Pharus Sicav Target

Class AD

ISIN: LU0746320414

Category: Global Flexible Bond - EUR Hed

10.12.2025

Key Information

Net Asset Value	53,12 EUR
Fund Size	25.048.307 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 sub-fund's objective is to ensure a high coupon flow by investing in a highly diversified portfolio, in terms of issuers and geographic areas, of fixed-income corporate securities, selecting mainly high-yielding securities. Investment decisions are made using a fundamental analysis approach aimed at optimizing the risk-return ratio by analyzing the companies' strengths in several aspects: profitability, debt coverage, capital structure, cash flows, and ability to repay interest.

Risk & reward profile

10.12.2025

Manager comment

In November, Pharus Target posted a performance of -0.16%. During the month, the US 10-year Treasury yield fell by 6 bps to 4.01 percent, while the German 10-year yield rose by 5 bps to 2.69%.
Among the best performers were Kohl’s Corporation, a US retail chain, and GeoPark Ltd, an oil and gas exploration and production company. Alibaba Group was among the weakest contributors.
During the month, we added Nabors Industries to the portfolio, a US company specialising in oil and gas drilling, through a 2031 bond offering a very attractive yield.
We believe the segment is well positioned to benefit from the upcoming monetary easing cycle, supported by a high level of diversification both geographically and across issuer quality

Documents

N.A.

Last updated on 10.12.2025

*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

Top Ten Holding

Euro Fx Curr Fut Dec25	34.88 %
Us 10yr Note (cbt)mar26	12.45 %
Euro-bund Future Dec25	12.32 %
Edenred Se Zc 0% 14.06.28	2.61 %
Worldline Sa/france 0.875% 30.06.27	2.51 %
Ima Industria Macchine Tv 15.04.29	2.43 %
China Oil & Gas Group 4.7% 30.06.26	2.42 %
China Water Affairs Grp 4.85% 18.05.26	2.05 %
Sammontana Italia Spa Tv 15.10.31	2.02 %
Illimity Bank Sp Tv 07.10.31	2.01 %

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 55% 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 and environmental characteristics promoted by the financial product and must represent at least 55% 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 45% 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 5.65, which cannot fall below B.

ESG Rating

Portfolio Scores
31.03.2025

B+

ESG Quality Score

5.65

Documents

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