irish-domiciled ucits fund range brochure · 2 style is used to describe a fund’s investment...

This information is aimed solely at professional investors.

Lazard Irish UCITS FundsAn Overview

Lazard Asset Management Limited’s Irish-domiciled UCITS fund range incorporates the best of Lazard’s investment ideas in developed and emerging markets.

The offering, which encompasses equity, fixed income and alternative funds managed by Lazard’s experienced investment professionals, builds on our tradition of evolving our investment platform by developing innovative solutions to meet our investors’ needs.


Lazard Fund Solutions

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E M E R G I N G M A R K E T S E Q U I T Y

Fund Description Market Cap1 Style2

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Developing Markets Equity

Offers the possibility of strong relative returns over a full market cycle by investing in companies with sustainable earnings growth at attractive valuations. The Fund typically invests in equity securities of companies located in countries included in the MSCI Emerging Markets Index with over $300 million in market cap, and which are of sufficient liquidity.

L V B G •

Lazard Emerging Markets Equity Advantage

Seeks to generate consistent outperformance through market cycles utilising a core investment strategy. It employs a proprietary, systematic investment process that favours companies that we believe have attractive fundamentals and high-quality financial characteristics. The team maintains a well-diversified portfolio and seeks to avoid tactical positions that may result in unintended exposures and performance surprises.

L G C G •

Emerging Markets Core Equity

Offers the possibility of attractive risk-adjusted relative returns through a full market cycle. By employing a flexible valuation approach, the team is able to look across the investment spectrum and identify alpha opportunities across different stages of development encompassing growth and value stocks, small and large capitalisation stocks as well as stable and cyclical stocks.

S M L G C G •

Emerging Markets Equity Aims to outperform the MSCI Emerging Markets Index with lower than index levels of volatility. The Fund typically invests in equity securities of companies located in countries included in the MSCI Emerging Markets Index with over $300 million in market cap, and which are of sufficient liquidity.

L V C G •

Emerging World Invests in closed-end funds and seeks to add value through the outperformance of the underlying assets, the narrowing of the discounts and the reduction of risk from a broadly diversified portfolio.

L C •

MENA Equity Extracts value from what is an increasingly important component of the emerging-markets opportunity by focusing on the fundamental drivers that help companies achieve value for shareholders. The portfolio management team’s experience and local network, which helps establish strong corporate relationships with local companies, enable it to identify undervalued and undiscovered companies with quality earnings growth in a fast-growing region of the developing world.

S M L C •

1 Market capitalisation is the market value of a company’s outstanding shares. This figure is the product of the stock price and the total number of shares outstanding. The market capitalisation of equities will vary from fund to fund and is frequently used by investors as a figure to determine a company’s size as well as various characteristics that are linked to company size. While figures can vary depending on the investment strategy in question, in general, large-cap companies typically have a market capitalisation of $10 billion or more; Mid-cap companies generally have a market capitalisation of between $2 billion and $10 billion; and companies with a market capitalisation of less than $2 billion are generally classified as small-cap companies.

2 Style is used to describe a fund’s investment strategy and/or approach. Two common investment styles are value, growth and the blend of the two, which is frequently referred to as “core” strategies. Value funds typically seek to invest in securities that are deemed by an investment manager to be undervalued in price based on fundamental characteristics while growth funds generally invest in companies with above-average growth and revenues that often reinvest their earnings into expansion and research and development.

3 Capital Appreciation strategies are designed to grow an established pool of capital. Investors in Capital Appreciation strategies are typically looking to increase the value of their portfo-lio over the long term. Generally, Capital Appreciation strategies invest in company stocks or bonds that are growth oriented.

4 Income / Yield strategies are designed to cultivate sustainable income over time. Investors in Income / Yield strategies are typically looking to generate income in the form of divi-dends, interest or capital gains. Generally, Income/Yield strategies invest in companies that pay a dividend.

5 Inflation Protection strategies are designed to keep stride with or outpace inflation. Investors in Inflation Protection strategies are typically looking to hedge against the rise in the price of goods and services over times. Generally, Inflation Protection strategies seek to invest in companies that perform well during times of inflation.


Lazard Irish UCITS Funds

G L O B A L E Q U I T Y


Role in a Portfolio

Global Equity Franchise

Seeks long-term, defensive returns by investing globally in a range of franchise companies. The Fund invests in listed companies which possess a combination of predictable earnings and large competitive advantages.

S M L V B G • • •

Global Equity Select Provides an actively-managed, unconstrained approach designed to leverage Lazard’s best ideas worldwide. It is focused on high-quality, financially productive companies supplemented by stocks in which we anticipate positive changes in returns. The Fund invests in listed equity securities of companies located in both developed and emerging markets.

