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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
- - - -
* 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

The month of June saw a quick correction in the European and Italian stock markets after the European Parliament election and France's decision to call a snap parliamentary election.

Monthly comment from the manager

What frightened investors was the advance of far right parties and the fear that a far right majority could take power in France or that it would be impossible to form a government. Industrials and financials corrected the most, with the spread against of the Bund of the BTP and OAT widening. On the other hand, oil stocks did better as a result of the strength of oil.

Uncertainties also remain in relation to geopolitical tensions in both Ukraine and the Middle East, which are still far from being resolved. With regard to interest rate cuts, central banks are waiting for upcoming inflation data to decide on their timing. At sector level, we have a more defensive stance following the reduction of industrials, particularly Stellantis, and oil, while in banking we have returned to neutrality.

We are keeping the mid and small cap component high, at 60%, favouring stocks with attractive valuations. Specifically, we increased Ferretti, De Longhi and Moltiply. The most significant positions among small caps are Sol, D'Amico, Danieli risp, Mondadori, Garofalo and Philogen. During the month we had the secondary offering on Saipem in which we participated, and the IPO of Sys, an information technology company, which we subscribed. Lastly, we participated in the Saes Getters takeover bid.

The portion of the portfolio invested in single stocks was reduced to 98% while, net of hedges, the amount invested is in the 75% area. The dynamic hedging model suggested a partial hedge on the announcement of the French parliamentary elections, and subsequently the domestic market straddled the band without being able to distance itself significantly from it.

Offer documents

Document Date of the document Download
KID 01/03/2024 PDF get_app
Management rules 05/02/2019 PDF get_app
Prospectus 17/06/2024 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 31/12/2023 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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