Factsheet: Lazard European Smaller Coms C Acc
Rated Fund 2015-2018. Invests in pan-European businesses with competitive advantages
This fund invests in the smallest 10 per cent of European-listed companies by market capitalisation. It is rather different from many of its peers in that it invests in the UK as well as continental Europe. Its weighting to the UK in 2017 was substantial at more than a third of the portfolio.Managed by a team led by Edward Rosenfeld since 2013, the investment process is based on the Lazard philosophy of relative value investing. Their aim is to generate good relative returns across a market cycle so they focus on businesses with long-term and sustainable competitive advantages.Rosenfeld and his team aim to find quality companies with high or improving returns on capital and high barriers to entry that are attractively priced. They believe this helps to generate consistent results, protecting capital in a falling market and participating in a rising market. They also adopt a buy-and-hold approach to allow a company to compound on its competitive position, so the fund's portfolio turnover is low. When they sell companies, it is because the businesses are fully valued or else have failed to perform as the managers expected.They are not overly concerned with general economic issues. They prefer to focus on the profits and potential of individual companies. However, they point to data that shows economic recovery gathering pace across Europe. Regionally, improving gross domestic product growth, strong employment growth and rising inflation replacing the threat of deflation all point to an improving macroeconomic backdrop. Political risk factors for Europe have also lessened.
Narrative and ratings content all as of 01 January 2018.See all Money Observer rated funds
|Dalata Hotel Group PLC||2.12 %|
|Kinepolis Group SA||2.10 %|
|Rightmove PLC||2.05 %|
|RPC Group PLC||2.00 %|
|Aroundtown SA||1.95 %|
|Royal UNIBREW A/S||1.85 %|
|Burford Capital Ltd||1.84 %|
|Cerved Information Solutions SpA||1.70 %|
|Clinigen Group PLC||1.67 %|
|CompuGroup Medical SE||1.65 %|
|United Kingdom||37.17 %|
|Europe - ex Euro||15.83 %|
|Consumer Cyclical||21.11 %|
|Financial Services||12.90 %|
|Basic materials||10.57 %|
|Real Estate||10.40 %|
Edward Rosenfeld, a Managing Director of Lazard Asset Management LLC, is a portfolio manager/analyst on Lazard’s Global, International and European Small Cap Equity teams. He began working in the investment industry in 1996. Prior to joining Lazard in 2001, Mr. Rosenfeld was an analyst with J.P. Morgan. He has an MBA from the University of Chicago and a BA from Columbia College.
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