Pharus Sicav Liquidity
Class A
ISIN: LU0159791275
Category: EUR Money Market
18.02.2026
Key Information
| Net Asset Value | 143,46 EUR |
|---|---|
| Fund Size | 32.807.718 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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18.02.2026
Manager comment
In January, Pharus Liquidity recorded a performance of +0.06%.
During the month, the yield on the 2-year US Treasury increased by 5 bps to 3.52%, while the yield on the German government bond of the same maturity declined by 4 bps to 2.08%.
Over the month, Eramet and Worldline were among the best performers, while Campari was among the main detractors.
During the month, we added SES S.A., a company providing satellite solutions, and Edison International, an electricity generation company, to the portfolio.
We believe that careful security selection is required, given that credit spreads remain at historically tight levels. We remain confident that the asset class represents an attractive investment opportunity in the current environment, given its defensive characteristics. From an implementation perspective, we continue to seek opportunities in the longer end of our investable universe.
During the month, the yield on the 2-year US Treasury increased by 5 bps to 3.52%, while the yield on the German government bond of the same maturity declined by 4 bps to 2.08%.
Over the month, Eramet and Worldline were among the best performers, while Campari was among the main detractors.
During the month, we added SES S.A., a company providing satellite solutions, and Edison International, an electricity generation company, to the portfolio.
We believe that careful security selection is required, given that credit spreads remain at historically tight levels. We remain confident that the asset class represents an attractive investment opportunity in the current environment, given its defensive characteristics. From an implementation perspective, we continue to seek opportunities in the longer end of our investable universe.
Documents
Last updated on 18.02.2026
* No coverage or derivatives are included
* No coverage or derivatives are included
Top Ten Holding
| Euro Fx Curr Fut Mar26 | 11.16 % |
|---|---|
| Us 2yr Note (cbt) Mar26 | 8.94 % |
| Euro-schatz Fut Mar26 | 5.8 % |
| Buoni Poliennali Del Tes 2.65% 01.12.27 | 4.2 % |
| Bundesobligation 1.3% 15.10.27 | 3.8 % |
| Buoni Poliennali Del Tes 2.8% 01.12.28 | 3.57 % |
| France (govt Of) 0.75% 25.02.28 | 3.12 % |
| Banque Stellantis France 3.125% 20.01.28 | 2.25 % |
| Coty Inc 4.5% 15.05.27 | 1.96 % |
| Worldline Sa/france Zc 0% 30.07.26 | 1.96 % |
