LEADERSEL 
 
Mutual Fund 
Annual Report and audited financial statements 
as at 31/12/23 
R.C.S. Luxembourg K1122

LEADERSEL 
 
 
 
No subscription can be received on the basis of these audited financial statements. Subscriptions may only be accepted on the basis of the current 
prospectus accompanied by an application form, the latest available audited financial statements or unaudited semi-annual report of the Fund if 
published thereafter. 
 
2 
 
Table of contents 
  
Organisation and administration 
 
 
 
 
 
 
 
 
 
 
 3 
Report of the Board of Directors of the Management Company 
 
 
 
 
 
 
 
 5 
Independent auditor's report  
 
 
 
 
 
 
 
 
 
 
11 
Combined statement of net assets as at 31/12/23  
 
 
 
 
 
 
 
 
15 
Combined statement of operations and changes in net assets for the year ended 31/12/23  
 
 
 
 
16 
Sub-funds: 
 
 
 
 
 
 
 
 
 
 
 
 
17 
LEADERSEL - EVENT DRIVEN 
 
 
 
 
 
 
 
 
 
17 
LEADERSEL - FLEXIBLE BOND 
 
 
 
 
 
 
 
 
 
25 
LEADERSEL - INNOTECH ESG 
 
 
 
 
 
 
 
 
 
32 
LEADERSEL - P.M.I. 
 
 
 
 
 
 
 
 
 
 
39 
LEADERSEL - P.M.I. H.D. 
 
 
 
 
 
 
 
 
 
 
46 
Notes to the financial statements - Schedule of derivative instruments  
 
 
 
 
 
 
53 
Other notes to the financial statements  
 
 
 
 
 
 
 
 
 
60 
Additional unaudited information 
 
 
 
 
 
 
 
 
 
 
67

LEADERSEL 
 
 
 
3 
 
 
 
Organisation and administration 
 
Organisati on and admini stration 
 
 
 
MANAGEMENT COMPANY 
Ersel Gestion Internationale S.A. 
17, Rue Jean l’Aveugle 
L-1148 Luxembourg, Grand Duchy of Luxembourg  
(until 20/07/23) 
35, Boulevard Joseph II 
L-1840 Luxembourg, Grand Duchy of Luxembourg  
(since 21/07/23) 
 
 
 
ADMINISTRATIVE AGENT 
CACEIS Bank, Luxembourg Branch 
5, Allée Scheffer 
L - 2520 Luxembourg, Grand Duchy of Luxembourg 
 
 
CUSTODIAN AGENT 
CACEIS Bank, Luxembourg Branch  
5, Allée Scheffer 
L - 2520 Luxembourg, Grand Duchy of Luxembourg 
 
 
INDEPENDENT AUDITOR 
Ernst & Young S.A. 
35E, Avenue John F. Kennedy 
L - 1855 Luxembourg, Grand Duchy of Luxembourg 
 
 
LEGAL ADVISOR 
NautaDutilh Avocats Luxembourg S.à.r.l. 
2, Rue Jean Bertholet, 
L-1233 Luxembourg, Grand Duchy of Luxembourg  
(until 30/11/23) 
Carat & Partners Avocats à la Cour 
16, Avenue Maria-Thérèse 
L-2132 Luxembourg, Grand Duchy of Luxembourg  
(since 01/12/23) 
 
 
DELEGATED INVESTMENT MANAGER 
Ersel Asset Management SGR S.p.A. 
for the sub-funds : 
Piazza Solferino, 11 
 
LEADERSEL - ACTIVE (launched on 30/05/23) 
I - 10121 Torino, Italy 
LEADERSEL - ACTIVE STRATEGIES (merged on 24/05/23) 
LEADERSEL - CORPORATE BOND 
 
LEADERSEL - DYNAMIC 
 
LEADERSEL - EVENT DRIVEN 
 
LEADERSEL - FLEXIBLE BOND 
 
LEADERSEL - INNOTECH ESG 
 
LEADERSEL - MORO 
 
LEADERSEL - P.M.I. 
 
LEADERSEL - P.M.I. H.D. 
 
LEADERSEL - TOTAL RETURN 
 
 
 
PAYING AGENT IN SWITZERLAND 
 
 
 
Tellco AG, 
Bahnhofstrasse 4 
6430 Schwyz, Switzerland 
REPRESENTATIVE AGENT IN SWITZERLAND 
 
 
 
1741 Fund Solutions AG, 
Burggraben 16 
9000 St. Gallen, Switzerland 
BOARD OF DIRECTORS OF THE MANAGEMENT COMPANY 
 
 
 
CHAIRMAN 
Mr. Umberto Giraudo, 
Chief Administration and Finance Officer, 
Ersel Sim S.p.A. and General Manager of  
Ersel Investmenti S.p.A. 
Piazza Solferino, 11 
I - 10121 Torino, Italy 
 
 
DIRECTORS 
Mr. Antoine Gilson de Rouvreux,  
Independent Director 
35, Boulevard Joseph II 
L-1840 Luxembourg, Grand Duchy of Luxembourg 
 
 
 
Mr. Max Meyer,  
Independent Director 
35, Boulevard Joseph II 
L-1840 Luxembourg, Grand Duchy of Luxembourg

LEADERSEL 
 
 
 
4 
Organisation and administration 
 
DIRECTORS 
Mr. Alberto Pettiti,  
Director,  
Ersel Sim S.p.A. 
Piazza Solferino, 11 
I - 10121 Torino, Italy 
 
 
 
Mr. Edoardo Tubia, 
Independent Director 
35, Boulevard Joseph II 
L-1840 Luxembourg, Grand Duchy of Luxembourg 
 
 
 
Mr. Andrea Nascè, 
Manager 
Ersel Sim S.p.A. 
Piazza Solferino, 11 
I - 10121 Torino, Italy 
 
 
 
Mr. Henri Ninove, 
Director and Conducting Officer, 
Ersel Gestion Internationale S.A. 
35, Boulevard Joseph II 
L-1840 Luxembourg, Grand Duchy of Luxembourg

LEADERSEL 
 
 
 
5 
 
 
Report of the Board of Directors of the Management Company 
 
Report of the Boar d of Dir ectors of the M anagement C ompany 
 
 
 
GLOBAL OVERVIEW 
 
2023 was a definitely different year from 2022: several asset classes performed decidedly well, in several cases recovering the previous year's 
losses. During the course of the year, the trend was not uniform: the equity markets, although in an upward trend, suffered between February and 
March from the events linked to the bankruptcy of some US regional banks, while from August to November the rise in interest rates in a so-called 
“higher for longer” context, was particularly severe, with central banks particularly hawkish. 
 
United States 
The year 2023 was characterised by a gradual decline in inflation as the restrictive monetary policy cycle came to an end, with the economy holding 
up better than expected. 
 
In the first half of the year, the regional bank crisis initially casted  doubt on the continuation of the tightening cycle, but the rather rapid easing of 
tensions allowed central banks to continue with their tightening policy. Despite the resilience of consumption, inflation slowed down. The disinflation 
process continued during the second half of the year, albeit held back by the resilience of prices on housing and services in a context of above-
expected growth and employment. Third-quarter GDP reported growth of 4.9% quarter-on-quarter, confirming the resilience of the US economy 
with PMIs returning to neutral on manufacturing and expanding on services. In the last two months of the year, macro data started to outline a 
gradual deterioration of the economy, leading to a softening of the outlook on growth and consumer prices. The latest CPI published in 2023 
reported a stabilisation of the headline figure at 3.1% and 4.0% on the core figure, which stood at 6.4% and 5.6% respectively in January 2023. 
 
The Federal Reserve, while maintaining a restrictive stance, first reduced the size of the hikes from 50 to 25 bps and then slowed the pace of 
tightening with the pause of the June meeting. After the July hike, the policy rate was kept unchanged at a range of 5.25-5.5%. The Central Bank 
took an increasingly data-dependent approach to assessing the size of the impact of monetary policy and the tightening of lending standards caused 
by the regional bank failures on the economy. In the final phase of the year, the central bank's tone became more accommodative until the Federal 
Reserve 's Pivot was reached at the December FOMC with three cuts indicated for 2024. 
 
Europe 
The conflict between Russia and Ukraine continued without hinting that a solution could be reached. However, since the first half of the year inflation 
has fallen on the headline figure, benefiting from falling energy prices. 
The fragilities that emerged in the US banking system in March led to a crisis of confidence in Credit Suisse, which was taken over by rival UBS, 
through a transaction sponsored by the Swiss National Bank, to stem the effects of the crisis. In the second half of the year, the disinflationary 
process continued, albeit with greater difficulty on the core figure despite the progressive deterioration of growth prospects also on the services 
side. Consumption was supported by a labour market that remained resilient, with the unemployment rate stable at close to historic lows. 
 
The European Central Bank maintained a restrictive stance by announcing the discontinuation of the APP reinvestment since July but reducing the 
size of the hikes from 50 bps to 25 bps since the May meeting. Ruling out the option o a pause, the Central Bank raised policy rates until the 
September meeting by raising the policy rate to 4% and indicating that this level, if maintained, would bring inflation back on target. In the final 
phase of the year, the European Central Bank maintained a less restrictive stance, acknowledging the progress on inflation and that, in the absence 
of shocks, the hikes should be ended; however, it stated that it is still premature to talk about cuts. 
  
Emerging Countries 
2023 ended on a comforting note for the emerging countries area, +4.10% growth, despite the fact that, for much of the year, the Federal Reserve 
continued to tighten financial conditions, effectively reducing the room for manoeuvre for intervention by local central banks. A number of issues, 
but above all the Chinese economy reopening, meant that the first part of the year in particular was well above expectations, with the emerging 
area (ex-China) growing well above 5%. Then geopolitics and interest rates created the conditions for a reduction in pace in the second half of the 
year. On a geopolitical level, in fact, if 2022 had proved to be a complicated year, last year was even more challenging, the Russian-Ukrainian 
conflict was compounded by the war between Hamas and Israel, with various repercussions on international trade passages and energy prices. 
Inflation continued to fall, although the trend was less clear in the second half of the year, as increases in food and energy affected overall inflation 
in the region and also made life somewhat more difficult for those local central banks that had purposely kept ahead of the Federal Reserve in order 
to have a good handle on these more complex phases. 
 
 
BOND MARKETS 
Despite the levels reached at the end of 2022, rates continued to rise for much of 2023, with volatility remaining high. The US ten-year T Bond 
ended the year at levels very close to those at the beginning, although it peaked at 5% in October; a similar trend was seen for rates in the euro 
area, with the German ten-year reaching a peak of 3% but ending the year at levels slightly below those at the end of 2022. Rates continued to rise 
even after the Federal Reserve 's last rate hike in July, with policy rates peaking at 5.5% in the USA and 4% in Europe. Indeed, the 'higher for 
longer' narrative pervaded the summer and part of the autumn, negatively impacting markets. The course was reversed when the soft landing 
began to take hold due to disinflation and a cooling US labour market, leading to good performance and the recovery of the losses incurred during 
the year.  
 
In respects to bonds, the year was particularly good for high yield bonds due  to good starting carry and narrowing spreads.  
The performance of investment grade bonds, on the other hand, was determined by the fall in rates in the last two months of the year.  
Banking spreads, on the other hand, deserve a separate mention. Given the events in the USA (regional banks) and Europe (Credit Suisse), 
spreads rose between February and March, negatively impacting both high yield and investment grade indices as well as subordinated bonds.  
 
At the end of the year, a so-called soft landing of the economy is basically predicted, with investment grade spreads at 138 basis points and high 
yield at 400bps, the lows of 2023. 
 
EQUITY MARKETS 
In 2023, the MSCI World Index advanced by 24.4% since the beginning of the year (total return index in USD). Driving the fortunes of the financial 
markets in 2023 were mainly expectations about the outlook for the monetary policies of the world's major central banks and estimates of their 
potential effects on economic growth and inflation trends.

LEADERSEL 
 
 
 
6 
Report of the Board of Directors of the Management Company 
 
 
Among the major global equity indices, the best performance was recorded by the Nasdaq 100, up more than 55.1 % (total return index in USD). 
The index benefited in particular from the boom of the seven largest capitalisation stocks (Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and 
Tesla), which investors focused on due to expectations that they could be the main players in the development of artificial intelligence. The rise in 
the shares of these companies offset the weakness of the rest of the list, evidenced by the weak performance of the S&P500 equal-weighted index 
(+13.8%) towards the cap-weighted version (+26.3%).  
 
In the United States, expectations on the development of artificial intelligence allowed Nvidia to register an advance of more than 230%. The 
company, in fact, gained a dominant position in chips used in the segment. Meta also performed very strongly (+194%), which is investing in artificial 
intelligence. 
 
The Eurostoxx 600 index also closed 2023 with a positive performance (+16.6%) despite fears about the Eurozone's economic growth prospects 
and a less expansive short-term monetary policy stance by the European Central Bank. Among the European stock exchanges, the Italian stock 
exchange particularly stood out, advancing more than 34%. The strong presence of banking stocks, which benefited from the rate hike, is behind 
the FTSEMIB's outperformance. Leading the performance of the index of Italian largest capitalisation companies are, in fact, Unicredit and BpER, 
whose results were boosted by the leap in interest margin. Stellantis also performed very positively, as a result of a positive sales performance 
particularly in the USA. The worst performance, however, was recorded by Diasorin, which had to cope with the sharp contraction in its Covid 
testing business. CNH Industrial suffered from the drop in investments in the sector following the fall in agricultural commodity prices. Finally, 
Finecobank paid for the fall in deposits following the rise in government yields, which boosted investment in these instruments.  
At the European level, however, companies in the semiconductor sector stood out, with Be Semiconductor and ASM. These companies joined the 
positive trend of their US competitors in the expectation that the development of artificial intelligence would give a boost to the entire sector. A big 
surprise was Novo Nordisk, which performed brilliantly on the stock market due to preliminary results on the efficacy of the anti-diabetes drug 
Wegovy and the possibility that it could also be used to combat obesity, increasing its market potential The Danish pharmaceutical group's stock 
became the largest in Europe by market capitalisation. The worst performance was recorded by Worldline, whose profit warning sent a warning 
signal over the entire digital payments sector.  
 
The emerging countries (excluding China) only slightly underperformed the developed countries. The results, however, become decidedly more 
negative if one includes China, which fell more than 10%, weighed down, in particular, by international tensions and the prolonged property crisis. 
 
  
EQUITY MARKET ITALY 
 
After a two-faced 2022 and fears of a heavy recession on the way, the Italian stock market instead started the new year with a positive outlook, 
driven above all by banking, which reported excellent results due to the growth in net interest income, and the good performance of cyclicals on 
which analysts' expectations were too cautious. 
Also contributing to the figures was the drop in oil and gas prices and energy prices in general, which allowed most companies to recover margins 
even in a context of low economic growth. 
  
Inflation continued to be a problem, however, and caused interest rates to rise steadily until October, with central banks having set themselves the 
primary goal of bringing inflation back to more acceptable levels in the long run. 
 
At the sector level, the most rate-sensitive sectors such as utilities and pharmaceuticals continued to be penalised, as well as high valuation and 
high growth stocks such as technology. On the other hand, industrial stocks moved up thanks to the fact that the dreaded recession did not arrive, 
while mid and small caps struggled, on which there was less visibility on future prospects and on which the redemptions of PIR funds weighed 
heavily after the expiry of the five-year period required for capital gains tax exemption. Concerns remained over the war in Ukraine, which for the 
time being sees no solution on the horizon. 
  
During the middle months of the year, markets began a sideways movement, held back by fears that the rate hike would drive the economy into 
recession, but with hopes of a soft landing and a slow recovery from 2024 onwards.  
Complicating the geopolitical situation in October was the tension in the Middle East related to the Gaza - Israel war, with the subsequent attacks 
on merchant ships in the Red Sea which increased freight rates and transport costs. 
Fortunately, in the last few months data evidenced a falling inflation with a consequent reduction in interest rates; this has allowed upward trends 
to resume, leading markets to close at highs, with strong recovery in the defensive and technology sectors.  
 
Analysing the company results shows that, apart from the aforementioned banks who also raised guidance for 2024, most companies managed to 
increase margins despite limited growth in turnover. The disappointments concerned specific cases such as Diasorin, which had to lower its 
guidance after the acquisition in the US; Campari, which saw an unforeseen slowdown in the third quarter; Moncler, where analysts' expectations 
were too high; and some small caps such as El En, which is particularly exposed to China. 
In the course of the year there were some IPOs, such as Lottomatica and Ferretti, which were probably too highly valued. On the other hand, in the 
banking world the reduction of the Treasury's share in Monte Paschi is noted as well as Unipol rising to 20% in Popolare Sondrio. 
Among the extraordinary transactions it is noted the conversion of Saes Getters into ordinary after the sale of the division producing Nitidol with a 
strong capital gain.  
 
Even in a fairly difficult year, delistings have continued, such as that of Atlantia among the major stocks and that of Dea Capital among the small 
caps. Finally, the issue of banking aggregations remains, with Pop. Sondrio, Banco BPM and Desio, as well as Monte dei Paschi, after yet another 
recapitalisation. 
 
OUTLOOK 2024 
 
The central scenario for the financial markets is still based on the assumption of positive, albeit slowing, macroeconomic dynamics of world growth 
and a geopolitical context that weakens the dynamics of international trade and imposes a shortening of production chains. More specifically, the 
nominal growth of the so-called developed countries is expected to slow down compared to the post-Covid years and to be lower than the potential

LEADERSEL 
 
 
 
7 
Report of the Board of Directors of the Management Company 
 
growth both in the USA and in Europe, with only Japan experiencing an accelerating nominal growth. Growth in the so-called emerging countries 
is expected to be stable, but strongly influenced by China, which still appears to be in a phase of restructuring its economy due to the difficulties in 
the real estate sector and the dynamics of international trade.  
 
Inflation, which will account for the bulk of nominal growth in developed countries, is slowing down, although the trajectory towards the central 
banks' targets is still under close observation in light of the dynamics of the labour market. Monetary policies have embarked on a path of 
normalisation and, in the case of the USA, have moved into the area of restriction in order to cope with the inflationary dynamics due both to the 
exit from the Covid and to defuse a potential undesirable wage-price spiral particularly in the so-called developed countries. In the course of the 
year, if these dynamics are confirmed, a reduction in money market rates can be expected to bring real rates back to less restrictive levels. 
 
The latest data published at the macroeconomic level show a strongly differentiated picture between the various geographical areas: the United 
States is the area in the best condition as a result of a robust domestic consumption, a healthy labour market, with demand-supply imbalances that 
are narrowing, and the solidity of investments despite the rise in rates, which, based also on the Federal Reserve 's indications, should have 
substantially peaked. 
As far as Europe is concerned, the growth dynamics show much less brilliant data due to an economy structurally less dependent on domestic 
consumption, which, moreover, is beginning to struggle due to less strong real income dynamics compared to the United States and the slowdown 
in international trade and China in particular. On the other hand, the European Central Bank 's monetary policy also seems to have reached the 
peak of its restrictive action, pending the evaluation of its effects in terms of macroeconomic dynamics.  
 
Japan has embarked on an expansionary monetary and fiscal policy and has strongly benefited from a strongly depreciated currency. Growth, 
however, will have to find support from international dynamics, which at the moment appear to be less robust in the face of a central bank that in 
the coming months may abandon a monetary policy that appears less and less justified by the prevailing level of inflation. 
 
For the so-called emerging countries, the reference framework is very differentiated and not without uncertainties. Overall, the dynamics of 
economic growth remain less brilliant than those of the so-called developed countries, due to a combination of minor fiscal and monetary stimulus 
to which lower growth dynamics of international trade are added. With specific reference to China, which, among the emerging countries, is the one 
with the greatest weight, although in a phase of recovery, it is still engaged in a complex rebalancing of growth towards domestic consumption and 
further strengthening of know-how, while it is having to face the downsizing of the real estate sector in a phase of less international cooperation 
(deglobalisation). 
 
In light of the above, it is believed that the equity market is overall correctly valued on the basis of prevailing interest rates, but still has room for 
correction, particularly with regard to the US market. Elements of uncertainty include, in particular, corporate profit margins and the performance of 
non-US economies.  
The European market appears to be more discounted and undervalued compared to the US market, with particular reference to the margins of 
companies benefiting from the easing of pressures on the energy front and the positive effects on bank balance sheets from the rise in rates. On 
the other hand, the macroeconomic dynamics and uncertainties on the geopolitical front mentioned above undermine its attractiveness.  
The assessment on emerging markets is less positive in the light, in addition to the macro considerations outlined above, of geopolitical tensions 
and the lower level of protection at the governance level. 
For this reason, we believe that an equity weighting consistent with the overall risk profile should be maintained, favouring the area of developed 
countries over emerging ones and high quality companies, leaders in their respective sectors and therefore able to maintain adequate levels of 
profitability (pricing power). 
 
Among bond investments, it is considered appropriate to keep portfolio duration low with respect to benchmarks, particularly on longer maturities 
in general and in Europe in particular. Corporate issues present spreads that are on the whole limited or in any case not sufficient to offset the 
associated risk, particularly in the high-yield segment, and it is therefore believed that the approach to be adopted should be extremely selective. 
More opportunities are to be found in the investment grade segment and in the subordinated financial issues of solid issuers. 
In such an environment, it is believed that there should be more room in asset allocation for short-duration bond investments to take advantage of 
this phase of the central bank's upward cycle and alternative, optional and/or flexible and dynamic investment approaches in equities. 
 
COMMENTS ON THE SUB-FUNDS  
 
Leadersel - Event Driven  
During 2023, Leadersel - Event Driven recorded a positive return of 1.23% for Class A and 0.69% for Class B. 
 
The year was characterised by significantly higher interest rates and much stricter antitrust authorities in both America and Europe than in the past.  
 
The first side effect of the speed with which interest rates were raised occurred in March with the bankruptcy of the Silicon Valley Bank in the US, 
which then affected the entire US regional banking sector. In the second half of the year, inflation gradually started to fall towards the central banks' 
targets and the market started to price in future interest rate cuts, thus increasing the probability of a 'soft landing' scenario. 
Instead, the more aggressive approach of the antitrust regulators caused a considerable delay in the conclusion of transactions, although in the 
end few of them were actually blocked. From the summer onwards, the level of uncertainty about the behaviour of the regulators decreased, as 
many of the 'new' theories put forward by the antitrust agencies were rejected in court and a more constructive behaviour of the regulators was 
noticed, who started to try to make deals with the companies rather than bringing cases before a judge. A case in point was the merger between 
Activision and Microsoft, which was initially blocked by the UK Competition and Markets Authority ('CMA') and the US Federal Trade Commission 
('FTC') in contradiction to the European Commission, which had instead approved the merger in the face of remedies submitted by the companies. 
After a US court refused to block the transaction in line with the FTC's request, the UK CMA also had to accept the remedies proposed by the 
companies and allow it to close.   
Rising interest rates and the attitude of the antitrust authorities were among the reasons for the sharp slowdown in the number of deals announced, 
but even more so in their overall value. Most of the announcements involved medium-sized companies, while there were few 'mega deals'. The 
most represented sector was health care, followed by financials and technology.

