Pharus Sicav Liquidity
Class A
ISIN: LU0159791275
Category: EUR Money Market
31.01.2025
Key Information
| Net Asset Value | 139,83 EUR |
|---|---|
| Fund Size | 27.862.325 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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31.01.2025
Manager comment
During December, Pharus Liquidity registered a performance of 0.25%, bringing the performance YTD to +3.73%. During December both American and European rates rose. The 2-year Treasury yields 4.25%, while the German government bond yields 2%. During December the best performers were Ubisoft e Walgreens, while the worst were Auchan and Banca Monte Paschi. In December we added a bond issued by Auchan, a French supermarket chain, with maturity 2026 and a great yield. We furthermore increased the exposure to Ubisoft, a gaming leading company. We believe that in 2025 it will be necessary to pay attention to the security selection, since spreads are currently low.
We remain convinced that the sector represents a very attractive investment opportunity, given the current environment and its defensive nature. Operationally, we continue to look for opportunities predominantly in the long end of our investable universe.
We remain convinced that the sector represents a very attractive investment opportunity, given the current environment and its defensive nature. Operationally, we continue to look for opportunities predominantly in the long end of our investable universe.
Documents
Last updated on 31.01.2025
* No coverage or derivatives are included
* No coverage or derivatives are included
Top Ten Holding
| Us 2yr Note (cbt) Mar25 | 11.36 % |
|---|---|
| Euro Fx Curr Fut Mar25 | 11.22 % |
| Euro-schatz Fut Mar25 | 6.52 % |
| Banca Monte Dei Paschi S Tv 02.03.26 | 3.82 % |
| Ubisoft Entertainment Sa 0.878% 24.11.27 | 3.72 % |
| France (govt Of) 2.5% 24.09.27 | 3.63 % |
| Walgreens Boots Alliance 2.125% 20.11.26 | 3.45 % |
| Esercizi Aeroportuali 3.5% 09.10.25 | 2.91 % |
| Banque Stellantis France 3.125% 20.01.28 | 2.52 % |
| Illimity Bank Spa 6.625% 09.12.25 | 2.22 % |
