Pharus Sicav Equity Leaders

Class A

ISIN: LU0471904796

Category: Global Large-Cap Equity

12.11.2024

Key Information

Net Asset Value	187,83 EUR
Fund Size	27.963.207 EUR
Launch Date	16 feb 2010
Benchmark	ITALY FIDEURAM FLEXIBLE

Management information

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

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.

Risk & reward profile

12.11.2024

Manager comment

In October, Pharus Equity Leaders recorded a performance of -1.95%, bringing the performance YTD to +5.7%. Among the top positive contributors for the month was Alphabet, which exceeded analyst expectations during earnings season. On the downside, Estee Lauder was a major negative contributor, disappointing analysts by cutting its dividend, removing guidance for next year’s earnings, and announcing a new CEO. During the month, we continued to take advantage of weaknesses in the oil sector through companies already in the portfolio. We also added a small position in Intel, which we believe may benefit from growth in the semiconductor sector, as well as Campari, which disappointed investors during the reporting season.
The portfolio allocation remains focused on global market-leading companies trading at value discounts. This strategy has accumulated a YTD underperformance, but we expect a strong recovery in the segment in the coming months.

Documents

N.A.

Last updated on 12.11.2024

* No coverage or derivatives are included

Top Ten Holding

X Csi300 Swap 1c	3.91 %
Alphabet Inc-cl A	3.43 %
Amazon.com Inc	2.62 %
Bristol-myers Squibb Co	2.09 %
Lululemon Athletica Inc	1.86 %
Nike Inc -cl B	1.74 %
Pfizer Inc	1.72 %
United Parcel Service-cl B	1.7 %
Nestle Sa-reg	1.7 %
Tencent Holdings Ltd	1.69 %

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 30.09.2024

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 6.72, which cannot fall below B.

ESG Rating

Portfolio Scores
30.09.2024

B+

ESG Quality Score

6.72

Documents

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