close
since 1936
Wealth Management
Ersel in brief
Our history
Group companies
Facts and figures
Our foundations
Sustainability
share

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

1 year 3 years 5 years 10 years
Fund - - - -
Benchmark - - - -
1 year 3 years 5 years 10 years
Fund - - - -
Benchmark - - - -
1 year 3 years 5 years 10 years
Fund - - - -
Benchmark - - - -

Annual chart

In May, Leadersel Event Driven's performance was due to the sound performance of the fund's three portfolios in a period characterised by interesting sector consolidation dynamics that provided multiple operational insights, once again confirming the upward trend in the volume of extraordinary transactions, both already announced and at an advanced stage of study.

Manager's comment of the month

In an essentially neutral market environment in the short term, the event-driven strategy thus demonstrated a good ability to diversify away from traditional market segments.

In detail, in special situations, the largest contributions are attributable to stocks that responded well to the announcements of several major extraordinary transactions in recent weeks. On a direct level, Prysmian continued to incorporate the upward revisions triggered by the acquisition of US-based Encore Wire, one of the most important cable suppliers in the US, while, driven by sectoral movements, positions in Grenergy Renovables, Commerzbank and Banca Monte Paschi di Siena benefited from Brookfield's acquisition of France's Neoen, and BBVA's hostile takeover of Spain's Sabadell bank. 

Turning to the risk-arbitrage book, the month saw the conclusion of a number of important transactions in both Europe and the US, which provided residual contributions in line with expectations. On the European front, the acquisitions of Morphosys by Novartis and the Norwegian Adevinta by a private equity consortium were finalised, while in America Exon completed the deal with Pioneer Natural Resources and Shockwave Medical was delisted by J&J. Additional contributions came from Software One, after the replacement of the board, and Ds Smith, driven by International Paper.

Lastly, in relative value, the Telecom Italia spread made a significant contribution, thanks to rumours of the European commissioners' approval of the sale of Netco to KKR, a deal that opens up interesting scenarios relating to the possible resumption of dividends and conversion of savings shares. Among holding companies, Unipol remained at the top; its re-rating of its subsidiary Unipolsai has practically been completed.

In asset allocation, the overall exposure was affected by the recent conclusion of some important transactions involving the liquidation of the Adevinta bond and the aforementioned arbitrage positions in the US portfolio.

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

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
Giorgio Nicola
Team Investimenti Event Driven
Riccardo Costa
Riccardo Costa
Team Investimenti Event Driven
Alessandro Moretti
Alessandro Moretti
Team Investimenti Event Driven
Risk level
  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
Rating
CFS Rating star star star star star
  •        
© Ersel Banca Privata - P.Iva 11894590154 logo EGEA

RISPARMIO ENERGETICO ATTIVO

Questa schermata consente al tuo monitor di consumare meno energia quando il computer resta inattivo.

Clicca in qualsiasi parte dello schermo per riprendere la navigazione.