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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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March was dominated by the conflict in Iran and its economic ramifications, which redefined the global macroeconomic framework and triggered an extensive energy crisis.

Manager's comment of the month

Commodity markets experienced a sharp increase in volatility due to Iran's strategic role in the Strait of Hormuz; with approximately 20% of global oil and gas flows transiting the area, crude oil futures surpassed $100 per barrel, reaching highs not seen since the start of the conflict in Ukraine. Consequently, equity markets underwent widespread corrections with significant declines: over 10% for the Emerging Markets index and over 7% for European equities, while the S&P 500 exhibited greater resilience, containing losses at around 5%.

Bond markets also recorded substantial pullbacks, impacted by inflationary fears that drove yields higher, particularly on short-term maturities, amid prospects of less accommodative monetary policies by central banks. On the currency front, the dollar strengthened, reclaiming its role as a safe-haven asset, while gold saw a sharp decline, retreating after the rally of previous months despite the period of intense risk aversion. Against this backdrop, the Fund closed the month in negative territory, with weakness primarily driven by the equity component, specifically the exposure to the domestic market.

Throughout the period, as the crisis intensified, we progressively reduced the equity allocation through both direct interventions and the tactical shifts of underlying managers. A similar approach was adopted regarding credit, where we further scaled back exposure, already concentrated on high-quality issuers, capitalizing on a spread widening that remained contained relative to the macroeconomic deterioration. In the sovereign space, we increased duration, premised on the view that a protracted crisis may shift investor focus from inflation toward growth concerns.

Within commodities, we took profits on gold at the first signs of weakness, partially rebuilding the position following the price decline. Finally, we maintained limited exposure to the U.S. dollar, as we retain a negative strategic view on the currency. Overall, the portfolio has temporarily reduced its risk profile, awaiting greater visibility on the economic and political landscape during this phase of extreme uncertainty.

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 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
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  • 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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