Class AD
ISIN: LU0746320414
CATEGORY: Global Flexible Bond - EUR Hedged
KEY INFORMATIONat 09.06.2021
Net Asset Value76,16 EUR
Fund Size (mln)66.215.943 EUR
Launch Date21 feb 2012
BenchmarkBENCHMARK COMPOSITE 19662
MANAGEMENT INFORMATION
SicavPHARUS SICAV
Management CompanyPHARUS MANAGEMENT LUX SA
Investment ManagerPharus Asset Management SA
DOCUMENTS
N.A.
RISK & REWARD PROFILE
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INVESTMENT OBJECTIVE
The objective of the fund is to ensure a high coupon flow investing in various bond asset classes (mainly corporate High Yield), with a high diversification both sectorially and geographically. The exchange risk is totally hedged through the use of forwards.

MANAGER COMMENT
The fund registered a positive performance of + 0.27% in May, bringing the year-to-date performance to + 0.35%.
The performance was mainly driven by the Emerging side of the portfolio, while the European and US sides struggled.
We maintain our usual diversified allocation across three geographies, Europe, USA and Emerging Countries, with an overweight in the financial sector and continue to believe that convertibles are an attractive alternative to traditional bonds.
The portfolio's hedged return is now around 3.30%, with a duration of 3.7 years and a weighted average rating of BB+.
Operationally, we invested part of the liquidity available through some New Issues of mainly Asian bonds and at the same time we sold some long-term bonds to reduce the average duration of the portfolio.
The exchange risk is fully hedged through the use of forward contracts.
PERFORMANCE
Last updated on 09.06.2021
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Performance is shown with gross income reinvested, based on net asset value and does not include the effect of any initial or exit charges.
ASSET ALLOCATION
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No coverage or derivatives are included
CURRENCY ALLOCATION
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No coverage or derivatives are included
COUNTRY ALLOCATION
TOP TEN HOLDING
Ishares Global Hy Corp-distr 2.65 %
Intesa Sanpaolo Spa Tv 1.91 %
Assicurazioni Generali Tv 08.06.48 1.51 %
Assicurazioni Generali Tv 1.49 %
Us Treasury N/b 2.25% 15.08.49 1.11 %
Sace Spa Tv 0.95 %
Iccrea Banca Spa Tv 28.11.29 0.93 %
Anglogold Holdings Plc 6.5% 15.04.40 0.91 %
Us Treasury N/b 2.375% 15.11.49 0.88 %
Unicredit Spa Tv 0.84 %
SECTOR ALLOCATION
MATURITY
RATING
Current risk profile selected: