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Main information

Fund name Long Term Income Fund Class A
Category Balanced fund
Legal structure Luxembourg Reserved Alternative Fund
Currency Euro

Investment object

The investment objective of the Sub-Fund over time is to preserve and increase the real value of its capital with a moderate level of risk. The Sub-Fund also has the objective to produce an annual income to be distributed to its Unitholders in the minimum proportion of two point five per cent (2.5%) of the NAV per Unit of the Sub-Fund.

Investment policy

The geographical scope of the Sub-Fund is global, and the related currency exposure will be accepted or hedged according to the appropriate risk balancing of the overall asset allocation. The main geographical focus, i.e. more than fifty percent (50%) of the Sub-Fund's assets, is on developed market, but the Sub-Fund can also invest in emerging markets. Following a disciplined investment process and according to efficiency criteria, each asset will be represented either by a selection of direct financial securities (both listed and unlisted) or by exchange traded funds or by actively managed UCITS and UCIs. The Fund shall not purchase more than twenty-five per cent (25%) of units of the same UCITS and/or other UCI.The overall equity exposure of the Sub-Fund will not exceed fifty-five per cent (55%), considering not only direct securities, but also exchange traded funds ("ETFs"), Underlying Funds and derivatives. The Sub-Fund's equity portfolio will be built to achieve, to the extent possible, an appropriate diversification by geography and sector. The total amount of equity investment held by the Sub-Fund in any issuers will be less than seven per cent (7%) of the total assets of the Sub-Fund. The Sub-Fund will not invest more than fifty per cent (50%) of its net assets in fixed income instruments or other transferable securities of the same nature also including ETFs, Underlying Funds and derivatives. Countries of issue will be mainly in developed markets, with the possibility to invest also in emerging and frontier markets (maximum fifteen per cent (15%) of the total assets of the Sub-Fund). The Sub-Fund will have a maximum net exposure to High Yield rated bonds equal to twenty per cent (20%) of the total assets of the Sub-Fund. Exposure to private markets instruments will not represent more than thirty-five per cent (35%) of total assets at the time of investment. It will be achieved through Underlying Funds both listed and unlisted, regulated and non-regulated.   Any investment in real estate or private equity will only be made through Underlying Funds. Within the more liquid group of alternative investment, the Sub-Fund will not invest more than thirty per cent (30%) of its net assets in a diversified portfolio of Underlying Funds that will mainly pursue absolute return strategies including, but not limited to: Event driven strategies, Long-short strategies, Relative value strategies.The Sub-Fund shall limit its allocations to a single asset or Underlying Fund of an illiquid nature to 15% of its NAV. The Sub-Fund shall limit to a maximum of thirty-five (35%) of the NAV investments with a longer liquidity horizon than the maturity of the relevant Lock-Up Period.

Legal information

Depository bank CACEIS Bank Luxembourg SA
Audit firm EY SA
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: Inglese, 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 Quarterly
Fund units publication Fundsquare.net

Fund ticker

ISIN code LU2369299578

Charges

Entry charge None
Exit charge None
Maximum management fees 0.70% on an annual basis
Performance fee None
Minimum amount of the first subscription 10.000.000 euro
Minimum amount of subsequent subscriptions 1.000.000 euro

During the third quarter, the Long Term Income fund gained +1.36% (Class A), bringing the year-to-date performance to 7.70%.

Monthly comment from the manager

Although valuations appear elevated and market returns remain concentrated, the overall economic backdrop continues to support a pro-cyclical stance. However, our conviction is increasingly tempered by high earnings expectations, market concentration, and the extent to which positive growth prospects are already reflected in current valuations. Consequently, our approach to overall equity allocation remains prudent and, above all, broadly diversified across countries, sectors, and investment styles. Equity exposure remains at around 40% of assets.

During the period, the equity portfolio delivered a positive return, although lower than that of a broad global equity index. Once again, the technology sector was the strongest contributor, while more consumer-related sectors underperformed. Over the quarter, exposure to energy (sale of BP), consumer discretionary (sale of Mercedes), and financials (sales of AIA, Edenred, Nasdaq, and BNP Paribas, offset by purchases of Intercontinental Exchange and Münchener Rückversicherung) was reduced. In addition, the Utilities sector was introduced through an investment in A2A S.p.A., while exposure to Technology was increased through Samsung Preferred GDR.

The sharp rise in government bond yields during the quarter negatively affected fixed-income performance. In this environment, the bond portfolio generated a negative return, although it significantly outperformed a broad government bond index. Exposure to emerging market debt, both in hard and local currencies, proved beneficial, as did financial and structured credit positions. Nevertheless, we believe that current yield levels have once again become quite attractive, and toward the end of the quarter the fund’s overall duration was increased to approximately three years. With an estimated yield of around 5.5%, we expect the bond portfolio to make a meaningful contribution to overall performance in the coming quarters, once interest rates stabilize.

Approximately 31% of assets are invested in alternative and private market strategies, which made a positive contribution during the quarter. Looking at the three largest positions, Helikon continues to generate very attractive results (approximately 18% year-to-date) while maintaining limited correlation with the U.S. market. The Decalia Private Credit Strategies fund has reached the end of its investment and capital call period and has so far generated an IRR of 9.9%, which is encouraging for future performance as well.

Finally, Aberdeen Global Private Markets continues to perform well, delivering a 9.2% annualized return over five years and 7.5% year-to-date (as of June 30). We continue to actively seek opportunities within this portfolio segment, as in the current environment, characterized by both macroeconomic uncertainty and elevated equity market valuations, it remains particularly important to identify sources of return that are less correlated with market risk.

Factsheet

Document Date of the document Download
Report trimestrale 10/07/2026 PDF get_app

Offer documents

Document Date of the document Download
KID 02/03/2026 PDF get_app
OFFERING DOCUMENT 13/12/2024 PDF get_app

Sustainability related disclosures – Article 8

Document Date of the document Download
Web Disclosure 04/06/2025 PDF get_app
Long Term Income - Pre-contractual disclosure information RTS 06/05/2026 PDF get_app
Long Term Income - Periodic Disclosure RTS 31/12/2025 PDF get_app

Notice

Document Date of the document Download
Notice change of name Philanthropy into Long Term Income 03/07/2023 PDF get_app
Risk level
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