Pharus Sicav Liquidity
Class A
ISIN: LU0159791275
Category: EUR Money Market
17.08.2026
Key Information
| Net Asset Value | 144,55 EUR |
|---|---|
| Fund Size | 31.360.740 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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17.08.2026
Manager comment
In July, Pharus Liquidity closed the month unchanged (-0.02%), despite the rise in government bond yields, which was common to the United States and Europe but more pronounced at the short end in Europe (2-year US Note at 4.25%, +13 bps MoM; 2-year Schatz at 2.82%, +29 bps).
Credit spreads remain contained, close to the lower end of the three-year range, albeit with divergences between the euro and dollar areas: in euro, tightening across both investment grade and high yield; in dollars, widening in both segments, more markedly so in high yield. Sector contribution was positive in euro from Energy, Consumer Discretionary and Utilities, and negative in dollars from Communication Services and Information Technology.
We maintain a selective approach in order to generate additional yield.
Ubisoft was among the best performers, while the BTP 2028 was among the weakest; new issues were added, including Deutsche Pfandbriefbank 2029.
The sub-fund remains attractive given its defensive profile.
Credit spreads remain contained, close to the lower end of the three-year range, albeit with divergences between the euro and dollar areas: in euro, tightening across both investment grade and high yield; in dollars, widening in both segments, more markedly so in high yield. Sector contribution was positive in euro from Energy, Consumer Discretionary and Utilities, and negative in dollars from Communication Services and Information Technology.
We maintain a selective approach in order to generate additional yield.
Ubisoft was among the best performers, while the BTP 2028 was among the weakest; new issues were added, including Deutsche Pfandbriefbank 2029.
The sub-fund remains attractive given its defensive profile.
Documents
Last updated on 17.08.2026
* No coverage or derivatives are included
* No coverage or derivatives are included
Top Ten Holding
| Euro Fx Curr Fut Sep26 | 11.91 % |
|---|---|
| Us 2yr Note (cbt) Sep26 | 6.78 % |
| Buoni Poliennali Del Tes 2.65% 01.12.27 | 4.12 % |
| Euro-schatz Fut Sep26 | 4 % |
| Bundesobligation 1.3% 15.10.27 | 3.77 % |
| Bonos Y Oblig Del Estado 1.45% 31.10.27 | 2.52 % |
| Banque Stellantis France 3.125% 20.01.28 | 2.24 % |
| Ubisoft Entertainment Sa 0.878% 24.11.27 | 2.01 % |
| Edenred Se Zc 0% 14.06.28 | 1.95 % |
| Betsson Ab Tv 23.09.27 | 1.93 % |
