Pharus Sicav Global Value Equity

Class AH
ISIN: LU1371477859
Category: EUR Flexible Allocation - Glob
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01.10.2025
Key Information
Net Asset Value169,61 EUR
Fund Size57.801.185 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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01.10.2025
Manager comment
Manager comment
In August, the NAV/share dropped by approximately 1.0% for the currency-unhedged classes and rose by 0.2% for the currency-hedged classes. The environment was characterised by: (i) Rising equity markets (in local currency: EMU +0.4%, UK +1.5%, Hong Kong +1.9%, USA +1.9%, China +4.2% and Japan +4.3%); (ii) Outperformance in Basic Materials, Health Care and Communication Services; underperformance in Utilities, Industrials and IT; (iii) Euro appreciation vs. Dollar (+2.4%) and Franc (+0.9%); Flat vs. Pound and Yen; (iv) 10Y benchmark yields increasing across major regions, except USA (-13bp); (v) WTI CLc1 oil retreating to .0 (-7.6%); (vi) GCc1 Gold climbing to ,473.7 (+5.5%); (vii) VIX closing at 15.4 vs. 18.6 at the outset; (viii) Bitcoin -6.4%. No outright purchases or sales were executed during the period. At the aggregate level, the top contributors were AppLovin, Novo Nordisk, Sea, Lam Research and UnitedHealth Group; while the main detractors were Meta Platforms, Vertiv Holdings, NVIDIA, TSMC and Microsoft. The equity portfolio is allocated to Quality Value (85%) and Deep Value (15%). 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. 32% Net Margin, 36% ROE), as well as a higher Margin of Safety (4%) compared to broad indices, where the equity risk premium remains well below average. Aggregate Cash & Fixed Income account for 29.3% of NAV. No equity derivative hedging is in place.
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Last updated on 01.10.2025

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