LEADERSEL 
 
 
 
8 
Report of the Board of Directors of the Management Company 
 
In the latter part of the year, both of these factors have started to fade, interest rates are expected to fall more to compensate for the drop in inflation, 
and regulators' behaviour is expected to return to a more traditional and in line with the past. This has already allowed a gradual recovery of the 
market for extraordinary transactions and in particular mergers and acquisitions, for now in the US, but as always Europe should follow. 
 
Leadersel - Flexible Bond 
During 2023, the sub-fund recorded a positive return of 4.09% for Class A and 3.94% for Class B. 
 
2023 was a better year than could have been assumed. Globally, there was growth of 2.9%, with inflation falling in the G10 countries (formerly 
Japan) from 6% to 3%. This positive trend came despite several negative factors such as the war between Israel and Hamas. In terms of interest 
rates, both short-term and long-term interest rates rose significantly, partly due to better-than-expected growth data, but also partly due to the more 
aggressive stance of central banks in front of inflation. Second, there was a brief but serious period of banking sector instability in the US and 
Europe during the spring.  
 
In respect to Leadersel - Flexible Bond, the year started with a defensive approach in terms of duration and a very strong stance on reducing the 
negative slope of the US curve. During the first quarter bond markets were affected by the banking sector instability in the USA and Europe, which 
culminated in the default of CS subordinates in Switzerland. As a mitigation measure, High Yield bonds were reduced in the portfolio to mediate 
exposure to AT1 (minimising idiosyncratic risk). Starting in June, macro data, especially in the US, started to surprise the market in positive terms, 
forcing Mr. Powell's hand. In this context, duration was further reduced below 3 years in order to contain the negative effects of rising rate. At the 
end of the third quarter, the portfolio began to add duration, moving up towards 4 years and putting back positions mainly on the short end of the 
US and European curves. In the fourth quarter, as rates fell, the sub-fund's duration was increased  further, even going up to 5 years at times. 
 
 By the end of the year, all books had contributed positively to the portfolio result, in particular the MT book (which closes positions on the day) 
contributed 38bps, the RV book closed at +12 bps and the Event Driven book added 7 bps. The overall result was mainly influenced by the good 
performance of the core portfolio, which returned 3.52%. The year-end return of the fund, in class A, was +4.09%, while in class B it was +3.94%. Error! 
Bookmark not defined. 
 
Leadersel - Innotech ESG 
During 2023, the sub-fund recorded a positive return of 3.26% for Class I, 2.49% for Class IH in EUR, 2.60%  for Class R and 1.85% for Class RH 
in EUR. 
 
In 2023, Leadersel - Innotech ESG went through a period characterised by considerable volatility, but also considerable resilience. The fund's 
performance benefited from the initial momentum in the digital innovation and semiconductor sectors but was affected by uncertainties in Cleantech 
and changes in Healthtech especially during the summer period.  
 
The sub-fund began the year with a focus on emerging opportunities in digital, capitalising on the resurgence of interest in semiconductors and e-
commerce, following in part the reopenings in China. These sectors showed a strong performance, with Marvell and Coherent recovering ground 
after a difficult 2022.  
The transition to cloud infrastructure and the importance of semiconductor materials played a key role. In Cleantech, despite a positive start, the 
sector faced challenges related to a lack of detail on the Inflation Reduction Act and a slowdown in residential solar. These factors led to a revision 
of expectations and a renewed focus on investment opportunities in the sector.  
The Healthtech saw a diversification of returns, with telemedicine regaining interest, while other segments such as insulin pumps suffered from 
perceived economic risk. However, investment in emerging technologies such as Next Generation Sequencing (NGS) offered new growth 
prospects. During the very first months of the year, the sub-fund reached, and maintained for the full year, a significant underweight in the Cleantech 
vertical, in favour of the digital and healthcare component.  
 
The summer period was a critical phase for the sub-fund, with the performance of Cleantech and Healthtech weighing significantly on performance. 
The US ten-year high had a negative impact on portfolio components that need capital to finance their projects, such as renewables stocks, which 
face rising development costs and falling energy prices. Better-than-expected economic data painted a scenario in which interest rates could remain 
high, especially in the US, over the long term. The long duration part of the portfolio therefore bore the brunt of the possible unfolding of such a 
scenario.  
In the Healthcare sector, there was a marked retracement of laboratory instrumentation companies and an underperformance of diabetes-related 
stocks. This was caused by the impacts of GLP-1-based weight-loss therapies on the potential market of companies such as Tandem Diabetes 
and Insulet. However, the market reaction appeared exaggerated and the weakness of the sector was seen as an opportunity.  
In the environmental sector, particularly in companies related to the energy transition, such as those in the wind and solar sector, it was observed 
that, in addition to the higher cost of capital, solar also slowed down because, in the USA, some regulatory support (such as NEM3 in California) 
had failed, while, in Europe, the oversupply generated by the overcapacity induced by the Russian-Ukrainian conflict has arrived on the market. On 
both sides of the Pacific, policy makers have been active in trying to boost a key sector for energy transition developments. 
In Healthtech, the variability of returns and operational challenges have highlighted the need for a selective approach and a focus on areas with 
greater resilience potential, such as those related to women's technology and improved hospital procedures. 
 
The recovery in the fourth quarter demonstrated the sub-fund's ability to adapt and react to market challenges. Digital, in particular, benefited from 
a recovery in the semiconductor sector and sustained growth in artificial intelligence, contributing positively to overall performance.  
The reallocation strategy in Cleantech, focused on quality and growth such as wind power, and the focus on new opportunities in Healthtech, such 
as those related to genome sequencing, allowed the sub-fund to recover ground and end the year on a more positive note. 
 
Dynamic portfolio management in 2023 required constant attention to market developments and emerging opportunities in each of the three macro-
areas. The ability to navigate challenges in Cleantech and Healthtech, coupled with expansion in digital, highlighted the importance of a flexible 
and responsive investment strategy. 
The year 2023 highlighted the importance of diversification and adaptability in the face of market fluctuations.  
 
Innotech ESG enters 2024 with the intention of capitalising on lessons learned, placing a renewed focus on emerging technologies to navigate a 
changing investment environment.

LEADERSEL 
 
 
 
9 
Report of the Board of Directors of the Management Company 
 
The sub-fund had strong exposure to the USA and very low exposure to emerging markets throughout the year. On average, the fund had 45 
names in its portfolio, in line with its target, an average weight per security of about 2.2% and an average weight of the top 10 securities in the 
portfolio of about 42%.   
 
Leadersel - PMI 
During 2023, the sub-fund recorded a positive return of 25.79% for Class A and 24.83% for Class B. 
 
During the year, the sub-fund's equity exposure generally ranged from about 80% to 102%. As of the 31.12,23, absolute performance was 25.79%, 
compared to the benchmark's performance of about 24.2%. The outperformance was mainly due to the overweight of banks against defensives 
and utilities and the underweight of mid and small caps in the first part of the year.  
 
With regard to mid and small caps in particular, the sub-fund went down in weight in the first part of the year, especially on technology stocks such 
as Reply, to buy them back in the last quarter and to rise 57% at the end of December. Among favourite stocks are: Saes Getters, Sol, Danieli 
resp., Mondadori, D'Amico, Philogen, The Italian Sea Group and Safilo. 
 
At sector level among banks there are possible takeover targets such as Banco Bpm and Montepaschi. Among the major banks, the sub-fund is 
positive on both Unicredito and Intesa, which continue to deliver good results.  
 
In the insurance sector the sub-fund remains invested in Unipol.  
 
In luxury, after being short for most of the year, the sub-fund has bought back Tods, which is attractive at current levels. 
 
As for the other sectors, the sub-fund was underweight in utilities on average, especially the regulated ones, and went long in oil, especially Saras. 
 
On technology, finally, after being short in the first part of the year, the sub-fund returned to weight towards the end of the year.  
 
Leadersel - PMI HD 
During 2023, the sub-fund recorded a positive return of 15.18% for Class A and 14.16% for Class B. 
 
During the year, the sub-fund's equity exposure generally ranged from about 80% to 102%. As of the 31.12,23, absolute performance was 25.79%, 
compared to the benchmark's performance of about 24.2%. The outperformance was mainly due to the overweight of banks against defensives 
and utilities and the underweight of mid and small caps in the first part of the year.  
 
With regard to mid and small caps in particular, the sub-fund went down in weight in the first part of the year, especially on technology stocks such 
as Reply, to buy them back in the last quarter and to rise 57% at the end of December. Among favourite stocks are: Saes Getters, Sol, Danieli 
resp., Mondadori, D'Amico, Philogen, The Italian Sea Group and Safilo. 
 
At sector level among banks there are possible takeover targets such as Banco Bpm and Montepaschi. Among the major banks, the sub-fund is 
positive on both Unicredito and Intesa, which continue to deliver good results.  
 
In the insurance sector the sub-fund remains invested in Unipol.  
 
In luxury, after being short for most of the year, the sub-fund has bought back Tods, which is attractive at current levels. 
 
As for the other sectors, the sub-fund was underweight in utilities on average, especially the regulated ones, and went long in oil, especially Saras. 
 
On technology, finally, after being short in the first part of the year, the sub-fund returned to weight towards the end of the year.  
 
From an allocation point of view, the systematic model managing the directional share suggested hedging the portfolio only between the months of 
August and November, coinciding with the most volatile periods, allowing the strategy to capture most of the rises while limiting the volatility of the 
sub-fund. The sub-fund ended the year 100% invested  
 
MAIN FACTS ABOUT LEADERSEL IN 2023  
 
At its meeting on the 2.12.2022, the Board approved the launch of a new sub fund: Leadersel - Active which was effectively launched in the course 
of May 2023.  
 
At the same meeting, on the 2.12.2022, the Board approved the merger of Leadersel - Active Strategies into Leadersel - Total Return with the 
effective date of the merger: 24.5.2023. 
 
At its meeting on the 21.7.2023, the Board approved Leadersel - Corporate Bond ESG becoming an art. 8 SFDR fund in February 2024. 
 
At its meeting on the 23.9.2023, the Board approved in principle the merger of Leadersel - Alternative Strategies into Leadersel - Event Driven, an 
operation which was confirmed by a Circular Resolution of the 30.10.2023 with the effective date of the merger: 5.2.2024. 
 
BEGINNING 2024  
 
No significant event has occurred to date since the beginning of 2024 and markets at the beginning of 2024 were relatively well oriented with all 
major indices positive as at the 29.2.2024 (Eurostoxx, + 3.5%, FTSEMIB + 7.7%,  MSCI World, + 8.1%) 
 
No change has occurred at the level of the fund’s structure and nothing substantial  occurred at the level of the fund management, organisation 
and assets under management which need to be commented.

LEADERSEL 
 
 
 
10 
Report of the Board of Directors of the Management Company 
 
BEGINNING 2024  
 
No significant event has occurred to date since the beginning of 2024 and markets at the beginning of 2024 were relatively well oriented with all 
major indices positive as at the 29.2.2024 (Eurostoxx, + 3.5%, FTSEMIB + 7.7%,  MSCI World, + 8.1%) 
 
No change has occurred at the level of the fund’s structure and nothing substantial  occurred at the level of the fund management, organisation 
and assets under management which need to be commented. 
 
 
 
 
 
 
Luxembourg, March 25, 2024

11 
 
 
 
 
 
 
 
 
Independent auditor's r eport 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Independent auditor’s report 
 
 
To the unitholders of LEADERSEL  
c/o Ersel Gestion Internationale S.A. 
17, rue Jean l’Aveugle  
L-1148 Luxembourg 
 
Opinion  
 
We have audited the financial statements of Leadersel (the “Fund”) and of each of its sub-funds, which comprise the statement of net assets and 
the securities portfolio as at 31 December 2023, and the statement of operations and the statement of changes in net assets for the year then 
ended, and the notes to the financial statements, including a summary of significant accounting policies.  
 
In our opinion, the accompanying financial statements give a true and fair view of the financial position of the Fund and of each of its sub-funds as 
at 31 December 2023, and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourg 
legal and regulatory requirements relating to the preparation and presentation of the financial statements.  
 
Basis for Opinion 
 
We conducted our audit in accordance with the Law of 23 July 2016 on the audit profession (the “Law of 23 July 2016”) and with International 
Standards on Auditing (“ISAs”) as adopted for Luxembourg by the “Commission de Surveillance du Secteur Financier” (“CSSF”). Our responsibilities 
under the Law of 23 July 2016 and ISAs as adopted for Luxembourg by the CSSF are further described in the “responsibilities of the “réviseur 
d’entreprises agréé” for the audit of the financial statements” section of our report. We are also independent of the Fund in accordance with the 
International Code of Ethics for Professional Accountants, including International Independence Standards, issued by the International Ethics 
Standards Board for Accountants (“IESBA Code”) as adopted for Luxembourg by the CSSF together with the ethical requirements that are relevant 
to our audit of the financial statements, and have fulfilled our other ethical responsibilities under those ethical requirements. We believe that the 
audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 
 
 
Other information 
 
The Board of Directors of the management company of the Fund (the “Board of Directors”) is responsible for the other information. The other 
information comprises the information included in the annual report but does not include the financial statements and our report of the “réviseur 
d’entreprises agréé” thereon. 
 
 
 
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 
 
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the 
other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially 
misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required 
to report this fact. We have nothing to report in this regard.

12 
 
 
 
Responsibilities of the Board of Directors for the financial statements 
 
The Board of Directors is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal 
and regulatory requirements relating to the preparation and presentation of the financial statements, and for such internal control as the Board of 
Directors determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud 
or error.  
 
In preparing the financial statements, the Board of Directors is responsible for assessing the Fund’s and each of its sub-funds’ ability to continue 
as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board 
of Directors either intends to liquidate the Fund or any of its sub-funds or to cease operations, or has no realistic alternative but to do so.  
 
 
Responsibilities of the “réviseur d’entreprises agréé” for the audit of the financial statements  
 
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether 
due to fraud or error, and to issue a report of the “réviseur d’entreprises agréé” that includes our opinion. Reasonable assurance is a high level of 
assurance, but is not a guarantee that an audit conducted in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg 
by the CSSF will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, 
individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial 
statements. 
 
As part of an audit in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF, we exercise professional 
judgment and maintain professional skepticism throughout the audit. We also:  
•  
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit 
procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of 
not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, 
intentional omissions, misrepresentations, or the override of internal control.  
•  
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, 
but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control.  
•  
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by 
the Board of Directors. 
•  
Conclude on the appropriateness of the Board of Directors’ use of the going concern basis of accounting and, based on the audit evidence 
obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Fund’s or any of its sub-
funds’ ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report 
of the “réviseur d’entreprises agréé” to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our 
opinion. Our conclusions are based on the audit evidence obtained up to the date of our report of the “réviseur d’entreprises agréé”. However, 
future events or conditions may cause the Fund or any of its sub-funds to cease to continue as a going concern.  
•  
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial 
statements represent the underlying transactions and events in a manner that achieves fair presentation.

13 
 
 
 
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant 
audit findings, including any significant deficiencies in internal control that we identify during our audit. 
 
 
 
 
 
Ernst & Young 
 
Société anonyme 
 
Cabinet de révision agréé 
 
 
 
Madjid Boukhelifa 
 
 
 
 
 
 
 
 
 
 
 
 
Luxembourg, April 30, 2024

14 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LEADERSEL 
Combined financial statements

LEADERSEL 
 
 
 
The accompanying notes form an integral part of these financial statements. 
15 
 
 
 
 
Combined statement of net assets as at 31/12/23 
Combi ned statement of net assets as at 31/12/23 
 
 
 
 
 
Note 
Expressed in EUR 
Assets 
1,087,479,109.32 
Securities portfolio at market value 
2.2
1,005,738,873.76 
Cost price 
958,031,772.75 
Options (long positions) at market value 
2.6
452,778.58 
Options purchased at cost 
622,264.51 
Cash at banks and liquidities 
68,754,078.92 
Receivable for investments sold 
2,620,687.82 
Receivable on subscriptions 
2,016,844.30 
Net unrealised appreciation on forward foreign exchange contracts 
2.7
1,674,539.37 
Net unrealised appreciation on financial futures 
2.8
1,525,254.31 
Dividends receivable, net 
92,779.20 
Interests receivable 
4,603,273.06 
Liabilities 
12,086,962.02 
Options (short positions) at market value 
2.6
43,244.47 
Options sold at cost 
14,339.63 
Bank overdrafts 
3,712,073.55 
Payable on redemptions 
1,892,509.51 
Net unrealised depreciation on CFDs 
2.9
2,583,037.64 
Management fees payable 
3
2,706,147.06 
Depositary and sub-depositary fees payable 
50,012.17 
Performance fees payable 
4
435,391.77 
Audit fees payable 
111,579.35 
Subscription tax payable ("Taxe d'abonnement") 
6
87,405.61 
Interests payable 
55,436.78 
Other liabilities 
410,124.11 
Net asset value 
1,075,392,147.30

LEADERSEL 
 
 
 
The accompanying notes form an integral part of these financial statements. 
16 
 
 
 
 
Combined statement of operations and changes in net assets for the year ended 31/12/23 
Combi ned statement of oper ati ons and changes in net assets for the year ended 31/12/23 
 
 
 
 
 
Note 
Expressed in EUR 
Income 
27,298,295.85 
Dividends on securities portfolio, net 
13,620,316.63 
Interests on bonds and money market instruments, net 
11,155,304.90 
Bank interests on cash accounts 
2,211,294.63 
Securities lending income 
7
135,398.02 
Other income 
175,981.67 
Expenses 
17,803,625.04 
Management fees 
3
11,878,478.53 
Performance fees 
4
435,391.77 
Depositary fees 
219,173.60 
Administration fees 
5
1,758,401.94 
Audit fees 
128,891.61 
Legal fees 
69,032.86 
Transaction fees 
2.12
2,415,361.45 
Subscription tax ("Taxe d'abonnement") 
6
369,112.90 
Interests paid on bank overdraft 
312,437.34 
Banking fees 
103.56 
Other expenses 
217,239.48 
Net income / (loss) from investments 
9,494,670.81 
Net realised profit / (loss) on: 
- sales of investment securities 
2.2,2.3
-13,011,928.94 
- options 
2.6
-1,516,159.15 
- forward foreign exchange contracts 
2.7
4,202,303.16 
- financial futures 
2.8
-10,685,710.62 
- CFDs 
2.9
-3,981,098.93 
- foreign exchange 
2.4
1,882,122.44 
Net realised profit / (loss) 
-13,615,801.23 
  
Movement in net unrealised appreciation / (depreciation) on: 
- investments 
2.2
110,275,377.86 
- options 
2.6
-673,221.20 
- forward foreign exchange contracts 
2.7
-5,480,524.82 
- financial futures 
2.8
-2,309,943.04 
- CFDs 
2.9
-3,651,137.84 
Net increase / (decrease) in net assets as a result of operations 
84,544,749.73 
Subscriptions of capitalisation units 
273,256,051.15 
Subscriptions of distribution units 
4,206,191.45 
Redemptions of capitalisation units 
-531,382,942.54 
Redemptions of distribution units 
-23,391,812.09 
Net increase / (decrease) in net assets 
-192,767,762.30 
Net assets at the beginning of the year 
1,268,159,909.60 
Net assets at the end of the year 
1,075,392,147.30

17 
 
 
Sub-funds: 
LEADER SEL -  ACTIVE (launched on 30/05/23)  
 
 
 
 
 
 
LEADER SEL -  EVENT DRIVEN  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LEADERSEL - EVENT DRIVEN

LEADERSEL - EVENT DRIVEN 
 
 
 
The accompanying notes form an integral part of these financial statements. 
18 
 
 
 
 
Statement of net assets as at 31/12/23 
 
 
 
 
 
 
Note 
Expressed in EUR 
Assets 
199,796,899.02 
Securities portfolio at market value 
2.2
171,781,598.71 
Cost price 
171,763,367.38 
Cash at banks and liquidities 
25,356,610.26 
Receivable on subscriptions 
277,058.05 
Net unrealised appreciation on forward foreign exchange contracts 
2.7
1,015,429.69 
Net unrealised appreciation on financial futures 
2.8
107,900.00 
Interests receivable 
1,258,302.31 
Liabilities 
6,883,204.34 
Options (short positions) at market value 
2.6
43,244.47 
Options sold at cost 
14,339.63 
Bank overdrafts 
3,352,788.86 
Payable on redemptions 
194,264.84 
Net unrealised depreciation on CFDs 
2.9
2,583,037.64 
Management fees payable 
3
567,212.04 
Depositary and sub-depositary fees payable 
9,177.74 
Audit fees payable 
23,296.94 
Subscription tax payable ("Taxe d'abonnement") 
6
10,767.23 
Interests payable 
25,599.32 
Other liabilities 
73,815.26 
Net asset value 
192,913,694.68

LEADERSEL - EVENT DRIVEN 
 
 
 
The accompanying notes form an integral part of these financial statements. 
19 
 
 
 
 
Statement of operations and changes in net assets from 01/01/23 to 31/12/23 
 
 
 
 
 
 
Note 
Expressed in EUR 
Income 
5,716,453.52 
Dividends on securities portfolio, net 
1,566,191.59 
Interests on bonds and money market instruments, net 
3,671,529.69 
Bank interests on cash accounts 
473,206.33 
Other income 
5,525.91 
Expenses 
3,726,372.44 
Management fees 
3
2,847,903.26 
Depositary fees 
46,101.83 
Administration fees 
5
370,874.87 
Audit fees 
25,179.20 
Legal fees 
13,803.87 
Transaction fees 
2.12
130,802.92 
Subscription tax ("Taxe d'abonnement") 
6
51,064.90 
Interests paid on bank overdraft 
202,985.15 
Other expenses 
37,656.44 
Net income / (loss) from investments 
1,990,081.08 
Net realised profit / (loss) on: 
- sales of investment securities 
2.2,2.3
-3,155,488.64 
- options 
2.6
-32,528.95 
- forward foreign exchange contracts 
2.7
3,767,829.89 
- financial futures 
2.8
-904,753.19 
- CFDs 
2.9
-3,971,879.29 
- foreign exchange 
2.4
-1,609,436.27 
Net realised profit / (loss) 
-3,916,175.37 
  
Movement in net unrealised appreciation / (depreciation) on: 
- investments 
2.2
13,072,383.46 
- options 
2.6
-28,904.84 
- forward foreign exchange contracts 
2.7
-3,846,074.15 
- financial futures 
2.8
-637,955.00 
- CFDs 
2.9
-3,651,137.84 
Net increase / (decrease) in net assets as a result of operations 
992,136.26 
Subscriptions of capitalisation units 
19,759,031.52 
Redemptions of capitalisation units 
-137,720,914.90 
Net increase / (decrease) in net assets 
-116,969,747.12 
Net assets at the beginning of the year 
309,883,441.80 
Net assets at the end of the year 
192,913,694.68

