Pharus Sicav Global Value Equity

Class A
ISIN: LU1371477776
Category: EUR Flexible Allocation - Glob
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24.04.2025
Key Information
Net Asset Value149,33 EUR
Fund Size49.513.312 EUR
Launch Date 1 apr 2016
Key Information
Management information
SicavPharus Sicav
Management CompanyPharus Management Lux SA
Investment ManagerPharus Management Lux S.A
Investment AdvisorGVI Research FZ-LLC
Key Information
Investment objective
Provide growth in capital over the long term with emphasis on preservation, making no attempt to track any benchmark. Invest long-only in equity securities and equity funds, with a Value approach on a global basis. Focus on high-quality companies: (i) enjoying strong and durable competitive advantages, (ii) generating high returns on capital and significant free cash flows, (iii) having a high credit standing, and (iv) run by managers of the highest integrity and ability.
Key Information

Risk & reward profile

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24.04.2025
Manager comment
Manager comment
In March, NAV/share decreased by approx. 7.3% for the currency-unhedged classes and by 5.4% for the currency-hedged classes. The environment was characterised by: (i) Falling western equity markets (in local currency: USA -5.9%, EMU -3.1%, UK -1.8%, Japan -0.6%, Hong Kong flat and China +2.0%); (ii) Strength in Energy, Consumer Staples and Utilities; Relative weakness in IT, Consumer Cyclicals and Communication Services; (iii) Euro up vs. Dollar (+4.3%), Yen (+3.8%), Franc (+2.0%) and Pound (+1.5%); (iv) 10Y benchmark yields increasing in the major geographies; (v) WTI CLc1 oil closing up at .5 (+2.5%); (vi) GCc1 Gold climbing to ,122.8 (+10.1%); (vii) VIX closing at 22.3 vs. 19.6 at the outset; (viii) Bitcoin -2.2%. In the month, we sold the azValor International fund and bought the MS Global Opportunities fund. At the aggregate portfolio level, top contributors were: Leonardo, Saab, UnitedHealth Group, ICICI Bank and WR Berkley. Leading detractors: Applovin, Novo Nordisk, TSMC, NVIDIA and Broadcom. The aggregate equity portfolio is allocated to both Quality Value (82%) and Deep Value (18%). It is better value and less risky than the market. E.g.: the aggregate top 40 holdings are of high credit standing and present higher levels of expected profitability (e.g. 32% Net Margin, 31% ROE) and Margin of Safety (15%) relative to broad equity averages, where the equity risk premium is much lower than normal. Aggregate Cash & Fixed Income amount to 24.3%.
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Last updated on 24.04.2025

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