Pharus Sicav Conservative
| Net Asset Value | 133,46 EUR |
|---|---|
| Fund Size | 38.482.573 EUR |
| Launch Date | 15 apr 2007 |
| Benchmark | ITALY FIDEURAM FLEXIBLE |
| Sicav | PHARUS SICAV |
|---|---|
| Management Company | PHARUS MANAGEMENT LUX SA |
| Investment Manager | Pharus Asset Management SA |
Risk & reward profile
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March was the worst month for the traditional 60/40 portfolio since 2022, with volatility peaking amid rising tensions in the Middle East and the closure of the Strait of Hormuz. Global equities declined by -5.4% in EUR terms, with Europe (-8%) underperforming the US. Government bond yields rose by around 35 bps in both the US and Europe, reflecting expectations of a more cautious stance from central banks: the market is now pricing in ECB rate hikes rather than cuts Commodities gained 11.6%, with oil at 119$ and gas at 52 €/MWh, while gold pulled back to USD 4,600 on profit-taking and high real rates.
Despite the uncertain backdrop, we remain moderately constructive on equities, supported by reasonable valuations and the absence, for now, of clear recessionary signals.
Equity exposure remains prudent at 21%, focused on market leaders trading at a valuation discount, while bond portfolio duration is maintained at around 3.6.
Last updated on 21.04.2026
| Buoni Poliennali Del Tes 4% 15.11.30 | 12.51 % |
|---|---|
| Euro Fx Curr Fut Jun26 | 9.33 % |
| Us 5yr Note (cbt) Jun26 | 9.21 % |
| Buoni Poliennali Del Tes 0.95% 15.09.27 | 7.76 % |
| Buoni Poliennali Del Tes 2.65% 01.12.27 | 7.21 % |
| Bonos Y Oblig Del Estado 5.75% 30.07.32 | 6.31 % |
| Us 10yr Note (cbt)jun26 | 6.13 % |
| France (govt Of) 2.5% 24.09.26 | 5.37 % |
| France (govt Of) 2% 25.11.32 | 4.92 % |
| France (govt Of) 0% 25.02.27 | 4.66 % |
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:
- Security of products and health
- Human rights and human dignity
- Equality labour conditions
- 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.
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
31.03.2025