Lazard Global Small Cap W (LAZ0012AU) Report & Performance

What is the Lazard Global Small Cap W fund?

The Lazard Global Small Cap Fund seeks to achieve total returns (including income and capital appreciation and before the deduction of fees and taxes) that exceed those of the MSCI World Small Cap Accumulation Index by 3% per annum over rolling three-year periods. The investment strategy of the Fund is to provide investors with access to investments in global small companies in any geographical location.

  • The Fund invests in securities with market capitalisations, at the time of initial purchase, between US$300 million and US$5 billion or in the market capitalisation range of companies included in the MSCI World Small Cap Accumulation Index and to be domiciled in countries in the benchmark subject to the emerging markets exposure outlined below.
  • The number of securities will generally range from 60 to 90 which means LAM makes active decisions as to which securities the Fund holds.
  • The Fund cannot: more than 5% of its assets in the equity securities (including equity like and securities convertible into equity securities) of any one issuer at the time of purchase;more than 10% of the outstanding equity securities (including equity like and securities convertible into equity securities) of any one issuer; and more than 25% of its assets in the equity securities (including equity like and securities convertible into equity securities) of issuers located in emerging market countries.

Growth of $1000 Investment Over Time

Performance Report

Peer Comparison Report

Peer Comparison Report

Latest News & Updates For Lazard Global Small Cap W

Lazard Global Small Cap W Fund Commentary September 30, 2023

The portfolio performed roughly in line with the MSCI World Small Cap Index in the period, net of fees and in Australian dollar terms. Stock selection was slightly positive on a regional basis and slightly negative on a sector basis. US stock selection was particularly strong in the period, while Japan proved to be more challenging. On a sector basis, positive stock selection in healthcare was a notable contributor after detracting from performance earlier in the year. Allocation meanwhile was slightly negative on a regional basis and slightly positive on a sector basis.

Helped

Hostess Brands, a US-listed baker and distributor of sweet baked goods, performed well in the period. The share price rose sharply following an offer from S.J. Smucker to purchase the company. The portfolio no longer holds the shares.

Array Technologies, a US-listed manufacturer of ground mounting systems used in solar energy projects, performed well after our early August purchase. The share price rose after the release of better-than-expected quarterly results that demonstrated robust order development, strong pricing power, and improved profitability. The portfolio continues to hold the shares.

Hurt

ZoomInfo Technologies, a US-listed provider of business-to-business (B2B) contact data, intelligence, and analytics for sales, marketing, operations, and recruiting teams, performed poorly in the period. The share price fell after the release of weaker-than-expected quarterly results and somewhat cautious guidance from corporate management for the rest of the year. Although cyclical headwinds should abate in the medium-term, some investors remain concerned about near-term growth dynamics. The portfolio continues to hold the shares.

CAB Payments, a UK-listed provider of B2B cross-border payment and foreign exchange services to international development organizations (e.g., the United Nations), banks, and central banks, and other “blue-chip” customers, performed poorly in the period. Following the company’s July initial public offering (IPO), the shares broke below the price when they were issued and continued to weaken despite the release of better-than-expected quarterly results and an optimistic outlook from corporate management. The portfolio continues to hold the shares.

READ HISTORICAL PERFORMANCE COMMENTARIES

Product Snapshot

  • Product Overview
  • Performance Review
  • Peer Comparison
  • Product Details

