Class BD
ISIN: LU0746320505
CATEGORY: Global Flexible Bond - EUR Hedged
KEY INFORMATIONat 25.02.2021
Net Asset Value80,05 EUR
Fund Size (mln)65.557.364 EUR
Launch Date21 feb 2012
BenchmarkBENCHMARK COMPOSITE 19662
MANAGEMENT INFORMATION
SicavPHARUS SICAV
Management CompanyPHARUS MANAGEMENT LUX SA
Investment ManagerPharus Asset Management SA
RISK & REWARD PROFILE
Lower Risk
Highest Risk
Potentially lower return
Potentially higher return
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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 negative performance of -0.42% in January, thus bringing the YTD performance to -0.42%.
We maintain the usual allocation diversified on three geographical areas: Europe, USA and Emerging countries.
We maintain an overweight on the Financial sector and we still believe that Convertibles are an interesting alternative in this framework of contained rates and low spreads.
The hedged yield of the portfolio is now around 3%, with duration of 4.3 years and weighted average Rating BB+.
Operatively, we added to the portfolio some New Issues and, in the second half of the month, we started selling some bonds with lower yields in order to have sufficient liquidity for the coupon that the fund will pay in February.
Currency risk is fully hedged by using forward contracts.
PERFORMANCE
Last updated on 25.02.2021
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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 2.71 %
Intesa Sanpaolo Spa Tv 1.94 %
Us Treasury N/b 2.375% 15.11.49 1.67 %
Assicurazioni Generali Tv 08.06.48 1.5 %
Assicurazioni Generali Tv 1.46 %
Us Treasury N/b 2.25% 15.08.49 1.12 %
Anglogold Holdings Plc 6.5% 15.04.40 0.97 %
Sace Spa Tv 0.96 %
Iccrea Banca Spa Tv 28.11.29 0.92 %
Unicredit Spa Tv 0.82 %
SECTOR ALLOCATION
MATURITY
RATING
Current risk profile selected: