Pharus Sicav Global Value Equity

Class AH
ISIN: LU1371477859
Category: EUR Flexible Allocation - Glob
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15.07.2025
Key Information
Net Asset Value161,49 EUR
Fund Size55.359.732 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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15.07.2025
Manager comment
Manager comment
In June, the NAV/share rose by approximately 1.9% for the currency-unhedged classes and 3.3% for the currency-hedged classes. The environment was characterised by: (i) Divergent equity market performance (in local currency: Hong Kong +6.0%, USA +5.1%, China +3.7%, Japan +1.8%, UK -0.2%, EMU -0.7%); (ii) Outperformance in IT, Communication Services, and Energy; underperformance in Consumer Staples, Basic Materials, and Utilities; (iii) Euro appreciation vs. Dollar (+3.9%), Yen (+3.9%), Pound (+1.7%), and Franc (+0.2%); (iv) 10Y benchmark yields declining across major regions, with the exception of EMU (+11bps); (v) WTI CLc1 oil advancing to .1 (+7.1%); (vi) GCc1 Gold remaining steady at ,294.4 (+0.2%); (vii) VIX decreasing to 16.7 from 18.6; (viii) Bitcoin +2.7%. No outright purchases or sales were executed during the period. At the aggregate level, the top contributors were: NVIDIA, Lam Research, TSMC, Broadcom, and Meta Platforms; while the main detractors were: AppLovin, Visa, Leonardo, Moncler, and Meituan. The equity portfolio is allocated to Quality Value (86%) and Deep Value (14%). 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. 31% Net Margin, 34% ROE), as well as a higher Margin of Safety (3%) compared to broad indices, where the equity risk premium remains well below average. Aggregate Cash & Fixed Income account for 9.0% of NAV. No equity derivative hedging is in place.
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Last updated on 15.07.2025

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