Pharus Sicav Conservative

Class A
ISIN: LU0291569647
Category: EUR Cautious Allocation
16.04.2024
Key Information
Net Asset Value122,69 EUR
Fund Size66.666.494 EUR
Launch Date15 apr 2007
BenchmarkITALY FIDEURAM FLEXIBLE
Key Information
Management information
SicavPHARUS SICAV
Management CompanyPHARUS MANAGEMENT LUX SA
Investment ManagerPharus Asset Management SA
Key Information
Investment objective
Pharus Sicav Conservative is a balanced fund with a prudent orientation which aims to offer a conservative level of income and to steadily increase capital in the medium-long term. The management strategy is characterized by a prudent portfolio allocation, characterized by an Equity component that can vary from 20% to 40%, based both on direct exposure to market and single stock selection. In particular, stockpicking is based on a systematic approach of fundamental analysis, based on earnings and on their evolution. The remaining part of the portfolio is invested in bond asset classes decorrelated to Equity, with the function of stabilizing the portfolio and reducing volatility during risk off moments. Government investment grade bonds, mainly US Treasuries, Inflation-Linked bonds and Floaters, with a prudent approach in terms of duration and country risk, have this stabilization function.
Key Information

Risk & reward profile

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16.04.2024
Manager comment
Manager comment
During the month of March, Pharus Conservative recorded a positive performance of 2.07%, bringing the year-to-date performance to +0.11%. Leading the positive performance is particularly the equity component of the portfolio. Global equity markets saw a growth of 3.2% and showed positive performances extending beyond the big tech companies. This provides broader support to the market, and our equity portfolio benefits from it, starting to outperform. The fixed income component, on the other hand, remains largely unchanged, with European and American interest rates slightly decreasing by between 5 and 10 basis points during the month. The allocation of the fund remains oriented towards prudence, with an equity exposure of 30% focusing on sectors trading at attractive valuations relative to their history. In the fixed income portion, we continue to see value in duration, which we maintain around 6 in the portfolio, and which, besides offering a very interesting cash flow, could return to decouple from the equity component in the event of an economic slowdown.
Documents
N.A.

Last updated on 16.04.2024

* No coverage or derivatives are included
* No coverage or derivatives are included
Top Ten Holding
Us Ultra Bond Cbt Jun24 8.03 %
Bonos Y Oblig Del Estado 5.75% 30.07.32 7.11 %
Buoni Poliennali Del Tes 4% 15.11.30 6.8 %
Buoni Poliennali Del Tes 1.75% 01.07.24 4.57 %
France (govt Of) 2.5% 24.09.26 4.31 %
France (govt Of) 0% 25.03.25 4.15 %
Buoni Poliennali Del Tes 1.45% 15.05.25 3.52 %
France (govt Of) 2% 25.11.32 3.4 %
Bonos Y Oblig Del Estado 5.9% 30.07.26 3.15 %
Euro Stoxx 50 Jun24 2.81 %
Top Ten Holding
How to invest
SFDR Article: 8

SFDR Article: 8

The Sub-Fund does not have as its objective a sustainable investment, but promotes social characteristics with a proportion of sustainable investments with a social objective of at least 80% of its assets.

Objectives

The Sub-Fund’s sustainable investment objective is to select companies promoting peaceful, just and inclusive principles, evidencing a strong Sustainability rating and following good governance practices, while avoids the exposure to companies involved in controversial weapons production, tobacco production, adult entertainment, gambling sector, violation of United Nation Global Pact, as per the internal ESG policy defined.

Social characteristics promoted are mainly represented by the below:

Social characteristics promoted are mainly represented by the below:

  • Security of products and health
  • Human rights and human dignity
  • Equality labour conditions
  • Governance
As of 22.01.2024
As of
1
Enviroment
2
Security of products and health
3
Human rights and human dignity
4
Equality labor conditions
5
Governance

Asset Allocation

All the investments are assessed ex ante by an independent external ESG advisor and need to be compliant with including criteria and not in breach with excluding criteria set out on the applicable ESG policy. Investments aligned with E/S characteristic must attain the social characteristics promoted by the financial product and must represent at least 80% of the Sub-fund’s asset. Sustainable investments are investments in securities whose rating is considered acceptable and which comply with the excluding criteria set out in the ESG policy applicable. Other Investments include cash, derivatives, bonds and equities which do not have any ESG rating or with a weak ESG rating and can represent up to 20% of the portfolio.

As of 31.12.2022

Principal adverse impacts

This financial product considers PAI and monitors additional PAI with the support of an ESG Advisor that produces, on quarterly basis, a complete report that illustrates the PAI and the results for the portfolio. Furthermore, the Sub-Fund focuses on the PAI number 10 and 11. PAI number 10 monitors/takes into consideration weight of company with severe violation of UNGC principles or OECD guidelines for multinationals. PAI number 11 refers to weight of companies without mechanism for monitoring the compliance with UNGC principles and OECD guidelines.

Binding elements

The exclusion criteria applied to the investment universe, are aimed to exclude companies

Involved in controversial weapons production whose revenues deriving from the production of nuclear, biological and chemical weapons are higher than 5%
Whose revenues deriving from gambling sector is higher than 5%;
Whose revenues deriving from the tobacco production is higher than 5%;
Whose revenues deriving from adult entertainment sector is higher than 5%;
Which do not respect the principles of United Nation Global Pact.

In addition to the above, another binding element is the use of ESG ratings. The certified portfolio average ESG Quality score is B+ with a portfolio ESG Rating of 6.18, which cannot fall below B.
ESG Rating
Portfolio Scores
22.01.2024
B+
ESG Quality Score
6.18