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Main information

Fund name Leadersel PMI HD Class B
Category Flexible fund
Legal structure Luxembourg umbrella mutual fund
Currency Euro

Investment policy

The Fund aims to increase the value of its portfolio through the investment in equities denominated in Euro, issued by low, medium and high cap Italian issuers. It may use financial derivative instruments to promote a more efficient portfolio management.The Fund is not intended to reproduce the composition of the benchmark and can deviate significantly from the benchmark. Income generated by the Fund is reinvested and included in the value of shares. The Fund's value is calculated and expressed in Euros. Investors can buy or sell shares of the Fund on a daily basis.

Legal information

Depository bank CACEIS Bank, Luxembourg branch
Audit firm Ernst & Young S.A.
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 67 5999
  • 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 LU1132340321
Bloomberg GPMIHDB:LX

Charges

Entry charge None
Exit charge None
Maximum management fees Max 1.75% on an annual basis
Performance fee 15% of the positive difference between the net return of the Fund and 2% with a maximum of 1.5% of the average net asset value during the period.
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

1 year 3 years 5 years 10 years
Fund - - - -
Benchmark - - - -
1 year 3 years 5 years 10 years
Fund - - - -
Benchmark - - - -
1 year 3 years 5 years 10 years
Fund - - - -
Benchmark - - - -

Annual chart

During December, stock markets moved sideways, influenced by the performance of the U.S. market, particularly following Trump’s victory in the U.S. presidential elections.

Monthly comment from the manager

At a sector level, utilities struggled again after a brief recovery, as expectations of a slower-than-anticipated interest rate cut in Europe weighed on the sector. On the other hand, the automobile stocks rebounded following a previous sharp decline, while oil stocks saw mixed performances, with Eni suffering significantly and closing at its lowest levels. Meanwhile, the Italian reporting season came to an end, with the latest small-cap results, including positive earnings from OVS and weaker-than-expected results from Sesa.

In the financial sector, attention is focused on the developments of the banking consolidation process, following the announcement of Banco Popolare’s takeover bid for Anima and Unicredit’s bid for Banco Popolare itself. In terms of positioning, we re-entered bank stocks after the recent correction, concentrating positions on Banco Popolare against Unicredit and Intesa. We remain long in the asset management sector, while among utilities, we hold short positions in Enel and regulated companies.

In the industrial sector, we remain short on Stellantis and STM, while we repurchased Interpump. We maintain our mid and small-cap exposure at 61%, favouring stocks with attractive valuations. In particular, we have increased our holdings in Eurogroup and Danieli savings shares, while also acquiring Dovalue as part of its capital increase. The most significant small-cap positions remain in Sol, Danieli savings shares, Mondadori, D'Amico, Garofalo, and Philogen. Finally, we have tendered our Cir shares in the takeover bid.

The invested portion of the portfolio in single stocks was maintained at 102%, while the net allocation, after hedging, stands at around 65%. Given the market's volatile and sideways trend, we believe this weighting represents the most efficient compromise.

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
Marco Nascimbene
Team Investimenti Equity Italia
Carlo De Vanna
Team Investimenti Equity Italia
Eugenio Raiteri
Team Investimenti Multi Asset
Risk level
  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
Rating
Morningstar star star star star star
CFS Rating star star star star star

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