LEADERSEL - EVENT DRIVEN 
 
 
 
20 
 
 
 
 
Statistics 
 
 
 
 
 
31/12/23
31/12/22 
31/12/21 
Total Net Assets 
EUR 
192,913,694.68
309,883,441.80 
381,045,020.08 
Class A (capitalisation units) 
Number of units 
1,260,720.144
1,990,008.282 
2,297,250.524 
Net asset value per unit 
EUR 
105.87
104.58 
109.46 
Class B (capitalisation units) 
Number of units 
567,252.266
978,045.753 
1,183,415.445 
Net asset value per unit 
EUR 
104.78
104.06 
109.50

LEADERSEL - EVENT DRIVEN 
 
 
 
21 
 
 
 
 
Changes in number of units outstanding from 01/01/23 to 31/12/23 
 
 
 
 
 
 
 
Units outstanding as at 
01/01/23
Units issued 
Units redeemed
Units outstanding as at 
31/12/23 
  
 
Class A (capitalisation units) 
1,990,008.282
150,570.976 
879,859.114
1,260,720.144 
Class B (capitalisation units) 
978,045.753
40,240.997 
451,034.484
567,252.266

LEADERSEL - EVENT DRIVEN 
 
 
 
The accompanying notes form an integral part of these financial statements. 
22 
 
 
 
 
Securities portfolio as at 31/12/23 
 
 
 
 
 
 
Denomination 
Currency
Quantity/
Notional
Market value
(in EUR)
% of net 
assets 
Transferable securities admitted to an official stock exchange listing and/or dealt in on another 
regulated market 
142,390,409.32
73.81 
 
Shares 
53,130,651.79
27.54 
Belgium 
1,614,495.61
0.84 
EURONAV 
USD
560
8,917.21
0.00 
KBC ANCORA CVA 
EUR
38,670
1,605,578.40
0.83 
Bermuda 
2,360,566.70
1.22 
TEXTAINER GROUP 
USD
53,000
2,360,566.70
1.22 
British Virgin Islands 
1,359,866.02
0.70 
CAPRI HOLDINGS LTD 
USD
29,900
1,359,866.02
0.70 
Canada 
683,152.55
0.35 
CINEPLEX INC 
CAD
82,000
471,193.19
0.24 
DYE & DURHAM --- REGISTERED SHS UNITAR 
CAD
21,500
211,959.36
0.11 
France 
2,658,377.50
1.38 
CGG 
EUR
540,000
322,920.00
0.17 
CHRISTIAN DIOR 
EUR
3,301
2,335,457.50
1.21 
Germany 
8,426,282.00
4.37 
BIOTEST VORZUG 
EUR
102,344
3,172,664.00
1.64 
COVESTRO AG 
EUR
27,000
1,422,360.00
0.74 
DEUTSCHE WOHNEN SE 
EUR
20,000
478,800.00
0.25 
HELLA GMBH & CO. KGAA 
EUR
10,000
825,000.00
0.43 
OSRAM LICHT AG 
EUR
49,558
2,527,458.00
1.31 
Israel 
663,087.86
0.34 
TOWER SEMIC 
USD
24,000
663,087.86
0.34 
Italy 
13,040,909.89
6.76 
DANIELI AND CO SPA NON CONV 
EUR
114,167
2,477,423.90
1.28 
IMMSI 
EUR
1,100,000
625,900.00
0.32 
INFRASTRUTTURE WIRELESS ITALIANE SPA 
EUR
125,832
1,440,776.40
0.75 
RAI WAY SPA 
EUR
130,000
664,300.00
0.34 
TELECOM ITALIA - RSP 
EUR
12,918,141
3,912,904.91
2.03 
UGF 
EUR
759,319
3,919,604.68
2.03 
Netherlands 
4,755,240.00
2.46 
EXOR REG 
EUR
48,160
4,358,480.00
2.26 
FERRARI N.V. - REG SHS 
EUR
1,300
396,760.00
0.21 
Spain 
7,877,830.64
4.08 
APPLUS SERVICES S.A. 
EUR
79,505
795,050.00
0.41 
GRIFOLS SA -A- 
EUR
24,000
370,920.00
0.19 
OPDENERGY HOLDINGS SA 
EUR
1,159,216
6,711,860.64
3.48 
Switzerland 
3,551,839.13
1.84 
AVOLTA AG 
CHF
99,823
3,551,839.13
1.84 
United Kingdom 
61,375.34
0.03 
SOLOMON GOLD 
GBP
559,840
61,375.34
0.03 
United States of America 
6,077,628.55
3.15 
BALLY S CORP 
USD
15,500
195,600.42
0.10 
CEREVEL THERAPEUTICS HOLDINGS INC 
USD
12,000
460,598.38
0.24 
IMMUNOGEN INC 
USD
59,500
1,597,044.31
0.83 
KOHL'S CORP 
USD
4,500
116,833.39
0.06 
MAGNACHIP SEMICONDUCTOR CORP 
USD
19,311
131,111.66
0.07 
SPLUNK INC - REG SHS 
USD
24,000
3,310,007.69
1.72 
SPORT WRHS HLDG 
USD
69,088
266,432.70
0.14

LEADERSEL - EVENT DRIVEN 
 
 
 
The accompanying notes form an integral part of these financial statements. 
23 
 
 
 
 
Securities portfolio as at 31/12/23 
 
 
 
Denomination 
Currency
Quantity/
Notional
Market value
(in EUR)
% of net 
assets 
Bonds 
73,685,659.82
38.20 
Austria 
543,087.50
0.28 
AMS-OSRAM AG.          10.5 23-29 30/03S 
EUR
500,000
543,087.50
0.28 
Belgium 
1,998,450.00
1.04 
INFRABEL S.A.         3.95  12-24 27/03A 
EUR
2,000,000
1,998,450.00
1.04 
Finland 
972,450.00
0.50 
FINNAIR OYJ  4.2500 21-25 19/05S 
EUR
1,000,000
972,450.00
0.50 
France 
16,613,544.50
8.61 
BNP PARIBAS SA 2.375 15-25 17/02A 
EUR
2,000,000
1,972,230.00
1.02 
BPCE 1.0 19-24 15/01A 
EUR
2,000,000
1,970,230.00
1.02 
BPCE SA 1 19-25 01/04A 
EUR
2,000,000
1,938,660.00
1.00 
CIE DE SAINT-GOBAIN 1.00 17-25 17/03A 
EUR
2,000,000
1,946,820.00
1.01 
ELECT.DE FRANCE       1.625 14-24 08/10A 
EUR
1,000,000
982,475.00
0.51 
LAGARDERE SA 1.625 17-24 21/06A 
EUR
1,700,000
1,695,707.50
0.88 
LAGARDERE SA 2.125 19-26 16/10A 
EUR
2,200,000
2,200,132.00
1.14 
PERNOD RICARD SA 1.125 20-25 06/04A 
EUR
2,000,000
1,944,640.00
1.01 
PEUGEOT SA 2 18-25 20/03A 
EUR
2,000,000
1,962,650.00
1.02 
Germany 
5,894,030.00
3.06 
DEUTSCHE LUFTHANSA AG 2.00 21-24 14/07A 
EUR
2,000,000
1,971,080.00
1.02 
E.ON SE 0.875 22-25 08/01A 
EUR
2,000,000
1,950,100.00
1.01 
RWE AG                2.5   22-25 24/08A 
EUR
2,000,000
1,972,850.00
1.02 
Italy 
8,756,254.10
4.54 
AUTOSTRADE ITALIA SPA 5.875 04-24 09/06A 
EUR
3,000,000
3,023,835.00
1.57 
INFRASTRUTTURE WIREL  1.625 20-28 21/10A 
EUR
700,000
649,974.50
0.34 
INTESA SANPAOLO 2.125 20-25 26/05A 
EUR
3,000,000
2,940,555.00
1.52 
TELECOM ITALIA SPA 3.625 16-24 19/01A01A 
EUR
694,000
693,410.10
0.36 
TELECOM ITALIA SPA 7.875 23-28 31/07S 
EUR
1,300,000
1,448,479.50
0.75 
Japan 
1,921,280.00
1.00 
NTT FINANCE CORP  0.01 21-25 03/03A 
EUR
2,000,000
1,921,280.00
1.00 
Luxembourg 
1,980,120.00
1.03 
CNH INDUSTRIAL FINAN  0 20-24 01/12A 
EUR
2,000,000
1,980,120.00
1.03 
Netherlands 
5,021,320.00
2.60 
EDP FINANCE 2.00 15-25 22/04A 
EUR
1,000,000
982,150.00
0.51 
TENNET HOLDING BV    0.75 17-25 26/06A 
EUR
2,000,000
1,947,840.00
1.01 
TENNET HOLDING BV    3.875  22-28 28/10A 
EUR
2,000,000
2,091,330.00
1.08 
Norway 
7,055,998.00
3.66 
ADEVINTA ASA 2.625 20-25 05/11S 
EUR
4,900,000
4,863,544.00
2.52 
ADEVINTA ASA 3 20-27 15/11S 
EUR
2,200,000
2,192,454.00
1.14 
Panama 
611,238.00
0.32 
CARNIVAL CORP 7.625 20-26 01/03S 
EUR
600,000
611,238.00
0.32 
Spain 
4,429,901.50
2.30 
BANCO DE SABADELL SA  2.5 21-31 15/01A 
EUR
2,100,000
1,991,986.50
1.03 
BANCO SANTANDER SA 1.125 18-25 17/01A 
EUR
2,000,000
1,946,770.00
1.01 
GRIFOLS SA 3.20 17-25 01/05S 
EUR
500,000
491,145.00
0.25 
Sweden 
1,951,190.00
1.01 
VOLVO TREASURY AB  1.625 20-25 26/05A 
EUR
2,000,000
1,951,190.00
1.01 
United Kingdom 
2,242,576.36
1.16 
CARNIVAL PLC  1.0   19-29 28/10A 
EUR
1,000,000
726,525.00
0.38 
EC FINANCE PLC 3.0000 21-26 15/10S 
EUR
750,000
725,853.75
0.38 
GKN HOLDINGS PLC      3.375 17-32 12/05A 
GBP
826,000
790,197.61
0.41

LEADERSEL - EVENT DRIVEN 
 
 
 
The accompanying notes form an integral part of these financial statements. 
24 
 
 
 
 
Securities portfolio as at 31/12/23 
 
 
 
Denomination 
Currency
Quantity/
Notional
Market value
(in EUR)
% of net 
assets 
United States of America 
13,694,219.86
7.10 
BOOKING HOLDINGS INC 2.375 14-24 23/09A 
EUR
2,000,000
1,979,350.00
1.03 
DRESDNER FUNDING TR   8.151 99-31 30/06S 
USD
2,000,000
2,006,219.16
1.04 
KELLANOVA             1.00  16-24 17/05A 
EUR
2,000,000
1,979,180.00
1.03 
MCKESSON CORP 1.50 17-25 17/11A 
EUR
3,000,000
2,907,120.00
1.51 
VERIZON COMMUNICATION 1.625 14-24 01/03A 
EUR
2,889,000
2,878,440.70
1.49 
WELLS FARGO CO        1.625 15-25 02/06A 
EUR
2,000,000
1,943,910.00
1.01 
Floating rate notes 
7,447,437.50
3.86 
Italy 
3,502,447.50
1.82 
BANCO BPM            FL.R   21-31 29/06A 
EUR
500,000
475,042.50
0.25 
BANCO BPM SPA FL.R 19-29 01/10A 
EUR
1,000,000
996,995.00
0.52 
BANCO BPM SPA FL.R 20-30 14/09A 
EUR
2,000,000
2,030,410.00
1.05 
Netherlands 
993,410.00
0.51 
GAS NAT FENOSA FL.R 15-49 29/12A 
EUR
1,000,000
993,410.00
0.51 
Switzerland 
2,951,580.00
1.53 
UBS GROUP INC FL.R 17-25 17/07A 
EUR
3,000,000
2,951,580.00
1.53 
Convertible bonds 
8,126,660.21
4.21 
Germany 
1,780,716.00
0.92 
DELIVERY HERO SE CV 1 21-26 30/04S30/04S 
EUR
2,100,000
1,780,716.00
0.92 
Italy 
1,304,170.00
0.68 
NEXI SPA CV 1.75 20-27 24/04S 
EUR
1,400,000
1,304,170.00
0.68 
Jersey 
3,456,414.21
1.79 
SIRIUS MINERALS FINA CV  5 19-27 23/05Q 
USD
2,800,000
3,456,414.21
1.79 
Spain 
1,585,360.00
0.82 
CELLNEX TELECOM SA CV 0.75 20-31 20/11AA 
EUR
1,900,000
1,585,360.00
0.82 
Other transferable securities 
0.02
0.00 
Bonds 
0.02
0.00 
United States of America 
0.02
0.00 
HERC HOLDINGS INC      6.25 13-22 15/10S 
USD
420,000
0.01
0.00 
HERTZ                 0.00  21-24 15/10S 
USD
580,000
0.01
0.00 
Rights 
-
0.00 
United States of America 
-
0.00 
JOHNSON AND JOHNSON  
USD
6,200
-
0.00 
Money market instruments 
29,391,189.37
15.24 
Treasury market 
29,391,189.37
15.24 
France 
4,834,494.51
2.51 
FRANCE ZCP 04-09-24 
EUR
5,000,000
4,834,494.51
2.51 
Italy 
19,644,997.96
10.18 
ITALY ZCP 14-05-24 
EUR
10,000,000
9,753,495.88
5.06 
ITALY ZCP 31-01-24 
EUR
10,000,000
9,891,502.08
5.13 
Spain 
4,911,696.90
2.55 
SPAIN ZCP 08-03-24 
EUR
5,000,000
4,911,696.90
2.55 
Total securities portfolio 
171,781,598.71
89.05

25 
 
 
LEADER SEL -  FLEXIBLE BOND  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LEADERSEL - FLEXIBLE BOND

LEADERSEL - FLEXIBLE BOND 
 
 
 
The accompanying notes form an integral part of these financial statements. 
26 
 
 
 
 
Statement of net assets as at 31/12/23 
 
 
 
 
 
 
Note 
Expressed in EUR 
Assets 
77,893,426.97 
Securities portfolio at market value 
2.2
74,859,064.06 
Cost price 
73,733,729.72 
Cash at banks and liquidities 
1,519,913.10 
Receivable on subscriptions 
1,000,370.74 
Net unrealised appreciation on forward foreign exchange contracts 
2.7
25,642.05 
Net unrealised appreciation on financial futures 
2.8
26,750.00 
Interests receivable 
461,687.02 
Liabilities 
279,000.90 
Payable on redemptions 
120,617.17 
Management fees payable 
3
108,545.23 
Depositary and sub-depositary fees payable 
3,592.70 
Audit fees payable 
10,401.62 
Subscription tax payable ("Taxe d'abonnement") 
6
6,948.39 
Other liabilities 
28,895.79 
Net asset value 
77,614,426.07

LEADERSEL - FLEXIBLE BOND 
 
 
 
The accompanying notes form an integral part of these financial statements. 
27 
 
 
 
 
Statement of operations and changes in net assets from 01/01/23 to 31/12/23 
 
 
 
 
 
 
Note 
Expressed in EUR 
Income 
3,573,454.41 
Dividends on securities portfolio, net 
1,516,286.10 
Interests on bonds and money market instruments, net 
1,904,909.57 
Bank interests on cash accounts 
147,800.75 
Other income 
4,457.99 
Expenses 
927,325.32 
Management fees 
3
609,455.48 
Depositary fees 
20,656.90 
Administration fees 
5
166,162.51 
Audit fees 
11,594.44 
Legal fees 
6,381.55 
Transaction fees 
2.12
38,521.88 
Subscription tax ("Taxe d'abonnement") 
6
32,025.32 
Interests paid on bank overdraft 
18,072.72 
Other expenses 
24,454.52 
Net income / (loss) from investments 
2,646,129.09 
Net realised profit / (loss) on: 
- sales of investment securities 
2.2,2.3
-4,604,744.89 
- options 
2.6
0.28 
- forward foreign exchange contracts 
2.7
-336,121.11 
- financial futures 
2.8
-2,173,372.72 
- CFDs 
2.9
-11,732.06 
- foreign exchange 
2.4
-92,159.99 
Net realised profit / (loss) 
-4,572,001.40 
  
Movement in net unrealised appreciation / (depreciation) on: 
- investments 
2.2
7,899,257.97 
- forward foreign exchange contracts 
2.7
-335,976.00 
- financial futures 
2.8
-128,470.28 
Net increase / (decrease) in net assets as a result of operations 
2,862,810.29 
Subscriptions of capitalisation units 
40,064,784.31 
Redemptions of capitalisation units 
-112,069,275.31 
Net increase / (decrease) in net assets 
-69,141,680.71 
Net assets at the beginning of the year 
146,756,106.78 
Net assets at the end of the year 
77,614,426.07

LEADERSEL - FLEXIBLE BOND 
 
 
 
28 
 
 
 
 
Statistics 
 
 
 
 
 
31/12/23
31/12/22 
31/12/21 
Total Net Assets 
EUR 
77,614,426.07
146,756,106.78 
190,099,042.61 
Class A (capitalisation units) 
Number of units 
275,289.562
891,551.817 
1,162,539.914 
Net asset value per unit 
EUR 
100.02
96.09 
102.55 
Class B (capitalisation units) 
Number of units 
498,181.101
631,640.734 
685,861.726 
Net asset value per unit 
EUR 
100.52
96.71 
103.35

LEADERSEL - FLEXIBLE BOND 
 
 
 
29 
 
 
 
 
Changes in number of units outstanding from 01/01/23 to 31/12/23 
 
 
 
 
 
 
 
Units outstanding as at 
01/01/23
Units issued 
Units redeemed
Units outstanding as at 
31/12/23 
  
 
Class A (capitalisation units) 
891,551.817
93,675.696 
709,937.951
275,289.562 
Class B (capitalisation units) 
631,640.734
319,957.712 
453,417.345
498,181.101

LEADERSEL - FLEXIBLE BOND 
 
 
 
The accompanying notes form an integral part of these financial statements. 
30 
 
 
 
 
Securities portfolio as at 31/12/23 
 
 
 
 
 
 
Denomination 
Currency
Quantity/
Notional
Market value
(in EUR)
% of net 
assets 
Transferable securities admitted to an official stock exchange listing and/or dealt in on another 
regulated market 
19,526,793.76
25.16 
 
Bonds 
12,296,022.25
15.84 
Austria 
2,347,800.00
3.02 
AUSTRIA 0.85 20-20 30/06A 
EUR
5,000,000
2,347,800.00
3.02 
France 
1,682,024.50
2.17 
AUCHAN HOLDING SA  2.875 20-26 29/04A 
EUR
700,000
681,964.50
0.88 
LAGARDERE SA 2.125 19-26 16/10A 
EUR
1,000,000
1,000,060.00
1.29 
Italy 
3,993,334.25
5.15 
INFRA WIRELESS ITA 1.875 20-26 08/07A 
EUR
400,000
385,100.00
0.50 
ITALY 4.4 22-33 01/05S 
EUR
2,500,000
2,666,900.00
3.44 
TELECOM ITALIA SPA 3.625 16-24 19/01A01A 
EUR
270,000
269,770.50
0.35 
TELECOM ITALIA SPA 7.875 23-28 31/07S 
EUR
250,000
278,553.75
0.36 
UNIPOL GRUPPO S.P.A.  3.25 20-30 23/09A 
EUR
400,000
393,010.00
0.51 
Netherlands 
2,116,018.00
2.73 
DAIMLER TRUCK INTL F 3.875  23-26 19/06A 
EUR
500,000
508,830.00
0.66 
FERRARI N.V. 1.5 20-25 27/05A 
EUR
1,000,000
972,490.00
1.25 
STELLANTIS NV 4.375 23-30 14/03A 
EUR
600,000
634,698.00
0.82 
Norway 
1,492,850.00
1.92 
ADEVINTA ASA 2.625 20-25 05/11S 
EUR
500,000
496,280.00
0.64 
ADEVINTA ASA 3 20-27 15/11S 
EUR
1,000,000
996,570.00
1.28 
Spain 
663,995.50
0.86 
BANCO DE SABADELL SA  2.5 21-31 15/01A 
EUR
700,000
663,995.50
0.86 
Floating rate notes 
7,230,771.51
9.32 
Austria 
385,958.00
0.50 
UNIQA INSURANCE GROUP  FL.R 20-35 09/10A 
EUR
400,000
385,958.00
0.50 
Belgium 
570,945.00
0.74 
SOLVAY SA    FL.R   2.5  20-49 31/12A 
EUR
600,000
570,945.00
0.74 
France 
272,986.01
0.35 
BNP PARIBAS FL.R 15-XX 19/08S 
USD
300,000
272,986.01
0.35 
Greece 
1,296,798.00
1.67 
NATL BANK OF GREECE   FL.R  22-27 22/11A 
EUR
1,200,000
1,296,798.00
1.67 
Ireland 
480,025.00
0.62 
AIB GROUP PLC FL.R 20-31 30/05A 
EUR
500,000
480,025.00
0.62 
Italy 
1,415,583.00
1.82 
INTESA SANPAOLO     FL.R   17-XX 11/07S 
EUR
200,000
205,541.00
0.26 
INTESA SANPAOLO FL.R 23-XX 07/03S 
EUR
500,000
551,290.00
0.71 
POSTE ITALIANE FL.R 21-XX 24/06A 
EUR
800,000
658,752.00
0.85 
Netherlands 
1,406,629.00
1.81 
ABN AMRO BANK FL.R 20-XX 22/09S 
EUR
300,000
287,547.00
0.37 
ARGENTUM NETHLD FL.R  16-46 01/10A 
EUR
100,000
98,654.00
0.13 
ASR NEDERLAND NV  FL.R  15-45 29/09A 
EUR
100,000
101,358.00
0.13 
VOLKSWAGEN INTL FIN  FL.R 20-XX 17/06A 
EUR
1,000,000
919,070.00
1.18 
Portugal 
450,587.50
0.58 
ENERGIAS DE PORTUGA FL.R 21-82 14/03A 
EUR
500,000
450,587.50
0.58 
United Kingdom 
951,260.00
1.23 
VODAFONE GROUP PLC FL.R 20-80 27/08A 
EUR
1,000,000
951,260.00
1.23 
Money market instruments 
19,455,900.30
25.07

LEADERSEL - FLEXIBLE BOND 
 
 
 
The accompanying notes form an integral part of these financial statements. 
31 
 
 
 
 
Securities portfolio as at 31/12/23 
 
 
 