S M L G B G •

Global Listed Infrastructure Equity

Using a “Preferred Infrastructure” philosophy, the Fund focuses primarily on equity securities of companies that own physical infrastructure assets that meet certain preferred criteria, such as revenue certainty, profitability and longevity.

S M L V B G • • •

Global Managed Volatility Offers a diversified global equity fund that seeks to produce stable, equity returns with total risk well below market levels. The consistent emphasis of the investment strategy is on the creation of alpha in a low volatility equity portfolio. Stocks are selected for the portfolio using a proprietary, quantitatively-based, multi-factor investment process that favours stocks with above average return potential and below average risk characteristics. The portfolio is well diversified across economic sectors without adherence to a traditional market capitalisation weighted benchmark.

S M L C G •

Global Strategic Equity Aims to participate in rising markets and offer downside protection when markets fall. The fund is focused on attractively priced companies with strong and/or improving financial productivity, typically investing in 40-60 listed global equity securities located in both developed and emerging markets.

M L C •

Thematic Global Aims to generate consistent, strong positive returns over a long-term investment horizon, within a risk-controlled approach. This is achieved by primarily investing in a diversified portfolio of established well-managed companies located around the world based on a number of global themes.

L C •

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R E G I O N A L / C O U N T R Y E Q U I T I E S


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European Equity Aims to outperform the FTSE World-Europe ex UK Index over a full market cycle of 3 to 5 years from investments in a concentrated portfolio of between 45 and 60 carefully selected European (ex UK) equities.

M L V C G •Pan European Equity Aims to outperform the MSCI Europe Index over full market cycle from

investment in a concentrated portfolio of between 50 and 70 carefully selected European equities.

M L V C G •Pan European Small Cap Seeks to generate strong relative returns compared to the MSCI Europe Small

Cap Index over a market cycle by investing in companies that, in our opinion, represent relative value. We own companies with sustainably high or improving levels of financial productivity whose stock prices are inexpensive relative to their level of financial productivity.

S M L V C G •

Japanese Strategic Equity

Offers the chance to outperform the TOPIX Index by investing in a portfolio of Japanese equities from a universe of approximately 3,000 listed stocks, including over the counter stocks. The portfolio typically holds between 20-30 securities across the full market capitalisation spectrum.

M L V C G •

UK Omega Equity Provides a core equity strategy that aims to outperform the FTSE All-Share Index over the long term. It invests in a concentrated portfolio of between 40 and 50 carefully selected UK equities.

M L V C G •US Equity Concentrated An all cap, concentrated fund that seeks long-term capital appreciation. It

is benchmark agnostic, seeking to outperform any broad based US index (i.e., S&P 500 Index, Russell 1000 Index, Russell 3000 Index) by investing in financially productive (e.g., high return on equity, free cash flow, cash flow return on investment) companies across the market capitalization spectrum, employing intensive fundamental analysis and accounting validation to identify investment opportunities. The strategy typically invests in 15–35 companies with market capitalizations generally greater than $350 million.

S M L V C G •


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G L O B A L M U L T I A S S E T


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Diversified Return A multi-asset strategy combining the best of Lazard’s worlwide investment capabilities

S M L V C G •








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F I X E D I N C O M E

Fund DescriptionInterest Rate Sensitivity1

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Emerging Markets Bond Allocates across the hard currency emerging markets debt opporunity set allocating capital to sovereign and corporate issuers based on their global macroeconomic and fundamental sovereign analyses.

M EL M LL • •Emerging Markets Local Debt

Invests in local currency debt instruments, bonds and FX, to offer consistent performance based on their global macroeconomic and fundamental sovereign analyses.

M EL HL • • •Emerging Markets Debt Unrestricted Blend

Seeks to enhance returns over developed market fixed income by outperforming a blended benchmark of hard and local emerging market debt over a market cycle.

ML ML • •Emerging Markets Debt Blend

Provides the opportunity to capture diversified, broad market exposure and strategically allocate between hard and local currency in an effort to outperform the benchmark over time with significantly less volatility.

ML ML • •Emerging Markets Total Return Debt

Uses an absolute-return approach to invest across the emerging markets fixed income universe, with the ability to short securities, tactically allocate to cash, or use leverage based on market conditions.

M EL ML • •Global Fixed Income Offers a global diversified portfolio of high quality fixed income securities. The

Fund seeks to achieve an attractive level of return from an actively managed portfolio of government bonds and investment grade fixed income securities.

M EL ML • •Sterling High Quality Bond

Aims to achieve an attractive level of return over a broad sterling bond index from an actively managed portfolio of diversified sterling denominated government and investment grade fixed income securities.

L HL •

1 Interest rate sensitivity measures how much a fixed incomes asset’s price may fluctuate as a result of interest rate changes. Assets that are less sensitive have less price fluctuation while those with higher sensitivity have greater price fluctuations.

