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:
  • 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

Fund ticker

ISIN code LU1132340321
Bloomberg GPMIHDB:LX


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


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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Annual chart

In November, equity markets rallied sharply to their highest levels since the beginning of the year, with the Italian market standing out as the best performer in 2023.

Monthly comment from the manager

This rally was driven by the expectation that the phase of high inflation is coming to an end and that central banks will soon start lowering interest rates. Some of the cuts have already been priced in by the market and, along with more better-than-expected quarterly reports, we saw a number of technical breaks on stocks with an important role in indices.

In particular, banking reported strong results, which continued to be driven by net interest income, as did Stellantis, among industrials, maintaining its high margins. In general, results and analysts' estimates point to a slowdown in the economy, but not to a recession, and paint a favourable picture for equities against a backdrop of falling interest rates. At sector level, we took profits on banks, where we are long on Montepaschi, which has become more attractive after the reduction of the government's stake, and on oil companies, where we prefer Saras and D'Amico to Eni.

We remain short on insurers, which do not seem particularly attractive to us, and on luxury stocks, which seem to be the only sector that is still rapidly slowing due to expectations regarding China's cycle. Finally, we bought back asset management stocks in anticipation of a 2024 that we think will see a recovery in inflows. On the long portfolio, we therefore ended the month with an investment weighting of around 101%, with 57% invested in small and mid caps, up from the previous month; in fact, we remain convinced that after the strong underperformance in 2023 and in light of current valuations, many companies are starting to become attractive.

Among the small caps, we bought Brembo, Marr, Fila, Cir and Philogen and we took profits on De Longhi and San Lorenzo. At the end of the month, the main positions were in Saes Getters, Mondadori, Sol, Philogen and Fila. Finally, we participated in Carell's capital increase. In terms of the fund's overall exposure, although the technical signs call for a short position to be taken, the speed of the ascent and the coincidence with the end of the year lead us to take a less aggressive stance. However, exposure still increased compared to last month, to about 68%.

Offer documents

Document Date of the document Download
KID 01/03/2023 PDF get_app
KID SWI 13/01/2023 PDF get_app
Management rules 05/02/2019 PDF get_app
Prospectus 16/08/2023 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
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
Morningstar star star star star star
CFS Rating star star star star star


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