Pharus Sicav Target

Class AHD-CHF
ISIN: LU1582233844
Category: Global Flexible Bond - EUR Hed
28.05.2024
Key Information
Net Asset Value72,19 CHF
Fund Size30.091.132 CHF
Launch Date27 mar 2017
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 ensure a high coupon flow by investing in a highly diversified portfolio, both in terms of issuers and geographical areas, of fixed income securities, mainly selecting high yield bonds with an average rating BB-. The fund is managed by a team with a consolidated experience in investment management and with a solid and rigorous investment process based on a Quantamental approach, aimed at optimizing the risk-return ratio, which, since the fund’s launch, has always guaranteed the distribution of a high annual coupon.
Key Information

Risk & reward profile

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
28.05.2024
Manager comment
Manager comment
During the month of April, Pharus Target recorded a performance of -0.82%. The statements by the heads of the major central banks have confirmed that the first rate cuts will be seen in 2024, although it's still too early at the moment. This, coupled with a less favourable disinflation process compared to expectations, led to an increase in both the US curve and the German curve. The middle and long parts of the curves saw an average movement of 28 bps on the German curve and 37 bps on the US curve. During the month, the global HY component recorded an average of -1.12%, with spreads remaining near historical lows. We continue to believe that the sector could benefit from the beginning of a monetary policy easing cycle. Good recovery opportunities are also favoured by a high level of geographical diversification and the quality of individual issuers. The fund currently has a covered yield of 6.6% with a duration of 4.4 and a weighted average rating of BB-. We will continue to hedge against currency risk.





Documents
N.A.

Last updated on 28.05.2024

*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
* No coverage or derivatives are included
Top Ten Holding
Euro-bund Future Jun24 10.4 %
Ima Industria Macchine 3.75% 15.01.28 3.49 %
Webuild Spa 7% 27.09.28 2.79 %
Teva Pharm Fnc Nl Ii 7.375% 15.09.29 2.6 %
Banca Monte Dei Paschi S Tv 15.03.29 2.37 %
Telecom Italia Spa 6.875% 15.02.28 2.12 %
Intesa Sanpaolo Spa 5.625% 08.03.33 1.84 %
China Water Affairs Grp 4.85% 18.05.26 1.71 %
Iccrea Banca Spa Tv 18.01.32 1.66 %
Tui Ag 5% 16.04.28 1.66 %
Top Ten Holding
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 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:

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 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.

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 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