Pharus Sicav Global Value Equity

Class A
ISIN: LU1371477776
Category: EUR Flexible Allocation - Glob
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09.04.2026
Key Information
Net Asset Value183,38 EUR
Fund Size59.580.349 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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09.04.2026
Manager comment
Manager comment
In February, NAV increased by approximately 1.8% for the currency-unhedged classes and by 1.3% for the currency-hedged classes. The environment was characterised by: (i) Diverging equity markets (in local currency: China -5.8%, USA -0.9%, Hong Kong +2.8%, EMU +3.6%, UK +7.3% and Japan +9.9%); (ii) Outperformance in Basic Materials, Energy and Utilities; Underperformance in Communication Services, IT and Consumer Durables; (iii) Euro appreciation vs. Yen (+0.6%) and Pound (+1.2%); Depreciation vs. Franc (-0.88%) and Dollar (-0.3%); (iv) 10Y benchmark yields decreasing across major regions; (v) WTI CLc1 oil climbing to .0 (+2.8%); (vi) GCc1 Gold getting to ,230.5 (+11.0%); (vii) VIX closing at 19.9 vs. 17.4 at the outset; (viii) Bitcoin -14.7%. During the period we sold our interest in European Opportunities Trust and Fundsmith. At the aggregate level, the top contributors were Vertiv, TSMC, Moncler, Hynix and Vernova; The main detractors were Flutter, NVIDIA, DoorDash, AppLovin and Ares. The equity portfolio is allocated to Quality Value (81%) and Deep Value (19%). It offers better valuation and a lower risk profile than the market. For example, the top 40 holdings display high credit quality and superior expected profitability (e.g. 33% Net Margin, 40% ROE), as well as a higher Margin of Safety (19%) compared to broad indices, where the equity risk premium remains well below average. Aggregate Cash & Fixed Income account for 37.2% of NAV. No equity derivative hedging is in place.
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Last updated on 09.04.2026

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