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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

After a prolonged period of uninterrupted growth, equity markets slowed in November.

Manager's comment of the month

The end of the longest U.S. government shutdown has yet to dispel concerns about the inflation trajectory and labor market trends, while an excellent earnings season - particularly in technology - was not enough to ease worries about elevated valuations and overly optimistic expectations tied to AI. The S&P 500 closed the month with a modest +0.2%, held back by a decline in the Nasdaq, whereas Europe outperformed thanks to its lower exposure to technology. Conversely, Korean and Taiwanese indices posted sharper losses, weighing on emerging markets.

In fixed income, expectations of another Fed rate cut in December supported a late month decline in U.S. yields toward 4%, while the Bund edged slightly higher, leaving the global government bond index virtually unchanged. In line with prospects for a more accommodative Fed, the dollar weakened, particularly against the yen, also underpinning a further rise in gold. Against this backdrop, the Fund ended the month slightly negative. Given continued supportive monetary and fiscal policies and solid earnings, the portfolio maintains a moderately constructive stance on equities, leveraging options and flexible strategies to adjust exposure swiftly.

During the period, we reduced U.S. financials in anticipation of greater clarity on the deregulatory agenda expected to benefit the sector, reallocating into technology. On the fixed income side, no significant changes: we favor short and intermediate maturities, avoiding long-dated bonds. In credit, elevated valuations call for caution and a focus on high-quality issuers; additionally, we prefer Nordic floating-rate notes and financial subordinated debt offering attractive spreads and less concentration risk. In currencies, we reaffirm our long EUR/USD position, supported by narrowing rate differentials.

We also maintain an allocation to alternative strategies, primarily event driven. Overall, the environment remains favorable for risk assets, but at current levels we believe a balanced approach is prudent, using periods of volatility to gradually increase risk exposure.

Factsheet

Document Date of the document Download
Monthly report 21/11/2025 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 15/04/2025 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
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