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Main information

Fund name Leadersel Total Return Class B
Category Flexible fund
Legal structure Luxembourg umbrella mutual fund
Currency Euro

Investment object

This Fund is actively managed and aims to achieve capital growth by investing imainly in a diversified portfolio of international bonds and equities and in money market instruments, also through Undertakings for Collective Investment in Transferable Securities (UCITS) and/or other Undertakings for Collective Investments (UCIs). The Fund has no reference Benchmark.

Investment policy

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.

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 LU2598629579

Charges

Entry charge None
Exit charge None
Maximum management fees 1.10% on an annual basis
Performance fee Maximum rate of 15% according to the High Watermark method.
Minimum amount of the first subscription 2.500 euro
Minimum amount of subsequent subscriptions 0

September saw a rise in volatility across multiple markets.

Manager's comment of the month

Economic resilience, a more restrictive stance from central banks, and concerns over energy supply all contributed to a reassessment of interest rate expectations. Government bond yields moved higher, driven by the combined effect of policy rates remaining elevated for longer and robust economic growth. In Europe, the widening of sovereign spreads also weighed on bond prices. Equities proved more resilient: large US technology companies benefited from investment linked to artificial intelligence, while smaller companies and European markets were more adversely affected by financing costs and a less supportive regional growth backdrop.

Commodity and currency markets also reflected the changing macroeconomic environment. Brent reached $100 per barrel, while the US dollar strengthened following the widening of interest rate differentials. Gold, by contrast, lost ground. During the first part of September, the fund maintained a prudent equity allocation, awaiting the release of US inflation data and the Federal Reserve’s interest rate decision. Ahead of these events, call options on the US equity index were purchased. This decision reflected a still constructive view of the market, supported by earnings growth and an expanding economy. At the same time, given the increase in uncertainty, the fund employed option-based strategies to limit potential downside risk.

On the fixed income side, we believe that current yields provide adequate compensation for the risks assumed and that the scope for further rate increases is limited. Yields may therefore stabilise not far from current levels, supported by the central bank’s commitment to containing inflation and by economic growth that remains robust, albeit gradually moderating. Higher starting yields also offer a degree of cushion against any further decline in bond prices. Should the artificial intelligence theme lose momentum, a scenario that is not currently reflected in consensus forecasts, government bonds could once again play a protective role within portfolios. Within credit, we continue to adopt a cautious approach, favouring higher-quality issuers, while maintaining a constructive stance towards alternative assets, with a particular focus on Event Driven strategies.

Factsheet

Document Date of the document Download
Monthly report 16/10/2026 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 01/10/2026 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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