Pharus Sicav Conservative

Class A

ISIN: LU0291569647

Category: EUR Cautious Allocation

20.05.2025

Key Information

Net Asset Value	127,76 EUR
Fund Size	52.223.051 EUR
Launch Date	15 apr 2007
Benchmark	ITALY FIDEURAM FLEXIBLE

Management information

Sicav	PHARUS SICAV
Management Company	PHARUS MANAGEMENT LUX SA
Investment Manager	Pharus Asset Management SA

Investment objective

Pharus Sicav Conservative is a prudently oriented balanced sub-fund that aims to provide a conservative level of income designed to increase capital over the medium to long term. The strategy features a conservative portfolio allocation, characterized by an equity component that can range from 20 percent to 40 percent depending on the stage of the market valuation cycle and is invested in leading companies with high returns on capital that trade at a discount to fundamentals. The remainder of the portfolio is invested mainly in government bonds.

Risk & reward profile

20.05.2025

Manager comment

In April, Pharus Conservative closed with a performance of -0.35%, bringing the year-to-date figure to -1.21%. Global equity markets ended the month essentially flat in what was a particularly turbulent period for financial assets. The impact of the global tariffs announced by Trump in early April triggered a spike in market volatility for both equities and bonds, with equity markets falling by approximately 10-15% and interest rates rising, driven by fears of a global trade war with significant economic growth implications. This was followed by a partial recovery, led by a softening of rhetoric from the U.S. administration, which fueled hopes for de-escalation. The equity allocation was slightly increased on weakness, bringing it to 32%, and remains focused on leading companies trading at valuation discounts. On the bond side, we maintain a portfolio duration of 5.

Documents

N.A.

Last updated on 20.05.2025

* No coverage or derivatives are included

Top Ten Holding

Us 10yr Note (cbt)jun25	13.9 %
Euro Fx Curr Fut Jun25	9.41 %
Buoni Poliennali Del Tes 4% 15.11.30	9.39 %
Us Long Bond(cbt) Jun25	5.93 %
France (govt Of) 2.5% 24.09.26	5.93 %
Bonos Y Oblig Del Estado 5.75% 30.07.32	4.79 %
Buoni Poliennali Del Tes 0.95% 15.09.27	4.72 %
France (govt Of) 2% 25.11.32	4.59 %
Us 5yr Note (cbt) Jun25	4.26 %
Buoni Poliennali Del Tes 1.45% 15.05.25	3.88 %

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

As of 31.03.2025

Enviroment

Security of products and health

Human rights and human dignity

Equality labor 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

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 6.09, which cannot fall below B.

ESG Rating

Portfolio Scores
31.03.2025

B+

ESG Quality Score

6.09

Documents

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