Pharus Sicav Medical Innovation

Class A

ISIN: LU1491986011

Category: Sector Equity Biotechnology

04.09.2024

Key Information

Net Asset Value	131,19 EUR
Fund Size	10.115.471 EUR
Launch Date	2 ott 2012
Benchmark	BENCHMARK COMPOSITE 17389

Management information

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

Investment objective

The Fund's objective is to achieve capital growth by investing in pharmaceutical and biotechnology companies or those belonging to the healthcare equipment and medical devices macro sector. These are companies that are leaders and at the forefront of innovation in the medical field, trading at valuations at a discount to their intrinsic value. The sector is characterized by strong short-term as well as medium- to long-term growth trends and embraces health technology innovation and digital health care.

Risk & reward profile

04.09.2024

Manager comment

During the month of July, Pharus Medical Innovation recorded a performance of +5.24%, bringing the performance YTD to +3.45%. Among the top positive contributors for the month were Roche and Bristol Myers, leading companies with significant valuation discounts; among the worst were Edward Lifesciences and Biogen, which reported results below expectations. In July, we did not make any transactions. The portfolio allocation is focused on global leading companies in the healthcare sector with valuation discounts. This strategy is underperforming year-to-date because about 75% of the sector's performance has been driven by two companies in diabetes care, which have very high valuations. We believe the portfolio has a very significant valuation discount due to a recession that hit the sector, a 25% drop in earnings, and that it has created an opportunity in the sector that occurs only every 5-10 years.

Documents

N.A.

Last updated on 04.09.2024

* No coverage or derivatives are included

Top Ten Holding

Medtronic Plc	3.52 %
Gsk Plc	3.1 %
Unitedhealth Group Inc	2.88 %
Roche Holding Ag-genusschein	2.73 %
Pfizer Inc	2.7 %
Astrazeneca Plc	2.69 %
Gilead Sciences Inc	2.68 %
Zimmer Biomet Holdings Inc	2.67 %
Sanofi	2.62 %
Veeva Systems Inc-class A	2.55 %

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 28.06.2024

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 A with a portfolio ESG Rating of 7.50, which cannot fall below B.

ESG Rating

Portfolio Scores
28.06.2024

ESG Quality Score

7.50

Documents

The fund you are trying to view is not in line with the current risk profile settings.
Your selection is

PLEASE CHANGE THE INVESTOR TYPE AND THE COUNTRY

This website is provided by Pharus Group for information purpose only. Belongs Pharus group: Pharus Asset Management SA (Switzerland) and Pharus Management Lux SA (Luxembourg), and its Italian Branch.
Pharus Group selects the data and information contained in the website with utmost care from sources it believes to be reliable and carries out periodical updates. In this contest, the users are been informed that such information contained in this web site may be changed without notice. However, Pharus Group may not be held responsible in connection with the accuracy, reliability and completeness of the published information.

2. No distribution, no offer, no solicitation
The information contained in this website shall not, in any case, constitute any distribution, offer, solicitation, or be considered as investment, legal or tax advice. No decision shall be made solely based on the website content. In particular, it is strongly recommended to seek for qualified advice. Not all collective investment schemes described in this website are available in all countries. The information contained in this website is intended neither for individuals nor for legal persons whom, because of the jurisdiction or their qualification, nationality and/or residence, are not allowed to access or use this information because it would constitute a violation of laws or regulations. It is the responsibility of the users to ensure that they are authorized to access the information contained therein.

SWITZERLAND
Several information on this web site may be not available by users that declare to be considered as not institutional investor. Currently, not all of the foreign collective investment schemes have been authorized for distribution in Switzerland and consequently the information relating to such collective investment schemes may be accessible only to certain investors. Information concerning the appointed Representative and Paying Agent can be found in the relevant fund documents, to which reference should be made for further details.
The article of association, the prospectus and the "Key Investor Information" documents, as well as the annual and semi-annual reports will be made available to shareholders free of charge on this website - after logging in as Suisse resident user specifying whether as private or institutional investor - and by the Representative.

ITALY
Not all collective investment schemes contained in the website have been authorized for distribution in Italy. Consequently, the information relating only to certain collective investment schemes is accessible to investors residing in Italy.
The article of association, the prospectus and the "Key Investor Information" documents, as well as the annual and semi-annual reports will be made available to shareholders free of charge on this website after logging in as Italian resident user specifying whether as private or institutional investor - and from the duly appointed distributors in Italy, whose list is available on this website.

LUXEMBOURG
All collective investment schemes contained in the website have been authorized for distribution in Luxembourg.
The article of association, the prospectus and the "Key Investor Information" documents, as well as the annual and semi-annual reports will be made available to shareholders free of charge on this website after logging in as Luxembourg resident user specifying whether as private or institutional investor.

GERMANY
Not all collective investment schemes contained in the website have been authorized for distribution in Germany. Consequently, the information relating only to certain collective investment schemes is accessible to investors residing in Germany.
The article of association, the prospectus and the "Key Investor Information" documents, as well as the annual and semi-annual reports will be made available to shareholders free of charge on this website after logging in as German resident user specifying whether as private or institutional investor - and from the duly appointed distributors in Germany, whose list, if any, is available on this website.

USA
The collective investment schemes contained in the website are not meant to be directly or indirectly, offered or sold in the USA or any of its territories or to US Persons, as defined under the United States Securities Act of 1933, as amended (hereinafter "Securities Act").
In particular, the collective investment schemes described on the website shall not be registered under the Securities Act or any other applicable United States securities laws (including, without limitation, any applicable law of any of the states of the United States). By proceeding, users warrant not to be a US Person.

3. Performance
This web site may contain presentation of past performances. Past performances are not indicative of future results. Past yields are shown gross of taxation.

4. Applicable law and place of jurisdiction
Any issue relating to the use of the website shall be subject to the relevant jurisdiction according to the user residence.

September 2020

By clicking on the “Select” button, the user to this web site expressly acknowledge that he/her has read this warning and that he/her is authorised by the applicable law to access this web site.