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Main information

Fund name Leadersel Flexible Bond Class B
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 LU1578335538
Bloomberg LEADFBE:LX

Charges

Entry charge None
Exit charge None
Maximum management fees 1% 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 2.500 euro
Minimum amount of subsequent subscriptions 250 euro

Performance

Period NAV Fund Benchmark
2025.04.02104,380--
2025.04.01104,520-0,13%-
1 month105,490-1,05%-
3 months104,410-0,02%-
YTD104,390-0,00%-
1 year100,9903,35%-
3 years*101,0101,09%-
5 years*97,1901,43%-
Since inception (Mar 31 2017)100,0000,53%-
* Average annual compound yield
NOTE: Before subscribing, read the informative prospectus. There is no guarantee of obtaining the same return afterwards.

Graphic trend

Created with Highstock 6.1.1Jul '17Jan '18Jul '18Jan '19Jul '19Jan '20Jul '20Jan '21Jul '21Jan '22Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25201820192020202120222023202420250%-7.5%-5%-2.5%+2.5%+5%+7.5%3m6m1y2y3yAllFrom27/03/2017To02/04/2025FondoBenchmark
Created with Highstock 6.1.1Jul '17Jan '18Jul '18Jan '19Jul '19Jan '20Jul '20Jan '21Jul '21Jan '22Jul '22Jan '23Jul '23Jan '24Jul '24Jan '252018201920202021202220232024202510092.59597.5102.5105107.53m6m1y2y3yAllFrom27/03/2017To02/04/2025NAV

Summary table

1 year3 years5 years10 years
Fund3,35%3,33%7,39%-
Benchmark----
1 year3 years5 years10 years
Fund3,35%1,09%1,43%-
Benchmark----
2022202320242025
Fund-6,42%3,93%3,84%-0,00%
Benchmark----

Annual chart

Created with Highstock 6.1.1FondoBenchmark20182019202020212022202320242025-7.5%-5%-2.5%0%+2.5%+5%

February started with a risk-off sentiment and declining interest rates, following Trump’s announcement of 25% tariffs on Canada and Mexico, along with an additional 10% levy on China.

Manager's comment of the month

The initial drop in risk assets quickly reversed after it was announced that these measures would take effect at the beginning of March. In Europe, interest rates fell slightly by a few basis points, driven by movements in US rates, which declined by around 30bps in response to worsening macroeconomic data and a heavy supply at the start of the year. Similarly, expectations for the Fed shifted from a single rate cut to more than two over the course of 2025.

Credit spreads widened slightly on high-beta USD assets, whereas they tightened further on European risk assets. Credit performance was positive across all segments, particularly for USD Investment Grade, which gained around 2 percentage points, and for high-beta and CoCo bonds in EUR, which were generally up by 1 percentage point. In the currency market, the Yen further appreciated (+2.9%), in line with the Swedish Krona (+2.8%), which is particularly sensitive to European defence spending.

The EUR/USD exchange rate was volatile throughout the month, but there were no significant changes overall. On the portfolio side, we initially took profits on duration following the release of a 4% unemployment rate (versus expectations of 4.1%) and a CPI reading of 0.5% (versus expectations of 0.3%). The trading book contained automatic orders to repurchase duration above 2.50% on the European 10-year, which were executed in the final week of the month, bringing duration back above 5 years.

Offer documents

Document Date of the document Download
KID 03/03/2025 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
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Rating
Morningstar star star star star star
© 2025 Ersel Banca Privata - P.Iva 11894590154

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