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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 September, Leadersel Event Driven's performance was the result of positive contributions from all three fund portfolios.

Manager's comment of the month

Following the Fed's interest rate cut and the announcement of stimulus measures for the Chinese economy, the market movement favoured risky assets, in a month in which there was, however, no shortage of specific factors affecting some of the stocks in the position. In special situations, the largest contributions are attributable to positions in Deutsche Wohnen and the GKN 2032 issue.  

In the first case, Vonovia initiated the mediation process to implement two key agreements: the Domination Agreement (an agreement whereby Vonovia assumes direct operating control over Deutsche Wohnen) and the Profit and Loss Transfer Agreement (an agreement whereby Deutsche Wohnen's profits and losses are transferred to Vonovia) between the two companies. According to German law, Deutsche Whonen shareholders will be allowed to liquidate the securities by means of a takeover bid, the terms of which have yet to be defined.

On GKN, however, the company decided to call in the bond well in advance of market expectations. Turning to the relative value book, the Telecom spread continued to move in September as well, thanks to the submission of a 700 million euro bid for the subsidiary Sparkle, the finalisation of which would result in a significant capital gain. Good contributions also came from positions in Danieli Risparmio and Christian Dior. Lastly, in risk-arbitrage, on the European front we note the approval by the French antitrust authorities of the transaction between Kindred and Francaise des Jeux and the movement of the Ds Smith spread with the definition of the final procedural aspects that should lead to the finalisation of the merger with International Paper.

In the US portfolio, the most significant movements were once again those of US Steel, with the Nippon Steel acquisition still at the centre of political debate, and Capri, with the hearings relating to the case with the FTC determining the outcome of the Tapestry deal. As far as the asset allocation is concerned, after the relatively quieter summer months, there was an increase in risk-arbitrage positions, especially in Europe, due to both the announcements of new deals and developments that made existing situations progressively more attractive. 

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
  • 1
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Rating
CFS Rating star star star star star
© Ersel Banca Privata - P.Iva 11894590154

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