Pharus Sicav Global Value Equity

Class AH
ISIN: LU1371477859
Category: EUR Flexible Allocation - Glob
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11.06.2026
Key Information
Net Asset Value191,19 EUR
Fund Size64.882.492 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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11.06.2026
Manager comment
Manager comment
In April, NAV increased by approximately 10.3% for the currency-unhedged classes and by 11.4% for the currency-hedged classes. The environment was characterised by: (i) Resurging equity markets (in local currency: USA +10.5%, Japan +7.5%, EMU +6.3%, Hong Kong +3.7%, China +3.4% and UK +2.2%); (ii) Outperformance in IT, Communication Services and Consumer Cyclicals; Underperformance in Energy, Health Care and Consumer Staples; (iii) Euro appreciation vs. Dollar (+1.5%) and Yen (+0.2%); Depreciation vs. Franc (-0.7%) and Pound (-1.3%); (iv) 10Y benchmark yields increasing across major regions; (v) WTI CLc1 oil climbing to 5.1 (+3.6%); (vi) GCc1 Gold getting to ,614.7 (-0.7%); (vii) VIX closing at 16.9 vs. 25.3 at the outset; (viii) Bitcoin +12.1%. No outright purchases or sales were executed during the period. At the aggregate level, the top contributors were SK Hynix, TSMC, Broadcom, Vertiv Holdings and Lam Research; The main detractors were ServiceNow, Tencent Holdings, Danaher, Spotify Technology and Cardinal Health. The equity portfolio is allocated to Quality Value (82%) and Deep Value (18%). 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. 34% Net Margin, 35% ROE), as well as a higher Margin of Safety (18%) compared to broad indices, where the equity risk premium remains well below average. Aggregate Cash & Fixed Income account for 10.1% of NAV. No equity derivative hedging is in place.
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Last updated on 11.06.2026

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