Pharus Sicav Conservative
Class A
ISIN: LU0291569647
Category: EUR Cautious Allocation
28.03.2023
Key Information
| Net Asset Value | 122,05 EUR |
|---|---|
| Fund Size | 86.274.741 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 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.
Risk & reward profile
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28.03.2023
Manager comment
During the month of February, Pharus Conservative posted a negative performance of -1.98%, led by global equity indices down -2.4% and US and European government bonds also down 2.4% and 2.3% respectively. Higher-than-expected inflation data coupled with strong macroeconomic data revived fears of even tighter monetary policies, pushing interest rates up by around 50-60 basis points and pushing the terminal rate to 5% in the US and 4% in Europe. The duration component of the portfolio continues to be a key pillar that we believe will benefit when the market comes to discount the economic slowdown scenario already underway and highlighted by some lead indicators. Equities remain around 35% and we are maintaining our allocation by continuing to overweight sectors where we see more value and interest. We continue to see a more attractive European market from a valuation point of view than the US market. Currency risk continues to be fully hedged.
Documents
Last updated on 28.03.2023
* No coverage or derivatives are included
* No coverage or derivatives are included
Top Ten Holding
| Buoni Poliennali Del Tes 4.4% 01.05.33 | 5.02 % |
|---|---|
| Lyxor Esg Eur Corp Bond Dr | 4.53 % |
| Us Treasury N/b 1.125% 15.02.31 | 3.49 % |
| Ishares Core S&p 500 | 3.18 % |
| Buoni Poliennali Del Tes 1.65% 01.03.32 | 3.04 % |
| Us Treasury N/b 2.625% 31.07.29 | 3.03 % |
| Us Treasury N/b 2.75% 31.05.29 | 2.97 % |
| Wisdomtree Physical Gold | 2.45 % |
| Us Treasury N/b 3% 15.02.49 | 2.33 % |
| Us Treasury N/b 4.125% 30.09.27 | 2.22 % |
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