Pharus Sicav Liquidity
Class A
ISIN: LU0159791275
Category: EUR Money Market
19.01.2026
Key Information
| Net Asset Value | 143,62 EUR |
|---|---|
| Fund Size | 30.858.322 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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19.01.2026
Manager comment
During December, Pharus Liquidity recorded a performance of +0.25%.
During the month, the yield on the 2-year US Treasury declined by 1 bp to 3.47%, while the German government bond of the same maturity increased by 9 bps to 2.12%.
Among the best performers during the month were Eramet and Lagfin, while Sirius XM Holdings and China Oil & Gas were among the main detractors.
During the month, we added a Celanese bond maturing in 2028 to the portfolio, offering an attractive yield. We believe that careful security selection remains essential, given that credit spreads are currently at historical lows. We remain convinced that the asset class represents an attractive investment opportunity, given the current market environment and its defensive characteristics. Operationally, we continue to look for opportunities in the longer end of our investable universe.
During the month, the yield on the 2-year US Treasury declined by 1 bp to 3.47%, while the German government bond of the same maturity increased by 9 bps to 2.12%.
Among the best performers during the month were Eramet and Lagfin, while Sirius XM Holdings and China Oil & Gas were among the main detractors.
During the month, we added a Celanese bond maturing in 2028 to the portfolio, offering an attractive yield. We believe that careful security selection remains essential, given that credit spreads are currently at historical lows. We remain convinced that the asset class represents an attractive investment opportunity, given the current market environment and its defensive characteristics. Operationally, we continue to look for opportunities in the longer end of our investable universe.
Documents
Last updated on 19.01.2026
* No coverage or derivatives are included
* No coverage or derivatives are included
Top Ten Holding
| Euro Fx Curr Fut Mar26 | 11.46 % |
|---|---|
| Us 2yr Note (cbt) Mar26 | 9.28 % |
| Euro-schatz Fut Mar26 | 5.92 % |
| Buoni Poliennali Del Tes 2.65% 01.12.27 | 4.28 % |
| Bundesobligation 1.3% 15.10.27 | 3.88 % |
| Buoni Poliennali Del Tes 2.8% 01.12.28 | 3.64 % |
| Edenred Se Zc 0% 14.06.28 | 3.2 % |
| France (govt Of) 0.75% 25.02.28 | 3.18 % |
| Ubisoft Entertainment Sa 0.878% 24.11.27 | 2.72 % |
| Elo Saca 2.875% 29.01.26 | 2.68 % |
