Pharus Sicav Target

Class BHD-USD

ISIN: LU0985039352

Category: Global Flexible Bond - EUR Hed

27.11.2023

Key Information

Net Asset Value	74,26 USD
Fund Size	32.316.383 USD
Launch Date	11 feb 2014

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

27.11.2023

Manager comment

During the month of October, Pharus Target recorded a negative performance of -0.55%. This negative performance was due to the continued rise in US rates, where the 10-year reached 4.93% and the 2-year remained above 5%. In Germany, the 10-year and 2-year fell to 2.8% and 3% respectively. We remain convinced that the Fund has a good chance of recovery, given that the portfolio has a high level of diversification, both geographically and in terms of the quality of individual issuers. We continue to maintain our allocation to developed economies, Europe and the US, which are considered better prepared than the emerging world in the event of a recessionary scenario. The fund now has a hedged yield of 7.5% with a duration of 3.25 and a BB weighted average rating. We will continue to fully hedge currency risk.

Documents

N.A.

Last updated on 27.11.2023

*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

Us 10yr Note (cbt)dec23	20.22 %
France (govt Of) 2.5% 24.09.26	6.2 %
Banca Monte Dei Paschi S Tv 02.03.26	3.6 %
Bundesschatzanweisungen 3.1% 12.12.25	3.15 %
Sofima Holding S.p.a 3.75% 15.01.28	3.15 %
Buoni Poliennali Del Tes 3.6% 29.09.25	3.14 %
Webuild Spa 7% 27.09.28	2.33 %
Teva Pharm Fnc Nl Ii 7.375% 15.09.29	2.25 %
Telecom Italia Spa 6.875% 15.02.28	1.91 %
Intesa Sanpaolo Spa 5.625% 08.03.33	1.6 %

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 29.09.2023

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 6.36, which cannot fall below B.

ESG Rating

Portfolio Scores
29.09.2023

B+

ESG Quality Score

6.36

Documents

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