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

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

The month of October was characterised by a rebound in rates and a continuation of the good performance of risk assets, which only in the run-up to the US elections began to show some signs of profit-taking linked to the particularly significant uncertainty over the outcome of the vote.

Manager's comment of the month

Kicking off the sell-off on rates, which retraced about half of the movement achieved in the summer months, was labour market data for September, which was somewhat better than expectations across every metric. The baseline scenario remains the soft landing, but perhaps the dose of monetary policy interventions to be administered is not what the market had envisaged immediately after the Fed's 50 bps cut in mid-September.

The movement was broader on the dollar curve, amplified by the volatility brought by Trump's rise in the polls in the run-up to the presidential election. As growth tensions eased, spreads tightened again, particularly on high-beta bonds, with an average compression of 30 bps on High Yield and CoCos. Performance was moderately negative on Investment Grade credit, which was most affected by the movement in rates, and positive on high beta, especially in the AT1 segment, which advanced by about 1 point in the month for a cumulative gain of more than 11 points since the start of the year.

In the currency sphere, the dollar gained 2.63% due to a combination of better macroeconomic data and an increased likelihood of continued high growth due to fiscal policy. All other G10 currencies, with the exception of the Swiss franc (+0.17%), depreciated against the euro. The three worst currencies in the last month were the NZD (-3.99%), the yen (-3.47%) and the AUD (-2.87%).

We again reduced rate exposure, after the labour market data at the start of the month, bringing the fund back towards a 3-year duration. Towards the end of the month, we then added 5 points in EM hard currency, which had not had any space in the portfolio during the recent period. 

Factsheet

Document Date of the document Download
Monthly report 19/11/2024 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 30/06/2024 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
Fund manager
Carlo Bodo
Carlo Bodo
Responsabile Investimenti Obbligazionari
Marco Castelnuovo
Marco Castelnuovo
Team investimenti obbligazionari
Risk level
  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
Rating
Morningstar star star star star star
© Ersel Banca Privata - P.Iva 11894590154

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.