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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

In the second quarter, the Long Term Income fund’s return rose by +4.55% (Class A), bringing the year-to-date return to 6.25%.

Monthly comment from the manager

Over the period, the equity portfolio performed well but underperformed a broad global index. This was because investor capital once again focused on the major US technology companies. The stock market flotation of SpaceX, combined with continued enthusiasm for artificial intelligence and for companies supplying the chips, equipment and infrastructure supporting this sector, has further focused investors’ attention on a relatively narrow area of the market. Sectoral contributions were the reverse of those in the first quarter: the technology sector was the largest contributor, whilst the energy sector was the largest drag, giving up some of the gains accumulated in the first three months of the year.

During the period, positions in energy stocks (Saipem and BP) were reduced, whilst Bolloré (a holding company whose main asset is Universal Music) and Barratt Redrow (a UK property developer) were added to the portfolio. The approach to overall equity allocation remains prudent but, above all, given the economic and valuation environment characterised by a high degree of uncertainty, broadly diversified across countries, sectors and investment styles. The equity weighting remains at around 40 per cent of assets. The bond portfolio’s contribution was particularly positive during the quarter, even when compared with the Global Aggregate Index (excluding currency risk).

Exposures to emerging market debt (in both hard and local currencies) were particularly helpful, as were financial and structured credit. The adjustments made during the period were aimed at increasing the average maturity and carry of the bond portfolio. The bond allocation stands at around 29 per cent, of which approximately 3 per cent is in cash. The fund’s overall duration is approximately 2 years. Around 31 per cent of assets are held in alternative investments and private markets, which made a positive contribution during the quarter. A new position was added during the period: Renewables Infrastructure Group, a listed closed-end fund focused on renewables.

Following a challenging period for this market segment, the expected return and governance initiatives to realise value appear particularly promising to us. The purchase was financed by taking partial profits on the Twenty Four Income Fund. In addition, a partial sell order was placed on the Aberdeen Global Private Market fund to rebalance its weighting following the increase resulting from its strong performance in recent years (we will receive the proceeds in the fourth quarter).

Offer documents

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

Article 8 Policy

Document Date of the document Download
Long Term Income - Responsible Investment Policy 04/06/2025 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 13/12/2024 PDF get_app
Long Term Income - Periodic Disclosure RTS 31/12/2024 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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