Pharus Sicav Equity Leaders

Class A
ISIN: LU0471904796
Category: Global Large-Cap Equity
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01.04.2025
Key Information
Net Asset Value181,45 EUR
Fund Size27.658.350 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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01.04.2025
Manager comment
Manager comment
In February, Pharus Equity Leaders recorded a performance of -0.87%. Among the major positive contributors were Chinese stocks, with Tencent and Hong Kong Exchange. Among the worst performers were American big tech companies like Alphabet, Amazon, and Microsoft. The portfolio allocation remains defensive: geographically, we are exposed to China (15%) and Europe (35%), investing in leading companies with attractive valuation discounts. Regarding the United States, we believe valuations are still high, which is why we are underweight in technology and overweight in defensive sectors, with an 18% allocation in both consumer staples and Health Care. We expect an increase in volatility and an outperformance of the fund, which is positioned in leading companies at attractive valuations in defensive sectors. This allocation allows us to have a portfolio with a 30% valuation discount compared to the market. The currency allocation is approximately 30% in uncovered U.S. dollar.
Documents
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Last updated on 01.04.2025

* No coverage or derivatives are included
* No coverage or derivatives are included
Top Ten Holding
Euro Fx Curr Fut Jun25 34.55 %
Alphabet Inc-cl A 3.96 %
X Csi300 Swap 1c 3.13 %
Amazon.com Inc 3.1 %
Nestle Sa-reg 2.35 %
Tencent Holdings Ltd 2.24 %
Hershey Co/the 2.09 %
Microsoft Corp 2.06 %
Pfizer Inc 1.97 %
Kraneshares Csi China It Eur 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 31.12.2024
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 6.87, which cannot fall below B.
ESG Rating
Portfolio Scores
31.12.2024
B+
ESG Quality Score
6.87
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