Product Overview

Fund Name APIR Code
? A Product Code is unique a identifier code issued by a group or governing body, to reference products in a large group. For an example, APIR codes are commonly used for Funds and Ticker codes are commonly used for Securities such as ETFs and Stocks.
Structure
?
Asset Class
? An Asset Class breakdown provides the percentages of core asset classes found within a mutual fund, exchange-traded fund, or another portfolio. Asset classes (in microeconomics and beyond) generally refer to broad categories such as equities, fixed income, and commodities.
Asset Category
? An Asset Category is a grouping of investments that exhibit similar characteristics and are subject to the same laws and regulations. Asset categories (or a sub-asset class) are made up of instruments which often behave similarly to one another in the marketplace, looking down to the Asset Category level is important if looking to build a diversified portfolio.
Peer Benchmark Name
? A Peer Index (benchmark) refers to a peer group of investment managers who have the same investment style or category. It is used to compare the performance of one manager to their peer group, which makes it simpler for investors to choose between the vast number of investment managers.
Broad Market Index
? A Market Index (benchmark) refers to a hypothetical portfolio of investments that represents a segment, asset or category of an investable market. Market Indices are used to benchmark managers performance, to assist their style reliability and ability to provide excess returns.
FUM
? Funds/Assets under management (AUM) is the total market value of the investments that a person or entity manages on behalf of clients. Assets under management definitions and formulas vary by company.
Management Fee
? A management fee is a charge levied by an investment manager for managing an investment fund. The management fee is intended to compensate the managers for their time and expertise for selecting finanical products and managing the portfolio.
Performance Fee
? A performance fee is a payment made to an investment manager for generating positive returns. This is as opposed to a management fee, which is charged without regard to returns. A performance fee can be calculated many ways. Most common is as a percentage of investment profits, often both realized and unrealized. It is largely a feature of the hedge fund industry, where performance fees have made many hedge fund managers among the wealthiest people in the world.
Spread
? A spread can have several meanings in finance. Basically, however, they all refer to the difference between two prices, rates or yields. In one of the most common definitions, the spread is the gap between the bid and the ask prices of a security or asset, like a stock, bond or commodity. This is known as a bid-ask spread.
Lazard Global Small Cap WLAZ0012AUManaged FundsForeign EquityEquity World Mid/SmallForeign Equity - World Mid/Small IndexDeveloped -World Index285.28 M1.02%0.00%0.6%

Performance Review

Fund Name Last Month
? Returns after fees in the most recent (last) month).
3 Months Return
? Returns after fees in the most recent 3 months.
1 Year Return
? Trailing 12 month returns.
3 Years Average Return
? Average Annual returns from the last 3 years.
Since Inc. Average Return
? Average (annualised) returns since inception
1 Year Std. Dev. (Annual)
? The standard deviation (or annual volatility) of the last 12 months.
3 Years Std. Dev. (Annual)
? The average standard deviation (or annual volatility) from the last 3 years.
Since Inc. Std. Dev. (Annual)
? The average standard deviation (or annual volatility) since the fund inception.
1 Year Max Drawdown
? The maximum drawdown in the last 12 months - a drawdown is a peak-to-trough decline during a specific period for an investment, trading account, or fund.
3 Year Max Drawdown
? The maximum drawdown in the last 36 months - a drawdown is a peak-to-trough decline during a specific period for an investment, trading account, or fund.
Since Inc. Max Drawdown
? The maximum drawdown since inception - a drawdown is a peak-to-trough decline during a specific period for an investment, trading account, or fund.
Lazard Global Small Cap W4.32%2.82%6.39%2.98%7.48%11.38%12.93%14.05%-9.43%-23.37%-50.36%

Peer Comparison

Fund Name Peer Index Name
? A group of individuals who share similar characteristics and interests are called peer groups. Peer group analysis is an essential part of assessing a price for a particular stock in investment research. The emphasis here is on making a comparison, meaning that the peer group constituents should be more or less identical to the company being examined, especially in terms of their main business and market capitalization areas.
12 Months Excess Return
? Excess returns are an important metric that helps an investor to gauge performance in comparison to other investment alternatives. In general, all investors hope for positive excess return because it provides an investor with more money than they could have achieved by investing elsewhere.
Excess Return Annualised Since Inception
? Excess returns are an important metric that helps an investor to gauge performance in comparison to other investment alternatives. In general, all investors hope for positive excess return because it provides an investor with more money than they could have achieved by investing elsewhere.
12 Months Alpha
? Alpha is used in finance as a measure of performance, indicating when a strategy, trader, or portfolio manager has managed to beat the market return over 12 months. Alpha, often considered the active return on an investment, gauges the performance of an investment against a market index or benchmark that is considered to represent the market’s movement as a whole.
Alpha Annualised Since Inception
? Alpha is used in finance as a measure of performance, indicating when a strategy, trader, or portfolio manager has managed to beat the market annualized since inception. Alpha, often considered the active return on an investment, gauges the performance of an investment against a market index or benchmark that is considered to represent the market’s movement as a whole.
12 Months Beta
? Rolling 12Month Beta is a measure of the volatility—or systematic risk—of a security or portfolio compared to the market as a whole. Beta is used in the capital asset pricing model (CAPM), which describes the relationship between systematic risk and expected return for assets (usually stocks).
Beta Annualised Since Inception
? Beta is a measure of the volatility—or systematic risk—of a security or portfolio compared to the market as a whole. Beta is used in the capital asset pricing model (CAPM), which describes the relationship between systematic risk and expected return for assets (usually stocks).
12 Months Tracking Error
? 12Month Tracking error is the difference in actual performance between a position (usually an entire portfolio) and its corresponding benchmark over the last 12 months. The tracking error can be viewed as an indicator of how actively a fund is managed and its corresponding risk level. Evaluating a past tracking error of a portfolio manager may provide insight into the level of benchmark risk control the manager may demonstrate in the future.
Tracking Error Since Inception
? Since Inception tracking error is the difference in actual performance between a position (usually an entire portfolio) and its corresponding benchmark since inception. The tracking error can be viewed as an indicator of how actively a fund is managed and its corresponding risk level. Evaluating a past tracking error of a portfolio manager may provide insight into the level of benchmark risk control the manager may demonstrate in the future.
12 Months Correlation
? Correlation, in the finance and investment industries, is a statistic that measures the degree to which two securities move in relation to each other. Correlations are used in advanced portfolio management, computed as the correlation coefficient, which has a value that must fall between -1.0 and +1.0.
Correlation Since Inception
? Correlation, in the finance and investment industries, is a statistic that measures the degree to which two securities move in relation to each other. Correlations are used in advanced portfolio management, computed as the correlation coefficient, which has a value that must fall between -1.0 and +1.0.
Lazard Global Small Cap WForeign Equity - World Mid/Small Index-7.48%-0.57%-0.63%-0.06%-0.06%0.992.41%3.31%0.980.97

