Pharus Sicav Equity Leaders

Class A
ISIN: LU0471904796
Category: Global Large-Cap Equity
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28.10.2024
Key Information
Net Asset Value186,34 EUR
Fund Size24.072.582 EUR
Launch Date16 feb 2010
BenchmarkITALY FIDEURAM FLEXIBLE
Key Information
Management information
SicavPHARUS SICAV
Management CompanyPHARUS MANAGEMENT LUX SA
Investment ManagerPharus Asset Management SA
Key Information
Investment objective
The objective of the sub-fund is long-term capital growth by investing in equity securities of leading global companies that are at a valuation discount. The approach aims to identify companies with durable competitive advantages, resulting in high returns on capital, whose valuations are at a discount to their intrinsic value.
Key Information

Risk & reward profile

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28.10.2024
Manager comment
Manager comment
During the month of September, Pharus Equity Leaders performed +2.8%, bringing YTD performance to +7.8%. Among the month's largest positive contributors was the position in China, which had increased over the previous months through both individual stocks and the ETF. Among the worst contributors were oil stocks such as APA, which has very attractive potential, and NESTE, the leader in Sustainable Aviation Fuel (SAF). During the month we took advantage of the weakness in oil stocks to accumulate in particular Occidental Petroleum and Schlumberger, which have attractive valuations. In fact, we believe that the correction that oil experienced, around -50%, represents a market expectation of a mid-range recession, in line with our expectations. The portfolio allocation, which focuses on leading global companies at a valuation discount, underperformed YTD, but we expect the sector to recover strongly in the coming months.
Documents
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Last updated on 28.10.2024

* No coverage or derivatives are included
* No coverage or derivatives are included
Top Ten Holding
X Csi300 Swap 1c 4.42 %
Alphabet Inc-cl A 3.65 %
Amazon.com Inc 2.88 %
Nike Inc -cl B 2.19 %
Bristol-myers Squibb Co 2.12 %
Ulta Beauty Inc 2.05 %
Tencent Holdings Ltd 2.04 %
Brown-forman Corp-class B 1.96 %
Pfizer Inc 1.93 %
Diageo Plc 1.92 %
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 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 28.06.2024
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 B+ with a portfolio ESG Rating of 6.95, which cannot fall below B.
ESG Rating
Portfolio Scores
28.06.2024
B+
ESG Quality Score
6.95
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