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Main information

Fund name Leadersel PMI HD Class A
Category Flexible 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 LU1132339315

Charges

Entry charge None
Exit charge None
Maximum management fees Max 0.9% on an annual basis
Performance fee 15% of the positive difference between the net return of the Fund and 2% with a maximum of 1.5% of the average net asset value during the period.
Minimum amount of the first subscription 2.000.000 euro
Minimum amount of subsequent subscriptions 2.000.000 euro

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

1 year 3 years 5 years 10 years
Fund - - - -
Benchmark - - - -
1 year 3 years 5 years 10 years
Fund - - - -
Benchmark - - - -
1 year 3 years 5 years 10 years
Fund - - - -
Benchmark - - - -

Annual chart

In December, the Italian equity market returned to its yearly highs, buoyed by the rebound in U.S. markets and driven by financials and cyclicals.

Monthly comment from the manager

Negotiations over Ukraine are still ongoing, with no agreement reached so far, leaving markets and defense stocks in particular subject to uncertainty and volatility. The best-performing sectors were banking and insurance, while utilities came under pressure. A key event during the month was the Supreme Court ruling that granted Telecom a refund of approximately €1 billion in undue fees to the state, as well as the long-awaited conversion of savings shares, where we remain long in ordinary shares.

At the sector level, we trimmed utilities, particularly municipals, while among banks we increased exposure to Intesa and Popolare Emilia at the expense of Unicredito. In industrials, we added to Interpump, Stellantis, and Leonardo. We continue to maintain a significant allocation to mid and small caps, around 63%, where valuations remain highly attractive and the underperformance versus large caps is excessive.

On individual names, we purchased Moltiply, Mondadori, Intercos, Cairo, Ariston, and El EN, while selling Fincantieri. The most significant positions among small caps include De Longhi, Danieli risp, Mondadori, and Philogen. Overall equity exposure stands at around 100%, with our dynamic hedging strategy providing no signals given the strength of the market trend.

Factsheet

Document Date of the document Download
Monthly report 19/12/2025 PDF get_app

Offer documents

Document Date of the document Download
KID 03/03/2025 PDF get_app
Management rules 05/02/2019 PDF get_app
Prospectus 15/12/2025 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 31/12/2024 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
Eugenio Raiteri
Team Investimenti Multi Asset
Risk level
  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
Rating
Morningstar star star star star star

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