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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

May was characterised by the partial retracement of the rate hike seen in April. Negative surprises on US macro data, compared to previous months, halted the rate increases the 2-year

Manager's comment of the month

Treasury rate did not make it over 5%, and the 10-year rate stabilised around 4.70%. European rates showed a slightly less linear performance, with a return of surprising growth performances, but clearer communication from the central bank, which put the first cut as early as this week's meeting. The German Bund reached 2.70% before coming to a halt. This time, the ECB will be a step ahead of the Fed in monetary expansion: in Europe, the market currently estimates 60bps of cuts, just over 2 cuts, while in the US it is 40bps, just over 1 cut. 

In this context, European spreads tightened on high beta, with high yields and cocos making considerable progress. On the other hand, the strongest credit – investment grade – suffered from the rate movement. In foreign exchange, the weakness of the dollar allowed all other G10 currencies to appreciate. The yen continued to be the most penalised (+0.10%) due to a a rate differential that remained decidedly unfavourable and a wait-and-see attitude by the central bank.

Among the strongest currencies were the Norwegian krone (+5.62%) and the Swedish krona (+4.49%). The euro appreciated by 1.58% despite the European Central Bank's incoming cut in early June. On the programme, we re-accumulated duration, thanks to some tactical trades on the relative value book, as part of the trading range we already discussed last month.

Factsheet

Document Date of the document Download
Monthly report 13/06/2024 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 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
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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