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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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1 year 3 years 5 years 10 years
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Annual chart

In November, the performance of Leadersel Event Driven was driven by the solid contribution of the special situations component, with the risk-arbitrage and relative value portfolios broadly in line with the previous month.

Manager's comment of the month

The outcome of the presidential elections, the strength of the economy, and inflationary dynamics supported the US indices, while individual companies continued to closely assess the potential stance of regulators towards future extraordinary transactions.

In detail, within special situations, the main contributions came from positions in Melrose, with confirmation of the guidance forecasting strong margin growth in the aerospace components sector; in Leonardo, thanks to progress in certain industrial partnerships supporting European defence; and in Banca MPS, which benefited both from the state's placement in favour of Banco BPM and the subsequent surprising public exchange offer for the same Banco BPM by Unicredit.

Turning to the relative value book, positive contributors included the performance of the discount on Danieli savings shares compared to ordinary shares, recovering after the weakness that followed the lack of a conversion announcement during the publication of results, and the widening of the Newscorp spread due to speculation of an unfavourable exchange ratio in the simplification of the control structure headed by the Murdoch family.

Lastly, in risk-arbitrage, on the European front, notable movements included IDS, the controlling company of Royal Mail and GLS, due to progress in the regulatory approval process for the acquisition by Kretinsky with British government authorities; the narrowing of the arbitrage spread between Banco Sabadell and BBVA, primarily due to BBVA’s weakness following Trump’s election, which worsened the outlook for the Mexican economy; and developments at Albertsons as it contended with the process surrounding its deal with Kroger.

Also noteworthy is the completion of some transactions in the US portfolio, including Boston Scientific’s acquisition of Axonics and Waste Management’s acquisition of Stericycle. Regarding asset allocation, exposure naturally decreased due to the completion of the aforementioned US transactions. New announcements currently do not yet offer a return profile compatible with associated risks and, crucially, with the timelines required for regulatory approvals. 

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
Giorgio Nicola
Team Investimenti Event Driven
Riccardo Costa
Riccardo Costa
Team Investimenti Event Driven
Alessandro Moretti
Alessandro Moretti
Team Investimenti Event Driven
Risk level
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Rating
CFS Rating star star star star star
© Ersel Banca Privata - P.Iva 11894590154

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