Pharus Sicav Liquidity
Class A
ISIN: LU0159791275
Category: EUR Money Market
23.04.2024
Key Information
| Net Asset Value | 134,69 EUR |
|---|---|
| Fund Size | 23.168.557 EUR |
| Launch Date | 23 dic 2002 |
| Benchmark | BANCA FIDEURAM INDICE FONDI DI |
Management information
| Sicav | PHARUS SICAV |
|---|---|
| Management Company | PHARUS MANAGEMENT LUX SA |
| Investment Manager | Pharus Asset Management SA |
Investment objective
Pharus Sicav Liquidity is the first fund launched by Pharus, with over 20 years of track record. The fund's objective is to achieve an adequate level of income by investing mostly in Short Maturity corporate bonds which, at the time of purchase, have an initial or residual maturity of no more than 3 years and 20 days. The portfolio is well diversified, both geographically and by sector, and the currency risk is systematically hedged. The fund offers an excellent alternative to liquidity with an annaluazied yield since its launch of 1.2%, while maintaining a high-quality standard and low volatility. The fund is managed by an investment team that has been stable over time and is specialized in the various segments of the bond market which has allowed, over the years, the constant achievement of positive returns.
Risk & reward profile
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23.04.2024
Manager comment
In March, Pharus Liquidity recorded a performance of 0.16%. On the interest rate front, we observed discordant movements on the US curve compared to the EUR curve. The US curve experienced a slight increase, while the German curve decreased. This trend is attributed to the resilience of the US economy compared to a Eurozone on the brink of recession. Shorter parts of the curves saw a median movement of +3 bps on the US curve and -8.5 bps on the German curve. We remain convinced that the sector represents a very interesting investment opportunity, considering both the current interest rate environment and its defensive nature. Operationally, we continue to seek opportunities mainly in the longer part of our investable universe, with maturities starting in 2027, acquiring new names or increasing those already in the portfolio. The portfolio currently has a Duration of 1.52 and a covered yield in euros of 4.4% with a weighted average rating of BB. We will continue to hedge against all foreign currencies.
Documents
Last updated on 23.04.2024
* No coverage or derivatives are included
* No coverage or derivatives are included
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| Banca Monte Dei Paschi S 3.625% 24.09.24 | 2.56 % |
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| Nh Hotel Group Sa 4% 02.07.26 | 2.53 % |
