Pharus Sicav Conservative

Class A

ISIN: LU0291569647

Category: EUR Cautious Allocation

31.01.2025

Key Information

Net Asset Value	129,30 EUR
Fund Size	57.528.778 EUR
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

31.01.2025

Manager comment

During December Pharus Conservative recorded e performance of -1.54%, bringing its performance YTD to +1.42%. Global stock markets end a negative month, recording a 2.6% decline, driven particularly by Powell’s statements, where he announces rate cuts, but delivers hawkish messages providing less dovish guidance with respect to the development of the monetary policy, in particular by reducing the number of rate cuts for 2025 and raising the terminal rate. Interest rates also react to these statements from the FED, with the 10-year U.S. Treasury up 45 cents at a level near the highs of last September, and European rates follow the same path, with the Bund rising by 25 cents. The equity allocation remains invested at 30% and generally focused on leading companies at a valuation discount. On the bond side we keep the duration on the portfolio at 5.

Documents

N.A.

Last updated on 31.01.2025

* No coverage or derivatives are included

Top Ten Holding

Us 10yr Note (cbt)mar25	16.2 %
Us 5yr Note (cbt) Mar25	8.36 %
Buoni Poliennali Del Tes 4% 15.11.30	8.29 %
Us Long Bond(cbt) Mar25	7.05 %
France (govt Of) 2.5% 24.09.26	5.28 %
Euro Fx Curr Fut Mar25	5 %
France (govt Of) 0% 25.03.25	4.33 %
Bonos Y Oblig Del Estado 5.75% 30.07.32	4.26 %
France (govt Of) 2% 25.11.32	4.06 %
Us Ultra Bond Cbt Mar25	3.96 %

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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