Denomination 
Currency
Quantity/
Notional
Market value
(in EUR)
% of net 
assets 
Treasury market 
19,455,900.30
25.07 
Italy 
6,843,396.35
8.82 
ITAL BUON ORDI DEL ZCP 28-03-24 
EUR
4,000,000
3,944,109.36
5.08 
ITALY ZCP 14-05-24 
EUR
3,000,000
2,899,286.99
3.74 
Spain 
12,612,503.95
16.25 
SPAI LETR DEL TESO ZCP 09-08-24 
EUR
13,000,000
12,612,503.95
16.25 
Undertakings for Collective Investment 
35,876,370.00
46.22 
Shares/Units in investment funds 
35,876,370.00
46.22 
Ireland 
35,876,370.00
46.22 
INVESCO AT1 CAPITAL BOND UCITS ETF H EUR 
EUR
260,000
4,141,800.00
5.34 
ISHARES EUR CORP BOND BBB-BB UCITS ETF 
EUR
500,000
2,399,150.00
3.09 
ISHARES HY CORP BD EUR 
EUR
65,000
6,129,500.00
7.90 
ISHS BD LAR CAP EUR 
EUR
88,000
10,912,880.00
14.06 
ISHS CO EUR COR EUR SHS EUR ETF 
EUR
102,000
12,293,040.00
15.84 
Total securities portfolio 
74,859,064.06
96.45

32 
 
 
LEADER SEL -  GAFLEX 
 
 
 
 
 
 
LEADER SEL -  INNOTECH ESG 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LEADERSEL - INNOTECH ESG

LEADERSEL - INNOTECH ESG 
 
 
 
The accompanying notes form an integral part of these financial statements. 
33 
 
 
 
 
Statement of net assets as at 31/12/23 
 
 
 
 
 
 
Note 
Expressed in EUR 
Assets 
30,909,939.45 
Securities portfolio at market value 
2.2
29,649,786.64 
Cost price 
39,937,284.52 
Cash at banks and liquidities 
962,911.32 
Receivable for investments sold 
160,921.33 
Receivable on subscriptions 
13,231.96 
Net unrealised appreciation on forward foreign exchange contracts 
2.7
122,866.41 
Dividends receivable, net 
221.79 
Liabilities 
144,266.59 
Bank overdrafts 
366.26 
Payable on redemptions 
5,095.92 
Management fees payable 
3
107,335.54 
Depositary and sub-depositary fees payable 
1,677.00 
Audit fees payable 
5,715.35 
Subscription tax payable ("Taxe d'abonnement") 
6
2,706.49 
Other liabilities 
21,370.03 
Net asset value 
30,765,672.86

LEADERSEL - INNOTECH ESG 
 
 
 
The accompanying notes form an integral part of these financial statements. 
34 
 
 
 
 
Statement of operations and changes in net assets from 01/01/23 to 31/12/23 
 
 
 
 
 
 
Note 
Expressed in EUR 
Income 
219,095.36 
Dividends on securities portfolio, net 
84,393.85 
Bank interests on cash accounts 
134,226.54 
Other income 
474.97 
Expenses 
1,108,669.59 
Management fees 
3
677,383.04 
Depositary fees 
11,371.47 
Administration fees 
5
91,480.18 
Audit fees 
6,777.83 
Legal fees 
3,068.63 
Transaction fees 
2.12
272,997.89 
Subscription tax ("Taxe d'abonnement") 
6
14,360.56 
Interests paid on bank overdraft 
7,179.43 
Other expenses 
24,050.56 
Net income / (loss) from investments 
-889,574.23 
Net realised profit / (loss) on: 
- sales of investment securities 
2.2,2.3
-26,045,036.30 
- options 
2.6
-605,121.09 
- forward foreign exchange contracts 
2.7
858,850.41 
- financial futures 
2.8
266,000.00 
- CFDs 
2.9
2,512.42 
- foreign exchange 
2.4
1,926,786.20 
Net realised profit / (loss) 
-24,485,582.59 
  
Movement in net unrealised appreciation / (depreciation) on: 
- investments 
2.2
22,342,621.37 
- forward foreign exchange contracts 
2.7
-1,762,672.39 
Net increase / (decrease) in net assets as a result of operations 
-3,905,633.61 
Subscriptions of capitalisation units 
6,843,048.37 
Redemptions of capitalisation units 
-37,066,216.55 
Net increase / (decrease) in net assets 
-34,128,801.79 
Net assets at the beginning of the year 
64,894,474.65 
Net assets at the end of the year 
30,765,672.86

LEADERSEL - INNOTECH ESG 
 
 
 
35 
 
 
 
 
Statistics 
 
 
 
 
 
31/12/23
31/12/22 
31/12/21 
Total Net Assets 
EUR 
30,765,672.86
64,894,474.65 
100,380,183.92 
Class I 
Number of units 
79,269.693
218,924.742 
122,229.192 
Net asset value per unit 
EUR 
78.00
75.54 
113.95 
Class IH 
Number of units 
75,208.631
398,235.705 
495,134.732 
Net asset value per unit 
EUR 
69.28
67.60 
111.24 
Class R 
Number of units 
204,758.284
216,213.093 
192,503.794 
Net asset value per unit 
EUR 
77.23
75.27 
114.28 
Class RH 
Number of units 
52,157.969
77,044.392 
84,487.014 
Net asset value per unit 
EUR 
68.23
66.99 
110.95

LEADERSEL - INNOTECH ESG 
 
 
 
36 
 
 
 
 
Changes in number of units outstanding from 01/01/23 to 31/12/23 
 
 
 
 
 
 
 
Units outstanding as at 
01/01/23
Units issued 
Units redeemed
Units outstanding as at 
31/12/23 
  
 
Class I 
218,924.742
28,814.433 
168,469.482
79,269.693 
Class IH 
398,235.705
41,660.999 
364,688.073
75,208.631 
Class R 
216,213.093
15,711.917 
27,166.726
204,758.284 
Class RH 
77,044.392
3,857.805 
28,744.228
52,157.969

LEADERSEL - INNOTECH ESG 
 
 
 
The accompanying notes form an integral part of these financial statements. 
37 
 
 
 
 
Securities portfolio as at 31/12/23 
 
 
 
 
 
 
Denomination 
Currency
Quantity/
Notional
Market value
(in EUR)
% of net 
assets 
Transferable securities admitted to an official stock exchange listing and/or dealt in on another 
regulated market 
29,649,786.64
96.37 
Shares 
29,649,786.64
96.37 
Canada 
371,069.61
1.21 
5N PLUS INC 
CAD
100,000
259,508.44
0.84 
LIFESPEAK INC 
CAD
250,000
111,561.17
0.36 
Cayman Islands 
388,258.72
1.26 
ROCKLEY PHOTONICS HOLDINGS L 
USD
200,000
-
0.00 
SILICON MOTION INC ADR REPR.4SHS 
USD
7,000
388,258.72
1.26 
Denmark 
2,010,382.92
6.53 
ORSTED - REG SHS 
DKK
20,000
1,004,218.90
3.26 
VESTAS WIND SYSTEMS AS - BEARER/ REG SHS 
DKK
35,000
1,006,164.02
3.27 
France 
1,202,300.00
3.91 
UBISOFT ENTERTAINMENT 
EUR
30,000
693,300.00
2.25 
WAGA ENERGY SA 
EUR
20,000
509,000.00
1.65 
Germany 
360,000.00
1.17 
SIEMENS ENERGY - REG SHS 
EUR
30,000
360,000.00
1.17 
Italy 
925,750.00
3.01 
NEXI SPA - REG SHS 
EUR
125,000
925,750.00
3.01 
Netherlands 
681,700.00
2.22 
ASML HOLDING NV - BEARER/REG SHS 
EUR
1,000
681,700.00
2.22 
Sweden 
874,466.65
2.84 
VITROLIFE -REGISTERED SHS 
SEK
50,000
874,466.65
2.84 
Switzerland 
21,996.58
0.07 
ASTROCAST SA 
NOK
195,074
21,996.58
0.07 
United Kingdom 
1,081,100.68
3.51 
ALPHAWAVE IP GROUP PLC 
GBP
700,000
1,040,447.75
3.38 
FARFETCH-REGISTERED SHS -A- 
USD
400,000
8,074.96
0.03 
RENALYTIX PLC-ADR 
USD
92,275
32,577.97
0.11 
United States of America 
21,732,761.48
70.64 
ADVANCED MICRO DEVICES INC - REG SHS 
USD
5,000
667,224.91
2.17 
AMGEN INC - REG SHS 
USD
1,500
391,101.25
1.27 
ARRAY TECHNOLOGIES INC - REG SHS 
USD
40,000
608,337.48
1.98 
BLOOM ENERGY CORP -A- REG SHS 
USD
30,000
401,937.27
1.31 
BRUKER BIOSCIENCES 
USD
7,000
465,631.65
1.51 
CLOUDFLARE INC  
USD
5,000
376,861.45
1.22 
COHERENT CORP 
USD
25,000
985,153.67
3.20 
DATADOG INC 
USD
3,000
329,642.87
1.07 
DEXCOM INC - REG SHS 
USD
4,000
449,336.89
1.46 
ENPHASE ENERGY - REG SHS 
USD
5,000
598,108.00
1.94 
EXACT SCIENCES CORP 
USD
7,000
468,800.07
1.52 
FIRST SOLAR INC - REG SHS 
USD
3,000
467,876.70
1.52 
FLUENCE ENERGY INC 
USD
20,000
431,810.98
1.40 
GLOBUS MEDICAL -A- 
USD
15,000
723,622.87
2.35 
GUARDANT HEALTH --- REGISTERED SHS 
USD
15,000
367,310.91
1.19 
HASHICORP INC-CL A 
USD
30,000
642,013.31
2.09 
HOLOGIC INC 
USD
5,000
323,405.60
1.05 
IDEX CORP 
USD
2,000
393,083.78
1.28 
INSPIRE MED SYS - REGISTERED SHS 
USD
2,000
368,315.76
1.20 
INSULET 
USD
2,000
392,848.41
1.28 
INTEL CORP 
USD
25,000
1,137,238.04
3.70

LEADERSEL - INNOTECH ESG 
 
 
 
The accompanying notes form an integral part of these financial statements. 
38 
 
 
 
 
Securities portfolio as at 31/12/23 
 
 
 
Denomination 
Currency
Quantity/
Notional
Market value
(in EUR)
% of net 
assets 
LATTICE SEMICONDUCOR CORP 
USD
5,000
312,270.86
1.01 
MARVELL TECHNOLOGY INC - REG SHS 
USD
12,500
682,455.98
2.22 
MOBILEYE GLOBAL INC-A 
USD
7,500
294,120.31
0.96 
MONGODB INC 
USD
1,000
370,117.23
1.20 
NATERA 
USD
15,000
850,586.16
2.76 
PACIFIC BIOSCIENCES OF CALIFORNIA 
USD
100,000
888,064.09
2.89 
PHREESIA INC 
USD
30,000
628,705.92
2.04 
QUALCOMM INC 
USD
2,500
327,320.87
1.06 
QUANTERIX CORPORATION 
USD
15,000
371,248.81
1.21 
SENTINELONE INC -CLASS A 
USD
15,000
372,606.71
1.21 
SHOALS TECH GRP - REG SHS -A- 
USD
60,000
844,068.26
2.74 
SHOCKWAVE MED --- REGISTERED SHS 
USD
5,000
862,535.64
2.80 
SOLAREDGE TECHNOLOGIES INC 
USD
5,000
423,663.60
1.38 
TANDEM DIABETES - REGISTERED SHS 
USD
15,000
401,665.69
1.31 
THERMO FISHER SCIENTIFIC INC - REG SHS 
USD
1,000
480,505.14
1.56 
TPI COMPOSITES 
USD
200,000
749,558.68
2.44 
TWILIO INC 
USD
15,000
1,030,235.82
3.35 
VERTEX PHARMACEUTICALS INC - REG SHS 
USD
1,500
552,514.37
1.80 
ZSCALER INC 
USD
1,500
300,855.47
0.98 
Total securities portfolio 
29,649,786.64
96.37

39 
 
 
 
 
LEADER SEL -  P.M .I. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LEADERSEL - P.M.I.

LEADERSEL - P.M.I. 
 
 
 
The accompanying notes form an integral part of these financial statements. 
40 
 
 
 
 
Statement of net assets as at 31/12/23 
 
 
 
 
 
 
Note 
Expressed in EUR 
Assets 
178,204,075.23 
Securities portfolio at market value 
2.2
170,795,003.59 
Cost price 
154,431,310.47 
Cash at banks and liquidities 
5,388,353.54 
Receivable for investments sold 
1,636,429.27 
Receivable on subscriptions 
372,048.83 
Dividends receivable, net 
12,240.00 
Liabilities 
1,570,740.02 
Payable on redemptions 
552,829.71 
Management fees payable 
3
573,206.06 
Depositary and sub-depositary fees payable 
7,877.24 
Performance fees payable 
4
316,713.57 
Audit fees payable 
17,882.44 
Subscription tax payable ("Taxe d'abonnement") 
6
14,174.19 
Interests payable 
24,700.91 
Other liabilities 
63,355.90 
Net asset value 
176,633,335.21

LEADERSEL - P.M.I. 
 
 
 
The accompanying notes form an integral part of these financial statements. 
41 
 
 
 
 
Statement of operations and changes in net assets from 01/01/23 to 31/12/23 
 
 
 
 
 
 
Note 
Expressed in EUR 
Income 
6,631,923.68 
Dividends on securities portfolio, net 
6,213,552.78 
Bank interests on cash accounts 
334,372.61 
Securities lending income 
7
81,213.98 
Other income 
2,784.31 
Expenses 
4,184,922.52 
Management fees 
3
2,165,884.00 
Performance fees 
4
316,713.57 
Depositary fees 
30,175.00 
Administration fees 
5
244,644.87 
Audit fees 
19,555.04 
Legal fees 
21,415.21 
Transaction fees 
2.12
1,294,478.07 
Subscription tax ("Taxe d'abonnement") 
6
53,008.20 
Banking fees 
103.56 
Other expenses 
38,945.00 
Net income / (loss) from investments 
2,447,001.16 
Net realised profit / (loss) on: 
- sales of investment securities 
2.2,2.3
16,687,263.72 
- foreign exchange 
2.4
-4,259.39 
Net realised profit / (loss) 
19,130,005.49 
  
Movement in net unrealised appreciation / (depreciation) on: 
- investments 
2.2
16,896,854.07 
Net increase / (decrease) in net assets as a result of operations 
36,026,859.56 
Subscriptions of capitalisation units 
15,866,496.41 
Redemptions of capitalisation units 
-17,711,609.04 
Net increase / (decrease) in net assets 
34,181,746.93 
Net assets at the beginning of the year 
142,451,588.28 
Net assets at the end of the year 
176,633,335.21

LEADERSEL - P.M.I. 
 
 
 
42 
 
 
 
 
Statistics 
 
 
 
 
 
31/12/23
31/12/22 
31/12/21 
Total Net Assets 
EUR 
176,633,335.21
142,451,588.28 
157,916,701.62 
Class A (capitalisation units) 
Number of units 
351,420.764
338,691.147 
294,912.452 
Net asset value per unit 
EUR 
229.82
182.70 
210.26 
Class B (capitalisation units) 
Number of units 
2,116,624.499
2,221,050.615 
2,278,378.339 
Net asset value per unit 
EUR 
45.29
36.28 
42.09

LEADERSEL - P.M.I. 
 
 
 
43 
 
 
 
 
Changes in number of units outstanding from 01/01/23 to 31/12/23 
 
 
 
 
 
 
 
Units outstanding as at 
01/01/23
Units issued 
Units redeemed
Units outstanding as at 
31/12/23 
  
 
Class A (capitalisation units) 
338,691.147
56,307.249 
43,577.632
351,420.764 
Class B (capitalisation units) 
2,221,050.615
100,529.017 
204,955.133
2,116,624.499

LEADERSEL - P.M.I. 
 
 
 
The accompanying notes form an integral part of these financial statements. 
44 
 
 
 
 
Securities portfolio as at 31/12/23 
 
 
 
 
 
 
Denomination 
Currency
Quantity/
Notional
Market value
(in EUR)
% of net 
assets 
Transferable securities admitted to an official stock exchange listing and/or dealt in on another 
regulated market 
170,795,003.59
96.69 
Shares 
167,370,970.99
94.76 
Italy 
145,182,105.99
82.19 
A2A SPA 
EUR
300,000
557,700.00
0.32 
ACEA SPA 
EUR
93,000
1,286,190.00
0.73 
ALERION CLEANPOWER - REGROUPEMENT 
EUR
12,000
319,200.00
0.18 
ANIMA HOLDING 
EUR
500,000
2,003,000.00
1.13 
ARISTON HOLDING N.V. 
EUR
225,000
1,409,625.00
0.80 
ARNOLDO MONDADORI EDITORE SPA 
EUR
945,000
2,027,025.00
1.15 
ASSICURAZIONI GENERALI SPA 
EUR
222,000
4,241,310.00
2.40 
AZ. ORD. POST FRAZ 
EUR
125,260
493,524.40
0.28 
BANCA GENERALI SPA 
EUR
9,000
302,760.00
0.17 
BANCA IFIS SPA 
EUR
56,000
879,200.00
0.50 
BANCA MEDIOLANUM 
EUR
145,000
1,237,430.00
0.70 
BANCA MONTE DEI PASCHI DI SIENA SPA 
EUR
850,000
2,589,100.00
1.47 
BANCO BPM SPA - REGISTERED 
EUR
300,000
1,434,300.00
0.81 
BANCO DI DESIO I DELLA BRIANZA 
EUR
326,000
1,186,640.00
0.67 
BFF BANK S.P.A 
EUR
385,000
3,973,200.00
2.25 
BPER BANCA SPA 
EUR
174,000
526,524.00
0.30 
BREMBO SPA 
EUR
284,000
3,152,400.00
1.78 
BRUNELLO CUCINELLI 
EUR
3,000
265,800.00
0.15 
BUZZI SPA 
EUR
232,000
6,389,280.00
3.62 
CAIRO COMMUNICATION-AZ.POST FRAZIONAMENT 
EUR
220,000
397,760.00
0.23 
CALTAGIRONE 
EUR
177,454
763,052.20
0.43 
CAREL INDUSTR - REGISTERED SHS 
EUR
106,500
2,641,200.00
1.50 
CIR SPA- COMPAGNIE INDUSTRIALI RIUNITE 
EUR
2,270,000
977,235.00
0.55 
CREDITO EMILIANO SPA 
EUR
242,000
1,945,680.00
1.10 
DANIELI AND CO SPA NON CONV 
EUR
147,500
3,200,750.00
1.81 
DE LONGHI SPA 
EUR
151,000
4,608,520.00
2.61 
ENAV SPA 
EUR
460,000
1,580,560.00
0.89 
ENEL SPA - AZ NOM 
EUR
880,000
5,922,400.00
3.35 
ENI SPA - AZ NOM 
EUR
52,000
798,096.00
0.45 
ERG SPA - AZ NOM 
EUR
10,000
288,600.00
0.16 
FERRETTI SPA 
EUR
324,000
933,120.00
0.53 
FILA SPA 
EUR
110,000
965,800.00
0.55 
FINECOBANK 
EUR
110,000
1,494,350.00
0.85 
FRANCHI UMBERTO MARMI - REGISTERED SHS 
EUR
30
206.40
0.00 
GAROFALO HEALTH CARE S.P.A 
EUR
213,594
991,076.16
0.56 
GIGLIO GROUP SPA 
EUR
200
440.00
0.00 
GRUPPO MUTUIONLINE  -AZ. 
EUR
49,000
1,563,100.00
0.88 
INFRASTRUTTURE WIRELESS ITALIANE SPA 
EUR
140,000
1,603,000.00
0.91 
INTERCOS SPA 
EUR
86,000
1,229,800.00
0.70 
INTERPUMP GROUP 
EUR
13,500
632,745.00
0.36 
INTESA SANPAOLO SPA - AZ NOM 
EUR
2,120,000
5,604,220.00
3.17 
IREN S.P.A. 
EUR
2,100,000
4,143,300.00
2.35 
ITALIAN DESIGN BRANDS SPA 
EUR
56,500
575,170.00
0.33 
ITALIAN EXHIBITION GRP - REGISTERED SHS 
EUR
34
104.72
0.00 
ITALMOBILIARE - REGISTERED 
EUR
37,000
1,026,750.00
0.58 
IVECO GROUP N.V. 
EUR
40,000
325,840.00
0.18 
LEONARDO SPA 
EUR
120,000
1,792,200.00
1.01 
LOTTOMATICA GROUP SPA 
EUR
132,000
1,292,280.00
0.73 
LU VE SPA 
EUR
16,000
369,600.00
0.21 
MAIRE TECNIMONT 
EUR
410,000
2,013,100.00
1.14 
MARR SPA 
EUR
140,000
1,607,200.00
0.91 
MEDIOBANCA 
EUR
70,000
784,350.00
0.44

LEADERSEL - P.M.I. 
 
