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Main information

Fund name Leadersel PMI HD Class B
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 Ernst & Young S.A.
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 67 5999
  • 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 LU1132340321
Bloomberg GPMIHDB:LX

Charges

Entry charge None
Exit charge None
Maximum management fees Max 1.75% 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 2.500 euro
Minimum amount of subsequent subscriptions 250 euro

Performance

Period NAV Fund Benchmark
2025.07.18182,910--
2025.07.17182,7400,09%-
1 month179,9401,65%-
3 months166,14010,09%-
YTD168,7908,36%-
1 year172,0806,29%-
3 years*134,09010,90%-
5 years*117,3509,27%-
Since inception (Sep 30 2016)100,0007,10%-
* Average annual compound yield
NOTE: Before subscribing, read the informative prospectus. There is no guarantee of obtaining the same return afterwards.

Graphic trend

Created with Highstock 6.1.1Jan '17Jul '17Jan '18Jul '18Jan '19Jul '19Jan '20Jul '20Jan '21Jul '21Jan '22Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '252017201820192020202120222023202420250%+100%-25%+25%+50%+75%3m6m1y2y3yAllFrom26/09/2016To18/07/2025FondoBenchmark
Created with Highstock 6.1.1Jan '17Jul '17Jan '18Jul '18Jan '19Jul '19Jan '20Jul '20Jan '21Jul '21Jan '22Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25201720182019202020212022202320242025100200751251501753m6m1y2y3yAllFrom26/09/2016To18/07/2025NAV

Summary table

1 year3 years5 years10 years
Fund6,29%36,40%55,86%-
Benchmark----
1 year3 years5 years10 years
Fund6,29%10,90%9,27%-
Benchmark----
2022202320242025
Fund-12,38%14,16%11,87%8,36%
Benchmark----

Annual chart

Created with Highstock 6.1.1FondoBenchmark201720182019202020212022202320242025-20%-10%0%+10%+20%+30%

In June, the market pulled back from its highs amid international tensions and uncertainties surrounding tariffs, before recovering in the second half of the month in anticipation of an overall improvement in conditions.

Monthly comment from the manager

Nonetheless, doubts remain regarding future geopolitical developments and the outlook for the economy. In this context, the best-performing sectors were industrials and utilities, compared to financials and the automotive sector. We reduced our exposure to banks and utilities, given their now full valuations, and repurchased certain industrial stocks. Among oil-related stocks, we prefer Tenaris over Eni. With regard to M&A activity in the banking sector, there was a new bid from Banca Ifis for Illimity and another from Banca Popolare dell’Emilia for Banca Popolare di Sondrio, while we are still awaiting further developments regarding the potential deals for Banco Popolare and Mediobanca.

We also increased our allocation to mid- and small-cap stocks, which now represent 65% of the portfolio, as we consider current valuations attractive and the underperformance versus large caps to be excessive. Specifically, we purchased Banca Farmafactoring, Moltiply, Danieli savings shares, Revo, Cairo, and Geox. Our most significant positions among smaller stocks include again Sol, Danieli risp, Mondadori and Philogen. There were secondary offerings in Lottomatica and Moltiply, in which we did not participate, while we tendered our shares in Banca Popolare di Sondrio into the offer from Banca Popolare dell’Emilia.

We are maintaining the single-stock portfolio allocation at around 100%. However, net exposure was reduced to 75% in the second half of the month, representing a decrease of roughly 5 percentage points. Following May’s rebound, and in a broadly sideways market context, the management team opted for a more cautious risk profile. This decision was driven by the ongoing uncertainties surrounding the evolution of US trade policies.

Offer documents

Document Date of the document Download
KID 03/03/2025 PDF get_app
Management rules 05/02/2019 PDF get_app
Prospectus 15/04/2025 PDF get_app

Semi-annual reports

Document Date of the document Download
Semi annual report 30/06/2024 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
Marco Nascimbene
Team Investimenti Equity Italia
Carlo De Vanna
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
CFS Rating star star star star star

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