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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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1 year 3 years 5 years 10 years
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During May, the macro financial backdrop continued to be shaped by the energy shock and by the technology cycle linked to artificial intelligence.

Manager's comment of the month

Geopolitical tensions in the Middle East supported energy prices, helping to keep inflationary pressures and cyclical risks elevated, particularly in Europe. In the United States, inflation remained at still elevated levels, but in the absence of signs of a wage price spiral, allowing the Federal Reserve to maintain a wait and see stance. In the euro area, the impact on consumer prices proved more pronounced, while the ECB continued to pursue a gradual approach. Globally, the AI theme continues to favor certain areas of Emerging Asia, with China increasingly oriented toward exports.

Bond yields remained volatile and sensitive to expectations for inflation and economic activity, while credit markets offer valuations that appear unattractive. Equity markets benefited from earnings dynamics, albeit with leadership still concentrated in a limited number of technology stocks, resulting in a more selective environment. Against this backdrop, the Fund maintained an overall elevated risk profile. In the first part of the month, U.S. equity exposure was reduced via futures by approximately 2% of the portfolio, reallocating part of the risk toward the healthcare sector through currency hedged ETFs, which we consider attractive from a valuation standpoint.

At the beginning of the month, the hedge on the European index was also removed, leading to a slight increase in equity exposure in Europe. In the second part of the month, overall equity exposure was partially reduced through profit taking in the U.S. technology sector and the introduction of a hedge via a put option on the U.S. index. The equity allocation remains predominantly European, with a focus on the domestic market and on active managers; in emerging markets, a moderate position has been maintained, with selective attention to Chinese technology.

On the fixed income side, duration remained broadly stable. Toward month end, a call option on the Bund future was purchased, consistent with the hypothesis of rising concerns about growth and a possible normalization of energy related tensions. Exposure to corporate credit remained concentrated in high quality issuers, with no significant transactions during the period.

Factsheet

Document Date of the document Download
Monthly report 12/06/2026 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
Giorgio Bensa
Direttore Investimenti Ersel AM
© Ersel Banca Privata - P.Iva 11894590154

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