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Main information

Fund name Leadersel Corporate Bond ESG Class A
Benchmark ICE BofAML Euro Corporate
Category Euro corporate bond investment grade fund
Legal structure Mutual fund under Luxembourg Law with multiple sub-funds
Currency Euro

Investment policy

The Sub-Fund is actively managed and will invest principally in bonds, debt securities and credit instruments issued by companies in any sector whatsoever, including instruments with no rating and those of “below investment grade”. Credit risk exposure may be mitigated by using credit default swaps.
The quota of the portfolio invested in “investment grade” credit instruments must be more than fifty per cent (50%) of the Sub-Fund’s net assets.
The Sub-Fund will not invest in Asset Backed Securities (“ABS”) or Mortgage Backed Securities (“MBS”) or other structured products involving special purpose vehicles with the aim of grouping together on their books any series of claims on different debtors.
The Sub-Fund cent (10%) of its net assets in will not invest more than ten per Coco Bonds, Distressed and Defaulted Debt Securities.
The Sub-Fund will only invest in unlisted securities to the extent permitted by the Law of 2010 and Paragraph 2 of the Chapter entitled “Investment restrictions”, namely for a total less than ten per cent (10%) of the Sub-Fund’s net assets.
The Sub-Fund may invest in instruments denominated in currencies other than the euro.
The Sub-Fund may invest, on a residual basis, in money market instruments with duration of less than twelve (12) months.
The Sub-Fund may invest up to ten per cent (10%) of its net assets in UCITS or other UCI as referred to in art. 41, section 1, of the Law of 2010. The value of the Fund is calculated and expressed in Euros. The fund is classified as ex art.8 SFDR. The implementation of ESG criteria is described in detail in the RTS sheet attached to the prospectus.

Investment object

The objective of this Sub-Fund is to achieve an increase of the capital invested by exposure to the international bond markets, using investments principally in bonds of any sort and other similar debt securities, to the extent that they are among the investments authorised by the Law of 2010 on Part I funds, such as (but not exhaustively) bonds issued by governments, regional entities, supranational organisations and companies, convertible bonds, certificates of deposit, short-term notes and treasury notes with a term longer than twelve (12) months. The Fund does not aim to replicate the composition of the benchmark; therefore, it also invests in financial instruments not present in the benchmark or present in different proportions

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 67 5999
  • 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. The fund is classified as ex art.8 SFDR. The implementation of the ESG criteria is described in detail in the RTS tab attached to the prospectus.
NAV calculation frequency Daily
Fund units publication Fundsquare.net

Fund ticker

ISIN code LU2751622304
Bloomberg LDRCRPA LX

Charges

Entry charge None
Exit charge None
Maximum management fees 0.55% on an annual basis
Performance fee 20% on the yield in excess of the reference index ICE BofAML Euro Corporate
Minimum amount of the first subscription 1.000.000 euro
Minimum amount of subsequent subscriptions None

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.

May was characterised by a highly volatile climate in which the drop in rates following the slowdown in labour market and consumer price data was partly retraced as less accommodative tones prevailed among Fed members.

Monthly comment from the manager

Investment Grade nevertheless benefited from the rate movement in USD with a positive performance of about 1.5 points, while in the EUR area rates returned above their end-April levels. Spreads tightened on high beta, supporting risk assets, with high yields advancing about 1 point and cocos 2.5. Against this backdrop, the strategy posted a positive performance, widening the gap with the benchmark to about 50 bps since the beginning of the year, benefiting from the increased exposure to credit risk, particularly in the subordinated segment.

At the operational level, portfolio carry was increased during the month by participating in the primary offering of some AT1, T2 and senior HY issues. Following the good start on the secondary market, profits were taken on some of the new issues subscribed, in particular on the high yield segment, bringing exposure back to around 4%. HY valuations remain unattractive in our view, while subordinates continue to offer more attractive carry and better risk-reward.

Looking forward, we thus believe that the conditions continue to be in place to gradually increase portfolio duration, taking advantage of the retracement of rates, and to maintain an overweight on subordination risk.

Factsheet

Document Date of the document Download
Monthly report 13/06/2024 PDF get_app

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 30/06/2023 PDF get_app
Semi annual report CH 30/06/2023 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

ESG Policy

Document Date of the document Download
Responsible Investment Policy 08/03/2024 PDF get_app

Sustainability related disclosure

Document Date of the document Download
Web Disclosure 24/01/2024 PDF get_app
Leadersel Corporate Bond ESG - Pre-contractual disclosure information RTS 03/05/2024 PDF get_app

Notice

Document Date of the document Download
Notice to unitholders 16/05/2024 PDF get_app
Notice to shareholders Leadersel Corporate Bond 21/12/2023 PDF get_app
Fund manager
Antonio Ruggeri
Antonio Ruggeri
Team investimenti obbligazionari
Risk level
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