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Main information

Fund name Leadersel Total Return Class A
Category Flexible fund
Legal structure Luxembourg umbrella mutual fund
Currency Euro

Objectives

The Fund is actively managed and aims to achieve capital growth and generate income. The Fund does not refer to a Benchmark. 

Investment policy

To achieve these objectives, the Fund invests primarily in a diversified portfolio of international bonds and
equities and money market instruments including through Undertakings for Collective Investment in Transferable Securities (UCITS) and/or other Undertakings for Collective Investment (UCIs). The Fund may invest up to 40% of its net assets in equities and other similar financial instruments and may use derivatives for hedging purposes. The Fund's investment decisions are made on a discretionary basis. The value of the Fund is calculated and expressed in Euros.

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 6759 99 
  • Fax number: 00 352 47 67 70 37 
  • Business hours: 9 a.m. to 6 p.m. CET 
  • Languages: English, 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 LU0364762657

Charges

Entry charge None
Exit charge None
Maximum management fees 1.5% on an annual basis
Performance fee None
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.

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 - - - -

In April, markets displayed an unexpected degree of resilience in the face of the geopolitical backdrop.

Manager's comment of the month

Despite the ongoing disruption to shipping through the Strait of Hormuz and crude oil prices remaining above USD 110 per barrel, hopes of a potential peace agreement between the United States and Iran, together with an exceptionally strong US corporate earnings season, fuelled investors’ risk appetite. This constructive sentiment pushed equity indices to new record highs, supported by a sharp acceleration in stocks linked to artificial intelligence.

US indices thus reached fresh all-time highs, with a marked outperformance of the technology sector: semiconductor stocks posted exceptional gains, while emerging markets stood out with double digit returns, led by Taiwan and South Korea, both pivotal to the global AI supply chain. Gains across European equity markets were more contained, reflecting their lower exposure to the technology theme. Bond markets delivered more nuanced results, with government bonds weighed down by concerns over inflation and fiscal sustainability, partially offset by a pronounced tightening of credit spreads. In currency markets, the US dollar resumed its depreciation, while gold continued its retracement phase, although it managed to limit losses compared with the sharp correction seen in March.

Against this backdrop, the Fund closed the month in markedly positive territory. Performance was driven primarily by equity exposure, which increased once again following the decision by the flexible managers in the portfolio to re engage with markets, as well as by the limited exposure to the US dollar. Overall, the portfolio maintains an equity exposure close to 30%, with a preference for the Italian market and European flexible strategies. In the United States, allocations favour the technology and financial sectors, while exposure to emerging markets remains neutral.

Duration has likewise been kept at neutral levels, reflecting the expectation that investors’ focus will gradually shift from inflation dynamics towards economic growth. A cautious stance on credit remains in place, penalised by excessively compressed valuations and an unattractive convexity profile within a still uncertain macroeconomic environment. Finally, we confirm a limited exposure to the US dollar, while maintaining a favourable bias towards alternative strategies, particularly Event Driven approaches.

Factsheet

Document Date of the document Download
Monthly report 15/04/2026 PDF get_app

Offer documents

Document Date of the document Download
KID 15/04/2025 PDF get_app
Management rules 05/02/2019 PDF get_app
Prospectus 06/05/2026 PDF get_app

Semi-annual reports

Document Date of the document Download
Semi annual report 30/06/2025 PDF get_app
Semi annual report CH 30/06/2024 PDF get_app

Annual reports

Document Date of the document Download
Annual report 31/12/2025 PDF get_app
Annual Report CH 31/12/2023 PDF get_app

Notice

Document Date of the document Download
Merger Leadersel Total Return with Leadersel Active Strategies 17/04/2023 PDF get_app
Fund manager
Giorgio Bensa
Direttore Investimenti Ersel AM
Eugenio Raiteri
Team Investimenti Multi Asset
Corrado Ciavattini
Responsabile Area Multimanager
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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