 
 
The accompanying notes form an integral part of these financial statements. 
45 
 
 
 
 
Securities portfolio as at 31/12/23 
 
 
 
Denomination 
Currency
Quantity/
Notional
Market value
(in EUR)
% of net 
assets 
MFE-MEDIAFOREUROPE NV-CL A 
EUR
430,000
1,013,940.00
0.57 
MFE-MEDIAFOREUROPE NV-CL B 
EUR
90,000
294,030.00
0.17 
MONCLER SPA 
EUR
30,500
1,698,850.00
0.96 
NEXI SPA - REG SHS 
EUR
140,000
1,036,840.00
0.59 
OVS 
EUR
440,000
998,800.00
0.57 
PHARMANUTRA SPA 
EUR
7,200
406,080.00
0.23 
PHILOGEN - REG SHS 
EUR
161,000
2,978,500.00
1.69 
PIAGGIO AND  C SPA 
EUR
610,000
1,816,580.00
1.03 
PIRELLI & C.SPA 
EUR
85,000
418,795.00
0.24 
RACING FORCE --- REGISTERED SHS 
EUR
30,000
157,800.00
0.09 
RAI WAY SPA 
EUR
600,000
3,066,000.00
1.74 
RCS MEDIAGROUP 
EUR
80,000
59,280.00
0.03 
REPLY SPA 
EUR
46,500
5,556,750.00
3.15 
REWAY GROUP S.P.A. 
EUR
94,500
481,950.00
0.27 
SAES GETTERS 
EUR
157,000
5,345,850.00
3.03 
SAFILO - AZ. POST RAGGRUPPAMENTO 
EUR
1,020,000
932,280.00
0.53 
SAIPEM SPA 
EUR
175,000
257,250.00
0.15 
SALCEF GROUP SPA 
EUR
55,000
1,355,750.00
0.77 
SALVATORE FERRAGAMO S.P.A. 
EUR
145,000
1,770,450.00
1.00 
SANLORENZO SPA 
EUR
29,373
1,243,946.55
0.70 
SARAS RAFFINERIE SARDE SPA 
EUR
1,800,000
2,908,800.00
1.65 
SESA 
EUR
16,000
1,968,000.00
1.11 
SOGEFI SPA 
EUR
360,000
736,200.00
0.42 
SOL 
EUR
142,000
3,947,600.00
2.23 
STAR7 - REG SHS 
EUR
20,945
159,182.00
0.09 
TAMBURI INVESTMENT PARTNERS SPA 
EUR
238,000
2,213,400.00
1.25 
TECHNOPR PREFERENTIAL SHARE 
EUR
18,000
155,610.00
0.09 
TELECOM ITALIA - RSP 
EUR
6,400,000
1,938,560.00
1.10 
THE IT SEA GROUP PREFERENTIAL SHARE 
EUR
37,360
307,472.80
0.17 
TINEXTA SPA 
EUR
40,000
811,200.00
0.46 
TOD'S SPA 
EUR
35,000
1,194,900.00
0.68 
UGF 
EUR
80,000
412,960.00
0.23 
UNICREDIT SPA REGS 
EUR
303,000
7,443,195.00
4.21 
UNIPOLSAI AZ. POST RAGGRUPPAMENTO 
EUR
875,000
1,977,500.00
1.12 
WEBUILD - AZ NOM POST RAGGRUPPAMENT 
EUR
649,880
1,187,330.76
0.67 
ZIGNAGO VETRO SPA 
EUR
41,000
584,660.00
0.33 
Luxembourg 
6,344,600.00
3.59 
D'AMICO INTL --- BEARER SHS 
EUR
900,000
5,085,000.00
2.88 
TENARIS - REG SHS 
EUR
80,000
1,259,600.00
0.71 
Netherlands 
15,844,265.00
8.97 
CEMENTIR HOLDING N.V 
EUR
125,000
1,192,500.00
0.68 
DAVIDE CAMPARI-MILANO N.V. 
EUR
86,000
878,490.00
0.50 
FERRARI N.V. - REG SHS 
EUR
2,600
793,520.00
0.45 
STELLANTIS --- BEARER AND REGISTERED SHS 
EUR
370,000
7,825,500.00
4.43 
STMICROELECTRONICS NV - BEARER/REG SHS 
EUR
114,000
5,154,255.00
2.92 
Bonds 
3,347,730.00
1.90 
Ireland 
3,347,730.00
1.90 
WISDOMTREE MULTI ASSET - 3XLONG FTSE MIB 
EUR
27,000
3,347,730.00
1.90 
Rights 
76,302.60
0.04 
Italy 
76,302.60
0.04 
CAREL INDUSTRIES S.P.A.   11.12.23 RIGHT 
EUR
105,100
76,302.60
0.04 
Total securities portfolio 
170,795,003.59
96.69

46 
 
 
LEADER SEL -  P.M .I. H.D. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LEADERSEL - P.M.I. H.D.

LEADERSEL - P.M.I. H.D. 
 
 
 
The accompanying notes form an integral part of these financial statements. 
47 
 
 
 
 
Statement of net assets as at 31/12/23 
 
 
 
 
 
 
Note 
Expressed in EUR 
Assets 
66,196,379.49 
Securities portfolio at market value 
2.2
62,704,836.56 
Cost price 
56,645,758.74 
Cash at banks and liquidities 
3,126,064.74 
Receivable for investments sold 
302,493.20 
Receivable on subscriptions 
56,213.64 
Dividends receivable, net 
6,771.35 
Liabilities 
280,562.87 
Bank overdrafts 
24.07 
Payable on redemptions 
64,441.80 
Management fees payable 
3
174,057.89 
Depositary and sub-depositary fees payable 
2,989.12 
Performance fees payable 
4
19.80 
Audit fees payable 
6,711.67 
Subscription tax payable ("Taxe d'abonnement") 
6
3,140.86 
Interests payable 
5,136.55 
Other liabilities 
24,041.11 
Net asset value 
65,915,816.62

LEADERSEL - P.M.I. H.D. 
 
 
 
The accompanying notes form an integral part of these financial statements. 
48 
 
 
 
 
Statement of operations and changes in net assets from 01/01/23 to 31/12/23 
 
 
 
 
 
 
Note 
Expressed in EUR 
Income 
2,265,250.48 
Dividends on securities portfolio, net 
2,107,089.04 
Bank interests on cash accounts 
96,800.70 
Securities lending income 
7
54,184.04 
Other income 
7,176.70 
Expenses 
1,259,429.83 
Management fees 
3
668,548.76 
Performance fees 
4
19.80 
Depositary fees 
11,372.79 
Administration fees 
5
91,475.48 
Audit fees 
8,242.36 
Legal fees 
2,966.53 
Transaction fees 
2.12
448,602.37 
Subscription tax ("Taxe d'abonnement") 
6
12,019.00 
Interests paid on bank overdraft 
1,147.32 
Other expenses 
15,035.42 
Net income / (loss) from investments 
1,005,820.65 
Net realised profit / (loss) on: 
- sales of investment securities 
2.2,2.3
5,946,995.62 
- financial futures 
2.8
-5,548,005.68 
- foreign exchange 
2.4
21,300.64 
Net realised profit / (loss) 
1,426,111.23 
  
Movement in net unrealised appreciation / (depreciation) on: 
- investments 
2.2
6,388,462.05 
Net increase / (decrease) in net assets as a result of operations 
7,814,573.28 
Subscriptions of capitalisation units 
14,760,692.59 
Redemptions of capitalisation units 
-7,186,626.84 
Net increase / (decrease) in net assets 
15,388,639.03 
Net assets at the beginning of the year 
50,527,177.59 
Net assets at the end of the year 
65,915,816.62

LEADERSEL - P.M.I. H.D. 
 
 
 
49 
 
 
 
 
Statistics 
 
 
 
 
 
31/12/23
31/12/22 
31/12/21 
Total Net Assets 
EUR 
65,915,816.62
50,527,177.59 
59,118,041.69 
Class A (capitalisation units) 
Number of units 
318,951.961
273,350.343 
282,267.337 
Net asset value per unit 
EUR 
159.86
138.79 
157.01 
Class B (capitalisation units) 
Number of units 
98,942.834
95,251.998 
98,095.596 
Net asset value per unit 
EUR 
150.88
132.16 
150.85

LEADERSEL - P.M.I. H.D. 
 
 
 
50 
 
 
 
 
Changes in number of units outstanding from 01/01/23 to 31/12/23 
 
 
 
 
 
 
 
Units outstanding as at 
01/01/23
Units issued 
Units redeemed
Units outstanding as at 
31/12/23 
  
 
Class A (capitalisation units) 
273,350.343
85,861.953 
40,260.335
318,951.961 
Class B (capitalisation units) 
95,251.998
10,270.122 
6,579.286
98,942.834

LEADERSEL - P.M.I. H.D. 
 
 
 
The accompanying notes form an integral part of these financial statements. 
51 
 
 
 
 
Securities portfolio as at 31/12/23 
 
 
 
 
 
 
Denomination 
Currency
Quantity/
Notional
Market value
(in EUR)
% of net 
assets 
Transferable securities admitted to an official stock exchange listing and/or dealt in on another 
regulated market 
62,704,836.56
95.13 
Shares 
61,030,971.56
92.59 
Italy 
53,244,761.56
80.78 
A2A SPA 
EUR
100,000
185,900.00
0.28 
ACEA SPA 
EUR
33,500
463,305.00
0.70 
ALERION CLEANPOWER - REGROUPEMENT 
EUR
3,600
95,760.00
0.15 
ANIMA HOLDING 
EUR
185,000
741,110.00
1.12 
ARISTON HOLDING N.V. 
EUR
77,000
482,405.00
0.73 
ARNOLDO MONDADORI EDITORE SPA 
EUR
373,000
800,085.00
1.21 
ASSICURAZIONI GENERALI SPA 
EUR
76,000
1,451,980.00
2.20 
AZ. ORD. POST FRAZ 
EUR
44,740
176,275.60
0.27 
BANCA GENERALI SPA 
EUR
2,400
80,736.00
0.12 
BANCA IFIS SPA 
EUR
21,000
329,700.00
0.50 
BANCA MEDIOLANUM 
EUR
53,200
454,008.80
0.69 
BANCA MONTE DEI PASCHI DI SIENA SPA 
EUR
395,000
1,203,170.00
1.83 
BANCO BPM SPA - REGISTERED 
EUR
105,000
502,005.00
0.76 
BANCO DI DESIO I DELLA BRIANZA 
EUR
127,000
462,280.00
0.70 
BFF BANK S.P.A 
EUR
145,000
1,496,400.00
2.27 
BPER BANCA SPA 
EUR
60,000
181,560.00
0.28 
BREMBO SPA 
EUR
107,500
1,193,250.00
1.81 
BRUNELLO CUCINELLI 
EUR
1,000
88,600.00
0.13 
BUZZI SPA 
EUR
86,000
2,368,440.00
3.59 
CAIRO COMMUNICATION-AZ.POST FRAZIONAMENT 
EUR
71,740
129,705.92
0.20 
CALTAGIRONE 
EUR
69,004
296,717.20
0.45 
CAREL INDUSTR - REGISTERED SHS 
EUR
39,200
972,160.00
1.47 
CIR SPA- COMPAGNIE INDUSTRIALI RIUNITE 
EUR
850,000
365,925.00
0.56 
CREDITO EMILIANO SPA 
EUR
92,500
743,700.00
1.13 
DANIELI AND CO SPA NON CONV 
EUR
55,000
1,193,500.00
1.81 
DE LONGHI SPA 
EUR
56,500
1,724,380.00
2.62 
ENAV SPA 
EUR
175,000
601,300.00
0.91 
ENEL SPA - AZ NOM 
EUR
300,000
2,019,000.00
3.06 
ENI SPA - AZ NOM 
EUR
10,000
153,480.00
0.23 
ERG SPA - AZ NOM 
EUR
3,500
101,010.00
0.15 
FERRETTI SPA 
EUR
122,250
352,080.00
0.53 
FILA SPA 
EUR
40,900
359,102.00
0.54 
FINECOBANK 
EUR
38,000
516,230.00
0.78 
FRANCHI UMBERTO MARMI - REGISTERED SHS 
EUR
70
481.60
0.00 
GAROFALO HEALTH CARE S.P.A 
EUR
75,000
348,000.00
0.53 
GIGLIO GROUP SPA 
EUR
200
440.00
0.00 
GRUPPO MUTUIONLINE  -AZ. 
EUR
17,850
569,415.00
0.86 
INFRASTRUTTURE WIRELESS ITALIANE SPA 
EUR
52,000
595,400.00
0.90 
INTERCOS SPA 
EUR
32,800
469,040.00
0.71 
INTERPUMP GROUP 
EUR
5,075
237,865.25
0.36 
INTESA SANPAOLO SPA - AZ NOM 
EUR
720,000
1,903,320.00
2.89 
IREN S.P.A. 
EUR
785,000
1,548,805.00
2.35 
ITALIAN DESIGN BRANDS SPA 
EUR
24,000
244,320.00
0.37 
ITALIAN EXHIBITION GRP - REGISTERED SHS 
EUR
250
770.00
0.00 
ITALMOBILIARE - REGISTERED 
EUR
14,000
388,500.00
0.59 
IVECO GROUP N.V. 
EUR
10,000
81,460.00
0.12 
LEONARDO SPA 
EUR
41,500
619,802.50
0.94 
LOTTOMATICA GROUP SPA 
EUR
50,500
494,395.00
0.75 
LU VE SPA 
EUR
5,000
115,500.00
0.18 
MAIRE TECNIMONT 
EUR
150,000
736,500.00
1.12 
MARR SPA 
EUR
51,480
590,990.40
0.90

LEADERSEL - P.M.I. H.D. 
 
 
 
The accompanying notes form an integral part of these financial statements. 
52 
 
 
 
 
Securities portfolio as at 31/12/23 
 
 
 
Denomination 
Currency
Quantity/
Notional
Market value
(in EUR)
% of net 
assets 
MEDIOBANCA 
EUR
25,000
280,125.00
0.42 
MFE-MEDIAFOREUROPE NV-CL A 
EUR
152,999
360,771.64
0.55 
MFE-MEDIAFOREUROPE NV-CL B 
EUR
31,000
101,277.00
0.15 
MONCLER SPA 
EUR
11,000
612,700.00
0.93 
NEXI SPA - REG SHS 
EUR
48,000
355,488.00
0.54 
OVS 
EUR
160,000
363,200.00
0.55 
PHARMANUTRA SPA 
EUR
2,300
129,720.00
0.20 
PHILOGEN - REG SHS 
EUR
59,500
1,100,750.00
1.67 
PIAGGIO AND  C SPA 
EUR
218,500
650,693.00
0.99 
PIRELLI & C.SPA 
EUR
30,000
147,810.00
0.22 
RACING FORCE --- REGISTERED SHS 
EUR
10,000
52,600.00
0.08 
RAI WAY SPA 
EUR
225,000
1,149,750.00
1.74 
RCS MEDIAGROUP 
EUR
35,000
25,935.00
0.04 
REPLY SPA 
EUR
17,400
2,079,300.00
3.15 
REWAY GROUP S.P.A. 
EUR
50,000
255,000.00
0.39 
SAES GETTERS 
EUR
58,500
1,991,925.00
3.02 
SAFILO - AZ. POST RAGGRUPPAMENTO 
EUR
360,000
329,040.00
0.50 
SAIPEM SPA 
EUR
55,000
80,850.00
0.12 
SALCEF GROUP SPA 
EUR
20,500
505,325.00
0.77 
SALVATORE FERRAGAMO S.P.A. 
EUR
53,500
653,235.00
0.99 
SANLORENZO SPA 
EUR
11,027
466,993.45
0.71 
SARAS RAFFINERIE SARDE SPA 
EUR
670,000
1,082,720.00
1.64 
SESA 
EUR
6,000
738,000.00
1.12 
SOGEFI SPA 
EUR
132,000
269,940.00
0.41 
SOL 
EUR
53,000
1,473,400.00
2.24 
STAR7 - REG SHS 
EUR
12,675
96,330.00
0.15 
TAMBURI INVESTMENT PARTNERS SPA 
EUR
88,000
818,400.00
1.24 
TECHNOPR PREFERENTIAL SHARE 
EUR
4,000
34,580.00
0.05 
TELECOM ITALIA - RSP 
EUR
2,450,000
742,105.00
1.13 
THE IT SEA GROUP PREFERENTIAL SHARE 
EUR
13,840
113,903.20
0.17 
TINEXTA SPA 
EUR
14,000
283,920.00
0.43 
TOD'S SPA 
EUR
12,650
431,871.00
0.66 
UGF 
EUR
30,000
154,860.00
0.23 
UNICREDIT SPA REGS 
EUR
102,000
2,505,630.00
3.80 
UNIPOLSAI AZ. POST RAGGRUPPAMENTO 
EUR
327,500
740,150.00
1.12 
WEBUILD - AZ NOM POST RAGGRUPPAMENT 
EUR
253,185
462,569.00
0.70 
ZIGNAGO VETRO SPA 
EUR
15,500
221,030.00
0.34 
Luxembourg 
2,443,825.00
3.71 
D'AMICO INTL --- BEARER SHS 
EUR
335,000
1,892,750.00
2.87 
TENARIS - REG SHS 
EUR
35,000
551,075.00
0.84 
Netherlands 
5,342,385.00
8.10 
CEMENTIR HOLDING N.V 
EUR
45,500
434,070.00
0.66 
DAVIDE CAMPARI-MILANO N.V. 
EUR
30,000
306,450.00
0.46 
FERRARI N.V. - REG SHS 
EUR
500
152,600.00
0.23 
STELLANTIS --- BEARER AND REGISTERED SHS 
EUR
131,000
2,770,650.00
4.20 
STMICROELECTRONICS NV - BEARER/REG SHS 
EUR
40,500
1,831,215.00
2.78 
Bonds 
1,673,865.00
2.54 
Ireland 
1,673,865.00
2.54 
WISDOMTREE MULTI ASSET - 3XLONG FTSE MIB 
EUR
13,500
1,673,865.00
2.54 
Total securities portfolio 
62,704,836.56
95.13

53 
 
 
LEADER SEL -  TOTAL RETURN  
 
 
 
 
 
 
Notes to the financi al statements - Schedule of deri vati ve instruments  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LEADERSEL 
Notes to the financial statements - 
Schedule of derivative instruments

LEADERSEL 
 
 
 
54 
 
 
 
 
Notes to the financial statements - Schedule of derivative instruments 
 
 
 
Options 
 
 
 
 
As at December 31, 2023, the following option contracts were outstanding: 
 
 
 
 
 
LEADERSEL - EVENT DRIVEN 
Quantity 
Denomination 
Currency 
Commitment
(in EUR)
(in absolute value)
Market value 
(in EUR) 
Unrealised 
(in EUR) 
Options issued 
Options on equities 
170.00 SPLUNK         JAN 150.00  19.01.24 CALL 
USD 
1,629,489.20
-43,244.47 
-28,904.84 
  
-43,244.47
-28,904.84 
 
 
 
 
All the above options are listed options. Commitments amounts are not presented as they relate to purchased options.

LEADERSEL 
 
 
 
55 
 
 
 
 
Notes to the financial statements - Schedule of derivative instruments 
 
 
Forward foreign exchange contracts 
 
 
 
 
As at December 31, 2023, the following forward foreign exchange contracts were outstanding:  
 
LEADERSEL - EVENT DRIVEN 
Currency
purchased
Quantity 
purchased 
Currency
sold
Quantity
sold
Maturity 
date 
Unrealised
(in EUR)
Counterparty 
EUR
1,863,064.74 
USD
2,000,000.00
26/01/24 
54,329.06  
Banca Albertini SPA
EUR
25,959,367.95 
USD
27,600,000.00
26/01/24 
998,815.62  
Banca Albertini SPA
EUR
3,609,341.83 
CHF
3,400,000.00
26/01/24 
-53,519.50  
Banca Albertini SPA
EUR
940,910.80 
USD
1,000,000.00
26/01/24 
36,542.96  
Banca Albertini SPA
EUR
752,805.91 
CAD
1,100,000.00
26/01/24 
-1,891.96  
Banca Albertini SPA
USD
3,500,000.00 
EUR
3,184,133.92
26/01/24 
-18,846.49  
Banca Albertini SPA
  
1,015,429.69
  
  
 
LEADERSEL - FLEXIBLE BOND 
Currency
purchased
Quantity 
purchased 
Currency
sold
Quantity
sold
Maturity 
date 
Unrealised
(in EUR)
Counterparty 
EUR
658,699.54 
USD
700,000.00
26/01/24 
25,642.05  
Banca Albertini SPA
  
25,642.05
  
 
LEADERSEL - INNOTECH ESG 
Currency
purchased
Quantity 
purchased 
Currency
sold
Quantity
sold
Maturity 
date 
Unrealised
(in EUR)
Counterparty 
CAD
90,000.00 
EUR
61,232.82
26/01/24 
515.19 * 
Banca Albertini SPA
DKK
1,200,000.00 
EUR
161,073.83
26/01/24 
-52.79 * 
Banca Albertini SPA
DKK
3,000,000.00 
EUR
402,673.75
26/01/24 
-121.16 * 
Banca Albertini SPA
DKK
350,000.00 
EUR
46,967.89
26/01/24 
-3.42 * 
Banca Albertini SPA
DKK
1,150,000.00 
EUR
154,410.09
26/01/24 
-98.26 * 
Banca Albertini SPA
EUR
1,303,262.39 
SEK
15,400,000.00
26/01/24 
-80,103.34 * 
Banca Albertini SPA
EUR
185,373.99 
USD
200,000.00
26/01/24 
4,500.42 * 
Banca Albertini SPA
EUR
408,830.74 
USD
450,000.00
26/01/24 
1,865.21 * 
Banca Albertini SPA
EUR
45,532.16 
GBP
40,000.00
26/01/24 
-588.57 * 
Banca Albertini SPA
EUR
91,058.10 
USD
100,000.00
26/01/24 
621.32 * 
Banca Albertini SPA
EUR
53,625.05 
DKK
400,000.00
26/01/24 
-48.63 * 
Banca Albertini SPA
EUR
89,847.26 
USD
100,000.00
26/01/24 
-589.52 * 
Banca Albertini SPA
EUR
559,296.88 
GBP
490,000.00
26/01/24 
-5,682.10 * 
Banca Albertini SPA
EUR
136,873.80 
CAD
200,000.00
26/01/24 
-344.00 * 
Banca Albertini SPA
EUR
179,775.28 
USD
200,000.00
26/01/24 
-1,098.29 * 
Banca Albertini SPA
EUR
147,559.90 
DKK
1,100,000.00
26/01/24 
-42.72 * 
Banca Albertini SPA
EUR
59,793.29 
SEK
700,000.00
26/01/24 
-3,086.97 * 
Banca Albertini SPA
EUR
183,823.53 
USD
200,000.00
26/01/24 
2,949.96 * 
Banca Albertini SPA
EUR
1,058,924.45 
DKK
7,900,000.00
26/01/24 
-1,130.71 * 
Banca Albertini SPA
EUR
15,848,382.24 
USD
16,850,000.00
26/01/24 
609,784.17 * 
Banca Albertini SPA
EUR
90,818.27 
USD
100,000.00
26/01/24 
381.49 * 
Banca Albertini SPA
EUR
361,563.40 
HKD
3,000,000.00
26/01/24 
13,914.11 * 
Banca Albertini SPA
EUR
409,016.54 
USD
450,000.00
26/01/24 
2,051.01 * 
Banca Albertini SPA
EUR
40,220.95 
DKK
300,000.00
26/01/24 
-34.31 * 
Banca Albertini SPA
EUR
319,985.37 
USD
350,000.00
26/01/24 
3,456.63 * 
Banca Albertini SPA
EUR
275,027.50 
USD
300,000.00
26/01/24 
3,717.15 * 
Banca Albertini SPA
GBP
200,000.00 
EUR
228,911.53
26/01/24 
1,692.14 * 
Banca Albertini SPA
GBP
30,000.00 
EUR
34,368.20
26/01/24 
222.35 * 
Banca Albertini SPA
GBP
40,000.00 
EUR
46,425.26
26/01/24 
-304.53 * 
Banca Albertini SPA
HKD
1,600,000.00 
EUR
193,821.93
26/01/24 
-8,408.98 * 
Banca Albertini SPA
HKD
400,000.00 
EUR
48,223.56
26/01/24 
-1,870.32 * 
Banca Albertini SPA
HKD
1,000,000.00 
EUR
120,529.85
26/01/24 
-4,646.75 * 
Banca Albertini SPA

LEADERSEL 
 
 
 
56 
 
 
 
 
Notes to the financial statements - Schedule of derivative instruments 
 
 
Forward foreign exchange contracts 
 
 
 
 
 
LEADERSEL - INNOTECH ESG 
Currency
purchased
Quantity 
purchased 
Currency
sold
Quantity
sold
Maturity 
date 
Unrealised
(in EUR)
Counterparty 
SEK
3,100,000.00 
EUR
262,378.33
26/01/24 
16,091.40 * 
Banca Albertini SPA
SEK
1,300,000.00 
EUR
114,956.76
26/01/24 
1,820.87 * 
Banca Albertini SPA
SEK
300,000.00 
EUR
26,154.05
26/01/24 
794.63 * 
Banca Albertini SPA
SEK
6,000,000.00 
EUR
509,727.30
26/01/24 
29,246.36 * 
Banca Albertini SPA
SEK
1,700,000.00 
EUR
152,518.35
26/01/24 
190.85 * 
Banca Albertini SPA
SEK
550,000.00 
EUR
47,229.76
26/01/24 
2,176.16 * 
Banca Albertini SPA
USD
3,900,000.00 
EUR
3,690,735.31
26/01/24 
-163,700.74 * 
Banca Albertini SPA
USD
800,000.00 
EUR
751,103.18
26/01/24 
-27,608.91 * 
Banca Albertini SPA
USD
800,000.00 
EUR
756,501.18
26/01/24 
-33,006.91 * 
Banca Albertini SPA
USD
150,000.00 
EUR
140,291.81
26/01/24 
-4,636.63 * 
Banca Albertini SPA
USD
6,000,000.00 
EUR
5,650,249.55
26/01/24 
-224,042.52 * 
Banca Albertini SPA
USD
150,000.00 
EUR
139,301.63
26/01/24 
-3,646.45 * 
Banca Albertini SPA
USD
300,000.00 
EUR
279,537.83
26/01/24 
-8,227.48 * 
Banca Albertini SPA
  
122,866.41
  
  
 
The contracts that are marked with * relate specifically to foreign exchange risk hedging of shares expressed in another currency than the reference 
currency of the related sub-fund.

