Pharus Sicav Equity Leaders
| Net Asset Value | 199,11 EUR |
|---|---|
| Fund Size | 27.396.323 EUR |
| Launch Date | 16 feb 2010 |
| Benchmark | ITALY FIDEURAM FLEXIBLE |
| Sicav | PHARUS SICAV |
|---|---|
| Management Company | PHARUS MANAGEMENT LUX SA |
| Investment Manager | Pharus Asset Management SA |
Risk & reward profile
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Among the best performers were Alphabet Inc. and AMD, while Molina Healthcare and Meta ranked among the weakest contributors.
During the month, we reduced exposure to the Semiconductor sector, trimming positions in Intel, TSM, and ASML. Conversely, we increased exposure to the Consumer Staples sector, adding Diageo, Brown-Forman, and Nestlé. We also took the opportunity to initiate a small position in Ferrari, a leading company available at an attractive valuation.
The portfolio remains defensively positioned: geographically, we are exposed 10% to China, 65% to the U.S., and 25% to Europe, with investments focused on leading companies trading at a discounted valuation.
This allocation allows the portfolio to trade at a 35% valuation discount relative to the broader market.
As of the end of October, the U.S. dollar exposure is fully unhedged, representing 65% of total assets.
Last updated on 12.11.2025
| Alphabet Inc-cl A | 3.99 % |
|---|---|
| Amazon.com Inc | 3.62 % |
| Microsoft Corp | 2.78 % |
| Merck & Co. Inc. | 2.38 % |
| Pfizer Inc | 2.22 % |
| Nvidia Corp | 2.19 % |
| Tencent Holdings Ltd | 2.19 % |
| Kraneshares Csi China It Eur | 2.11 % |
| Apple Inc | 2.01 % |
| Lvmh Moet Hennessy Louis Vui | 1.98 % |
SFDR Article: 8
The Sub-Fund does not have as its objective a sustainable investment, but promotes social characteristics with a proportion of sustainable investments with a social objective of at least 80% of its assets.
Objectives
The Sub-Fund’s sustainable investment objective is to select companies promoting peaceful, just and inclusive principles, evidencing a strong Sustainability rating and following good governance practices, while avoids the exposure to companies involved in controversial weapons production, tobacco production, adult entertainment, gambling sector, violation of United Nation Global Pact, as per the internal ESG policy defined.
Social characteristics promoted are mainly represented by the below:
- Security of products and health
- Human rights and human dignity
- Equality labour conditions
- Governance
Asset Allocation
All the investments are assessed ex ante by an independent external ESG advisor and need to be compliant with including criteria and not in breach with excluding criteria set out on the applicable ESG policy. Investments aligned with E/S characteristic must attain the social characteristics promoted by the financial product and must represent at least 80% of the Sub-fund’s asset. Sustainable investments are investments in securities whose rating is considered acceptable and which comply with the excluding criteria set out in the ESG policy applicable. Other Investments include cash, derivatives, bonds and equities which do not have any ESG rating or with a weak ESG rating and can represent up to 20% of the portfolio.
Principal adverse impacts
This financial product considers PAI and monitors additional PAI with the support of an ESG Advisor that produces, on quarterly basis, a complete report that illustrates the PAI and the results for the portfolio. Furthermore, the Sub-Fund focuses on the PAI number 10 and 11. PAI number 10 monitors/takes into consideration weight of company with severe violation of UNGC principles or OECD guidelines for multinationals. PAI number 11 refers to weight of companies without mechanism for monitoring the compliance with UNGC principles and OECD guidelines.
Binding elements
The exclusion criteria applied to the investment universe, are aimed to exclude companies
31.03.2025