Pharus Sicav Conservative

Class A

ISIN: LU0291569647

Category: EUR Cautious Allocation

01.04.2025

Key Information

Net Asset Value	N.A.
Fund Size	N.A.
Launch Date	15 apr 2007
Benchmark	ITALY FIDEURAM FLEXIBLE

Management information

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

Investment objective

Pharus Sicav Conservative is a prudently oriented balanced sub-fund that aims to provide a conservative level of income designed to increase capital over the medium to long term. The strategy features a conservative portfolio allocation, characterized by an equity component that can range from 20 percent to 40 percent depending on the stage of the market valuation cycle and is invested in leading companies with high returns on capital that trade at a discount to fundamentals. The remainder of the portfolio is invested mainly in government bonds.

Risk & reward profile

01.04.2025

Manager comment

In February, Pharus Conservative recorded a performance of +0.90%, bringing the year-to-date performance to +1.82%. Global equity markets closed the month down by 1% after reaching new highs in the middle of the month, while European and Chinese indices ended positively, led by banks and tech. U.S. tech stocks and the Magnificent 7 struggled, registering a -9% year-to-date, partly due to profit-taking and concerns about the sustainability and returns on AI investments following DeepSeek. Market attention focused on Trump, trade tensions related to tariffs, the elections in Germany, and signs of slowing growth in the U.S., which pushed both the Treasury (down 30 bps) and the Bund (down 10 bps) lower. The equity allocation remains at 30%, generally focused on leading companies at a valuation discount. On the bond side, we maintain a duration of 5 for the portfolio.

Documents

N.A.

Last updated on 01.04.2025

* No coverage or derivatives are included

Top Ten Holding

Us 10yr Note (cbt)jun25	14.04 %
Buoni Poliennali Del Tes 4% 15.11.30	8.92 %
Us Long Bond(cbt) Jun25	7.5 %
France (govt Of) 2.5% 24.09.26	5.7 %
Euro Fx Curr Fut Jun25	5.4 %
Bonos Y Oblig Del Estado 5.75% 30.07.32	4.55 %
France (govt Of) 2% 25.11.32	4.34 %
Us 5yr Note (cbt) Jun25	4.3 %
Us Ultra Bond Cbt Jun25	4.23 %
Buoni Poliennali Del Tes 1.45% 15.05.25	3.75 %

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 31.12.2024

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 B+ with a portfolio ESG Rating of 6.25, which cannot fall below B.

ESG Rating

Portfolio Scores
31.12.2024

B+

ESG Quality Score

6.25

Documents

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