2 Credit quality is a factor used to evaluate the quality of a fixed income instrument and/or fund and is an indicator of a bond or bond portfolio’s default risk potential. While rating agen-cies have different credit quality designations, in general, prime and investment grade fixed income instruments range between AAA to BBB, and any fixed income instrument with a lower rating than BBB is normally considered a high-yieldd or speculative asset.






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A L T E R N A T I V E S


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European Alternative Aims to deliver disproportionate positive returns given the risk taken using a long/short equity strategy with a strong focus on bottom-up stock selection. The fund employs a robust risk management framework aimed at capital preservation. The portfolio is comprised of approximately 50-70 carefully selected liquid European large and mid-cap companies. There are typically 35-45 long positions and 15-25 short positions.

S M L N/A •

Rathmore Alternative The Lazard Rathmore strategy seeks absolute returns through event driven/special situation strategies and convertible arbitrage. The strategy aims to identify opportunities through proprietary screening tools, quantitative analysis and robust fundamental research. Various trading strategies are utilized including, but not limited to, monetizing opportunities created by idiosyncratic events (buybacks, exchanges, sweeteners, etc.), volatility capture, and relative value credit trades. Trading strategies typically utilize convertible bonds and positions are typically structured with an associated equity hedge.

S M L N/A • • •








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R E A L A S S E T S


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Commodities The Lazard Commodities Fund seeks to generate strong relative returns in excess of the Bloomberg Commodity Index over a full market cycle. The fund provides long-only, unlevered, and fully collateralized exposure to listed and unlisted commodities, through the use of publicly traded futures as well as commodity-related equity securities. The team takes a fundamentally driven, actively managed approach to commodity investing.

S M L V C G • •







A V A I L A B L E S H A R E C L A S S

Share Class ISIN TickerMax Annual

Management Charge (%)


