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Main information

Fund name Leadersel Corporate Bond ESG Class B
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 LU0012092481
Bloomberg GLBRBND LX

Charges

Entry charge None
Exit charge None
Maximum management fees 0.8% on an annual basis
Performance fee 20% on the excess return over the benchmark index ICE BofAML Euro Corporate
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 - - - -
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Annual chart

The month of January was marked by a climate of high volatility in interest rates, driven by the initial moves of the Trump administration, slightly lower-than-expected inflation, and publicly disclosed developments in Chinese competition in the field of Artificial Intelligence.

Monthly comment from the manager

Rates were particularly reactive in incorporating the evolving scenario, ending the month slightly below year-end levels in the US, while marginally above the end of 2024 in Europe. Spreads exhibited relatively contained volatility, especially for high-beta segments in dollars and subordinated bonds in euros, which tightened by 25 to 35 basis points. Performance was moderately positive in the Investment Grade segments, with an average gain of 0.5 points in both markets.

The best results were recorded by USD High Yield at +1.4 points and CoCos in EUR, which gained 1.6 points. EUR High Yield performed only moderately well, rising by 0.6 points. The strategy delivered a positive performance, outperforming benchmarks by benefiting from an increase in duration during phases of falling interest rates. From an operational perspective, in mid-January, the portfolio duration was once again increased to approximately 5.2 years following the profit-taking at the end of 2024.

The strategy also took advantage of the primary market to slightly increase the weighting of T2 and Hybrid instruments in the portfolio, given the attractive relative value of some new issues. Following IFIS’s offer for Illimity and the consequent strong recovery of the stock, the position in Illimity 2025 was closed, eliminating the weighting of Senior High Yield bonds in the portfolio. At the end of the month, profits were also taken on issues with shorter call dates and tighter valuations, freeing up around 5 points of cash.

Looking ahead, while risk premiums on high-beta segments remain extremely compressed, the retracement of interest rates at the end of 2024 appears to offer greater appreciation potential, particularly in Europe.

Factsheet

Document Date of the document Download
Monthly report 23/01/2025 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 30/06/2024 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

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 25/07/2024 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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Rating
Morningstar star star star star star
CFS Rating star star star star star
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