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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

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Benchmark - - - -
1 year 3 years 5 years 10 years
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1 year 3 years 5 years 10 years
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Annual chart

The month of January did not lead to a sector rotation, as might have been expected, but instead continued to reward the same sectors that had performed well at the end of last year: financials, construction, and defense stocks.

Monthly comment from the manager

Conversely, cyclical stocks and those in the automotive sector, which are more closely tied to medium- and long-term investment decisions, continued to struggle. In a context of persistent uncertainty, these sectors show no signs of recovery. There also remains anticipation for Trump's moves on tariffs, which could pose serious challenges to economic growth. The ongoing banking sector shake-up has taken a new turn with Monte dei Paschi’s share swap offer for Mediobanca, backed by the government as well as Caltagirone and Delfin, but facing strong opposition from Mediobanca’s management.

The true objective of the operation is the control of Generali, which has consequently reached its highest levels in recent periods. The challenging environment for semiconductors has seen yet another profit warning from STMicroelectronics, which continues to show no signs of recovery and remains among the worst-performing stocks. At the sector level, we remain underweight in utilities, oil stocks - particularly Eni - and technology.

On the other hand, we are overweight in financials and banking stocks, ahead of the reporting season and the developments in the banking consolidation process, with a preference for Banco Popolare and Intesa. We also hold long positions in the asset management sector and, among utilities, are short on Enel and regulated entities. In the industrial sector, we remain short on Stellantis and STMicroelectronics, while we have repurchased Buzzi following its correction. We maintain our mid- and small-cap allocation at around 62%, favoring stocks with attractive valuations.

In particular, we have increased our holdings in Eurogroup, Danieli risp, Esprinet, and Dovalue following its capital increase. The most significant positions among small caps remain in Sol, Danieli risp, Mondadori, D'Amico, Garofalo, and Philogen. During the month, there were secondary placements of Reply and Lottomatica, which we did not participate in. The overall exposure was raised to approximately 102%, with the dynamic hedging model gradually signaling the fund’s uncovering in response to the movement of the Italian market, as the domestic index appears to have exited the trading range it had been in since March of last year.

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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