Pharus Sicav Liquidity
Class A
ISIN: LU0159791275
Category: EUR Money Market
12.11.2024
Key Information
| Net Asset Value | 138,61 EUR |
|---|---|
| Fund Size | 24.591.069 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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12.11.2024
Manager comment
In October, Pharus Liquidity achieved a performance of 0.07%, bringing the performance YTD to +3.12%.
There was a reduction in ultra-short-term rates on both the U.S. and German curves, with an increase in the short, medium, and long-term periods. The 2-year U.S. Treasury yield reached 4.17%, while the German government bond yielded 2.27%. Although the U.S. easing cycle has begun, the Fed is in no rush to lower rates, with the labor market’s trajectory dictating future moves. Across the Atlantic, the ECB, which has already initiated rate cuts, is expected to continue loosening monetary policies, potentially accelerating if the Fed adopts a particularly aggressive stance.
We remain convinced that this fund presents a highly attractive investment opportunity, given the current context and its defensive nature. Operationally, we continue to focus on seeking opportunities primarily within the longer end of our investable universe.
There was a reduction in ultra-short-term rates on both the U.S. and German curves, with an increase in the short, medium, and long-term periods. The 2-year U.S. Treasury yield reached 4.17%, while the German government bond yielded 2.27%. Although the U.S. easing cycle has begun, the Fed is in no rush to lower rates, with the labor market’s trajectory dictating future moves. Across the Atlantic, the ECB, which has already initiated rate cuts, is expected to continue loosening monetary policies, potentially accelerating if the Fed adopts a particularly aggressive stance.
We remain convinced that this fund presents a highly attractive investment opportunity, given the current context and its defensive nature. Operationally, we continue to focus on seeking opportunities primarily within the longer end of our investable universe.
Documents
Last updated on 12.11.2024
* No coverage or derivatives are included
* No coverage or derivatives are included
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