Developing Markets EquityInception 4 October 2010

A Acc EUR IE00B54M0H36 LZDMEIA ID 1.00

A Acc GBP IE00B757FM10 LZDMSIA ID 1.00

A Acc USD IE00B4W4B049 LZDMUIA ID 1.00

A Dist EUR IE00B5030B43 LZDMEII ID 1.00

A Dist GBP IE00B79J4263 LZDMSID ID 1.00

A Dist USD IE00B57PTX85 LZDMUII ID 1.00

AP Acc EUR IE00BYVPTP94 N/A 1.50

B Acc EUR IE00B4ZWGS80 LZDMERA ID 1.50

B Acc EUR Hedged IE00BYVPTL56 N/A 1.50

B Acc USD IE00B57YZV54 LZDMURA ID 1.50

B Dist EUR IE00B52NWZ02 LZDMERI ID 1.50

B Dist USD IE00B5686L55 LZDMURI ID 1.50

BP Acc USD IE00BF1PFR00 LZDBPAU ID 1.75

BP Dist USD IE00BF5L2517 LZDBPDU ID 1.75

C Acc GBP IE00B92LTV70 LZDMSCA ID 0.85

C Acc USD IE00B86NB271 LZDMECA ID 0.85

C Dist GBP IE00B92LTW87 LZDMSCD ID 0.85

C Dist USD IE00B8RHCP82 LZDMECD ID 0.85

Emerging Markets Equity Advantage2 July 2018

A Acc EUR IE00BGRDVZ58 N/A 0.80

A Acc USD IE00BZ159905 LAZEAUA ID 0.80

A Dist USD IE00BFZ4RS80 LAZEMAI ID 0.80

BP Acc EUR Hedged IE00BG02Q874 LAZBPEH ID 1.75

BP Acc USD IE00BFZ4RT97 LAZEBPA ID 1.65

BP Dist USD IE00BFZ4RV10 LAZEBPI ID 1.65

C Acc EUR Hedged IE00BG02Q650 LAZECUH ID 0.60

C Acc USD IE00BG02Q767 LAZECUA ID 0.60

EA Acc EUR IE00BF59LB48 LAZEEAE ID 0.45

EA Acc EUR Hedged IE00BG02Q544 N/A 0.45

EA Acc USD IE00BFX4D935 LAZEEAU ID 0.45

EA Dist USD IE00BYW7SL32 LAZEAUH ID 0.45

Emerging Markets Core EquityInception 21 December 2012

A Acc EUR IE00B91SVB33 LEMCEEA ID 1.00

A Acc GBP IE00B920VN03 LEMCEGA ID 1.00

A Acc USD IE00B9215T75 LEMCEUA ID 1.00

A Dist EUR IE00B91RY001 LEMCEED ID 1.00

A Dist GBP IE00B91QYJ67 LEMCEGD ID 1.00

A Dist USD IE00B91N5K51 LEMCEUD ID 1.00

B Acc USD IE00BDFF8J59 LEMCURA ID 1.50

B Dist USD IE00BDFF8K64 LEMCURI ID 1.50

BP Acc EUR Hedged IE00BYVZTH19 N/A 1.75

BP Acc GBP IE00BYVZTT31 N/A 1.75

BP Acc USD IE00BYVZKQ74 LEMBPAU ID 1.75

BP Dist EUR Hedged IE00BYVZTW69 N/A 1.75

BP Dist GBP IE00BYVZTX76 N/A 1.75

BP Dist USD IE00BYVZTD70 LEMBPDU ID 1.75

C Acc EUR IE00BZ15VD84 N/A 0.75

C Acc GBP IE00BVDPPK31 LEMESRC ID 0.75

C Acc USD IE00BVDPPF87 LEMEURC ID 0.75

C Dist GBP IE00BVDPPQ92 LEMESRD ID 0.75






* The Managers of the Fund changed on 1 June 2014. The benchmark also changed from MSCI Arabian Markets ex Saudi to S&P Pan Arab Composite on 1 June 2014 to reflect the Funds exposure to Saudi Arabia through the use of derivatives via P-Notes.

C Dist USD IE00BVDPPG94 LEMEURD ID 0.75

EA Acc GBP IE00BVDPPH02 LEMESIA ID 0.50

EA Acc USD IE00BVDPPC56 LEMEUIA ID 0.50

EA Dist GBP IE00BVDPPJ26 LEMESID ID 0.50

EA Dist USD IE00BVDPPD63 LEMEUID ID 0.50

Emerging Markets EquityInception 23 March 2007

A Acc EUR IE00BYQDFN85 LAZEAAE ID 1.00

A Acc EUR Hedged IE00BYVZV195 N/A 1.00

A Acc GBP IE00BDX8CP03 LAZEMGA ID 1.00

A Acc USD IE00BYQ4FT75 LAZEAAU ID 1.00

A Dist EUR IE00B77H9381 LAZEEII ID 1.00

A Dist EUR Hedge IE00BFX4HM42 LEMADEH ID 1.00

A Dist GBP IE00BDX8CN88 LAZEMGI ID 1.00

A Dist USD IE00B1L6MF22 LAZEMEI ID 1.00

B Acc EUR Hedged IE00BDD95Q56 LAZEBAE ID 1.50

B Acc USD IE00BJ04D161 LEMEURA ID 1.50

B Dist EUR Hedged IE00BDD95R63 N/A 1.50

B Dist USD IE00BJ04D278 LEMCURD ID 1.50

BP Acc USD IE00BD5TM289 LAZBPAU ID 1.75

BP Dist USD IE00BF5L2J55 LAZBPDU ID 1.75

C Acc EUR IE00BYWPGP72 N/A 1.00

C Acc EUR Hedged IE00BFZXGY48 LAZECEH ID 1.00

C Acc USD IE00BZ3T9G71 LAZECAU ID 1.00

S Acc EUR IE00BZ1M8507 N/A 0.85

S Acc EUR Hedged IE00BF3FLJ28 N/A 0.85

S Acc GBP IE00B94ZRN58 LAZEMSA ID 0.85

S Acc USD IE00B94NQ323 LAZEMUA ID 0.85

S Dist EUR IE00BD3FH895 LAZESDE ID 0.85

S Dist GBP IE00B8WQPR38 LAZEMSD ID 0.85

S Dist USD IE00B9FC6494 LAZEMUD ID 0.85

Emerging WorldInception 29 April 1994

A Acc USD IE00B39TRJ68 LZBEMGI ID 1.00

B Dist USD IE0005022946 LZBEMGW ID 1.50

C Acc GBP IE00B911ZQ56 LZESRCA ID 0.75

C Dist GBP IE00B9BBTR43 LZESRCD ID 0.75

C Dist USD IE00BZ7MR796 LZESCDU ID 0.75

MENA EquityInception 4 July 2013*

A Acc GBP IE00BVDPP929 LMFSEIA ID 1.00

A Acc USD IE00B7YD8J82 LZMEUIA ID 1.00

A Dist GBP IE00BVDPPB40 LMFSEID ID 1.00

A Dist USD IE00B91NCS24 LZMEUII ID 1.00

EA Acc EUR Hedged IE00BLT2JT58 N/A 0.85

EA Acc USD IE00BLT2JR35 LZMEAAU ID 0.85

EA Dist EUR Hedged IE00BLT2JV70 N/A 0.85

EA Dist USD IE00BLT2JS42 N/A 0.85

Global Equity FranchiseInception 30 June 2015

A Acc CHF Hedged IE00BYR8PY39 N/A 0.85A Acc EUR IE00BYR8PR61 N/A 0.85A Acc EUR Hedged IE00BYR8PT85 N/A 0.85






A Acc GBP IE00BYR8Q289 LZGFGIA ID 0.85A Acc GBP Hedged IE00BGK1L011 LZGAAGH ID 0.85A Acc JPY IE00BYR8Q404 N/A 0.85A Acc USD IE00BYR8PK92 LZGFUIA ID 0.85A Dist CHF Hedged IE00BYR8PZ46 N/A 0.85A Dist EUR IE00BYR8PS78 N/A 0.85A Dist EUR Hedged IE00BYR8PV08 N/A 0.85A Dist GBP IE00BYR8Q396 LAGEFSI ID 0.85A Dist GBP Hedged IE00BGK1L128 LZGADGH ID 0.85A Dist JPY IE00BYR8Q511 N/A 0.85A Dist USD IE00BYR8PL00 N/A 0.85B Acc EUR Hedged IE00BYR8PW15 N/A 1.50B Acc GBP IE00BF2N1S66 LZGFBAG ID 1.50B Acc USD IE00BYR8PP48 N/A 1.50B Dist EUR Hedged IE00BYR8PX22 N/A 1.50B Dist GBP IE00BF2N1Q43 LZGEBDG ID 1.50B Dist USD IE00BYR8PQ54 N/A 1.50BP Acc EUR Hedged IE00BD5TM735 N/A 1.75BP Acc USD IE00BD5TM628 N/A 1.75C Acc GBP IE00BF2N1T73 LZGECAG ID 0.75C Acc GBP Hedged IE00BGK1L235 IE00BGK1L235 0.75C Dist GBP IE00BF2N1R59 LZGECDG ID 0.75C Dist GBP Hedged IE00BGK1L342 IE00BGK1L342 0.75EA Acc GBP IE00BYR8Q065 LZGFEGA ID 0.50EA Acc USD IE00BYR8PM17 LZGFUEA ID 0.50EA Dist EUR IE00BF2D6S13 LZGEADE ID 0.50EA Dist GBP IE00BYR8Q172 LZGEADG ID 0.50EA Dist USD IE00BYR8PN24 N/A 0.50

