Multi Stars Sicav Cefisa Rel. Strength Global Asset All.
Class A
ISIN: LU0950572767
Category: EUR Moderate Allocation - Glob
03.07.2025
Key Information
| Net Asset Value | 121,36 EUR |
|---|---|
| Fund Size | 22.169.290 EUR |
| Launch Date | 31 lug 2013 |
| Benchmark | BENCHMARK COMPOSITE LU6275 |
Management information
| Sicav | Multi Stars Sicav |
|---|---|
| Management Company | Pharus Management Lux SA |
| Investment Manager | Pharus Management LUX SA |
Investment objective
The Sub-Fund's objective is to offer long term capital growth and to outperform its benchmark over a three-year period. The Sub-Fund seeks to achieve its objective through a diversified global asset allocation based on a Relative Strength approach, with flexible exposure to fixed income, equity markets, commodities and real estate linked investments.
Risk & reward profile
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03.07.2025
Manager comment
Financial markets narrative in June continues to be a tale of two trends. In the US, markets recover from their April slump on the back of a more positive landscape for US firms. A trend confirmed by US Sector PMI data which pointed to continuous output growth in 6 out of 7 sectors and accelerations in the pace of growth of both services and manufacturing. Markets' infatuation with AI stocks showed no signs of abating. Overall, investors preferred to shrug off the risks associated with the lagged effects of tight monetary policy. In Europe, conversely, weakening growth and wider divergence between service-based and industry sectors continues to push down inflation, opening the door for central banks to begin a cycle of easing interest rates. Overall markets are focused on the US leading role in global growth. They have pushed valuations (PE) in overvalued or even (as for the US) expensive territory. For the time being Q2 corporate results should benefit from easy comparisons and pockets of growth could be rediscovered in sectors outside the typical AI/IT. One will bear in mind tough that European weaker PMIs led to a sharp revision of expected earnings for the Stoxx600.
In the Global Fund the recommended allocation remains neutral with a small biais in favour of the US. Eurozone markets have been reduced from overweight in May to an exposure closer to MSCI benchmark weights. The allocation to Asian markets is still underweight (at 6.2% - a neutral position would be closer to 9%) with a half position in Japan and Pacific, and a 1% exposure to China whereas the main exposure went in favour of Taiwan, one of this month's standout contributors. There were no changes in the Bond portfolio, with the duration close to 3.15. Net of currencies impact it overperformed (30 bp vs 13 bp for the benchmark) thanks to its exposure to USD, AUD and NZD debentures. The Fund closes the month ahead of its target benchmark and the comparable funds universe of a Moderate Global Allocation.
In the Global Fund the recommended allocation remains neutral with a small biais in favour of the US. Eurozone markets have been reduced from overweight in May to an exposure closer to MSCI benchmark weights. The allocation to Asian markets is still underweight (at 6.2% - a neutral position would be closer to 9%) with a half position in Japan and Pacific, and a 1% exposure to China whereas the main exposure went in favour of Taiwan, one of this month's standout contributors. There were no changes in the Bond portfolio, with the duration close to 3.15. Net of currencies impact it overperformed (30 bp vs 13 bp for the benchmark) thanks to its exposure to USD, AUD and NZD debentures. The Fund closes the month ahead of its target benchmark and the comparable funds universe of a Moderate Global Allocation.
Documents
Last updated on 03.07.2025
* No coverage or derivatives are included
* No coverage or derivatives are included
Top Ten Holding
| Ishares Core S&p 500 | 9.48 % |
|---|---|
| Ishares Nasdaq 100 Usd Acc | 8.48 % |
| Us Treasury N/b 2.375% 15.05.29 | 5.51 % |
| Inter-american Devel Bk 0.625% 16.09.27 | 3.6 % |
| Us Treasury N/b 3.625% 31.03.30 | 3.08 % |
| Australian Government 2.75% 21.11.27 | 2.43 % |
| Ishares Msci Canada Acc | 2.35 % |
| Intl Bk Recon & Develop 3.875% 14.02.30 | 2.35 % |
| Bundesschatzanweisungen 2.7% 17.09.26 | 2.34 % |
| Ishares Core Ftse 100 | 2.07 % |
