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since 1936
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Objectives

The aim of the Sub-Fund is to increase its capital and generate income.

Overview

Investment policy

The Sub-Fund may invest in equities of companies of any sector, with high or medium-low capitalisation and, under certain conditions, also in money market instruments and bonds. In addition, the Sub-Fund will invest at least 70% of the portfolio in financial instruments (shares and/or bonds, it being understood that for the portion invested in bonds a 30% limit applies) issued by or made with companies resident in Italy or in the EU or in an EEA Member State and having a permanent establishment in Italy. At least 30% of these financial instruments will be issued by companies not listed in the FTSE MIB index or other equivalent indexes. 

Further investment limits are then:

  • a maximum of 10% of the portfolio in financial instruments issued by or entered into with the same company or companies belonging to the same group, nor in cash deposits, unless they are held at the Sub-Fund's custodian bank; 
  • the prohibition to invest in financial instruments issued by companies not resident in countries that allow an adequate exchange of information with Italy;
  • a maximum of 10% of net assets in Undertakings for Collective Investment in Transferable Securities (UCITS) or other Undertakings for Collective Investment (UCIs).

The Fund may use financial techniques and instruments to hedge the exposure of the portfolio. The value of the Fund is calculated and expressed in Euro. 

Note: The Fund qualifies as an "Individual Long-Term Savings Plan" (PIR) pursuant to Italian Budget Law no. 232 of 11 December 2016, subsequently amended by Law no. 157 of 19 December 2019 (pursuant to art. 13bis DL 26. 10. 2019 no. 124)

Overview

Trend

Fund Leadersel PMI Class ID
Benchmark -
Performance

Monthly comment from the manager

In May, the Italian equity market remained close to its highs, despite ongoing uncertainties related to the conflict in Iran and tensions in the Middle East.

Insights

Main information

Fund name Leadersel PMI Class ID
Category Italian equity fund
Legal structure Luxembourg umbrella mutual fund
Currency Euro

Objectives

The aim of the Sub-Fund is to increase its capital and generate income.

Investment policy

The Sub-Fund may invest in equities of companies of any sector, with high or medium-low capitalisation and, under certain conditions, also in money market instruments and bonds. In addition, the Sub-Fund will invest at least 70% of the portfolio in financial instruments (shares and/or bonds, it being understood that for the portion invested in bonds a 30% limit applies) issued by or made with companies resident in Italy or in the EU or in an EEA Member State and having a permanent establishment in Italy. At least 30% of these financial instruments will be issued by companies not listed in the FTSE MIB index or other equivalent indexes. 

Further investment limits are then:

  • a maximum of 10% of the portfolio in financial instruments issued by or entered into with the same company or companies belonging to the same group, nor in cash deposits, unless they are held at the Sub-Fund's custodian bank; 
  • the prohibition to invest in financial instruments issued by companies not resident in countries that allow an adequate exchange of information with Italy;
  • a maximum of 10% of net assets in Undertakings for Collective Investment in Transferable Securities (UCITS) or other Undertakings for Collective Investment (UCIs).

The Fund may use financial techniques and instruments to hedge the exposure of the portfolio. The value of the Fund is calculated and expressed in Euro. 

Note: The Fund qualifies as an "Individual Long-Term Savings Plan" (PIR) pursuant to Italian Budget Law no. 232 of 11 December 2016, subsequently amended by Law no. 157 of 19 December 2019 (pursuant to art. 13bis DL 26. 10. 2019 no. 124)

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 LU3100807646

Charges

Entry charge None
Exit charge None
Maximum management fees 1.10% on an annual basis
Performance fee None
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

In May, the Italian equity market remained close to its highs, despite ongoing uncertainties related to the conflict in Iran and tensions in the Middle East.

Monthly comment from the manager

The best-performing sectors were technology and financials, compared with oil and utilities. The reporting season was overall positive, particularly for semiconductor companies such as STM and Technoprobe. Among industrials, Prysmian stood out, continuing to benefit from the growth of the US market, as did Brembo, which reported solid results and announced its first contracts for Sensify, a new braking system technology. Interpump and Stellantis, on the other hand, continued to face challenges, although some early signs of recovery are emerging. Within the small-cap space, Reply also delivered encouraging results, posting solid revenue growth.

From a sector allocation perspective, we increased our exposure to banks, particularly Montepaschi, and reduced Tenaris within the oil segment. The mid and small-cap component accounts for around 60% of the portfolio, reflecting the high weight of cyclical stocks. Specifically, during the period we sold Ferretti and Ariston, and initiated positions in Sol and El En. We also participated in Dexelance’s capital increase. The overall equity exposure stands at approximately 102%. Among smaller companies, our most significant positions include Sol, Danieli (savings shares), Mondadori and Philogen.

Factsheet

Document Date of the document Download
Monthly report 12/06/2026 PDF get_app

Offer documents

Document Date of the document Download
KID 22/09/2025 PDF get_app
Management rules 05/02/2019 PDF get_app
Prospectus 06/05/2026 PDF get_app

Semi-annual reports

Document Date of the document Download
Semi annual report 30/06/2025 PDF get_app
Semi annual report CH 30/06/2024 PDF get_app

Annual reports

Document Date of the document Download
Annual report 31/12/2025 PDF get_app
Annual Report CH 31/12/2023 PDF get_app
Fund manager
Carlo De Vanna
Carlo De Vanna
Team Investimenti Equity Italia
Marco Nascimbene
Marco Nascimbene
Team Investimenti Equity Italia
Risk level
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Rating
Morningstar star star star star star
© Ersel Banca Privata - P.Iva 11894590154

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