Global Equity SelectInception 20 December 2012

A Acc USD IE00B8DH0X69 LZGEUIA ID 1.00

A Dist USD IE00B8DH1444 LZGEUID ID 1.00

BP Acc USD IE00BF5GHJ54 LZGBPAU ID 1.75

BP Dist USD IE00BF5GHK69 LZGBPDU ID 1.75

EA Acc USD IE00BW4NTL20 LZGUIAE ID 0.50

Global Listed Infrastructure EquityInception 27 February 2012

A Acc CHF Hedged IE00BVXCGX46 LIECHIA ID 0.85

A Acc EUR Hedged IE00B51PLJ46 LZGIEIA ID 0.85

A Acc GBP IE00B5NXD345 LZGISIA ID 0.85

A Acc USD IE00BF4KN675 LGLIAAU ID 0.85

A Acc USD Hedged IE00B3X5FG30 LZGIUIA ID 0.85

A Dist EUR Hedged IE00B4552M33 LZGIEID ID 0.85

A Dist GBP IE00B5NJXH66 LZGISID ID 0.85

A Dist USD IE00BF4KN451 LGLIADU ID 0.85

A Dist USD Hedged IE00BDX8CQ10 LZGUHID ID 0.85

B Acc CHF Hedged IE00BF4KN568 LGLBCHA ID 1.75

B Acc EUR Hedged IE00BX9C2459 LIEHREA ID 1.75

B Acc GBP IE00BJ04D385 LZGLIRA ID 1.75

B Acc USD Hedged IE00BZC0SB97 LGLUHRA ID 1.75

B Dist CHF Hedged IE00BF4KN345 LGLBCDH ID 1.75

B Dist GBP IE00BJ04D492 LZGLIRI ID 1.75

B Dist USD Hedged IE00BZC0SC05 LGLUHRD ID 1.75

BP Acc EUR Hedged IE00BD5TM511 N/A 2.00

BP Acc USD IE00BF5GKW94 LGLBPAU ID 2.00






BP Acc USD Hedged IE00BF5GL484 LGBPAUH ID 2.00

BP Dist USD IE00BF5GB824 LGLBPDU ID 2.00

BP Dist USD Hedged IE00BF5GB931 LZBPDUH ID 2.00

Stg£ Retail C Accumulating Class IE00B8NC1B64 LZGIRCA ID 1.75

Stg£ Retail C Distributing Class IE00B78CMN35 LZGIRCI ID 1.75

Global Managed VolatilityInception 12 December 2011

A Acc CHF Hedged IE00BYNV4M71 LZCVCHI ID 0.65

A Acc EUR IE00B3ZKMN25 LZCVEIA ID 0.65

A Acc GBP IE00B60BC642 LZCVGIA ID 0.65

A Acc GBP Hedged IE00BYSXVJ44 LZCVHIG ID 0.65

A Acc USD IE00B563W456 LZCVUIA ID 0.65

A Dist EUR IE00B78DTV37 LZCVEII ID 0.65

A Dist GBP IE00B78BLT98 LZCVGII ID 0.65

A Dist GBP Hedged IE00BYSXVK58 N/A 0.65

A Dist USD IE00B78BTM89 LZCVUII ID 0.65

B Acc JPY IE00BF5GBB58 N/A 1.50

B Acc JPY Hedged IE00BF5GBC65 N/A 1.50

B Acc USD IE00BD2M7H00 N/A 1.50

B Dist JPY IE00BF5GHH31 N/A 1.50

B Dist JPY Hedged IE00BF5GHL76 N/A 1.50

B Dist USD IE00BD2M7J24 N/A 1.50

C Acc EUR Hedged IE00BGR7FJ95 N/A 0.60

Global Strategic EquityInception 19 June 2008*

A Acc EUR Hedged IE00BR30N515 LGSEHIA ID 1.00

A Acc GBP IE00B67JBJ71 LGCVGIA ID 1.00

A Acc USD IE00B4608857 LGAGIUA ID 1.00

A Dist GBP IE00B5VFJ896 LGCVGID ID 1.00

A Dist USD IE00B29WXF61 LGAGCVI ID 1.00

B Dist USD IE00B29WWN70 LGAGCVR ID 1.50

C Acc GBP IE00BVDPP705 LGSESRC ID 0.85

C Dist GBP IE00BVDPP812 LGSESRD ID 0.85

EA Acc GBP IE00BVDPP580 LGSESIA ID 0.50

EA Acc USD IE00BVDPP366 LGSEUIA ID 0.50

EA Dist GBP IE00BVDPP697 LGSESID ID 0.50

EA Dist USD IE00BVDPP473 LGSEUID ID 0.50

Thematic GlobalInception 1 April 2004

A Acc USD IE00B4641775 LZTGIUA ID 1.00

A Dist GBP IE00B241MZ10 LZTGLSI ID 1.00

A Dist USD IE0033830989 LZTGLBI ID 1.00

European EquityInception 2 January 1985

A Acc EUR IE00B46FVQ94 LAEEIEA ID 1.00

A Acc USD IE00B4975041 LAEEIUA ID 1.00

A Dist EUR IE00B4410B79 LAEEIED ID 1.00

A Dist USD IE00B3THS868 LAEEIUD ID 1.00

B Acc EUR IE00B717TQ76 LAEEERA ID 1.50

B Dist EUR IE0005060367 LZBEDMI ID 1.50

C Acc GBP IE00B90M4T57 LAECACG ID 0.75

C Dist GBP IE00B8HC1239 LAECDIG ID 0.75






* This Fund was previously known as the Lazard Global Classic Value Equity Fund. This name, together with the Fund’s investment objective, policy and Fund Managers, was changed on 24 March 2014

