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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

February was a very positive month for the Italian stock market, which closed at highs and was one of the best in Europe.

Monthly comment from the manager

Both the sound performance of the US market and the generally positive reporting season contributed to the gains. At sector level, banking and financial stocks in general, along with industrial stocks, were the strongest, while the weakest included defensive sectors such as utilities. In the banking sector, results and guidance were better than expected, with Unicredito and Montepaschi performing particularly well. We remain positive on the sector and long on possible targets such as Banco Popolare and Montepaschi. Among the other results announced to the market, Ferrari, Stellantis, Prysmian, Poste, Tenaris and Saipem were better than expected, whereas Eni was worse than expected.

The strong performance by Safilo stands out among small caps. From the standpoint of sector choices, in addition to being long on banking, we are short on utilities, particularly on regulated utilities, while among oil stocks we are long on Tenaris versus Eni. After the sharp gains, we sold Ferrari. The most significant positions among small caps are Sol, Saes Getters, Danieli savings shares, Mondadori, D'Amico, Garofalo and Philogen. During the month, we saw numerous extraordinary transactions, such as the takeover bids for Tod's, Unipol and Saras, as well as transactions involving Sogefi, which sold its filter division, and Italmobiliare, which sold its stake in AGN Energia.

In both cases, the sales took place at very high valuations. We are keeping the mid and small cap component high at 62%, favouring stocks with attractive valuations. Given this very positive context, the dynamic hedging strategy did not provide signs of coverage and maintained maximum market exposure. As a result, the overall share comes to approximately 102%.

Factsheet

Document Date of the document Download
Monthly report 15/03/2024 PDF get_app

Offer documents

Document Date of the document Download
KID 01/03/2024 PDF get_app
KID SWI 13/01/2023 PDF get_app
Management rules 05/02/2019 PDF get_app
Prospectus 28/02/2024 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 31/12/2022 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
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  • 5
  • 6
  • 7
Rating
Morningstar star star star star star

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