LEADERSEL 
 
 
 
57 
 
 
 
 
 
 
 
 
Notes to the financial statements - Schedule of derivative instruments 
 
 
Financial futures 
 
 
 
 
As at December 31, 2023, the following future contracts were outstanding: 
 
 
 
 
 
LEADERSEL - EVENT DRIVEN 
Quantity 
Buy/(Sell) 
Denomination 
Currency 
Commitment 
(in EUR) 
(in absolute value) 
Unrealised
(in EUR)
Broker 
  
Other futures 
225.00 BASF SE (EUREX) 12/24 
EUR 
10,975,500.00 
81,900.00
UBS AG London Branch
200.00 SIEMENS AG 12/24 
EUR 
33,984,000.00 
26,000.00
UBS AG London Branch
  
 
 
107,900.00
 
  
 
LEADERSEL - FLEXIBLE BOND 
Quantity 
Buy/(Sell) 
Denomination 
Currency 
Commitment 
(in EUR) 
(in absolute value) 
Unrealised
(in EUR)
Broker 
  
Futures on bonds 
-25.00 EURO BUND FUTURE 03/24 
EUR 
2,563,825.00 
26,750.00
UBS AG London Branch
  
 
 
26,750.00

LEADERSEL 
 
 
 
58 
 
 
 
 
 
 
 
 
 
 
Notes to the financial statements - Schedule of derivative instruments 
 
 
Contracts for Difference ("CFD") 
 
LEADERSEL - EVENT DRIVEN 
 
 
 
 
 
As at December 31, 2023, the following Contracts for Difference ("CFD") were outstanding: 
 
 
 
Nominal 
Ccy 
Maturity 
Date 
Flow received 
Flow paid 
Counterparty 
Unrealised  
(in EUR) 
308,800.00 
CHF 
28/10/2024 
CHF LIBOR EQS 1 MONTH 
THE SWATCH GROUP 
BNP PARIBAS LONDON BRANCH GB 
-46,896.85 
251,370.00 
CHF 
28/04/2025 
THE SWATCH GROUP 
CHF LIBOR EQS 1 MONTH 
BNP PARIBAS LONDON BRANCH GB 
-49,080.35 
347,750.00 
CHF 
29/12/2023 
CHF LIBOR EQS 1 MONTH 
THE SWATCH GROUP 
BNP PARIBAS LONDON BRANCH GB 
66,069.70 
129,000.00 
EUR 
28/10/2025 
EUR LIBOR EQS 1 MONTH 
KBC GROUPE SA 
BNP PARIBAS LONDON BRANCH GB 
-47,160.00 
418,850.00 
EUR 
28/10/2024 
EUR LIBOR EQS 1 MONTH 
LVMH MOET HENNESSY 
BNP PARIBAS LONDON BRANCH GB 
-314,750.00 
512,478.66 
GBP 
28/06/2027 
MELROSE IND --- 
GBP LIBOR EQS 1 MONTH 
BNP PARIBAS LONDON BRANCH GB 
65,055.54 
497,747.90 
GBP 
13/06/2025 
NETWORK INTERNAT 
GBP LIBOR EQS 1 MONTH 
BNP PARIBAS LONDON BRANCH GB 
10,376.90 
417,250.65 
GBP 
06/11/2025 
NETWORK INTERNAT 
GBP LIBOR EQS 1 MONTH 
BNP PARIBAS LONDON BRANCH GB 
-2,142.26 
248,517.92 
GBP 
07/11/2025 
NETWORK INTERNAT 
GBP LIBOR EQS 1 MONTH 
BNP PARIBAS LONDON BRANCH GB 
-1,445.03 
1,058,648.40 
GBP 
28/11/2025 
NETWORK INTERNAT 
GBP LIBOR EQS 1 MONTH 
BNP PARIBAS LONDON BRANCH GB 
-7,141.42 
547,947.40 
GBP 
01/12/2025 
NETWORK INTERNAT 
GBP LIBOR EQS 1 MONTH 
BNP PARIBAS LONDON BRANCH GB 
-2,570.42 
195,195.00 
GBP 
12/12/2025 
NETWORK INTERNAT 
GBP LIBOR EQS 1 MONTH 
BNP PARIBAS LONDON BRANCH GB 
-340.43 
141,229.04 
GBP 
02/12/2024 
GVC HOLDINGS PLC 
GBP LIBOR EQS 1 MONTH 
GOLDMAN SACHS INTERN. 
-48,247.69 
471,762.51 
USD 
12/09/2025 
MICHAEL KORS --- REGS 
SHS 
USD LIBOR EQS 1 MONTH 
GOLDMAN SACHS INTERN. 
-17,745.45 
2,450,422.77 
USD 
31/10/2025 
HESS CORP 
USD LIBOR EQS 1 MONTH 
GOLDMAN SACHS INTERN. 
269.07 
2,522,521.20 
USD 
31/10/2025 
USD LIBOR EQS 1 MONTH 
CHEVRON CORP XNY 
GOLDMAN SACHS INTERN. 
-69,335.80 
998,939.91 
USD 
07/11/2025 
HESS CORP 
USD LIBOR EQS 1 MONTH 
GOLDMAN SACHS INTERN. 
9,215.67 
1,033,645.32 
USD 
07/11/2025 
USD LIBOR EQS 1 MONTH 
CHEVRON CORP XNY 
GOLDMAN SACHS INTERN. 
-33,112.46 
35,855.41 
USD 
28/11/2025 
HESS CORP 
USD LIBOR EQS 1 MONTH 
GOLDMAN SACHS INTERN. 
297.61 
14,571.00 
USD 
28/11/2025 
USD LIBOR EQS 1 MONTH 
CHEVRON CORP XNY 
GOLDMAN SACHS INTERN. 
-312.32 
249,481.00 
USD 
01/12/2025 
HESS CORP 
USD LIBOR EQS 1 MONTH 
GOLDMAN SACHS INTERN. 
2,403.33 
284,035.23 
USD 
01/12/2025 
USD LIBOR EQS 1 MONTH 
CHEVRON CORP XNY 
GOLDMAN SACHS INTERN. 
-6,180.03 
588,719.36 
USD 
05/12/2025 
CHEVRON CORP XNY 
USD LIBOR EQS 1 MONTH 
GOLDMAN SACHS INTERN. 
20,673.19 
549,629.04 
USD 
05/12/2025 
USD LIBOR EQS 1 MONTH 
HESS CORP 
GOLDMAN SACHS INTERN. 
-24,452.05 
80,301.00 
USD 
08/12/2025 
HESS CORP 
USD LIBOR EQS 1 MONTH 
GOLDMAN SACHS INTERN. 
5,608.11 
86,538.00 
USD 
08/12/2025 
USD LIBOR EQS 1 MONTH 
CHEVRON CORP XNY 
GOLDMAN SACHS INTERN. 
-2,677.77 
40,401.00 
USD 
11/12/2025 
HESS CORP 
USD LIBOR EQS 1 MONTH 
GOLDMAN SACHS INTERN. 
2,577.29 
43,334.10 
USD 
11/12/2025 
USD LIBOR EQS 1 MONTH 
CHEVRON CORP XNY 
GOLDMAN SACHS INTERN. 
-1,279.95 
538,767.06 
EUR 
21/02/2025 
ALLFUNDS GROUP P 
EUR LIBOR EQS 1 MONTH 
JEFFERIES INTERNATIONAL LTD. 
-153,267.06 
751,350.60 
GBP 
14/04/2025 
DECHARA PHARMACL 
GBP LIBOR EQS 1 MONTH 
JEFFERIES INTERNATIONAL LTD. 
23,367.84 
494,547.51 
GBP 
24/04/2025 
DECHARA PHARMACL 
GBP LIBOR EQS 1 MONTH 
JEFFERIES INTERNATIONAL LTD. 
8,069.35 
417,659.62 
GBP 
22/05/2025 
DECHARA PHARMACL 
GBP LIBOR EQS 1 MONTH 
JEFFERIES INTERNATIONAL LTD. 
96,798.09 
271,372.48 
GBP 
12/09/2025 
DECHARA PHARMACL 
GBP LIBOR EQS 1 MONTH 
JEFFERIES INTERNATIONAL LTD. 
3,961.52 
110,408.18 
GBP 
15/09/2025 
DECHARA PHARMACL 
GBP LIBOR EQS 1 MONTH 
JEFFERIES INTERNATIONAL LTD. 
1,611.75 
2,094,593.24 
GBP 
19/09/2025 
DECHARA PHARMACL 
GBP LIBOR EQS 1 MONTH 
JEFFERIES INTERNATIONAL LTD. 
30,577.09 
583,482.90 
GBP 
24/10/2025 
NETWORK INTERNAT 
GBP LIBOR EQS 1 MONTH 
JEFFERIES INTERNATIONAL LTD. 
1,404.54 
470,269.80 
GBP 
07/11/2025 
NETWORK INTERNAT 
GBP LIBOR EQS 1 MONTH 
JEFFERIES INTERNATIONAL LTD. 
-2,896.31 
139,273.73 
USD 
19/04/2024 
SPORT WRHS HLDG 
USD LIBOR EQS 1 MONTH 
JEFFERIES INTERNATIONAL LTD. 
-95,409.36 
240,177.71 
USD 
20/04/2026 
SPORT WRHS HLDG 
USD LIBOR EQS 1 MONTH 
JEFFERIES INTERNATIONAL LTD. 
-164,541.10 
110,394.87 
USD 
21/04/2026 
SPORT WRHS HLDG 
USD LIBOR EQS 1 MONTH 
JEFFERIES INTERNATIONAL LTD. 
-75,664.18 
70,981.59 
USD 
26/04/2024 
SPORT WRHS HLDG 
USD LIBOR EQS 1 MONTH 
JEFFERIES INTERNATIONAL LTD. 
-48,677.13 
3,057,000.00 
CHF 
29/03/2024 
CHF LIBOR EQS 1 MONTH 
SCHINDLER HOLDING 
UBS AG LONDON BRANCH 
69,377.22 
2,913,050.00 
CHF 
29/03/2024 
SCHINDLER HOLDING SA  
CHF LIBOR EQS 1 MONTH 
UBS AG LONDON BRANCH 
81,007.85 
651,875.00 
CHF 
29/03/2024 
CHF LIBOR EQS 1 MONTH 
THE SWATCH GROUP 
UBS AG LONDON BRANCH 
108,906.10 
980,070.00 
CHF 
29/03/2024 
THE SWATCH GROUP REG  
CHF LIBOR EQS 1 MONTH 
UBS AG LONDON BRANCH 
-171,448.85 
505,355.53 
  CHF 
13/06/2025 
SOFTWONE HLDG - 
CHF LIBOR EQS 1 MONTH 
UBS AG LONDON BRANCH 
-51,974.10 
217,100.93 
  CHF 
16/06/2025 
SOFTWONE HLDG - 
CHF LIBOR EQS 1 MONTH 
UBS AG LONDON BRANCH 
-19,507.50 
1,492,425.00 
  EUR 
04/04/2025 
KLOECKNER CO --- 
EUR LIBOR EQS 1 MONTH 
UBS AG LONDON BRANCH 
-52,425.00 
1,915,500.00 
  EUR 
29/03/2024 
CHRISTIAN DIOR 
EUR LIBOR EQS 1 MONTH 
UBS AG LONDON BRANCH 
207,000.00 
1,143,861.30 
  EUR 
29/03/2024 
EUR LIBOR EQS 1 MONTH 
DANIELI (ORD) 
UBS AG LONDON BRANCH 
-477,990.35 
1,247,823.60 
  EUR 
29/03/2024 
EUR LIBOR EQS 1 MONTH 
FE NEW XFRA_DE 
UBS AG LONDON BRANCH 
-655,403.60 
626,750.78 
  EUR 
29/03/2024 
EUR LIBOR EQS 1 MONTH 
LAFARGEHOLCIM LTD EUR 
UBS AG LONDON BRANCH 
-361,739.04 
549,115.20 
  EUR 
29/03/2024 
EUR LIBOR EQS 1 MONTH 
IMERYS SA 
UBS AG LONDON BRANCH 
159,508.80 
1,529,753.12 
  EUR 
29/03/2024 
EUR LIBOR EQS 1 MONTH 
KBC GROUPE SA 
UBS AG LONDON BRANCH 
214,953.60 
3,496,719.00 
  EUR 
29/03/2024 
EUR LIBOR EQS 1 MONTH 
LVMH MOET HENNESSY 
LOUIS XPAR_FR 
UBS AG LONDON BRANCH 
-321,669.00 
619,264.00 
  EUR 
29/03/2024 
EUR LIBOR EQS 1 MONTH 
PIAGGIO AND  C SPA 
UBS AG LONDON BRANCH 
-83,544.00 
2,965,891.83 
  EUR 
29/03/2024 
EUR LIBOR EQS 1 MONTH 
TELECOM ITALIA SPA 
UBS AG LONDON BRANCH 
372,829.79 
4,000,687.66 
  EUR 
29/03/2024 
EUR LIBOR EQS 1 MONTH 
UNIPOLSAI AZ. POST 
RAGGRUPPAMENT 
UBS AG LONDON BRANCH 
596,488.07 
324,703.28 
  EUR 
29/11/2024 
EUR LIBOR EQS 1 MONTH 
STELLANTIS N.V.- 
UBS AG LONDON BRANCH 
-135,435.75 
607,342.96 
  EUR 
16/01/2025 
EUR LIBOR EQS 1 MONTH 
STELLANTIS N.V.- 
UBS AG LONDON BRANCH 
-289,501.65 
114,580.80 
  EUR 
29/03/2024 
EUR LIBOR EQS 1 MONTH 
IVECO GROUP N.V. 
UBS AG LONDON BRANCH 
-27,485.44 
142,729.07 
  EUR 
29/11/2024 
EUR LIBOR EQS 1 MONTH 
CNH INDUSTRIAL NV 
UBS AG LONDON BRANCH 
39,463.68 
504,894.60 
  EUR 
21/03/2025 
EUR LIBOR EQS 1 MONTH 
CNH INDUSTRIAL NV 
UBS AG LONDON BRANCH 
94,934.60 
483,963.48 
  EUR 
24/03/2025 
EUR LIBOR EQS 1 MONTH 
CNH INDUSTRIAL NV 
UBS AG LONDON BRANCH 
80,651.48 
174,524.16 
  EUR 
29/03/2024 
EUR LIBOR EQS 1 MONTH 
GEA GROUP AG 
UBS AG LONDON BRANCH 
4,466.88 
3,566,766.72 
  EUR 
29/03/2024 
GROUPE BRUXELLES 
EUR LIBOR EQS 1 MONTH 
UBS AG LONDON BRANCH 
-925,074.48 
1,103,702.60 
  EUR 
11/04/2025 
EUR LIBOR EQS 1 MONTH 
SGS LTD CROSS EUR 
UBS AG LONDON BRANCH 
279,756.58 
512,830.08 
  EUR 
29/03/2024 
EUR LIBOR EQS 1 MONTH 
UMICORE SA XBRU_ 
UBS AG LONDON BRANCH 
182,954.88

LEADERSEL 
 
 
 
59 
 
 
Notes to the financial statements - Schedule of derivative instruments 
 
 
Contracts for Difference ("CFD") 
 
LEADERSEL - EVENT DRIVEN 
 
Nominal 
Ccy 
Maturity 
Date 
Flow received 
Flow paid 
Counterparty 
Unrealised  
(in EUR) 
681,600.00 
GBP 
29/03/2024 
SOLOMON GOLD 
GBP LIBOR EQS 1 MONTH 
UBS AG LONDON BRANCH 
-567,307.14 
745,500.00 
GBP 
29/03/2024 
SPIRE HEALTH GROUP 
GBP LIBOR EQS 1 MONTH 
UBS AG LONDON BRANCH 
-76,164.10 
261,925.15 
GBP 
12/04/2024 
SOLOMON GOLD 
GBP LIBOR EQS 1 MONTH 
UBS AG LONDON BRANCH 
-225,520.93 
753,258.00 
GBP 
14/04/2025 
DECHARA PHARMACL 
GBP LIBOR EQS 1 MONTH 
UBS AG LONDON BRANCH 
21,166.70 
920,828.00 
GBP 
21/04/2025 
NETWORK INTERNAT 
GBP LIBOR EQS 1 MONTH 
UBS AG LONDON BRANCH 
-28,028.39 
744,498.00 
GBP 
09/05/2025 
DECHARA PHARMACL 
GBP LIBOR EQS 1 MONTH 
UBS AG LONDON BRANCH 
31,275.75 
380,220.80 
GBP 
13/06/2025 
GVC HOLDINGS PLC 
GBP LIBOR EQS 1 MONTH 
UBS AG LONDON BRANCH 
-71,636.72 
556,306.50 
GBP 
17/07/2025 
DECHARA PHARMACL 
GBP LIBOR EQS 1 MONTH 
UBS AG LONDON BRANCH 
25,842.13 
446,949.60 
GBP 
18/07/2025 
DECHARA PHARMACL 
GBP LIBOR EQS 1 MONTH 
UBS AG LONDON BRANCH 
18,476.03 
542,892.00 
GBP 
01/09/2025 
NETWORK INTERNAT 
GBP LIBOR EQS 1 MONTH 
UBS AG LONDON BRANCH 
3,263.52 
379,379.00 
GBP 
10/10/2025 
DECHARA PHARMACL 
GBP LIBOR EQS 1 MONTH 
UBS AG LONDON BRANCH 
7,409.84 
780,780.00 
GBP 
17/10/2025 
NETWORK INTERNAT 
GBP LIBOR EQS 1 MONTH 
UBS AG LONDON BRANCH 
-1,361.72 
416,416.00 
GBP 
11/12/2025 
SCS GROUP PLC 
GBP LIBOR EQS 1 MONTH 
UBS AG LONDON BRANCH 
6,905.54 
2,131,718.70 
NOK 
18/09/2025 
NOK LIBOR EQS 1 MONTH 
TGS NOPEC GEOPHY 
UBS AG LONDON BRANCH 
31,957.94 
1,982,684.99 
NOK 
18/09/2025 
PETROLEUM GEO-
SERVICES ASA 
NOK LIBOR EQS 1 MONTH 
UBS AG LONDON BRANCH 
-28,172.20 
13,660,280.20 
NOK 
19/09/2025 
NOK LIBOR EQS 1 MONTH 
TGS NOPEC GEOPHY 
UBS AG LONDON BRANCH 
168,600.05 
12,987,810.86 
NOK 
19/09/2025 
PETROLEUM GEO-
SERVICES ASA 
NOK LIBOR EQS 1 MONTH 
UBS AG LONDON BRANCH 
-160,934.72 
4,959,718.32 
NOK 
10/10/2025 
NOK LIBOR EQS 1 MONTH 
TGS NOPEC GEOPHY 
UBS AG LONDON BRANCH 
39,733.42 
4,683,850.00 
NOK 
10/10/2025 
PETROLEUM GEO-
SERVICES ASA 
NOK LIBOR EQS 1 MONTH 
UBS AG LONDON BRANCH 
-35,731.16 
8,312,200.43 
NOK 
24/10/2025 
NOK LIBOR EQS 1 MONTH 
TGS NOPEC GEOPHY 
UBS AG LONDON BRANCH 
45,639.24 
7,902,580.34 
NOK 
24/10/2025 
PETROLEUM GEO-
SERVICES ASA 
NOK LIBOR EQS 1 MONTH 
UBS AG LONDON BRANCH 
-44,700.33 
8,456,610.39 
NOK 
27/10/2025 
NOK LIBOR EQS 1 MONTH 
TGS NOPEC GEOPHY 
UBS AG LONDON BRANCH 
81,054.72 
8,135,269.49 
NOK 
27/10/2025 
PETROLEUM GEO-
SERVICES ASA 
NOK LIBOR EQS 1 MONTH 
UBS AG LONDON BRANCH 
-86,836.85 
16,575,954.01 
NOK 
31/10/2025 
NOK LIBOR EQS 1 MONTH 
TGS NOPEC GEOPHY 
UBS AG LONDON BRANCH 
189,976.67 
16,099,567.18 
NOK 
31/10/2025 
PETROLEUM GEO-
SERVICES ASA 
NOK LIBOR EQS 1 MONTH 
UBS AG LONDON BRANCH 
-213,394.60 
10,499,321.17 
NOK 
06/11/2025 
NOK LIBOR EQS 1 MONTH 
TGS NOPEC GEOPHY 
UBS AG LONDON BRANCH 
131,156.86 
10,180,000.00 
NOK 
06/11/2025 
PETROLEUM GEO-
SERVICES ASA 
NOK LIBOR EQS 1 MONTH 
UBS AG LONDON BRANCH 
-143,869.51 
2,265,597.90 
USD 
29/03/2024 
USD LIBOR EQS 1 MONTH 
AON - REGISTERED USD 
UBS AG LONDON BRANCH 
221,304.49 
1,333,104.75 
USD 
29/03/2024 
WILLIS TOWERS 
USD LIBOR EQS 1 MONTH 
UBS AG LONDON BRANCH 
1,753.72 
822,164.97 
USD 
17/05/2024 
USD LIBOR EQS 1 MONTH 
NEW -B- 
UBS AG LONDON BRANCH 
-334,908.81 
821,039.37 
USD 
17/05/2024 
NEW NEWSCORP -A- WHEN 
ISSUED 
USD LIBOR EQS 1 MONTH 
UBS AG LONDON BRANCH 
301,281.52 
711,539.40 
USD 
28/06/2024 
NEW NEWSCORP -A- WHEN 
ISSUED 
USD LIBOR EQS 1 MONTH 
UBS AG LONDON BRANCH 
378,183.68 
712,054.77 
USD 
28/06/2024 
USD LIBOR EQS 1 MONTH 
NEW -B- 
UBS AG LONDON BRANCH 
-405,483.39 
502,380.00 
USD 
24/01/2025 
NEW NEWSCORP -A- WHEN 
ISSUED 
USD LIBOR EQS 1 MONTH 
UBS AG LONDON BRANCH 
78,595.03 
501,979.08 
USD 
24/01/2025 
USD LIBOR EQS 1 MONTH 
NEW -B- 
UBS AG LONDON BRANCH 
-95,064.43 
486,756.36 
USD 
18/04/2025 
USD LIBOR EQS 1 MONTH 
AON - REGISTERED USD 
UBS AG LONDON BRANCH 
54,688.87 
479,635.00 
USD 
18/04/2025 
WILLIS TOWERS 
USD LIBOR EQS 1 MONTH 
UBS AG LONDON BRANCH 
2,503.06 
2,113,227.50 
USD 
23/05/2025 
HEICO -A- 
USD LIBOR EQS 1 MONTH 
UBS AG LONDON BRANCH 
169,445.98 
2,235,589.29 
USD 
23/05/2025 
USD LIBOR EQS 1 MONTH 
HEICO CORP 
UBS AG LONDON BRANCH 
-172,384.48 
0.78 
USD 
13/06/2025 
GENERAL COMMUNIC 
USD LIBOR EQS 1 MONTH 
UBS AG LONDON BRANCH 
- 
4,884,384.99 
USD 
04/08/2025 
USD LIBOR EQS 1 MONTH 
LIBERTY MEDI COR 
UBS AG LONDON BRANCH 
146,603.31 
4,730,654.55 
USD 
04/08/2025 
LIBETY MEDIA COR 
USD LIBOR EQS 1 MONTH 
UBS AG LONDON BRANCH 
-100,468.11 
Total 
-2,583,037.64

60 
 
 
Other notes to the fi nanci al statements 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LEADERSEL 
Other notes to the financial statements

LEADERSEL 
 
 
 
61 
 
 
 
 
Other notes to the financial statements 
 
 
 
1 - General information 
 
 
 
 
LEADERSEL (the “Fund”) is a Mutual Fund investing in Transferable Securities. The Fund is governed by Luxembourg law, and was set up on 20 
September 2005, in accordance with Part I of the amended Law of 17 December 2010 relating to undertakings for collective investment. 
 
