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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 February, financial markets displayed notable resilience despite the prevailing uncertainty linked to the US Supreme Court’s rulings on tariffs and the ongoing geopolitical tensions in the Middle East.

Manager's comment of the month

A recovering global manufacturing cycle and inflation drifting closer to central bank targets provided a constructive backdrop. Global equities consequently ended the month up by roughly 1% in local currency terms, albeit with pronounced sectoral and geographical dispersion. The S&P 500 slipped by 0.8%, weighed down by profit taking across the technology complex; the “Magnificent 7” fell by almost 7%, still held back by lingering doubts surrounding the prospective returns on AI related investment.

Europe and Emerging Markets, by contrast, posted broadly robust gains. From a sector standpoint, those segments benefiting from AI driven capital expenditure, semiconductors, infrastructure, and commodities outperformed meaningfully, whereas industries more exposed to technological disruption, such as software, registered substantial declines. Within fixed income, heightened geopolitical risks and concerns regarding the potential implications of AI for employment dynamics helped push yields lower, lifting the global government bond index by 2% in euro terms.

In commodities, ongoing uncertainty continued to underpin gold, while oil prices moved higher amid the deterioration of the Middle East crisis. The US dollar appreciated modestly over the month. Against this backdrop, the Fund closed the period with a positive return. Overall, the portfolio retains a measured pro risk stance. Equity exposure remains oriented towards Europe, particularly through flexible strategies and the Italian market and towards the United States, with a focus on the technology and financial sectors.

Positioning in emerging markets remains broadly unchanged; however, part of the passive allocation has been replaced with an active manager in order to capture potential alpha opportunities within this universe. In fixed income, we used the recent decline in yields to further shorten duration, most notably along the US curve, while maintaining a prudent approach to credit in light of elevated valuations.

Positions in gold and copper (via copper miners) have been maintained and actively traded to take advantage of elevated volatility. Lastly, we reiterate our constructive stance on alternatives, with a particular emphasis on Event Driven strategies, and we are currently evaluating the introduction of a Global Macro strategy focused on emerging markets.

Factsheet

Document Date of the document Download
Monthly report 18/02/2026 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 15/12/2025 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 31/12/2024 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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