Pharus Sicav Global Value Equity

Class I
ISIN: LU1427873770
Category: EUR Flexible Allocation - Glob
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11.06.2026
Key Information
Net Asset Value220,30 EUR
Fund Size64.882.492 EUR
Launch Date15 giu 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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