As a Mutual Fund, LEADERSEL has no legal status. The Fund is an undivided collection of assets, jointly owned by the unit holders, and 
representing net assets that are separate from those of the Management Company, Ersel Gestion Internationale S.A. (the “Management 
Company”), which manages the Fund according to management rules. The Management Company’s registered office is in Luxembourg, at 35, 
Boulevard Joseph II L-1840 Luxembourg, Grand Duchy of Luxembourg. It is registered under number B30350 with the Register of Companies of 
the District of Luxembourg. 
 
As at 31 December 2023, the following sub-funds, denominated in Euro (EUR), were open for subscriptions and redemptions:  
 
Sub-funds 
Launch 
date 
LEADERSEL - EVENT DRIVEN 
06/05/16 
LEADERSEL - FLEXIBLE BOND  
31/03/17 
LEADERSEL - INNOTECH ESG 
30/10/20  
LEADERSEL - P.M.I.  
01/02/18 
LEADERSEL - P.M.I. H.D. 
01/02/18 
 
 
| 
2 - Principal accounting policies 
 
 
 
2.1 - Presentation of the financial statements 
 
 
 
 
The financial statements are presented in accordance with Luxembourg legal and regulatory requirements relating to investment funds and 
generally accepted accounting principles. The below accounting policies and valuation rules have been used. 
The figures presented in the financial statements tables may in some cases show non-significant differences due to the use of rounding. These 
differences do not affect in any way the fair view of the financial statements of the Fund. 
 
| 
2.2 - Portfolio valuation 
 
 
 
 
Securities listed on an official stock exchange or on another regulated market that operates on a regular basis, and is recognised and open to the 
public are valued on the basis of the last known price at the calculation date, unless that price is not representative of their fair value. If the security 
in question is listed on several markets, it is valued on the basis of the main market price. 
 
Securities that are not traded on an official stock exchange or on another regulated market that operates on a regular basis, and is recognised and 
open to the public, and securities traded on an official stock exchange or on another stock exchange, but for which the price is not representative 
of their fair value, are valued at their probable realisable value, estimated with caution and in good faith, and in compliance with generally accepted 
valuation accounting principles, under the responsibility of the Management Company’s Board of Directors. 
 
Units or shares issued by open-ended investment funds are valued at their last available Net Asset Value. 
 
A Valuation Committee assists the Management Company in monitoring the valuation of the securities portfolio. This Valuation Committee: 
- identifies the securities portfolio that require specific monitoring in terms of their valuation; 
- gathers the necessary data for their valuation; 
- proposes valuations for the Management Company’s Board of Directors approval. 
 
 
2.3 - Net realised profits or losses on sales of investments 
 
 
 
 
Investments in securities are accounted for on trade date basis. Profit and loss realised on the sales of securities are determined according to the 
average acquisition cost basis. 
2.4 - Foreign currency translation 
 
 
 
 
The market value of securities portfolio and of other assets and liabilities expressed in currencies other than the reference currency are converted 
into that currency at the exchange rates prevailing at the financial year-end. The acquisition cost of securities portfolio, and transactions expressed 
in currencies other than the reference currency are converted into that currency at the exchange rates prevailing at the respective acquisition or 
transaction date. Foreign exchange profits and losses are recorded in the statement of operations and changes in net assets. 
 
The exchange rates used as at closing date for the calculation of the Net Asset Value and the financial statements are as follows: 
 
 
 
 
1 EUR 
=
1.6189 
AUD
1 EUR 
=
5.36595 
BRL
1 EUR 
=
1.4566
CAD
1 EUR 
=
0.9297 
CHF
1 EUR 
=
7.45455 
DKK
1 EUR 
=
0.86655
GBP
1 EUR 
=
8.62575 
HKD
1 EUR 
=
382.215 
HUF
1 EUR 
=
155.73355
JPY
1 EUR 
=
18.7067 
MXN
1 EUR 
=
11.2185 
NOK
1 EUR 
=
11.1325
SEK
1 EUR 
=
32.62475 
TRY
1 EUR 
=
1.10465 
USD
|

LEADERSEL 
 
 
 
62 
 
 
 
 
Other notes to the financial statements 
 
 
2 - Principal accounting policies 
 
 
 
 
2.5 - Combined financial statements 
 
 
 
 
The Fund maintains its records in accordance with each sub-fund’s currency. The Fund’s combined financial statements are expressed in EUR, 
and are calculated by aggregating the financial statements of the various sub-funds. 
 
 
 
2.6 - Valuation of option contracts 
 
 
 
 
Options are valued at their last known price on each valuation date or financial year-end. OTC options are marked to market based upon prices 
obtained from third party pricing agents. 
 
Options purchased 
When the Fund purchases an option, the premium paid is recorded as an asset in the statement of net assets, and therefore considered at its 
market value. In the event that a purchased option reaches maturity without being exercised, the loss realised will be recorded in an amount 
equivalent to the premium paid. 
If a purchased put option is exercised, a profit or loss will be realised on the sale of the underlying, and the original premium paid will be deducted 
from the sale proceeds. If a purchased call option is exercised, the original premium paid will be added to the market value of the underlying 
purchased. 
 
Options sold 
When the Fund sells an option, the premium received is recorded as a liability in the statement of net assets and therefore considered at its market 
value. In the event that a sold option reaches maturity without being exercised, the profit realised will be equivalent to the premium received. 
If a sold put option is exercised, the original premium received will be deducted from the profit or loss corresponding to the difference between the 
strike price and the market value of the underlying. If a sold call option is exercised, the original premium received will be deducted from the 
difference between the market value of the underlying sold and the acquisition cost of that underlying. 
 
Movements in net unrealised appreciation and depreciation on option contracts are recorded in the statement of operations and changes in net 
assets. 
 
Realised profit and loss on option contracts are recorded in the statement of operations and changes in net assets. 
 
For the details of outstanding options, please refer to section “Notes to the financial statements - Schedule of derivative instruments”. 
2.7 - Valuation of forward foreign exchange contracts 
 
 
 
 
Forward foreign exchange contracts open are valued at the forward exchange rate applicable at each valuation date, or at the financial year-end. 
 
Movement in net unrealised appreciation and depreciation on forward foreign exchange contracts are recorded in the statement of operations and 
changes in net assets. 
 
Realised profit and loss on forward foreign exchange contracts are recorded in the statement of operations and changes in net assets. 
 
For the details of outstanding forward foreign exchange contracts, if any, please refer to the section "Notes to the financial statements - Schedule 
of derivative instruments. 
 
| 
2.8 - Valuation of future contracts 
 
 
 
 
Financial future contracts open are valued at the last known available price at each valuation date or at the financial year-end. 
 
Movement in net unrealised appreciation and depreciation on financial future contracts are recorded in the statement of operations and changes in 
net assets. 
 
Realised profit and loss on financial future contracts are recorded in the statement of operations and changes in net assets. 
 
For the details of outstanding future contracts, please refer to section “Notes to the financial statements - Schedule of derivative instruments”. 
 
| 
2.9 - Valuation of Contracts for Difference ("CFD") 
 
 
 
 
A contract for difference is an exchange of cash flow between two parties that allows each party to diversify its exposure, while still holding its 
original assets. 
 
The net realised profits and losses and the movement in the unrealised appreciation /depreciation are recorded in the statement of operations and 
change in net assets. 
 
Interests on CFD are recorded on an accrued basis. 
 
Interests and dividends on CFD are presented in the "Net realised profit / (loss) on CFDs" in the statement of operations and changes in net assets. 
 
For the details of the CFD, if any, please refer to section "Notes to the financial statements - Schedule of derivative instruments".

LEADERSEL 
 
 
 
63 
 
 
 
 
Other notes to the financial statements 
 
 
2 - Principal accounting policies 
 
 
 
2.10 - Dividend and interest income 
 
 
 
 
Dividends are recognised as soon as they are declared. Interests are recognised on a pro rata basis, at each Net Asset Value calculation date. 
Dividends and interests are recorded net of any potential withholding taxes that are not recoverable, in the statement of operations and changes in 
net assets. 
 
| 
2.11 - Formation expenses 
 
 
 
 
Formation expenses are amortised over five years. 
 
2.12 - Transaction fees 
 
 
 
 
Transaction fees include mainly brokerage fees and custodian fees linked to transactions (purchase or sale) on securities portfolio, on options 
and other derivative instruments. The transaction fees included in bond spreads are directly included in the acquisition costs of those bonds 
and are therefore not included in the caption “Transaction fees” in the statement of operations and changes in net assets. 
 
| 
2.13 - Abbreviations used in securities portfolios 
 
 
 
 
A: Annual 
Q: Quarterly 
S: Semi-annual 
M: Monthly 
XX: Perpetual Bonds 
3 - Management fees 
 
 
 
 
The Management Company receives management fees in payment for its services, which are payable in quarterly instalments, and calculated 
on the average net assets of each sub-fund during the relevant quarter. The maximum annual rate of management fees is detailed as follows: 
Sub-funds 
Share class 
ISIN 
Management fee 
(effective rate) 
LEADERSEL - EVENT DRIVEN 
Class A (capitalisation units) 
LU1492667982 
1.00 
Class B (capitalisation units) 
LU1323913191 
1.50 
LEADERSEL - FLEXIBLE BOND 
Class A (capitalisation units) 
LU2065928777 
0.50 
Class B (capitalisation units) 
LU1578335538 
0.60 
LEADERSEL - INNOTECH ESG 
Class I 
LU2232027131 
0.90 
Class IH 
LU2232027214 
0.90 
Class R 
LU2232027305 
1.50 
Class RH 
LU2232027487 
1.50 
LEADERSEL - P.M.I. 
Class A (capitalisation units) 
LU1011691893 
0.90 
Class B (capitalisation units) 
LU1011692438 
1.75 
LEADERSEL - P.M.I. H.D. 
Class A (capitalisation units) 
LU1132339315 
0.90 
Class B (capitalisation units) 
LU1132340321 
1.75 
 
4 - Performance fees 
 
The Management Company may receive a performance fee for the sub-funds and according to mechanisms 
detailed below:  
4-1 Benchmark method 
 
The benchmarks used by the various sub-funds (as detailed in below tables) for the purpose of performance fee calculation and to measure the 
performance of the sub-funds are provided by benchmarks administrator who is registered on the ESMA register of benchmark administrators in 
accordance with the EU Benchmark Regulation. 
 
LEADERSEL - INNOTECH ESG: 
 
Class of units 
Benchmark 
Performance fee 
Cap 
I and R 
90% MSCI World Index (NDDUWI) 
20% 
No 
10% ICE BofA Euro Treasury Bill Index (EGB0) 
IH and RH 
90% MSCI World Index (MXWOHEUR) 
20% 
No 
10% ICE BofA Euro Treasury Bill Index (EGB0) 
SW 
No 
0% 
n/a

LEADERSEL 
 
 
 
64 
 
 
 
 
 
 
 
 
Other notes to the financial statements 
 
 
 
4 - Performance fees 
 
The Management Company may receive a performance fee for the sub-funds and according to mechanisms 
detailed below:  
4-1 Benchmark method 
 
LEADERSEL - P.M.I.: 
 
Class of units 
Benchmark 
Performance fee 
Cap 
A 
50% FTSE MIB TR NET 
15% 
Yes 
50% FTSE Italia Mid Cap TR NET 
B 
50% FTSE MIB TR NET 
20% 
Yes 
50% FTSE Italia Mid Cap TR NET 
 
The performance fee charged to the sub-fund may not exceed 2% of the average overall net asset value in the Reference Period. 
 
The Performance Reference Period is 5 years. Therefore, it will be ensured that any underperformance of the sub-funds compared to the Relevant 
Benchmark is brought forward for a period of 5 years before a performance fee becomes payable, i.e. the Management Company should look back 
at the past 5 years for the purpose of compensating underperformances. 
Whenever a unitholder redeems units, converts units out of the share class or in case of sub-funds’ merger or liquidation, any accrued but unpaid 
performance fee related to those units shall be crystallized and paid at the end of the Calculation Period. 
4-2 Absolute High Watermark method 
 
LEADERSEL - EVENT DRIVEN: 
The Management Company receives a performance fee at a maximum rate of 20% according to the Absolute High Watermark method. 
 
Performance fee maturing during the year is also crystallized and paid to the Management Company, proportionally to the classes of units involved, 
in case of redemptions, conversions out of the class of units or in case of sub-funds' merger or liquidation. 
 
4-3 High Watermark with Hurdle rate method 
 
LEADERSEL - FLEXIBLE BOND: 
The Management Company receives a performance fee at a maximum rate of 10% according to the High Watermark with Hurdle rate method. The 
Hurdle rate of the sub-fund is equal to EURIBOR 12 Months + 2%. 
 
The benchmark EURIBOR 12 Months used by the sub-fund for the purpose of performance fee calculation is provided by a benchmarks 
administrator who is registered on the ESMA register of benchmark administrators in accordance with the EU Benchmark Regulation. 
 
Whenever a unitholder redeems units, converts units out of the class of units or in case of Sub-Funds' merger or liquidation, any accrued but unpaid 
performance fee related to those units shall be crystallized and paid at the end of the Calculation Period. 
 
4-4 Hurdle Rate Method 
 
LEADERSEL - P.M.I. H.D.: 
The Management Company receives a performance fee at a maximum rate of 15% according to the Hurdle rate method. The Hurdle rate of the 
sub-fund is 2%. 
 
The performance fee charged to the sub-fund may not exceed 1.5% of the average overall net asset value in the Reference Period. 
 
The Performance Reference Period is 5 years. Therefore, it will be ensured that any underperformance of the Sub-Fund compared to the Relevant 
Hurdle rate is brought forward for a period of 5 years before a performance fee becomes payable, i.e. the Management Company should look back 
at the past 5 years for the purpose of compensating underperformances. 
 
The unit’s net asset value increase percentage during the Calculation Period is calculated before the performance fee (if any) is deducted, but after 
the all other costs are deducted and accrued at each calculation of the net asset value. 
 
There is no performance fee charged to the other sub-funds of the Fund.  
 
Performance fees are recorded in the statement of operations and changes in net assets of each sub-fund.

LEADERSEL 
 
 
 
65 
 
 
Other notes to the financial statements 
 
 
4 - Performance fees 
In application of the ESMA Guidelines on performance fees (ESMA34-39-992) and Circular CSSF 20/764, the table below displays the actual 
amount of performance fees charged by each relevant Class of units and the percentage of these fees based on the Class of units Net Asset Value 
(“NAV”). Only the Classes of units for which performance fees have been charged are shown below. 
 
Sub-funds 
Class of units 
ISIN Code 
Sub-fund 
currency 
Amount of 
performance fees 
as at 31/12/2023 
(in Sub-fund 
currency) 
Average NAV 
of the Class of 
units (in Sub-
fund currency) 
% in the 
Class of 
units 
average 
NAV 
LEADERSEL - P.M.I. 
Class A (capitalisation 
LU1011691893 
EUR 
209,763.45 
 
73,296,136.20 
 
0.29 
 
units) 
 
 
 
 
 
 
Class B (capitalisation 
LU1011692438 
EUR 
106,950.12 
89,317,852.83 
 
0.12 
 
units) 
 
 
 
 
 
 
 
 
Total 
316,713.57 
 
 
LEADERSEL - P.M.I. H.D. 
Class A (capitalisation 
LU1132339315 
EUR 
19.80 
 
46,915,075.58 
 
0.00 
 
units) 
 
 
 
 
 
 
 
 
Total 
19.80 
 
 
 
 
 
5 - Administration fees 
 
 
 
 
The Management Company is paid an Administration Fee of maximum 0.15% per annum calculated on the average net asset value of the Fund 
and payable at the end of each quarter for the administrative services rendered to the Fund by the Management Company. In order to perform 
such services, the Management Company may have recourse to external service providers. 
 
The Management Company pays out of its own Administration Fee the expenses associated with services such as: central administration services; 
administrative bank charges on portfolio transactions; expenses related to risk management, including the production of risk management reports 
by external providers; domiciliary services; registrar and transfer agency fees; printing, filing, distribution of prospectuses, Key Investor Information 
Documents, periodical reports and other documents required in accordance with the law; certificates printing, preparing, printing and filing of 
administrative documents and certificates with any authority or institution; preparation, distribution and publication of notices to unitholders. 
 
| 
6 - Subscription tax ("Taxe d'abonnement") 
 
 
 
 
According to the tax laws currently in force, no Luxembourg tax is payable by the Fund on income or capital gains. However, the Fund is subject to 
an annual subscription tax of 0.05%, for classes of units reserved to retail investors and 0.01% for classes of units reserved to institutional investors, 
calculated on the total net assets of each sub-fund at the end of every quarter, and payable in quarterly instalments. The portion of assets in other 
UCIs/UCITS, in which the Fund may invest, organised under Luxembourg law is totally exempt from subscription tax if it is already subject to this 
tax. 
 
| 
7 - Securities lending 
 
 
 
 
As at December 31, 2023, the securities lent and related collateral were as follows: 
Sub-funds 
Market Value of securities
lent
(in EUR)
Collateral received 
in cash 
(in EUR) 
Collateral received in 
government bonds
(in EUR)
LEADERSEL - P.M.I.  
LEADERSEL - P.M.I. H.D. 
8,249,709.71
3,066,562.52
8,705,244.10 
- 
-
3,235,386.44
 
The counterparty for the securities lending transactions is CACEIS Bank, Luxembourg Branch.  
There is no collateral re-investment. 
 
As at December 31, 2023, the collateral received from securities lending transactions represents 105.00% of the market value of the securities 
lent and is not recorded in the statement of net assets. 
 
Total gross amount of 
securities lending 
income 
(in EUR)
Direct-indirect 
costs and fees 
(in EUR) 
Total net amount of 
securities lending income 
(in EUR)
LEADERSEL - P.M.I.  
LEADERSEL - P.M.I. H.D. 
101,517.48
67,730.05
20,303.50 
13,546.01 
81,213.98
54,184.04
 
The net income amount for the period from January 1, 2023 to December 31, 2023 is recorded in the statement of operations and changes in net 
assets under “Securities lending income”.

LEADERSEL 
 
 
 
66 
 
Other notes to the financial statements 
8 - Changes in the composition of securities portfolio 
 
 
 
 
The details of the changes in the composition of the securities portfolios of the various sub-funds are available free of charge at the Management 
Company of the Fund’s registered office, on request. 
 
| 
9 - Subsequent events 
 
 
 
 
The Board of Directors of the Management Company of the Fund decided to merge the sub-fund LEADERSEL - ALTERNATIVE STRATEGIES 
(formerly LEADERSEL - TOTAL RETURN STRATEGIES) into the sub-fund LEADERSEL - EVENT DRIVEN, with effective date on February 05, 
2024. The merger ratio is 0.945521298

67 
 
 
Additional unaudited infor mation 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LEADERSEL 
Additional unaudited information

LEADERSEL 
 
 
 
68 
 
 
 
 
Additional unaudited information 
 
 
 
The Total Expense Ratio (“TER”) expresses, as a percentage of the average net assets, the sum of all operating expenses (excluding brokerage 
Fees, securities transaction charges and bank interest) charged to the Sub-Fund during the respective twelve-month period. The Total Expense 
Ratio was calculated based on the version currently applicable of the “Guidelines on the calculation and disclosure of the TER of collective 
investment schemes” of the Asset Management Association Switzerland (AMAS). 
 
Sub-Funds 
Classes 
TER 31/12/23 
TER without 
Performances fees 
31/12/23 
LEADERSEL - EVENT DRIVEN 
Class A 
1.21% 
1.21% 
Class B 
1.74% 
1.74% 
LEADERSEL - FLEXIBLE BOND 
Class A 
0.72% 
0.72% 
Class B 
0.86% 
0.86% 
LEADERSEL - INNOTECH ESG 
Class I 
1.13% 
1.13% 
Class IH 
1.13% 
1.13% 
Class R 
1.78% 
1.78% 
Class RH 
1.78% 
1.78% 
LEADERSEL - P.M.I. 
Class A 
1.39% 
1.10% 
Class B 
2.09% 
1.97% 
LEADERSEL - P.M.I. H.D. 
Class A 
1.12% 
1.12% 
Class B 
2.01% 
2.01% 
 
 
The performances are disclosed in accordance with the Asset Management Association Switzerland (AMAS) requirements. 
 
