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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

During August, the Italian equity market continued to trade within a broadly range-bound pattern, influenced not only by developments in the conflict between Iran and the United States, but also by inflation data, which will be pivotal in shaping central banks’ forthcoming policy decisions.

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

During August, the Italian equity market continued to trade within a broadly range-bound pattern, influenced not only by developments in the conflict between Iran and the United States, but also by inflation data, which will be pivotal in shaping central banks’ forthcoming policy decisions.

Monthly comment from the manager

The reporting season also drew to a close, delivering overall encouraging results, particularly within the banking and insurance sectors. The weakest area remained the automotive industry, where Stellantis continues to face pressure from the growing competitiveness of Chinese manufacturers. AI-related stocks experienced a marked increase in volatility, reflecting fluctuations across the broader technology sector.

Against this backdrop, utilities corrected, weighed down by higher interest rates, while oil stocks also underperformed. By contrast, financials and banks outperformed, with the ongoing consolidation process continuing to dominate the sector narrative. Across the mid- and small-cap universe, corporate results were generally positive as well. From a sector allocation perspective, we maintained our underweight positions in utilities and oil-related stocks, while continuing to favour financials.

Among our preferred holdings are Montepaschi and Unipol. During the month, we added to Sol and Fiera Milano, while exiting our positions in Iren, Acea and Ariston. Our most significant holdings within the small-cap segment remain Sol, Danieli risp, Mondadori and Philogen. 

Factsheet

Document Date of the document Download
Monthly report 12/08/2026 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 06/05/2026 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
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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