Pharus Sicav Target

Class AHD-CHF

ISIN: LU1582233844

Category: Global Flexible Bond - EUR Hed

25.07.2024

Key Information

Net Asset Value	72,89 CHF
Fund Size	30.030.207 CHF
Launch Date	27 mar 2017

Management information

Sicav	PHARUS SICAV
Management Company	PHARUS MANAGEMENT LUX SA
Investment Manager	Pharus Asset Management SA

Investment objective

The sub-fund's objective is to ensure a high coupon flow by investing in a highly diversified portfolio, in terms of issuers and geographic areas, of fixed-income corporate securities, selecting mainly high-yielding securities. Investment decisions are made using a fundamental analysis approach aimed at optimizing the risk-return ratio by analyzing the companies' strengths in several aspects: profitability, debt coverage, capital structure, cash flows, and ability to repay interest.

Risk & reward profile

25.07.2024

Manager comment

During the month of June, Pharus Target recorded a performance of 0.24%. The global monetary policy easing cycle has begun even though the FED is wait-and-see compared to other central banks in developed countries. On the interest rate front, we observed a downward shift in both the US and German curves. The medium and long ends of the curves registered an average movement of -17 bps on the German curve and -10 bps on the US curve. Throughout the month, the fund performed in line with the global HY component. On the spread side, there were no significant movements except for a slight increase in Europe. We continue to believe that the fund can benefit from the monetary policy easing cycle. The good recovery opportunities are also favored by a high level of diversification, both geographically and in the quality of individual issuers.

Documents

N.A.

Last updated on 25.07.2024

*Performance is shown with gross income reinvested, based on net asset value and does not include the effect of any initial or exit charges.

* No coverage or derivatives are included

Top Ten Holding

Us 10yr Note (cbt)sep24	11 %
Euro-bund Future Sep24	10.58 %
Webuild Spa 7% 27.09.28	2.8 %
Teva Pharm Fnc Nl Ii 7.375% 15.09.29	2.65 %
Telecom Italia Spa 6.875% 15.02.28	2.18 %
Ima Industria Macchine Tv 15.04.29	2.06 %
Tamburi Invst Partnrs 4.625% 21.06.29	2.01 %
Ima Industria Macchine 3.75% 15.01.28	1.95 %
Intesa Sanpaolo Spa 5.625% 08.03.33	1.86 %
China Water Affairs Grp 4.85% 18.05.26	1.74 %

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 55% 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:

Security of products and health
Human rights and human dignity
Equality labour conditions
Governance

As of 22.01.2024

Enviroment

Security of products and health

Human rights and human dignity

Equality labor conditions

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 and environmental characteristics promoted by the financial product and must represent at least 55% 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 45% of the portfolio.

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 B+ with a portfolio ESG Rating of 6.75, which cannot fall below B.

ESG Rating

Portfolio Scores
22.01.2024

B+

ESG Quality Score

6.75

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