Pan European Equity Inception 10 January 1992

A Acc EUR IE00BFNXZJ48 LZBPEII ID 1.00

A Acc USD IE00BJ04D054 LZGPEUI ID 1.00

A Dist EUR IE00BFRSY217 LZGPEEI ID 1.00

A Dist USD IE00BJ7BPD63 LZGPUII ID 1.00

B Dist EUR IE0005060581 LZBPEUI ID 1.50

BP Acc USD IE00BDD86W59 LZGPBPA ID 1.75

BP Dist USD IE00BDD86V43 LZGPBPD ID 1.75

C Dist EUR IE00BYX0WT74 LZGPCDE ID 0.75

Pan European Small Cap Inception 16 October 2015

AP Acc EUR IE00BYZWJ891 LPEIALP ID 1.00

AP Dist EUR IE00BYZWJB24 LAEEIDL ID 1.00

B Acc EUR IE00BYQF5J06 LPESERA ID 1.50

B Acc USD IE00BYQF5D44 N/A 1.50

B Dist EUR IE00BYQF5K11 N/A 1.50

B Dist USD IE00BYQF5F67 N/A 1.50

BP Acc EUR IE00BF4G7522 N/A 2.00

BP Dist EUR IE00BF4G7639 N/A 2.00

C Acc CHF Hedged IE00BYQF5L28 N/A 0.75

C Acc DKK IE00BYQF5672 N/A 0.75

C Acc EUR IE00BYQF5G74 LAPEEIA ID 0.75

C Acc GBP IE00BYQF5N42 LPESCAG ID 0.75

C Acc SEK IE00BYQF5S96 N/A 0.75

C Acc USD IE00BYQF5896 LAPEUIA ID 0.75

C Dist CHF Hedged IE00BYQF5M35 N/A 0.75

C Dist DKK IE00BYQF5789 N/A 0.75

C Dist EUR IE00BYQF5H81 N/A 0.75

C Dist GBP IE00BYQF5P65 N/A 0.75

C Dist SEK IE00BYQF5T04 N/A 0.75

C Dist USD IE00BYQF5904 N/A 0.75

EA Acc EUR IE00BD4FQC57 N/A 0.50

EA Acc GBP IE00BYQF5Q72 N/A 0.50

EA Acc USD IE00BYQF5B20 LPESCEA ID 0.50

EA Dist GBP IE00BYQF5R89 N/A 0.50

EA Dist USD IE00BYQF5C37 N/A 0.50

Japanese Strategic EquityInception 1 May 2013

A Acc JPY IE00B8JGVH80 LJSEYIA ID 0.85

A Acc USD IE00BG02QB08 LJSEAAU ID 0.85

A Acc USD Hedged IE00B9DCY363 LJSEUHA ID 0.85

A Dist JPY IE00B88VLD09 LJSEYID ID 0.85A Dist USD IE00BG02Q981 LJSEADU ID 0.85A Dist USD Hedged IE00B8N9P938 LJSEUHD ID 0.85

BP Acc USD IE00BG02QD22 LJSEBPU ID 1.75

BP Acc USD Hedged IE00BG02QG52 LJSEBPH ID 1.75

BP Dist USD IE00BG02QC15 LJSEBPD ID 1.75

BP Dist USD Hedged IE00BG02QF46 LJSBPDH ID 1.75

C Acc GBP Hedged IE00B7YHLR99 LJSGHRC ID 0.85

C Dist GBP Hedged IE00B9CGMB34 LJSGHRD ID 0.85






UK Omega EquityInception 1 July 1996

A Acc USD IE00BYZQYV94 LAZUSIA ID 1.00

A Dist GBP IE00B1VKM659 LZBUKIN ID 1.00

B Dist GBP IE0005062744 LZBUKEI ID 1.50

C Acc GBP IE00B90J3V19 LZBURCA ID 0.75

C Dist GBP IE00B8Q81R78 LZBURCD ID 0.75

US Equity ConcentratedInception 23 December 2015

A Acc USD IE00BF5L3B45 LAUEAAU ID 0.75

A Dist USD IE00BF5L5R45 LAUEADU ID 0.75

AP Acc EUR Hedged IE00BYVPTM63 N/A 1.00

AP Acc USD IE00BYQDZL67 N/A 1.00

AP Dist USD IE00BYQDN678 N/A 1.00

B Acc EUR IE00BDHFVV63 LAZUBAE ID 1.50

B Acc EUR Hedged IE00BYQ4FW05 LAUBAEH ID 1.50

B Acc GBP IE00BDHFVX87 N/A 1.50

B Acc USD IE00BDH6RS81 LAZUBAU ID 1.50

B Dist EUR IE00BDHFVW70 N/A 1.50

B Dist GBP IE00BDHFVY94 N/A 1.50

B Dist USD IE00BDHFVZ02 LAZURDU ID 1.50

BP Acc EUR Hedged IE00BD5TM404 N/A 2.00

BP Acc USD IE00BD5TM396 LAUBPAU ID 2.00

BP Dist USD IE00BF5L2W82 LAUBPDU ID 2.00

C Acc EUR IE00BDHFW024 LAUECAE ID 0.75

C Acc EUR Hedged IE00BYQ4FV97 LAUCAEH ID 0.75

C Acc GBP IE00BDC5DB54 LAZUGIA ID 0.75

C Acc GBP Hedged IE00BDZTRL22 LAUECAG ID 0.75

C Acc JPY IE00BD5VZ030 LAZUEJA ID 0.75

C Acc USD IE00BYQDN348 LAZUEIU ID 0.75

C Dist EUR IE00BDHFW131 N/A 0.75

C Dist GBP IE00BDC5DC61 LAZUCDG ID 0.75

C Dist USD IE00BDHFW248 LAZUEUI ID 0.75

EA Acc CHF IE00BDB5LX43 N/A 0.50

EA Acc CHF Hedged IE00BDB5LV29 N/A 0.50

EA Acc EUR IE00BYQDN785 LAZUEAE ID 0.50

EA Acc EUR Hedged IE00BDB5LS99 N/A 0.50

EA Acc GBP IE00BYQDN900 LAZSIAE ID 0.50

EA Acc GBP Hedged IE00BDB5LZ66 N/A 0.50

EA Acc JPY IE00BD5VZ147 N/A 0.50

EA Acc USD IE00BYQDN454 LAZUEAU ID 0.50

EA Dist CHF IE00BDB5LY59 N/A 0.50

EA Dist CHF Hedged IE00BDB5LW36 N/A 0.50

EA Dist EUR IE00BYQDN892 LAZUEDE ID 0.50

EA Dist EUR Hedged IE00BDB5LT07 N/A 0.50

EA Dist GBP IE00BYQDNB22 N/A 0.50

EA Dist GBP Hedged IE00BDB5M089 N/A 0.50

EA Dist USD IE00BYQDN561 LAZUEDU ID 0.50

Diversified ReturnInception 7 December 2016

AP Acc EUR Hedged IE00BF16M610 LZDRAPA ID 1.00

AP Acc USD IE00BF1TFX81 LZDRAPU ID 1.00

BP Acc EUR Hedged IE00BZ400002 LZDBPEH ID 2.00






* Please note, there is a performance fee attached to this fund. Refer to the prospectus for further information.

