Pharus Sicav Liquidity
Class A
ISIN: LU0159791275
Category: EUR Money Market
28.04.2025
Key Information
| Net Asset Value | 140,86 EUR |
|---|---|
| Fund Size | 32.265.447 EUR |
| Launch Date | 23 dic 2002 |
| Benchmark | BANCA FIDEURAM INDICE FONDI DI |
Management information
| Sicav | PHARUS SICAV |
|---|---|
| Management Company | PHARUS MANAGEMENT LUX SA |
| Investment Manager | Pharus Asset Management SA |
Investment objective
Pharus Sicav Liquidity is Pharus' first in-house fund, with over 20 years of track record, aimed at obtaining an appropriate level of income by investing in bonds, mostly corporate, with a remaining maturity of less than 3 years and 20 days. Investment decisions are made using a bottom-up approach that analyzes the failure risk of each individual issuer in order to maintain a high-quality standard and low volatility. The portfolio is well diversified, both geographically and by sector, and foreign exchange risk is systematically hedged.
Risk & reward profile
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28.04.2025
Manager comment
In March, Pharus Liquidity recorded a performance of +0.10%, bringing the year-to-date performance to +1.19%.
During the month, the U.S. interest rate decreased, while the German rate remained almost unchanged: the 2-year Treasury yield is 3.88%, while the German government bond yield is 2.05%. The best performers were Ubisoft and Grieg Seafood, while the worst performers were Adani Ports and Banca Monte dei Paschi. During the month, we added Eutelsat to the portfolio, a French satellite telecommunications company, with a 2027 bond offering a good yield.
We believe that this year it is crucial to pay close attention to selection, given the compressed spreads, that increased during the month. We remain convinced that this sector represents an interesting investment opportunity, given the current context and its defensive nature. Operationally, we continue to seek opportunities in the long end of our investable universe.
During the month, the U.S. interest rate decreased, while the German rate remained almost unchanged: the 2-year Treasury yield is 3.88%, while the German government bond yield is 2.05%. The best performers were Ubisoft and Grieg Seafood, while the worst performers were Adani Ports and Banca Monte dei Paschi. During the month, we added Eutelsat to the portfolio, a French satellite telecommunications company, with a 2027 bond offering a good yield.
We believe that this year it is crucial to pay close attention to selection, given the compressed spreads, that increased during the month. We remain convinced that this sector represents an interesting investment opportunity, given the current context and its defensive nature. Operationally, we continue to seek opportunities in the long end of our investable universe.
Documents
Last updated on 28.04.2025
* No coverage or derivatives are included
* No coverage or derivatives are included
Top Ten Holding
| Euro Fx Curr Fut Jun25 | 9.69 % |
|---|---|
| Us 2yr Note (cbt) Jun25 | 9.46 % |
| Bundesobligation 1.3% 15.10.27 | 6.7 % |
| Ubisoft Entertainment Sa 0.878% 24.11.27 | 3.35 % |
| France (govt Of) 2.5% 24.09.27 | 3.14 % |
| Buoni Poliennali Del Tes 2.65% 01.12.27 | 3.13 % |
| Walgreens Boots Alliance 2.125% 20.11.26 | 3.04 % |
| France (govt Of) 0.75% 25.02.28 | 2.95 % |
| Esercizi Aeroportuali 3.5% 09.10.25 | 2.51 % |
| Banque Stellantis France 3.125% 20.01.28 | 2.18 % |
