Pharus Sicav Medical Innovation

Class A
ISIN: LU1491986011
Category: Sector Equity Biotechnology
19.02.2024
Key Information
Net Asset Value127,76 EUR
Fund Size10.261.757 EUR
Launch Date 2 ott 2012
BenchmarkBENCHMARK COMPOSITE 17389
Key Information
Management information
SicavPHARUS SICAV
Management CompanyPHARUS MANAGEMENT LUX SA
Investment ManagerPharus Asset Management SA
Key Information
Investment objective
The fund's objective is to achieve capital growth by investing in equity or similar securities issued by biopharmaceutical companies, mainly belonging to the American small cap niche, at the forefront of medical innovation, active in the research of new drugs or in possession of interesting technologies for the development of new therapies. The fund is characterized by strong growth trends both in the short term and in the medium to long term and embraces technological innovation, which allows companies to streamline processes and grow at ever greater speeds. The stock selection process is rigorous and is based on a top-down approach, which starts with the identification of the therapeutic areas of interest, such as for example oncology, orphan and neurological diseases, and then proceeds to equally weight the main players, for a total of 150-200 securities.
Key Information

Risk & reward profile

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19.02.2024
Manager comment
Manager comment
During the month of January, Pharus Medical Innovation recorded a positive performance of +0.25%, underperforming the major Healthcare indices, which posted average monthly performance of +2%.
The best performers were Medtronic, a leading medical device company for the treatment of chronic diseases, and Lonza, a leading provider of services and products to the pharmaceutical and biological industries.
The worst performer for the month was Grifols, a company with a position of about 20% in the global oligopoly of plasma proteins, the company suffered a report by Gotham City Research citing manipulation on its debtor relationships with the accounting treatment of minority interests and related party transactions. We don’t consider this report reliable and therefore maintain our position in the company. The second worst performer was Humana, a leading U.S. health insurer that showed a worse-than-expected earnings season.
We remain focused on leading companies at a valuation discount within the Healthcare sector, particularly considering the Medical Device and Biotech sub-sectors.
Currency risk remains fully hedged.





Documents
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Last updated on 19.02.2024

* No coverage or derivatives are included
* No coverage or derivatives are included
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How to invest
SFDR Article: 8

SFDR Article: 8

The Sub-Fund does not have as its objective a sustainable investment, but promotes social characteristics with a proportion of sustainable investments with a social objective of at least 80% of its assets.

Objectives

The Sub-Fund’s sustainable investment objective is to select companies promoting peaceful, just and inclusive principles, evidencing a strong Sustainability rating and following good governance practices, while avoids the exposure to companies involved in controversial weapons production, tobacco production, adult entertainment, gambling sector, violation of United Nation Global Pact, as per the internal ESG policy defined.

Social characteristics promoted are mainly represented by the below:

Social characteristics promoted are mainly represented by the below:

  • Security of products and health
  • Human rights and human dignity
  • Equality labour conditions
  • Governance
As of 22.01.2024
As of
1
Enviroment
2
Security of products and health
3
Human rights and human dignity
4
Equality labor conditions
5
Governance

Asset Allocation

All the investments are assessed ex ante by an independent external ESG advisor and need to be compliant with including criteria and not in breach with excluding criteria set out on the applicable ESG policy. Investments aligned with E/S characteristic must attain the social characteristics promoted by the financial product and must represent at least 80% of the Sub-fund’s asset. Sustainable investments are investments in securities whose rating is considered acceptable and which comply with the excluding criteria set out in the ESG policy applicable. Other Investments include cash, derivatives, bonds and equities which do not have any ESG rating or with a weak ESG rating and can represent up to 20% of the portfolio.

As of 31.12.2022

Principal adverse impacts

This financial product considers PAI and monitors additional PAI with the support of an ESG Advisor that produces, on quarterly basis, a complete report that illustrates the PAI and the results for the portfolio. Furthermore, the Sub-Fund focuses on the PAI number 10 and 11. PAI number 10 monitors/takes into consideration weight of company with severe violation of UNGC principles or OECD guidelines for multinationals. PAI number 11 refers to weight of companies without mechanism for monitoring the compliance with UNGC principles and OECD guidelines.

Binding elements

The exclusion criteria applied to the investment universe, are aimed to exclude companies

Involved in controversial weapons production whose revenues deriving from the production of nuclear, biological and chemical weapons are higher than 5%
Whose revenues deriving from gambling sector is higher than 5%;
Whose revenues deriving from the tobacco production is higher than 5%;
Whose revenues deriving from adult entertainment sector is higher than 5%;
Which do not respect the principles of United Nation Global Pact.

In addition to the above, another binding element is the use of ESG ratings. The certified portfolio average ESG Quality score is A with a portfolio ESG Rating of 7.95, which cannot fall below B.
ESG Rating
Portfolio Scores
22.01.2024
A
ESG Quality Score
7.95