Product Details

Fund Name Verifed by SMSF Mates Manager Address Phone Website Email
Lazard Global Small Cap WYes-https://www.lazardassetmanagement.com/-

Product Due Diligence

What is Lazard Global Small Cap W

Lazard Global Small Cap W is an Managed Funds investment product that is benchmarked against Developed -World Index and sits inside the Foreign Equity - World Mid/Small Index. Think of a benchmark as a standard where investment performance can be measured. Typically, market indices like the ASX200 and market-segment stock indexes are used for this purpose. The Lazard Global Small Cap W has Assets Under Management of 285.28 M with a management fee of 1.02%, a performance fee of 0.00% and a buy/sell spread fee of 0.6%.

How has the investment product performed recently?

The recent investment performance of the investment product shows that the Lazard Global Small Cap W has returned 4.32% in the last month. The previous three years have returned 2.98% annualised and 14.05% each year since inception, which is when the Lazard Global Small Cap W first started.

How is risk measured in this investment product?

There are many ways that the risk of an investment product can be measured, and each measurement provides a different insight into the risk present. They can be used on their own or together to perform a risk assessment before investing, but when comparing investments, it is common to compare like for like risk measurements to determine which investment holds the most risk. Since Lazard Global Small Cap W first started, the Sharpe ratio is 0.35 with an annualised volatility of 14.05%. The maximum drawdown of the investment product in the last 12 months is -9.43% and -50.36% since inception. The maximum drawdown is defined as the high-to-low decline of an investment during a particular time period.

What is the relative performance of the investment product?

Relative performance is what an asset achieves over a period of time compared to similar investments or its peers. Relative return is a measure of the asset's performance compared to the return to the other investment. The Lazard Global Small Cap W has a 12-month excess return when compared to the Foreign Equity - World Mid/Small Index of -7.48% and -0.57% since inception.

Does the investment product produce Alpha over its Peers?

Alpha is an investing term used to measure an investment's outperformance relative to a market benchmark or peer investment. Alpha describes the excess return generated when compared to peer investment. Lazard Global Small Cap W has produced Alpha over the Foreign Equity - World Mid/Small Index of -0.63% in the last 12 months and -0.06% since inception.

What are similar investment products?

For a full list of investment products in the Foreign Equity - World Mid/Small Index category, you can click here for the Peer Investment Report.

What level of diversification will Lazard Global Small Cap W provide?

Lazard Global Small Cap W has a correlation coefficient of 0.97 and a beta of 0.99 when compared to the Foreign Equity - World Mid/Small Index. Correlation measures how similarly two investments move in relation to one another. This establishes a 'correlation coefficient', which has a value between -1.0 and +1.0. A 100% correlation between two investments means that the correlation coefficient is +1. Beta in investments measures how much the price moves relative to the broader market over a period of time. If the investment moves more than the broader market, it has a beta above 1.0. If it moves less than the broader market, then the beta is less than 1.0. Investments with a high beta tend to carry more risk but have the potential to deliver higher returns.

How do I compare the investment product with its peers?

For a full quantitative report on Lazard Global Small Cap W and its peer investments, you can click here for the Peer Investment Report.

How do I compare the Lazard Global Small Cap W with the Developed -World Index?

