Pharus Sicav Liquidity
Class A
ISIN: LU0159791275
Category: EUR Money Market
10.06.2026
Key Information
| Net Asset Value | 143,88 EUR |
|---|---|
| Fund Size | 31.638.829 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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10.06.2026
Manager comment
During the month of May, Pharus Liquidity posted a return of +0.46%.
Over the month, the conflict between the US, Israel and Iran continued. Government yields did not move in the same direction in the United States and Europe: the 2-year US Treasury yields 4% (+13 bps MoM) and the 2-year German Bund yields 2.52% (-11 bps MoM).
Credit spreads narrowed slightly in May: against this backdrop, we continue to consider it appropriate to maintain a selective approach.
Over the month, among the best performers was the Sirius convertible, while the worst was Sanofi.
During the month, we added some new issues, such as the new Volkswagen 2028 bond. In addition, we added a Diasorin convertible maturing in 2028 to the portfolio.
We remain convinced that the segment continues to offer an attractive investment opportunity, thanks to its defensive profile.
Over the month, the conflict between the US, Israel and Iran continued. Government yields did not move in the same direction in the United States and Europe: the 2-year US Treasury yields 4% (+13 bps MoM) and the 2-year German Bund yields 2.52% (-11 bps MoM).
Credit spreads narrowed slightly in May: against this backdrop, we continue to consider it appropriate to maintain a selective approach.
Over the month, among the best performers was the Sirius convertible, while the worst was Sanofi.
During the month, we added some new issues, such as the new Volkswagen 2028 bond. In addition, we added a Diasorin convertible maturing in 2028 to the portfolio.
We remain convinced that the segment continues to offer an attractive investment opportunity, thanks to its defensive profile.
Documents
Last updated on 10.06.2026
* No coverage or derivatives are included
* No coverage or derivatives are included
Top Ten Holding
| Euro Fx Curr Fut Jun26 | 10.96 % |
|---|---|
| Us 2yr Note (cbt) Sep26 | 5.54 % |
| Buoni Poliennali Del Tes 2.65% 01.12.27 | 4.13 % |
| Bundesobligation 1.3% 15.10.27 | 3.73 % |
| Euro-schatz Fut Jun26 | 3.32 % |
| France (govt Of) 0.75% 25.02.28 | 3.04 % |
| Buoni Poliennali Del Tes 2.8% 01.12.28 | 2.86 % |
| Bonos Y Oblig Del Estado 1.45% 31.10.27 | 2.49 % |
| Banque Stellantis France 3.125% 20.01.28 | 2.21 % |
| Worldline Sa/france Zc 0% 30.07.26 | 1.96 % |
