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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 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 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

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Benchmark - - - -
1 year 3 years 5 years 10 years
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1 year 3 years 5 years 10 years
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Annual chart

In September, the Italian equity market continued to trade within a relatively narrow range despite an increasingly nervous backdrop.

Monthly comment from the manager

Sentiment was driven primarily by concerns over rising inflation and, towards month-end, by growing uncertainty surrounding the complex political situation in France ahead of the upcoming elections. This led to a widening of both French and Italian government bond spreads. Against this backdrop, we reduced our exposure to financials, and banks in particular, following their strong performance and as valuations approached year-to-date highs. At the individual stock level, we continue to favour Montepaschi over Intesa.

We also trimmed our utilities exposure as interest rates continued to move higher, while rebuilding our position in Eni, supported by oil and gas prices remaining near their highs and ahead of what we expect to be a solid reporting season. Among the strongest performers, AI-related names continued to outperform the broader market. Results across the mid and small-cap universe were also generally positive. Within other sectors, we remain underweight luxury goods, while we added back to Campari, which we believe had been excessively penalised by the market.

From a sector allocation perspective, we maintained an underweight position in utilities and energy, while retaining a preference for financials. Specifically, we added to Sol and Newlat, and reduced our holdings in Iren and Acea. Our most significant positions within the small-cap segment remain Sol, Danieli risp, Mondadori and Philogen.

During the month, we tendered our Telecom shares into the Poste Italiane takeover offer. Overall portfolio investment levels were reduced to approximately 90%, with mid and small-cap exposure accounting for around 57% of assets. With regard to the active dynamic hedging strategy, the model did not generate any signals during the month, although market conditions progressively moved closer to the predefined thresholds required to trigger hedge implementation.

Factsheet

Document Date of the document Download
Monthly report 16/10/2026 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 01/10/2026 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

Notice

Document Date of the document Download
Notice of merger of Globersel Alkimis Equity Alpha into Leadersel PMI HD 06/10/2025 PDF get_app
Fund manager
Marco Nascimbene
Team Investimenti Equity Italia
Carlo De Vanna
Team Investimenti Equity Italia
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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