Pharus Sicav Target
Class AD
ISIN: LU0746320414
Category: Global Flexible Bond - EUR Hed
11.08.2022
Key Information
| Net Asset Value | 60,75 EUR |
|---|---|
| Fund Size | 47.249.544 EUR |
| Launch Date | 21 feb 2012 |
| Benchmark | BENCHMARK COMPOSITE 19662 |
Management information
| Sicav | PHARUS SICAV |
|---|---|
| Management Company | PHARUS MANAGEMENT LUX SA |
| Investment Manager | Pharus Asset Management SA |
Investment objective
The fund's objective is to ensure a high coupon flow by investing in a highly diversified portfolio, both in terms of issuers and geographical areas, of fixed income securities, mainly selecting high yield bonds with an average rating BB-. The fund is managed by a team with a consolidated experience in investment management and with a solid and rigorous investment process based on a Quantamental approach, aimed at optimizing the risk-return ratio, which, since the fund’s launch, has always guaranteed the distribution of a high annual coupon.
Risk & reward profile
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11.08.2022
Manager comment
The fund recorded a positive performance of +1.86% in July.
The performance was mainly driven by the marked lowering of European and American rates and a tightening of Investment Grade and High Yield Spreads.
We maintain a diversified allocation across three geographic areas, Europe, the U.S. and Emerging Countries.
Operationally, we have continued to identify investment opportunities in the secondary market especially in Europe and the US. We note significantly lower volumes in the primary market than in 2020 and 2021, as the current macroeconomic environment would allow companies to renegotiate debt on less favorable terms. The portfolio's hedged yield is now about 5.5 percent with Duration 4.3 years and Average Rating BB.
We maintain full hedging against all currencies.
The performance was mainly driven by the marked lowering of European and American rates and a tightening of Investment Grade and High Yield Spreads.
We maintain a diversified allocation across three geographic areas, Europe, the U.S. and Emerging Countries.
Operationally, we have continued to identify investment opportunities in the secondary market especially in Europe and the US. We note significantly lower volumes in the primary market than in 2020 and 2021, as the current macroeconomic environment would allow companies to renegotiate debt on less favorable terms. The portfolio's hedged yield is now about 5.5 percent with Duration 4.3 years and Average Rating BB.
We maintain full hedging against all currencies.
Documents
Last updated on 11.08.2022
*Performance is shown with gross income reinvested, based on net asset value and does not include the effect of any initial or exit charges.
* No coverage or derivatives are included
* No coverage or derivatives are included
Top Ten Holding
| Us Treasury N/b 1.125% 15.02.31 | 5 % |
|---|---|
| Us Treasury N/b 0.625% 15.08.30 | 4.99 % |
| Intesa Sanpaolo Spa Tv | 1.29 % |
| Anglogold Holdings Plc 6.5% 15.04.40 | 1.2 % |
| Softbank Group Corp 4% 20.04.23 | 1.06 % |
| Unicredit Spa Tv | 1.06 % |
| Stmicroelectronics Nv Zc 0% 04.08.27 | 0.93 % |
| Intesa Sanpaolo Spa Tv | 0.93 % |
| Iccrea Banca Spa Tv 18.01.32 | 0.91 % |
| Teva Pharm Fnc Nl Ii 6% 31.01.25 | 0.9 % |
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