Equity

Global Equity Franchise

Summary

The Lazard Global Equity Franchise strategy is an actively managed portfolio that seeks long-term, defensive returns by investing globally in a range of franchise companies. The strategy targets returns in excess of the MSCI World Index, with lower risk over the long term. The strategy invests in listed companies which we consider have an "economic franchise", meaning companies which possess a combination of predictable earnings and large competitive advantages. The number of securities will generally range from 25 to 50.

    Primary Benchmark

    MSCI World Index

    Strategy Assets Under Management*

    US$ 3.3 billion

    Inception

    01-Oct-2013

*As of 31-Dec-2024

Type Lazard
Alpha (trailing 3 years) -1.88
Beta (%, trailing 3 years) 0.93
Tracking Error (trailing 3 years) 8.73
R-squared (%, trailing 3 years) 0.76
Standard Deviation (%, trailing 3 years) 17.58
Sharpe Ratio (trailing 3 years) 0.02

31-Mar-2025 All values in USD unless otherwise specified Performance Inception: 01-Oct-2013

Performance for periods shorter than one year has not been annualized.

Performance is presented on both a gross of all fees and net of fees basis. The performance quoted represents past performance. Past performance is not a reliable indicator of future results. Additional information on the fees and expenses applied to obtain net performance returns can be accessed by referencing the GIPS compositeopens in a new tab.

Sector
Lazard (%)
MSCI World
Overweight/ Underweight (%)
Utilities 21.65 2.69 18.96
Financials 15.79 17.34 -1.55
Health Care 15.11 11.12 3.99
Industrials 14.76 11.06 3.70
Consumer Discretionary 12.81 10.18 2.63
Communication Services 9.13 7.91 1.22
Information Technology 3.92 23.56 -19.64
Materials 1.85 3.36 -1.51
Consumer Staples 0.00 6.47 -6.47
Energy 0.00 4.12 -4.12
Real Estate 0.00 2.18 -2.18
Cash 4.97 0.00 4.97
Sector
Lazard (%)
-
Overweight/ Underweight (%)
Utilities 21.65 - -
Financials 15.79 - -
Health Care 15.11 - -
Industrials 14.76 - -
Consumer Discretionary 12.81 - -
Communication Services 9.13 - -
Information Technology 3.92 - -
Materials 1.85 - -
Consumer Staples 0.00 - -
Energy 0.00 - -
Real Estate 0.00 - -
Cash 4.97 - -

31-Mar-2025 All values in USD unless otherwise specified

Characteristics
Lazard
MSCI World
Market Capitalization (B, weighted avg.) 45.64 649.95
Price/Earnings 20.04 21.48
Price/Earnings (forward 12 months) 13.15 18.80
Return on Equity (%) 10.34 15.74
Return on Equity (%, forward 12 months) 14.88 16.16
Price/Book 2.07 3.38
Price/Cash Flow 8.98 14.92
Free Cash Flow Yield (%) 6.23 4.05
Net Debt to Capital 55.37 39.90
EPS Growth (%, forward 12 months) 93.63 18.01
EPS Growth (%, trailing 3 years) -17.64 4.55

31-Mar-2025 All values in USD unless otherwise specified

Investment characteristics are based upon a portfolio that represents the proposed investment for a fully discretionary account.

Unless otherwise noted, characteristics are trailing 12 months.

Top Holdings
Lazard (%)
Sector
H&R Block 6.20 Consumer Discretionary
Omnicom 6.03 Communication Services
Nexi 5.93 Financials
Rentokil Initial 5.90 Industrials
IGT 5.78 Consumer Discretionary
Snam 5.19 Utilities
National Grid 5.17 Utilities
Severn Trent 4.62 Utilities
United Utilities 4.60 Utilities
Dentsply Sirona 4.46 Health Care

31-Mar-2025

As of: 31-Dec-2024