Class A
ISIN: LU0291569647
CATEGORY: EUR Cautious Allocation
KEY INFORMATIONat 25.02.2021
Net Asset Value129,98 EUR
Fund Size (mln)56.109.713 EUR
Launch Date15 apr 2007
BenchmarkITALY FIDEURAM FLEXIBLE
MANAGEMENT INFORMATION
SicavPHARUS SICAV
Management CompanyPHARUS MANAGEMENT LUX SA
Investment ManagerPharus Asset Management SA
RISK & REWARD PROFILE
Lower Risk
Highest Risk
Potentially lower return
Potentially higher return
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INVESTMENT OBJECTIVE
The Portfolio's investment objective is to achieve long term capital growth, by investing in a conservative balanced portfolio. The fund mainly invests in bonds (government and corporate), with a prudent approach, both in terms of duration and credit risk. It can invest in stocks up to a maximum of 30%. It uses quantitative strategies to support analyses. The exchange risk is fully hedged.
MANAGER COMMENT
The fund registered a negative performance of -0.39% in January, thus bringing the YTD performance to -0.39%.
The fund keeps the usual allocation, where the main components are Equity around 40%, Government Bonds 40% and Inflation-linked bonds around 10%. The US market is witnessing a positive earning revision, on the other part Europe is lagging behind.
The Equity part of the portfolio suffered in line with the negative performance registered by US and European Equity indices, while Chinese Equity goes against the trend with a positive +6.42%.
On the credit side, Treasuries bonds registered a negative result as the US rate curve steepened in the first half of the month.
Another important driver has been the rise on US Inflation expectations, reflected in a positive performance of Inflation-linked bonds.
We still keep option hedging on S&P 500 with Delta –8% against Equity market drawdowns.
We continue to hedge currency risk through forward contracts.
PERFORMANCE
Last updated on 25.02.2021
ASSET ALLOCATION
*
No coverage or derivatives are included
CURRENCY ALLOCATION
*
No coverage or derivatives are included
COUNTRY ALLOCATION
TOP TEN HOLDING
S&p500 Emini Fut Mar21 15.07 %
X Csi300 Swap 1c 4.83 %
Us Treasury N/b 1.75% 28.02.22 3.89 %
Euro Stoxx 50 Mar21 3.81 %
Us Treasury N/b 2.625% 15.02.29 3.53 %
Buoni Poliennali Del Tes 3.75% 01.03.21 3.45 %
Tsy Infl Ix N/b 0.25% 15.01.25 3.03 %
Us Treasury N/b 2.125% 15.05.25 2.8 %
Us Treasury N/b 3% 15.02.49 2.45 %
Kfw 2.875% 03.04.28 2.29 %
SECTOR ALLOCATION
MATURITY
RATING
Current risk profile selected: