Class Q (Listed)
ISIN: LU1136402432
CATEGORY: Global Flexible Bond - EUR Hedged
KEY INFORMATIONat 22.09.2021
Net Asset Value74,92 EUR
Fund Size (mln)66.922.701 EUR
Launch Date29 mag 2015
BenchmarkBENCHMARK COMPOSITE 19662
MANAGEMENT INFORMATION
SicavPHARUS SICAV
Management CompanyPHARUS MANAGEMENT LUX SA
Investment ManagerPharus Asset Management SA
DOCUMENTS
N.A.
RISK & REWARD PROFILE
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INVESTMENT OBJECTIVE
The objective of the fund is to ensure a high coupon flow investing in various bond asset classes (mainly corporate High Yield), with a high diversification both sectorially and geographically. The exchange risk is totally hedged through the use of forwards.

MANAGER COMMENT
In august the fund achieved a positive performance of + 0.38%.
This performance was mainly driven by European financials and technology convertibles. One example is the Palo Alto 2023 bond, which benefited from the excellent results reported by the company. Furthermore the tightening of the spreads on the Emerging part observed in the second half of the month contributed positively.
We maintain our usual diversified allocation across three geographical areas: Europe, USA and Emerging Countries, with an overweight in the financial sector and continue to believe that convertibles are an attractive alternative to traditional bonds.
The portfolio's hedged return is now around 3%, with a duration of 3.7 years and a weighted average rating of BB+.
From an operational point of view we invested part of the available liquidity, selecting bonds with a hedged yield of at least 3.5% and a duration of less than 4. In particular, we focused on USD issues of emerging and American companies, such as Itau Unibanco and Golden Energy Resources.
PERFORMANCE
Last updated on 22.09.2021
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Performance is shown with gross income reinvested, based on net asset value and does not include the effect of any initial or exit charges.
ASSET ALLOCATION
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No coverage or derivatives are included
CURRENCY ALLOCATION
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No coverage or derivatives are included
COUNTRY ALLOCATION
TOP TEN HOLDING
Ishares Global Hy Corp-distr 2.71 %
Intesa Sanpaolo Spa Tv 1.93 %
Assicurazioni Generali Tv 08.06.48 1.48 %
Assicurazioni Generali Tv 1.43 %
Us Treasury N/b 2.25% 15.08.49 1.21 %
Us Treasury N/b 2.375% 15.11.49 0.98 %
Anglogold Holdings Plc 6.5% 15.04.40 0.97 %
Sace Spa Tv 0.95 %
Iccrea Banca Spa Tv 28.11.29 0.94 %
Unicredit Spa Tv 0.81 %
SECTOR ALLOCATION
MATURITY
RATING
Current risk profile selected: