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Main information

Fund name Leadersel PMI HD Class P
Category Equity
Legal structure Mutual Fund under Luxembourg Law with multiple Sub-funds
Currency Euro

Objectives

The investment objective of the Fund is to increase the invested capital and generate income.

Investment policy

The Sub-Fund is actively managed and may hedge market risk on the basis of quantitative signals generated by market indicators. Quantitative signals are designed to infer from market behaviour the level of market risk hedging needed in the Sub-Fund (absent, partial or total). Hedging will be implemented by means of eligible index futures. It may invest in shares of companies in any industry, whether high or medium-to-low cap. The Sub-Fund may invest, on a residual basis, in money market instruments with duration of less than twelve (12) months and bonds with a maximum of thirty per cent (30%) of the assets of the Sub-Fund.

The Sub-Fund shall invest at least seventy per cent (70%) of the portfolio in financial instruments (equities and/or bonds, it being understood that for the portion invested in bonds the above mentioned limit of thirty per cent (30%) shall apply) issued by, or entered into with companies which are resident in Italy, or in EU or EEA Member State and have a permanent establishment in Italy. At least thirty per cent (30%) of these financial instruments, shall be issued by companies which are not listed in the FTSE MIB index or in any other equivalent indices.

The Sub-Fund cannot invest more than ten per cent (10%) of the portfolio in financial instruments issued by, or entered into with the same company, or companies belonging to the same group, or in cash unless held with the custodian bank of the Sub-Fund. The Sub-Fund cannot invest in financial instruments issued by companies which are not resident in countries that allow an adequate exchange of information with Italy. The Sub-Fund will not invest in ABS/MBS, Coco Bonds, High Yield, Distressed and Defaulted Debt Securities. The Sub-Fund may invest up to ten per cent (10%) of its net assets in UCITS or other UCI as referred to in art. 41, section 1, of the Law of 2010. The Sub-Fund financial techniques and instruments in order to hedge the portfolio exposure, in accordance with the restrictions set forth in the “Financial techniques and instruments” chapter of the prospectus. The Sub-Fund will use SFT as set forth in the section ""Use of SFT"" below.

The Sub-Fund is managed in an active way with possible significant deviations from the composition of the usual benchmarks used for the Italian stock market and may therefore invest in instruments of issuers not listed.

 

Note: The sub-fund qualified as “Piani Individuali di Risparmio a lungo termine” (“PIR”) compliant under Italian Law No 232 of 11 December 2016 as amended by Italian Law n. 157 of 19 December 2019 (based on art. 13bis DL 26/10/2019 n. 124).

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 LU3261074416
Bloomberg LEPMIHP LX

Charges

Entry charge None
Exit charge None
Maximum management fees 0.70%
Performance fee 15% on the outperformance recorded by the fund compared to the hurdle rate of 2%
Minimum amount of the first subscription 10.000.000 Eur
Minimum amount of subsequent subscriptions 2.000.000 Eur

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.

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.

Offer documents

Document Date of the document Download
Management rules 25/01/2013 PDF get_app
Prospectus 01/10/2026 PDF get_app
KID 02/03/2026 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
Fund manager
Marco Nascimbene
Marco Nascimbene
Team Investimenti Equity Italia
Carlo De Vanna
Carlo De Vanna
Team Investimenti Equity Italia
Risk level
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