Pharus Sicav Medical Innovation

Class A

ISIN: LU1491986011

Category: Sector Equity Biotechnology

23.04.2024

Key Information

Net Asset Value	124,38 EUR
Fund Size	9.867.343 EUR
Launch Date	2 ott 2012
Benchmark	BENCHMARK COMPOSITE 17389

Management information

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

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.

Risk & reward profile

23.04.2024

Manager comment

During the month of March, Pharus Medical Innovation recorded a positive performance of +1.98%, bringing the year-to-date performance to +4.24%. The major positive contributors to performance were: El.En, an Italian company leader in the medical and industrial laser sector; and Resmed, an American company specializing in medical equipment. The worst performers were Sonova, a Swiss company leader in innovative solutions for hearing care; and Zoetis, a global leader in the production of medicines and vaccinations for pets and livestock. No transactions were made during the month. We are evaluating the healthcare insurance sector, which is experiencing a significant correction driven by both rising costs and changes in remuneration regulations. We remain focused on leading companies offering valuation discounts within the healthcare sector.

Documents

N.A.

Last updated on 23.04.2024

* No coverage or derivatives are included

Top Ten Holding

Medtronic Plc	3.44 %
Agilent Technologies Inc	3.14 %
Zimmer Biomet Holdings Inc	3.03 %
Gsk Plc	3.03 %
Ge Healthcare Technolog-w/i	2.78 %
Roche Holding Ag-genusschein	2.72 %
Veeva Systems Inc-class A	2.71 %
Resmed Inc	2.67 %
Bristol-myers Squibb Co	2.6 %
Biogen Inc	2.57 %

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:

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 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.

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

ESG Quality Score

7.95

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