Pharus Sicav Liquidity
Class A
ISIN: LU0159791275
Category: EUR Money Market
07.04.2026
Key Information
| Net Asset Value | 142,51 EUR |
|---|---|
| Fund Size | 32.339.629 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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07.04.2026
Manager comment
During March, Pharus Liquidity recorded a performance of -0.84%.
Against the backdrop of the escalation in the conflict involving the US, Israel and Iran, government bond yields moved significantly higher, with the US 2-year Treasury rising to 3.79% (+42 bps MoM) and the German 2-year Bund increasing to 2.61% (+62 bps MoM).
Credit spreads widened only moderately relative to the move in risk-free rates; in this environment, we believe it remains appropriate to maintain a selective approach.
During the month, the main negative contribution to performance came from the government bond component of the portfolio.
Over the period, we executed a number of switch transactions aimed at improving the portfolio’s overall credit quality, including the addition of an Exor bond maturing in 2028.
We remain convinced that the strategy continues to offer an attractive investment opportunity, supported by its defensive profile.
Against the backdrop of the escalation in the conflict involving the US, Israel and Iran, government bond yields moved significantly higher, with the US 2-year Treasury rising to 3.79% (+42 bps MoM) and the German 2-year Bund increasing to 2.61% (+62 bps MoM).
Credit spreads widened only moderately relative to the move in risk-free rates; in this environment, we believe it remains appropriate to maintain a selective approach.
During the month, the main negative contribution to performance came from the government bond component of the portfolio.
Over the period, we executed a number of switch transactions aimed at improving the portfolio’s overall credit quality, including the addition of an Exor bond maturing in 2028.
We remain convinced that the strategy continues to offer an attractive investment opportunity, supported by its defensive profile.
Documents
Last updated on 07.04.2026
* No coverage or derivatives are included
* No coverage or derivatives are included
Top Ten Holding
| Euro Fx Curr Fut Jun26 | 10.91 % |
|---|---|
| Us 2yr Note (cbt) Jun26 | 5.58 % |
| Buoni Poliennali Del Tes 2.65% 01.12.27 | 4.06 % |
| Bundesobligation 1.3% 15.10.27 | 3.67 % |
| Euro-schatz Fut Jun26 | 3.28 % |
| France (govt Of) 0.75% 25.02.28 | 2.99 % |
| Buoni Poliennali Del Tes 2.8% 01.12.28 | 2.81 % |
| Bonos Y Oblig Del Estado 1.45% 31.10.27 | 2.45 % |
| Banque Stellantis France 3.125% 20.01.28 | 2.17 % |
| Worldline Sa/france Zc 0% 30.07.26 | 1.93 % |
