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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 September was characterised by high volatility due to expected central bank decisions concerning interest rates as well as rising tensions in the Middle East between Israel and Iran.

Monthly comment from the manager

In this context, the best sectors were utilities and banking, where UniCredit's acquisition of a stake in Commerzbank gave new impetus to the assumption of sector consolidation, even beyond national borders. Against this backdrop, we took profits on the sector, after the excellent performance of Enel and regulated companies in particular, while we increased our weight in the banking sector, where we continue to prefer UniCredit, Intesa and Popolare Emilia.

On the other hand, the industrial sector remains weak, particularly automotive, where Stellantis has lowered its guidance for 2024 and 2025 and the price has reached its lowest level since the start of the year. The lack of visibility leads us to remain underweight while waiting to see signs of improvement in demand. Technology and semiconductors also did poorly, on which we continue to remain underweight, on STM and Technoprobe in particular. In oil, however, we increased our positions on Tenaris, which provided reassurance regarding industry outlooks with its business plan update.

The luxury sector recovered from low levels after LVMH acquired a stake in the controlling holding company of Moncler. The mid and small cap component has risen to 62%, favouring stocks with attractive valuations. Specifically, we increased Banco Desio, Danieli risp and Fila. The most significant positions among small caps are Sol, Danieli risp, Mondadori, D'Amico, Garofalo and Philogen. During the month we participated in the IVS takeover bid.

The portion of the portfolio invested in single stocks returned to 100% while, net of hedges, the amount invested is in the 23% area. Given market performance, the dynamic hedging model maintained a partial hedge throughout the month, with the domestic market staying within the band without being able to break away from it significantly.

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 30/06/2024 PDF get_app
Semi annual report CH 30/06/2024 PDF get_app

Annual reports

Document Date of the document Download
Annual report 31/12/2023 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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