Pharus Sicav Global Value Equity

Class A
ISIN: LU1371477776
Category: EUR Flexible Allocation - Glob
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04.06.2025
Key Information
Net Asset Value164,25 EUR
Fund Size54.033.013 EUR
Launch Date 1 apr 2016
Key Information
Management information
SicavPharus Sicav
Management CompanyPharus Management Lux SA
Investment ManagerPharus Management Lux S.A
Investment AdvisorGVI Research FZ-LLC
Key Information
Investment objective
Provide growth in capital over the long term with emphasis on preservation, making no attempt to track any benchmark. Invest long-only in equity securities and equity funds, with a Value approach on a global basis. Focus on high-quality companies: (i) enjoying strong and durable competitive advantages, (ii) generating high returns on capital and significant free cash flows, (iii) having a high credit standing, and (iv) run by managers of the highest integrity and ability.
Key Information

Risk & reward profile

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04.06.2025
Manager comment
Manager comment
In April, NAV/share decreased by approx. 4.4% for the currency-unhedged classes and by 1.6% for the currency-hedged classes. The environment was characterised by: (i) Extremely volatile equity markets (in local currency: China -4.5%, UK -0.8%, USA -0.5%, Hong Kong -0.3%, EMU +0.2% and Japan +0.4%); (ii) Strength in Utilities, Consumer Staples and IT; Relative weakness in Energy, Health Care and Financials; (iii) Euro up vs. Dollar (+4.7%) and Pound (+1.5%); Down vs. Yen (-0.1%) and Franc (-2.2%); (iv) 10Y benchmark yields decreasing in the major geographies; (v) WTI CLc1 oil plunging to .2 (-18.6%); (vi) GCc1 Gold climbing to ,305.0 (+5.8%); (vii) VIX closing at 24.7 vs. 22.3 at the outset, with peak at 52.3 on April 8th; (viii) Bitcoin +14.7%. In the month, we sold the Smithson fund and the Edenred stock. At the aggregate portfolio level, top contributors were: Nintendo, Broadcom, ServiceNow, Vertiv Holdings and MercadoLibre; Leading detractors: Meta Platforms, UnitedHealth Group, Visa, Lam Research and Meituan. The aggregate equity portfolio is allocated to both Quality Value (88%) and Deep Value (12%). It is better value and less risky than the market. E.g.: the aggregate top 40 holdings are of high credit standing and present higher levels of expected profitability (e.g. 30% Net Margin, 35% ROE) and Margin of Safety (6%) relative to broad equity averages, where the equity risk premium is much lower than normal. Aggregate Cash & Fixed Income amount to 23.9%. Including equity derivative hedges, net equity exposure amounts to 69.1% of NAV.
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Last updated on 04.06.2025

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