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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 - - - -

August proved a challenging month, marked by energy-related tensions, record investment in artificial intelligence and rising interest rates.

Manager's comment of the month

Geopolitical tensions in the Middle East, coupled with the impasse in negotiations between the United States and Iran, pushed Brent crude above $90 per barrel, leading to higher fuel costs. This, in turn, slowed the pace of disinflation globally. Against this backdrop, developed-market bond markets were particularly volatile, with yields on thirty-year US Treasuries rising above 5.3%. US public debt breaching the psychologically significant threshold of $40 trillion, together with resurgent inflation, robust economic growth and Warsh’s hawkish remarks at Jackson Hole, all contributed to keeping interest rates elevated.

Equity markets held up well, supported primarily by exceptional levels of investment across the technology sector. The quarterly results of the leading technology companies confirmed a sharp acceleration in capital expenditure aimed at expanding data-centre capacity dedicated to artificial intelligence, alongside sustained growth in cloud-related revenues. Nvidia’s results further underscored the strength of this trend, with sales guidance exceeding even the most optimistic forecasts.

Market gains were by no means uniform. Higher mortgage rates and the persistently elevated cost of living continued to weigh on household consumption, to the detriment of retail and consumer discretionary stocks. Turning to portfolio positioning, towards the end of July, part of the fund’s direct exposure to the S&P 500 was replaced with short-dated call options. This allowed the fund to retain participation in any further upside while limiting the risks associated with potential disappointments in the earnings reported by the large technology companies.

During the first few days of August, the fund realised the gains on these options without fully reinstating its direct exposure. As a result, the fund’s exposure to US equities was marginally reduced. This positioning may help to contain risk should market conditions deteriorate, particularly at a time of year when lower trading volumes tend to amplify volatility. No material changes were made to the fixed-income allocation, while inflation-linked bonds held up comparatively well relative to nominal government bonds. Overall, we believe the strategy remains well placed to deliver an attractive return even in the absence of a decline in interest rates.

Factsheet

Document Date of the document Download
Monthly report 12/08/2026 PDF get_app

Offer documents

Document Date of the document Download
KID 02/03/2026 PDF get_app
Management rules 25/01/2013 PDF get_app
Prospectus 06/05/2026 PDF get_app

Semi-annual reports

Document Date of the document Download
Semi annual report 30/06/2026 PDF get_app

Annual reports

Document Date of the document Download
Annual report 31/12/2025 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
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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