despite an environment of increasing nervousness, continued to trade sideways.

Monthly comment from the manager

Driven primarily by concerns over rising inflation, and later in the month by worries surrounding the complex political situation in France and the approaching elections, spreads on both French and Italian government bonds widened. Against this backdrop, we reduced our exposure to financial stocks, particularly banks, which had reached their highest levels since the beginning of the year. Among individual names, we prefer Monte dei Paschi di Siena to Intesa Sanpaolo. We also trimmed our utilities positions, as interest rates continue to rise, while we repurchased Eni, with oil and gas prices remaining near their highs ahead of what we expect to be a solid reporting season.

Among the best-performing stocks, we highlight those linked to artificial intelligence (AI), which continue to outperform the broader market. Performance among mid- and small-cap stocks was also generally positive. With regard to other sectors, we remain underweight in luxury goods, while we repurchased Campari, which we believe had been excessively penalized by the market. At the sector level, we maintained an underweight position in utilities and energy stocks, while favoring financials.

The invested portion of the portfolio was reduced to around 90%, with mid- and small-cap holdings accounting for approximately 57%. In particular, we purchased SOL and Newlat, while selling Iren and Acea. Our most significant small-cap positions include SOL, Danieli Savings Shares, Mondadori, and Philogen. During the month, we tendered our Telecom Italia shares into the takeover offer launched by Poste Italiane.

Factsheet

Document Date of the document Download
Monthly report 16/10/2026 PDF get_app

Offer documents

Document Date of the document Download
KID 02/03/2026 PDF get_app
Management rules 25/01/2013 PDF get_app
Prospectus 01/10/2026 PDF get_app

Semi-annual reports

Document Date of the document Download
Semi annual report 30/06/2026 PDF get_app

Annual reports

Document Date of the document Download
Annual report 31/12/2025 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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