Pharus Sicav Liquidity
Class A
ISIN: LU0159791275
Category: EUR Money Market
19.05.2026
Key Information
| Net Asset Value | 143,52 EUR |
|---|---|
| Fund Size | 32.622.003 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 Pharus' first in-house fund, with over 20 years of track record, aimed at obtaining an appropriate level of income by investing in bonds, mostly corporate, with a remaining maturity of less than 3 years and 20 days. Investment decisions are made using a bottom-up approach that analyzes the failure risk of each individual issuer in order to maintain a high-quality standard and low volatility. The portfolio is well diversified, both geographically and by sector, and foreign exchange risk is systematically hedged.
Risk & reward profile
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19.05.2026
Manager comment
Over the month, the conflict between the US-Israel and Iran continued, and government yields kept rising, although at a slower pace than in March: the 2-year US Treasury yields 3.88% (+7 bps MoM), while the 2-year German Bund yields 2.64% (+3 bps MoM).
Following the widening seen in March, credit spreads tightened slightly in April. In this context, we continue to believe that maintaining a selective approach is appropriate.
During the month, Eramet was among the best performers, while Humana was among the detractors.
Over the period, we carried out transactions aimed at improving credit quality. We also participated in several new issues, such as the new bond issued by Sanofi maturing in 2029.
We remain convinced that the compartment continues to offer an attractive investment opportunity, thanks to its defensive profile.
Following the widening seen in March, credit spreads tightened slightly in April. In this context, we continue to believe that maintaining a selective approach is appropriate.
During the month, Eramet was among the best performers, while Humana was among the detractors.
Over the period, we carried out transactions aimed at improving credit quality. We also participated in several new issues, such as the new bond issued by Sanofi maturing in 2029.
We remain convinced that the compartment continues to offer an attractive investment opportunity, thanks to its defensive profile.
Documents
Last updated on 19.05.2026
* No coverage or derivatives are included
* No coverage or derivatives are included
Top Ten Holding
| Euro Fx Curr Fut Jun26 | 10.72 % |
|---|---|
| Us 2yr Note (cbt) Jun26 | 5.39 % |
| Buoni Poliennali Del Tes 2.65% 01.12.27 | 4.01 % |
| Bundesobligation 1.3% 15.10.27 | 3.62 % |
| Euro-schatz Fut Jun26 | 3.23 % |
| France (govt Of) 0.75% 25.02.28 | 2.95 % |
| Buoni Poliennali Del Tes 2.8% 01.12.28 | 2.78 % |
| Bonos Y Oblig Del Estado 1.45% 31.10.27 | 2.42 % |
| Banque Stellantis France 3.125% 20.01.28 | 2.15 % |
| Worldline Sa/france Zc 0% 30.07.26 | 1.91 % |