For a full quantitative report on Lazard Global Small Cap W compared to the Developed -World Index, you can click here.

Can I sort and compare the Lazard Global Small Cap W to do my own analysis?

To sort and compare the Lazard Global Small Cap W financial metrics, please refer to the table above.

Has the Lazard Global Small Cap W been independently verified by SMSF Mate?

This investment product is in the process of being independently verified by SMSF Mate. Once we have verified the investment product, you will be able to find more information here.

How can I invest in Lazard Global Small Cap W?

If you or your self managed super fund would like to invest in the Lazard Global Small Cap W please contact via phone or via email .

How do I get in contact with the Lazard Global Small Cap W?

If you would like to get in contact with the Lazard Global Small Cap W manager, please call .

Comments from SMSF Mates

SMSF Mate does not receive commissions or kickbacks from the Lazard Global Small Cap W. All data and commentary for this fund is provided free of charge for our readers general information.

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Historical Performance Commentary

Performance Commentary - August 31, 2023

The Lazard Global Small Cap Equity Fund performed roughly in line the MSCI Global Small Cap Index in the period. On a regional basis, stock selection and allocation both contributed marginally to relative performance. On a sector basis, stock selection detracted modestly while allocation contributed moderately.

Shares of Array Technologies (industrials), a US-listed manufacturer of mounting systems used in solar energy projects, performed well during the month after the release of a well-received quarterly results that demonstrated better-than-expected profitability development. The portfolio continues to hold the shares.

Shares of Hostess (consumer staples), a US-listed baked goods manufacturer, performed well amid press speculation regarding possible bids for the company from industry peers. The portfolio continues to hold the shares.

Shares of AbCellera (healthcare), a US-listed contract research organization that offers antibody discovery services, fell after the release of lower-than-expected quarterly earnings. Concerns over the industry-wide demand outlook for research and development (R&D) also hurt the stock amid a softer economic environment. The portfolio continues to hold the shares.

Shares of ZoomInfo Technology (communication services), a US-listed sales and marketing data provider, fell after the release of lower-thanexpected quarterly earnings and a more cautious near-term outlook from corporate management. The portfolio continued to hold the shares.

Performance Commentary - July 31, 2023

The Lazard Global Small Cap Equity Fund rose on an absolute basis, but modestly underperformed the MSCI Global Small Cap Index (net of fees) in the period. Stock selection was roughly neutral while allocation detracted.

Shares of Helen of Troy (consumer discretionary), a US-listed personal care and household products manufacturer, performed well during the month after the release of better-than-expected quarterly results. Continued investor optimism on the corporate management’s outlook for the company also boosted the stock price. The portfolio continues to hold the shares.

Shares of Comerica (financials), a US-listed bank, continued to perform well after the release of better-than-feared quarterly results. The portfolio continues to hold the shares.

Shares of Trisura (financials), a Canada-listed property and casualty insurer, fell amid increased industry-wide concerns regarding counterparty exposure following fraud allegations against a competitor’s reinsurer. The portfolio continues to hold the shares.

Shares of SeSa (information technology), an Italy-listed value-added information technology solutions provider, gave back in July the gains it posted in June amid investor concerns over the company’s cash flow as it continues to invest heavily in mergers and acquisitions and capital expenditures. Worries overshadowed the release of quarterly results that were in line with analysts’ expectations. The portfolio continues to hold the shares.

Performance Commentary - June 30, 2023

The portfolio underperformed the MSCI World Small Cap Index (net of fees, in Australian dollar terms) in the period as positive allocation was more than offset by negative stock selection. Stock selection in healthcare accounted for largest portion of negative attribution. Several holdings in this sector faced idiosyncratic challenges in the quarter that detracted from relative performance. For the most part, we continue to believe in the investment theses that underpin these holdings and maintained or added to these positions.

Helen of Troy, a US-listed personal care and household products manufacturer, performed well during the period. The share price bounced back strongly in the second quarter following a challenging performance in the first quarter. Better-than-feared quarterly results, clarity on executive succession plans, and a more-optimistic-than-expected outlook for next year from corporate management all worked to improve investor sentiment. The portfolio continues to hold the shares.

Stevanato, a US-listed manufacturer of drug containment (e.g., vials) and delivery (e.g., syringes) systems, performed well in the period. The share price continued to rise after reporting quarterly results that were in line with market expectations and a strong orderbook. The stock was also boosted by investor optimism on the demand potential for obesity and Type II diabetes-related drugs (e.g., glucagon-like peptide-1 known as GLP-1) and delivery systems (e.g., auto and pen injectors). The portfolio continues to hold the shares.

