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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

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Benchmark - - - -
1 year 3 years 5 years 10 years
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Risk assets delivered a broadly positive performance in January, supported by the resilience of the US economy and a solid corporate earnings backdrop.

Manager's comment of the month

This came in spite of the geopolitical tensions surrounding Greenland, which triggered a brief but swiftly absorbed correction. Global equities closed the month with gains of nearly 2% in local currency terms, reinforcing the geographical and sector rotation that began in late 2025. US equities lagged their European and emerging market counterparts, while small and mid-caps proved more resilient. Among the so called “Magnificent 7”, dispersion remained elevated, yet the group disappointed, weighed down particularly by Microsoft, whose results reignited concerns about the profitability of big tech’s sizeable investment programmes.

In fixed income, long term yields were broadly stable, with the notable exception of Japan, where fiscal policy uncertainty exerted upward pressure. Commodities, by contrast, saw some of the strongest moves: heightened geopolitical uncertainty pushed oil higher by more than 13%, while gold briefly rallied as much as 25% during the month before sharply retracing on the final trading day. Completing the picture, the US dollar extended its weakening trend, breaking above 1.20 against the euro before ending the month around 1.185.

Against this backdrop, the Fund ended the month with a positive performance. Two new positions were initiated during the period: physical gold and copper mining companies, aimed at capturing the persistent supply demand imbalances in these markets. Both exposures benefited from the strong rise in prices and were subsequently closed in profit as the late month retracement unfolded. The Fund intends to assess an opportunistic re-entry into these themes, which remain underpinned by supportive structural trends, should the current bout of volatility provide more attractive entry points.

Elsewhere, positioning remains constructive on risk assets, with a significant allocation to equities. On the fixed income side, duration exposure remains concentrated in the short to intermediate maturity buckets. Within credit, we retain a cautious stance, favouring high quality issuers. We also maintain a long EUR/USD position and continue to hold a positive view on alternative assets, with a particular focus on Event Driven strategies.

Factsheet

Document Date of the document Download
Monthly report 16/01/2026 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
Giorgio Bensa
Direttore Investimenti Ersel AM
Eugenio Raiteri
Eugenio Raiteri
Team Investimenti Multi Asset
Corrado Ciavattini
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
© Ersel Banca Privata - P.Iva 11894590154

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