Sub-Fund 
Classes 
Observation period 
Performance 
LEADERSEL - EVENT DRIVEN 
Class A 
From 01/01/23 to 31/12/23 
1.23% 
Class B 
From 01/01/23 to 31/12/23 
0.69% 
LEADERSEL - FLEXIBLE BOND 
Class A 
From 01/01/23 to 31/12/23 
4.09% 
Class B 
From 01/01/23 to 31/12/23 
3.94% 
LEADERSEL - INNOTECH ESG 
Class I 
From 01/01/23 to 31/12/23 
3.26% 
Class IH 
From 01/01/23 to 31/12/23 
2.49% 
Class R 
From 01/01/23 to 31/12/23 
2.60% 
Class RH 
From 01/01/23 to 31/12/23 
1.85% 
LEADERSEL - P.M.I. 
Class A 
From 01/01/23 to 31/12/23 
25.79% 
Class B 
From 01/01/23 to 31/12/23 
24.83% 
LEADERSEL - P.M.I. H.D. 
Class A 
From 01/01/23 to 31/12/23 
15.18% 
Class B 
From 01/01/23 to 31/12/23 
14.16% 
 
Past Performance is not an indication of current or future Performance. This Performance data does not take account of any Commissions or costs 
incurred on the issue and redemption of units.

LEADERSEL 
 
 
 
69 
Additional unaudited information 
 
 
 
Remuneration policy 
 
 
 
 
Investment management services for Leadersel are performed by Ersel Gestion Internationale S.A. as the Management Company of Leadersel. 
However, the day to day investment management of certain sub funds is delegated to sister company Ersel Asset management SGR S.p.A. This 
Note 3 provides information on staff remuneration both for the staff at Ersel Gestion Internationale S.A. and for the staff at the delegated investment 
manager. 
 
Ersel Gestion Internationale S.A. confirms that it has a Remuneration Policy that complies both with EU Directive 2014/91/EU (UCITS V) and EU 
Directive 2011/61/EU (AIFMD) as well as with regulatory requirements in Luxembourg. This policy defines, among other things, the Identified Staff 
in respect to the management of UCITS and AIFs and sets rules regarding the variable part of the remuneration. 
 
The Policy is available on the Company website, www.Ersel.it or on first written demand addressed to Ersel Gestion Internationale S.A. 
ERSEL GESTION INTERNATIONALE S.A.  
Management Company 
The split of salaries at Company level into fixed and variable remuneration and the number of staff was as follows for the year ended 31.12.2023: 
Number of staff – head 
count as of 31.12.2023 
Total fixed salaries (gross) 
(in EUR) 
Total variable portion 
(gross) 
(in EUR) 
Total gross  
(in EUR) 
16* 
1,504,269.00 
109,600.00 
1,613,869.00 
 
*Including 3 part time. 
 
Breakdown between Identified Staff and other staff was as follows: 
 
Number – head count 
As of 31.12.2023 
Total gross 
(in EUR) 
Identified staff 
10 
1,101,624.00 
Other staff 
6 
512,245.00 
 
Note:   
The tables above refer strictly to gross salaries and do not include other personnel costs such as the social security charges for the employer. 
 
 
ERSEL ASSET MANAGEMENT SGR S.p.A 
 
Manager of Leadersel Event Driven, Leadersel Flexible Bond, Leadersel Innotech ESG, Leadersel P.M.I., Leadersel P.M.I. H.D 
 
Salaries split into fixed and variable remuneration and number of staff dedicated to the management of the Leadersel sub funds were as follows 
in 2023: 
 
Number of staff as of 
31.12.2023 
Total fixed salaries (gross) 
(in thousands of EUR) 
Total variable portion (gross) 
(in thousands of EUR) 
Total gross  
(in thousands of EUR) 
15 
1,244,898.00 
397,250.00 
1,642,148.00

LEADERSEL 
 
 
 
70 
 
 
 
 
Additional unaudited information 
 
 
Global Risk Exposure 
 
 
 
 
The commitment approach  
 
The following sub-funds use the commitment approach in order to monitor and measure the global exposure: 
 
LEADERSEL - INNOTECH ESG 
LEADERSEL - P.M.I. 
LEADERSEL - P.M.I. H.D. 
 
The absolute VaR approach  
 
The sub-funds LEADERSEL - EVENT DRIVEN and LEADERSEL - FLEXIBLE BOND  use the absolute Value at Risk (VaR) approach in order to 
monitor and measure the global exposure. 
 
For the sub-funds the utilization of the VaR limit during the financial year was as follows: 
 
Limit set in 
the 
Prospectus 
VAR 2023 
Lowest 
Highest 
Average 
Model used 
Confidence 
level 
Holding 
period 
20% 
LEADERSEL - EVENT DRIVEN 
3.18% 
6.13% 
4.31% 
Parametric 
99% 
1 month 
8% 
LEADERSEL - FLEXIBLE BOND 
3.13% 
3.82% 
3.49% 
Parametric 
Monte Carlo 
99% 
1 month 
 
 
Average level of leverage calculated using the sum of notionals approach: 
 
Average 
LEADERSEL - EVENT DRIVEN 
Gross notional leverage 
84.92% 
LEADERSEL - FLEXIBLE BOND 
Gross notional leverage 
55.63%

LEADERSEL 
 
 
 
71 
 
 
 
 
Additional unaudited information 
 
 
Securities Financing Transactions Regulation (SFTR) Disclosures 
 
 
 
 
The Regulation on Transparency of Securities Financing Transactions and of Reuse (the “SFTR”) entered into force on January 12, 2016 aiming 
to improve transparency in securities and commodities lending, repurchase transactions, margin loans and certain collateral arrangements. The 
disclosure requirements of the SFTR include the following details on securities lending transactions: 
 
 
SECURITIES LENDING 
TRANSACTIONS 
LEADERSEL - P.M.I. 
LEADERSEL - P.M.I. H.D. 
Assets used 
In EUR 
In EUR 
In absolute terms 
8,249,709.71 
3,066,562.52 
As a % of lendable assets 
4.83 % 
4.89 % 
As a % of total net asset value 
4.67 % 
4.65 % 
 
 
 
Transactions classified according to 
residual maturities 
In EUR 
In EUR 
Less than 1 day 
- 
- 
From 1 day to 1 week 
- 
- 
From 1 week to 1 month 
- 
- 
From 1 month to 3 months 
- 
- 
From 3 months to 1 year 
- 
- 
Above 1 year 
- 
- 
Open maturity 
8,249,709.71 
3,066,562.52 
 
 
 
Collateral received 
 
 
Type 
 
 
Cash 
8,705,244.10 
- 
Government Bonds 
- 
3,235,386.44 
Total collateral received 
8,705,244.10 
3,235,386.44 
 
 
 
Quality (Bond collateral issuers rating) 
- 
A+/Aaa 
Currency 
EUR 
EUR 
Classification according to residual 
maturities: 
 
 
Less than 1 day 
- 
- 
From 1 day to 1 week 
- 
- 
From 1 week to 1 month 
- 
- 
From 1 month to 3 months 
- 
- 
From 3 months to 1 year 
- 
718,090.99 
Above 1 year 
- 
2,517,295.45 
Open maturity 
8,705,244.10 
- 
 
 
 
 
Revenue and expenditure components 
In EUR 
In EUR 
Revenue component of the fund: 
 
 
In absolute amount 
81,213.98 
54,184.04 
In % of gross revenue 
80% 
80% 
 
 
 
Revenue component of third parties 
In EUR 
In EUR 
In absolute amount 
20,303.50 
13,546.01 
In % of gross revenue 
20% 
20% 
 
 
 
 
The sub-fund has CACEIS Bank, Luxembourg Branch as sole counterparty for securities lending transactions and as custodian for collateral 
received. All transactions are bilateral transactions. Cash collateral and securities collateral are not reused.

LEADERSEL 
 
 
 
72 
 
 
 
 
Additional unaudited information 
 
 
SFDR (Sustainable Finance Disclosure Regulation) 
 
 
 
 
The Fund takes into account ESG criteria as per Sustainable Finance Disclosure Regulation (“SFDR”). Nevertheless, the investments underlying 
the sub-funds do not take into consideration the environmental objectives as defined by Regulation 2020/852 (“EU Taxonomy”) for environmentally 
sustainable economic activities.  
 
All sub-funds are classified as art. 6 according to SFDR with the exception of the sub-fund LEADERSEL - INNOTECH ESG which is classified as 
art. 8 according to SFDR. 
 
DISTRIBUTION IN SWITZERLAND 
The prospectus, the KID, the Management Regulations, the list of purchases and sales, the annual report and the semi-annual report can be 
obtained free of charge at the representative agent’s registered office in Switzerland. Fund documents, publications and the daily NAV in Switzerland 
are available in the appointed platform : www.swissfunddata.ch.

73  
 
 
Template periodic disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, 
of Regulation (EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852 
 
Product name: Leadersel Innotech ESG 
Legal entity identifier: 21380085UQ93P1L78V23 
 
Environmental and/or social characteristics 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1.    
To what extent were the environmental and/or social characteristics promoted by 
this financial product met? 
 
Leadersel Innotech ESG promoted a range of environmental and social characteristics by integrating environmental, 
social and governance ('ESG') criteria into the investment process and  allocating its resources in issuers 
implementing a production processes that do not generate negative effects on the climate through the reduction of 
energy consumption/production from fossil fuels, reduction of greenhouse gas emissions, combating resource 
depletion and deforestation, protection of biodiversity; and analysing  how a company develops its human capital by 
referring to fundamental principles that are universal in scope (e.g. human resources management, diversity and 
equal opportunities, working conditions, health and safety). 
 
The Sub-fund promoted, through the implementation of specific screening criteria and the application of exclusion 
lists, investments aimed at reducing the negative impacts on society and the environment and excluding from its 
investment universe certain issuers operating in sectors considered controversial, identified in the context of the sub-
fund's responsible investment policy, to which we invite you to refer for further details at the following link: 
https://www.ersel.it/en/ersel-group/sustainability 
 
Did this financial product have a sustainable investment objective? [tick and fill in as relevant, 
the percentage figure represents sustainable investments] 
Yes 
No 
It made sustainable 
investments with an 
environmental objective: ___% 
 
in economic activities that 
qualify as environmentally 
sustainable under the EU 
Taxonomy 
in economic activities that do 
not qualify as environmentally 
sustainable under the EU 
Taxonomy 
It promoted Environmental/Social (E/S) 
characteristics and 
while it did not have as its objective a 
sustainable investment, it had a proportion of 
___% of sustainable investments 
  
with an environmental objective in economic 
activities that qualify as environmentally 
sustainable under the EU Taxonomy 
with an environmental objective in 
economic activities that do not qualify as 
environmentally sustainable under the EU 
Taxonomy 
 
with a social objective 
 
It made sustainable investments 
with a social objective: ___%  
It promoted E/S characteristics, but did not 
make any sustainable investments

74  
 
With reference to the characteristics described above, the Investment Manager undertakes to assess whether the 
issuing companies aim to respect and promote them through the development of innovation, products and processes 
capable of fostering them, since the Sub-fund is intended to invest in companies which, through technological 
innovation, are or will be able to intercept or address structural trends that have as their centre of influence the change 
in the way people act and interact on a daily basis. 
 
No benchmark index has been designated to meet the environmental or social characteristics of the Sub-fund. 
 
 
1.1. 
How did the sustainability indicators perform? 
 
The achievement of each environmental and/or social characteristic was assessed and monitored on the basis of an 
approach that involved the identification of appropriate sustainability indicators. In pursuing the environmental and 
social characteristics promoted by the Sub-fund, the investment process was based on the adoption of: 
 
 
specific exclusion lists, aimed at excluding from the investable universe economic sectors, companies and 
activities in conflict with the ESG values promoted by the Ersel Group and specific to the Sub-fund; on the 
merits, issuers involved in violations of the United Nations Global Compact (UNGC) active in the production 
or sale of controversial weapons were excluded. 
 
positive selection criteria, aimed at promoting investments in best-in-class issuers, and at the same time 
excluding issuers characterized by insufficient ESG performance. 
The above screenings were carried out using sustainability data provided by the information provider MSCI ESG 
Research (“MSCI”). In particular, the ESG performance of each issuer was assessed through the attribution of 
appropriate ESG scores, which provide information on the ability of the issuers themselves to manage environmental, 
social and governance risks and opportunities. Seven different levels are used to assign scores, 
from best AAA rating to worst CCC and issuers are then defined as: 
 
Leaders: rating AAA, AA 
 
Average: rating A, BBB, BB 
 
Laggards: rating B, CCC 
 
During the period taken into consideration in this report, the weighted average ESG rating was A; the average weigh 
of investments in issuers with poor ESG ratings (below BB) and investments in issuers with no ESG rating has been 
equal to 6.87% and 6.25% respectively. 
 
1.2 
…and compared to previous periods? 
 
The average portfolio rating remained constant: A rating. 
The average incidence of investments in issuers with insufficient ESG ratings (below BB) decreased from 9.36% 
recorded at the end of 2022, to 6.87% of the total portfolio. 
The average incidence of investments in issuers without ESG ratings decreased from 12.21% recorded at the end 
of 2022, to 6.25% of the total portfolio. 
 
1.3 
What were the objectives of the sustainable investments that the financial product 
partially made and how did the sustainable investment contribute to such objectives? 
 
This financial product promoted environmental and/or social characteristics but did not have sustainable investment 
as an objective.

75  
 
 
1.4 
How did the sustainable investments that the financial product partially made not 
cause significant harm to any environmental or social sustainable investment 
objective? 
 
N/A 
 
How were the indicators for adverse impacts on sustainability factors taken into account? 
 
N/A 
 
Were sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and the UN Guiding 
Principles on Business and Human Rights? Details: 
 
N/A 
 
2.  
How did this financial product consider principal adverse impacts on sustainability 
factors?  
This financial product did not take into consideration principal adverse impact during the period of interest covered 
by this report. 
 
3.  
What were the top investments of this financial product? 
 
 
 
 
Largest Investments 
Sector 
% assets 
Country 
INTEL CORP. (US) 
Manufacture of electronic components 
3,84% 
USA 
ALPHAWAVE IP (LN) 
Manufacture of electronic components 
3,51% 
UK 
TWILIO INC - A (US) 
Other software publishing 
3,47% 
USA 
VESTAS WIND SYSTEMS (DC) 
Manufacture of engines and turbines 
3,39% 
DNK 
ORSTED A/S (DC) 
Distribution of electricity 
3,39% 
DNK 
COHERENT CORP (US) 
Manufacture of electronic components 
3,32% 
USA 
NEXI (MI) 
Other activities auxiliary to financial services 
3,12% 
ITA 
PACIFIC BIOSCIENCES (US) 
Manufacture of irradiation, electromedical and 
electrotherapeutic equipment 
3,00% 
USA 
VITROLIFE AB (SS) 
Manufacture of other chemical products n.e.c. 
2,95% 
SWE 
SHOCKWAVE MEDICAL (US) 
Manufacture of medical and dental instruments and supplies 
2,91% 
USA 
NATERA INC (US) 
Manufacture of pharmaceutical preparations 
2,87% 
USA 
SHOALS TECHNOLOGIES (US) 
Manufacture of other electrical equipment 
2,85% 
USA 
TPI COMPOSITES (US) 
Manufacture of engines and turbines 
2,53% 
USA 
GLOBUS MEDICAL-A (US) 
Manufacture of medical and dental instruments and supplies 
2,44% 
USA 
UBISOFT ENTERTAINMENT (FP) 
Publishing of computer games 
2,34% 
FRA

76  
 
4. 
What was the proportion of sustainability-related investments? 
 
4.1. 
What was the asset allocation? 1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
#1 The Sub-fund foresees a percentage of investments aligned with the promoted environmental and social 
characteristics that do not qualify as sustainable investments equal to at least 70% of the investment portfolio, net of 
cash, money market instruments and derivatives. During the period covered by this report, the percentage of 
investments aligned with these characteristics was equal to 86.89%. 
#2 The category “#2 Other” includes investments of the financial product that are neither aligned with environmental 
or social characteristics nor qualify as sustainable investments, such as issuers with no ESG rating or poor ESG 
rating (B and CCC). During the period covered by this report, the percentage of investments aligned with this category 
was equal to 13.11%.  
 
 
4.2. 
In which economic sectors were the investments made? 
 
The Sub-fund invested in the following economic sectors:  
 
- 
FINANCIAL AND INSURANCE ACTIVITIES 
- 
INFORMATION AND COMMUNICATION 
- 
MANUFACTURING 
- 
PROFESSIONAL, SCIENTIFIC AND TECHNICAL ACTIVITIES 
- 
WHOLESALE AND RETAIL TRADE; REPAIR OF MOTOR VEHICLES AND 
MOTORCYCLES 
- 
ELECTRICITY, GAS, STEAM AND AIR CONDITIONING SUPPLY 
 
 
 
                                           
1 Cash, money market instruments and derivatives were not used in the calculations for metrics represented in this report since 
they are not, by definition, aligned or not with the environmental or social characteristics promoted by the sub-fund. 
 
#1 Aligned with E/S characteristics includes the investments of the financial product used to attain the 
environmental or social characteristics promoted by the financial product. 
#2 Other includes the remaining investments of the financial product which are neither aligned with the 
environmental or social characteristics, nor are qualified as sustainable investments. 
Investments
#1 Aligned with E/S 
characteristics
#2 Other

77  
 
5 
To what extent were the sustainable investments with an environmental objective 
aligned with the EU Taxonomy?  
N/A. The Sub-fund did not implement sustainable investments aligned with the EU Taxonomy during the period 
reported in this document. 
 
5.1.  Did the financial product invest in fossil gas and/or nuclear energy related activities 
complying with the EU Taxonomy2? 
  
 Sì:  
Gas fossile                         Energia nucleare                               
  
 No 
 
N/A. The Sub-fund did not include investments in assets related to fossil gas and/or nuclear energy that were 
compliant with the EU taxonomy.  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
 
 
 
 
 
 
 
 
 
5.2.  What was the share of investments made in transitional and enabling activities? 
 
N/A. 
 
5.3.  How did the percentage of investments that were aligned with the EU Taxonomy 
compare with previous reference periods? 
 
N/A. 
 
                                           
2 Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they contribute to limiting climate change (“climate 
change mitigation”) and do not significantly harm any EU Taxonomy objective - see explanatory note in the left hand margin. The full criteria for 
fossil gas and nuclear energy economic activities that comply with the EU Taxonomy are laid down in Commission Delegated Regulation (EU) 
2022/1214. 
The graphs below show in green the percentage of investments that were aligned with the EU 
Taxonomy. As there is no appropriate methodology to determine the taxonomy-alignment of sovereign 
bonds*, the first graph shows the Taxonomy alignment in relation to all the investments of the financial 
product including sovereign bonds, while the second graph shows the Taxonomy alignment only in 
relation to the investments of the financial product other than sovereign bonds. 
  
*   For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures 
x%
x%
x%
x%
x%
x%
x%
x%
x%
x%
x%
x%
OpEx
CapEx
Turnover
0%
50%
100%
1. Taxonomy-alignment of investments 
including sovereign bonds* 
Taxonomy-aligned: Fossil gas
Taxonomy-aligned: Nuclear
Taxonomy-aligned (no gas and nuclear)
Non Taxonomy-aligned
x%
x%
x%
 
 
x%
x%
x%
x%
x%
x%
x%
x%
x%
x%
x%
x%
OpEx
CapEx
Turnover
0%
50%
100%
2. Taxonomy-alignment of investments 
excluding sovereign bonds*
Taxonomy-aligned: Fossil gas
Taxonomy-aligned: Nuclear
Taxonomy-aligned (no gas and nuclear)
Non Taxonomy-aligned
x%
x%
x%
This graph represents x% of the total investments.

78  
 
6.  
What was the share of sustainable investments with an environmental objective not 
aligned with the EU Taxonomy? 
 
N/A. 
 
7.  
What was the share of socially sustainable investments? 
 
N/A. 
 
8.  
What investments were included under “#2 other”, what was their purpose and were 
there any minimum environmental or social safeguards? 
 
The category “#2 Other” refers to the remaining investments of the Sub-fund that are neither aligned with 
environmental or social characteristics nor qualify as sustainable investments and can represent up to 30% of the 
invested assets, net of cash, money market instruments and derivatives. During the period covered by this report, 
the percentage of investments aligned with this category was equal to 13.11%. They include investments in issuers 
with an insufficient ESG rating (below BB) and investments in issuers with no ESG rating. Investments in “#2 Other” 
aim at optimising exposure to concentration and market risks, thus contributing to the efficient management of the 
Sub-fund's portfolio. 
For securities included in “#2 Other”, minimum environmental or social safeguards apply. Issuers of such securities 
must not be involved in violations of the UNGC principles and must not be involved in very serious litigation 
concerning environmental, social or governance issues or socially controversial activities. 
 
 
9.  
What actions have been taken to meet the environmental and/or social characteristics 
during the reference period? 
 
In selecting investments, the manager uses a proprietary investment evaluation model that integrates, among 
others, ESG risks and opportunities. 
In addition to being considered during the investment selection phase, ESG risks and opportunities are assessed 
throughout the entire investment process, through the adoption of a proprietary assessment model that includes: 
 
Exclusion lists which, in addition to excluding issuers following the Ersel Group's Responsible Investment 
Policy, also exclude companies active in the production and extraction of uranium; companies active in the 
production of palm oil; companies that derive more than 30% of their revenues from the production of nuclear 
energy; companies that derive more than 5% of their revenues from the production and distribution of 
pornographic material. 
 
Positive screening through which the choice of best-in-class issuers is favoured, i.e., issuers with a better 
ESG rating overall, or compared to comparable issuers, or issuers with ESG ratings that are improving 
among those issuers considered equivalent according to traditional financial criteria. 
 
Negative screening through which it is assessed whether issuers that are suitable in terms of financial 
analysis, but not ESG analysis, are included in the investment portfolio. 
Moreover, to assess good governance practices of the investee companies, the Management Company has adopted 
an approach based on the use of specific indicators provided by MSCI, i.e., the MSCI ESG Controversies and the 
MSCI ESG Rating indexes relating to the Social and Governance pillars. This approach envisages excluding from 
the investment portfolio of the Sub-fund all issuers for which red flags have been identified. The Management 
Company's 'Good Governance Assessment Practices' policy can be found at the following link: 
https://www.ersel.it/en/ersel-group/sustainability    
 
The respect of the social and environmental characteristics promoted by the Sub-fund has been granted by the 
adoption of the following procedures: 
 
Periodical assessment of the conformity with respect to the ESG characteristics promoted, executed with 
the support of the Risk Manager, with the data provided by the info-provider.   
 
Engagement activity with the issuers on topics linked to sustainability. 
 
10.  
How did this financial product perform compared to the reference benchmark?

79  
 
N/A. No benchmark has been defined. 
 
10.1.  How does the reference benchmark differ from a broad market index? 
 
N/A. 
 
10.2.  How did this financial product perform with regard to the sustainability indicators to 
determine the alignment of the reference benchmark with the environmental or social 
characteristics promoted? 
 
N/A. 
 
10.3.  How did this financial product perform compared with the reference benchmark? 
 
N/A. 
 
10.4.  How did this financial product perform compared with the broad market index? 
 
N/A.