Catalent, a US-listed contract development and manufacturing organization (CDMO) serving the pharmaceutical industry, performed poorly in the period. The share price fell following the announcement of further operational issues at three facilities, the unexpected departure of the company’s chief financial officer, a dropped takeover bid from an industry peer, and the delayed release of quarterly results. The portfolio no longer holds the shares.

Envista, a US-listed leading manufacturer of dental implants, orthodonture products (brackets & wires, clear aligners), consumable products, and equipment, performed poorly in the period. The share price fell after the release of weaker-than-expected quarterly results due to demand headwinds in emerging markets and soft equipment volumes. The portfolio continues to hold the shares.

Performance Commentary - May 31, 2023

The portfolio underperformed the MSCI Global Small Cap Index in the period (in Australian dollar terms, net of fees) as allocation’s positive impact was more than offset by stock selection. Shares of Crayon (information technology), a Norway-listed value add software reseller, performed well during the month after the release of strong quarterly results that demonstrated robust growth, higher profitability, and improved free cashflow.

The portfolio continues to hold the shares. Shares of CyberArk Software (information technology), a US-listed security software solutions provider, performed well after the release of better-than-expected quarterly results, an optimistic outlook from corporate management, and a well-received capital markets day led by the company’s new chief executive officer (CEO). The portfolio continues to hold the shares. Shares of Ingevity (materials), a US-listed manufacturer of carbon-based products used in automotive emissions reduction systems and food, water, and beverage purification processes, fell in the month following the release of quarterly earnings that included a worse -than-expected outlook from corporate management due to rising input costs and increased recession concerns.

The portfolio continues to hold the shares. Shares of Envista (health care), a US-listed dental products manufacturer, fell after the release of mixed set of quarterly results and heightened concerns among some investors regarding demand durability in the face of slower economic growth. The portfolio continued to hold the shares.

Performance Commentary - April 30, 2023

Global small cap equities fell marginally in the month. Stocks in more defensive sectors such as healthcare, consumer staples and communication services outperformed on a relative basis. On the other hand, stocks in the information technology sector, and to a lesser degree, the materials sector, lagged. On a geographic basis, the United Kingdom outperformed significantly while the United States trailed.

Performance Commentary - March 31, 2023

The portfolio rose in absolute terms but underperformed the MSCI World Small Cap Index somewhat in the quarter on a net of fees basis.

Allocation impact was positive on regional basis and negative on a sector basis. Stock selection detracted from relative performance in the quarter.

JD Sports Fashion (consumer discretionary), a UK-listed branded sports apparel and footwear retailer, contributed positively to relative performance in the period. The shares rose after a well-received capital markets day led by the company’s new chief executive officer (CEO), and the release of strong results that demonstrated robust demand during the key holiday season. The portfolio continues to hold the shares.

Dream Industrial REIT (real estate), a Canada-listed industrial real estate investment trust, contributed positively to relative performance in the period. The shares rose after the release of solid quarterly results that reflected strong rental rate increases. The portfolio continues to hold the shares.

Commerce Bancshares (financials) and East West Bancorp (financials), two US-listed regional banks, detracted from relative performance in the period. The share prices of both companies fell alongside those of other banks following the failures of Silicon Valley and Signature. The portfolio continues to hold Commerce Bancshares shares, but it no longer owns a stake in East West Bank.

Performance Commentary - February 28, 2023

Lazard Global Small Cap Equity Fund slightly outperformed the MSCI Global Small Cap Index on a net of fees basis in February. On a sector basis, stock selection was the primary contributor to positive attribution in the period. Shares of Catalent (health care), a US-listed contract development and manufacturing organization (CDMO) for the pharmaceutical industry, rose in the period after press speculation regarding a potential bid for the company by Danaher, the release of better-than-expected quarterly results, and an optimistic outlook from corporate management. The portfolio continues to hold the shares. Shares of Atkore (industrials), a US-listed manufacturer of electrical conduits, cables, and installation accessories for the construction industry, performed well in the period as the company released strong quarterly results and a more-optimistic-than-expected outlook. The portfolio continues to hold the shares. Shares of AbCellera (health care), a Canada-based contract research organization (CRO) for the development of therapeutic antibodies, fell in the period following the release of a mixed set of quarterly results. The portfolio continues to hold the shares. Shares of Leslie’s (consumer discretionary), a US-listed pool and spa retailer, gave back some of their very strong January gains in February following the release of a mixed set of quarterly results. The portfolio continues to hold the shares.

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