Pharus Sicav Target

Class AD

ISIN: LU0746320414

Category: Global Flexible Bond - EUR Hed

15.10.2026

Key Information

Net Asset Value	49,70 EUR
Fund Size	14.279.023 EUR
Launch Date	21 feb 2012
Benchmark	BENCHMARK COMPOSITE 19662

Management information

Sicav	PHARUS SICAV
Management Company	PHARUS MANAGEMENT LUX SA
Investment Manager	Pharus Asset Management SA

Investment objective

The sub-fund's objective is to ensure a high coupon flow by investing in a highly diversified portfolio, in terms of issuers and geographic areas, of fixed-income corporate securities, selecting mainly high-yielding securities. Investment decisions are made using a fundamental analysis approach aimed at optimizing the risk-return ratio by analyzing the companies' strengths in several aspects: profitability, debt coverage, capital structure, cash flows, and ability to repay interest.

Risk & reward profile

15.10.2026

Manager comment

In September, Pharus Target posted a performance of -2.40%. During the month, European and US government bond yields rose markedly following rate hikes by the Fed and the ECB, though to differing degrees: the 10-year Treasury closed at 5.29% (+54 bps MoM), while the German Bund of the same maturity stood at 3.58% (+26 bps MoM). In the latter part of the month, credit spreads also began to widen; in this environment, we believe it is appropriate to maintain a selective approach. Among the top contributors was illimity Bank, which benefited from the Bank of Italy's approval of its merger into Banca Ifis; among the weakest, the Alibaba convertible bond, penalised by weakness in Chinese tech. Taking advantage of the yield levels reached, we built positions in high-quality government bonds. The sub-fund maintains broad diversification, both geographically and in terms of issuer credit quality.

Documents

N.A.

Last updated on 15.10.2026

*Performance is shown with gross income reinvested, based on net asset value and does not include the effect of any initial or exit charges.

* No coverage or derivatives are included

Top Ten Holding

Euro Fx Curr Fut Dec26	25.21 %
Euro-bund Future Dec26	16.67 %
Us 10yr Note (cbt)dec26	9.56 %
Worldline Sa/france 0.875% 30.06.27	4.71 %
Edf 7 1/2 Perp	3.06 %
Ttefp 4.12 Perp	2.8 %
Us Treasury N/b 4.375% 31.08.31	2.38 %
Enel Spa Tv	2.23 %
Eramet 7% 22.05.28	2.15 %
Caisse Francaise De Fin 3.5% 16.03.32	2.07 %

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 55% 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

As of 31.03.2025

Enviroment

Security of products and health

Human rights and human dignity

Equality labor 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 and environmental characteristics promoted by the financial product and must represent at least 55% 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 45% 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

Involved in controversial weapons production whose revenues deriving from the production of nuclear, biological and chemical weapons are higher than 5%

Whose revenues deriving from gambling sector is higher than 5%;

Whose revenues deriving from the tobacco production is higher than 5%;

Whose revenues deriving from adult entertainment sector is higher than 5%;

Which do not respect the principles of United Nation Global Pact.

In addition to the above, another binding element is the use of ESG ratings. The certified portfolio average ESG Quality score is B+ with a portfolio ESG Rating of 5.65, which cannot fall below B.

ESG Rating

Portfolio Scores
31.03.2025

B+

ESG Quality Score

5.65

Documents

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September 2020

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