Factsheet: Lazard European Smaller Coms C Acc

European Equities

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.

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Name
Lazard European Smaller Coms C Acc
Manager
Lazard Asset Management Ltd
Type
Open Ended Investment Company
ISIN
GB00B88ZX473
Sector
European Smaller Companies
Launched
01/11/2012
OCF
0.8 %
Risk Rating
4
3 Year Sharpe
1.39
3 Year Alpha
1.34
Yield
1.1 %
Benchmark
MSCI Europe Small Cap NR EUR
The Fund aims to achieve capital growth by investing in shares of European companies that are at the smaller end of the capitalisation spectrum. These smaller companies are listed on major stock exchanges and can be bought and sold daily. The Fund has discretion as to the European company shares it can hold and aims to outperform the MSCI Europe Small Cap Index. The Fund invests mainly in shares of small European companies with good management structures and attractive financial data, and which sell for low prices relative to the financial strength of the companies (i.e. are undervalued) and can be readily bought and sold in the markets. Income and profits, if any, attributable to your shares will not be paid out as a dividend, but will be accumulated in the Fund on your behalf and reflected in an increase in the value of your shares. You can sell your shares back to the Fund on any day normally treated as a business day in United Kingdom."
Holding %
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 %
Region %
Eurozone 44.05 %
United Kingdom 37.17 %
Europe - ex Euro 15.83 %
Sector %
Industrials 22.70 %
Consumer Cyclical 21.11 %
Financial Services 12.90 %
Basic materials 10.57 %
Real Estate 10.40 %
Technology 10.32 %
Healthcare 5.14 %
Name
Lazard Asset Management Ltd
Address
W1J8LL, London, United Kingdom
UCITS
Yes
Legal Structure
Open Ended Investment Company

Managers

Edward Rosenfeld
Joined 06/30/2012

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.

Data provided by Morningstar.

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