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Main information

Fund name Leadersel Flexible Bond Class A
Category Flexible bond fund
Legal structure Luxembourg umbrella mutual fund
Currency Euro

Investment policy

The Fund's primary investment objective is to increase its capital by investing mainly (i.e. more than 50% of its net assets) in bonds or other transferable securities of the same nature issued by (or relating to) states, local authorities, international authorities, financial institutions or corporations, both high yield and investment grade, issued both by issuers from developed countries and from emerging countries. The Fund may invest in bonds of any sort and other similar debt securities and in Exchange Traded Funds (ETFs) or Undertakings for Collective Investments in Transferable Securities (UCITS) and/or other Undertakings for Collective Investments (UCIs). The Fund may invest in instruments denominated in currencies other than the euro. The Fund may hold cash, less than 50% of the Fund Net Asset Value (NAV). The Fund may use financial techniques and instruments in order to promote an efficient portfolio management, in accordance with the prospectus. In particular, the Fund will use listed derivatives and OTC derivatives in order to create long and short exposure with the aim of exploiting potential opportunities. Investments in the Fund involves risks due to possible variations in net asset value which, in turn, depend on the values of the securities in which the Fund invests. The recommended minimum investment period horizon is 3/5 years. The Fund addresses to investors willing to accept a medium/high level of risk. Any income received by the Fund is reinvested. The Fund's value is calculated and expressed in Euros. Investors can buy or sell shares of the Fund on a daily basis (full bank business day).

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 LU2065928777
Bloomberg LEADFBA LX

Charges

Entry charge None
Exit charge None
Maximum management fees 0.5% on an annual basis
Performance fee Maximum of 10% of the annual performance exceeding both the Highwatermark (the highest year end value attained prior to the calculation date) and the Hurdle Rate (annual performance of Euribor 12 Month + 2%). Paid annually.
Minimum amount of the first subscription 2.000.000 euro
Minimum amount of subsequent subscriptions 0

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

April saw a 50 bps rise in US rates, providing a pretext for a fall in risk assets and impacting the main currencies.

Manager's comment of the month

Better-than-expected macroeconomic data and signs of recovery in US manufacturing are behind the rate movement, which essentially stopped pricing in cuts by the Federal Reserve in June and, in general, now imply only one rate cut throughout 2024. The US ten-year went from 4.20% at the beginning of the month to 4.70%, while two-year returned to around 5%. European rates also responded to this movement; they were less impacted by the area's decidedly less promising growth, with the ECB confirming that it could begin a cycle of cuts even without waiting for the Federal Reserve.

The German Bund reached 2.60%, rising 20 bps over the month. Credit spreads started to widen on higher beta segments, not only in US dollars, but also in euros, where Investment Grade and Subordinates underperformed by about 1 point, with CoCos underperforming all other segments. In contrast, the aggregate results in High Yield were only marginally negative, but with a gap of about half a point between BB and B, with the latter reversing the outperformance trend of recent months.

On the programme, we reduced duration by more than a year, thanks to some tactical trades on the relative value book, but we are ready to re-rate as soon as the data slow down again.

Factsheet

Document Date of the document Download
Monthly report 17/04/2024 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 28/02/2024 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 31/12/2022 PDF get_app
Fund manager
Carlo Bodo
Carlo Bodo
Responsabile Investimenti Obbligazionari
Marco Castelnuovo
Marco Castelnuovo
Team investimenti obbligazionari
Risk level
  • 1
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Rating
Morningstar star star star star star
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