sindarin_grammar1-2  Exercise 3: The Spelling of i-pheriannath
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The sound /f/ is written ph when it is word-final or when it spells a
mutated p. In i-pheriannath the initial ph is the mutated form of p:
the word is peryan (halfling) with its first letter changed after i (the).
So ph suggests that the word before it triggers a mutation (Chapter 4).

(The stem peryan is the standard analysis; check Eldamo.)

The circumflex in Lhun: it marks a long vowel in a one-syllable word. It
tells you the u is long.