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Main information

Fund name Leadersel Event Driven Class B
Category Flexible fund
Legal structure Luxembourg umbrella mutual fund
Currency Euro

Investment policy

The Fund aims to maximize capital with focus on companies subject to extraordinary/special situations such as mergers, acquisitions and restructuring with the aim to take advantage of such events. This objective will be reached by investing mainly intransferable securities, particularly equities and bonds, money market instruments and derivatives (such as futures and options, Contracts for Difference or Equity Swaps), in order to create long and short exposure with the aim of exploiting potential opportunities. If the Fund invests in Swaps on Indexes, the index composition will be public and disciplined by appropriate Index Rules publicly available and in accordance with the provisions of the Law. The Fund will not invest in derivatives where the counterparties have any discretion on the composition or management of the Fund’s investment portfolio or on the underlying of the financial derivative instruments. The Fund may hold liquid assets, including cash, bank deposits, money market instruments or units of Undertakings for Collective Investments in Transferable Securities (UCITS) and/or other Undertakings for Collective Investments (UCIs) that have a policy of investing mainly in liquidity strategies on a residual basis (less than 50% of its net assets). The Fund may invest up to 100% of its net assets in various issues (minimum 6) of securities and money market financial instruments, issued or guaranteed by a Member State of the European Union, by its public territorial authorities, by a Member state of the OECD, by international public institutions to which one or more EU Member States belong. The Fund will invest mainly in developed markets. The Fund may invest up to 10% of its net assets in units of other UCITS or other UCIs. The Fund may use financial techniques and instruments in order to promote efficient portfolio management. The investor can buy or sell shares of the Fund on a weekly basis, each Friday, or next full banking.

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: 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 Daily
Fund units publication Fundsquare.net

Fund ticker

ISIN code LU1323913191
Bloomberg LEAEVDR LX

Charges

Entry charge None
Exit charge None
Maximum management fees 1.5%
Performance fee Maximum of 20% calculated on the positive return of the net asset value per unit with reference to each Valuation Date (High Water Mark), paid quarterly.
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.

Graphic trend

Summary table

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Benchmark - - - -
1 year 3 years 5 years 10 years
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1 year 3 years 5 years 10 years
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Annual chart

In July, Leadersel Event Driven's performance was the result of the good trend in the risk-arbitrage and special situations portfolios with the contribution of relative value close to parity.

Manager's comment of the month

This took place in a month in which the major market indices experienced a downturn driven by violent sector rotation following weaker-than-expected US data. In detail, in special situations, the largest contributions are attributable to positions in Bally Corp thanks to the acquisition by Standard General in the casino sector and by Naturgy, after the presentation of its corporate results and due to renewed press rumours about the reorganisation of the Spanish energy company's ownership structure.

The month also witnessed the recovery of Alstom after weakness linked to uncertainty over the French political elections, and the banking sector held up well on the guidance of Intesa Sanpaolo. Turning to the relative value book, in a context still generally not favourable to holding discounts, against the weakness of Exor and Groupe Bruxelles Lambert, good contributions came from Unipol Group and especially Immsi, thanks to the important order won by the subsidiary Intermarine linked to an Italian Ministry of Defence project.

Lastly, among the risk-arbitrage situations, on the European front we note the good progress in the acquisition of Encavis by KKR in the renewable energy sector and the movement of International Distribution Services, thanks to the commitments that the buyer has made to the company and the British government, which will need to endorse the deal due to the company’s stake in Royal Mail. The good results of Banco Sabadell also contributed to the narrowing of the arbitrage spread relating to the acquisition by BBVA.

While on the US front, US Steel has positively received reports of former Secretary of State Pompeo's involvement in helping Nippon Steel in an attempt to facilitate approval by the US authorities. As far as asset allocation is concerned, the relative weight of the fund's various components remained largely unchanged from the previous month, with the marginal increase in the European portfolio benefiting from attractive arbitrage spreads relative to the inherent risk of the underlying transactions.

Offer documents

Document Date of the document Download
KID 01/03/2024 PDF get_app
Management rules 05/02/2019 PDF get_app
Prospectus 17/06/2024 PDF get_app

Semi-annual reports

Document Date of the document Download
Semi annual report 30/06/2024 PDF get_app
Semi annual report CH 30/06/2024 PDF get_app

Annual reports

Document Date of the document Download
Annual report 31/12/2023 PDF get_app
Annual Report CH 31/12/2023 PDF get_app

Notice

Document Date of the document Download
Notice of Merger of Alternative Strategies Sub-Fund with Event Driven Sub-Fund 18/12/2023 PDF get_app
Fund manager
Giorgio Nicola
Team Investimenti Event Driven
Riccardo Costa
Team Investimenti Event Driven
Alessandro Moretti
Team Investimenti Event Driven
Risk level
  • 1
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  • 4
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  • 6
  • 7
Rating
CFS Rating star star star star star

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