BP Acc USD IE00BZ3ZZZ67 LZDRBPU ID 2.00

C Acc EUR Hedged IE00BD1K6H80 N/A 0.75

C Acc USD IE00BYYX7Q77 LZDRIAU ID 0.75

C Dist USD IE00BYYX7Z68 N/A 0.75

EA Acc EUR Hedged IE00BDRJLH42 LZDEAUH ID 0.20

EA Dist USD IE00BYYX7R84 LZDRUIA ID 0.20

EA Dist USD IE00BYYX8427 N/A 0.20

Emerging Markets Bond

Inception 1 November 2010

A Acc EUR Hedged IE00B40G0C73 LZEMBEH ID 0.65

A Acc GBP Hedged IE00B4MGCQ32 N/A 0.65

A Acc JPY Hedged IE00B4XKF877 N/A 0.65

A Acc USD IE00B4K0TK04 LZEMBIA ID 0.65

A Dist EUR Hedged IE00B4412Q62 N/A 0.65

A Dist GBP Hedged IE00B4L9WG38 N/A 0.65

A Dist JPY Hedged IE00B3V1DC59 N/A 0.65

A Dist USD IE00B4LRLC68 LZEMBID ID 0.65

B Acc EUR Hedged IE00B40K7B79 N/A 1.25

B Acc GBP Hedged IE00B4L4XG57 N/A 1.25

B Acc USD IE00B4LCZR47 N/A 1.25

B Dist EUR Hedged IE00B4MND838 N/A 1.25

B Dist GBP Hedged IE00B4M2FG26 N/A 1.25

B Dist USD IE00B4270D92 LZEMBRD ID 1.25

BP Acc EUR Hedged IE00BF33KV12 N/A 1.50

BP Acc USD IE00BF33KW29 N/A 1.50

Emerging Markets Local DebtInception 1 November 2010

A Acc CHF Hedged IE00BRJL3479 LEMCHIA ID 0.75

A Acc EUR IE00BDVJF782 LZEMAAE ID 0.75

A Acc EUR Hedged IE00B40YY418 LZEMLEH ID 0.75

A Acc GBP Hedged IE00B4KZWM80 N/A 0.75

A Acc JPY Hedged IE00B4TCJ858 N/A 0.75

A Acc USD IE00B3WFFX14 LZEMLIA ID 0.75

A Dist CHF Hedged IE00BRJL3586 LEMCHID ID 0.75

A Dist EUR Hedged IE00B4K4QZ63 LZEMHIE ID 0.75

A Dist GBP Hedged IE00B4MTJV66 LZEMHII ID 0.75

A Dist JPY Hedged IE00B4NF1N96 N/A 0.75

A Dist USD IE00B3ZTW730 LZEMLID ID 0.75

B Acc EUR Hedged IE00B4NYGK80 LZLBAEH ID 1.25

B Acc GBP Hedged IE00B4MMD798 N/A 1.25

B Acc USD IE00B4258398 LZLDBAU ID 1.25

B Dist EUR Hedged IE00B40T6X91 N/A 1.25

B Dist GBP Hedged IE00B42CSM90 N/A 1.25

B Dist USD IE00B4KT5J87 LZEMLRD ID 1.25

BP Acc EUR Hedged IE00BF33KX36 (none) 1.50

BP Acc USD IE00BF33KY43 (none) 1.50

I Acc CHF IE00BD6C7F46 LZEMIAC ID 0.35

P Acc USD IE00BD904R66 LZEMPAU ID 1.00

P Dist USD IE00BD904Q59 LZEMPDU ID 1.00

Emerging Markets Debt Unrestricted BlendInception 9 November 2015

A Acc CHF Hedged IE00BYZB0270 LZECHIA ID 0.80

A Acc EUR IE00BD9Y5318 LZEMEIA ID 0.80






A Acc EUR Hedged IE00BYZ9ZX71 LZEMHIA ID 0.80

A Acc GBP IE00BYZB0163 LZEMSIA ID 0.80

A Acc USD IE00BYZ9ZV57 LZEDUIA ID 0.80

A Dist EUR IE00BD9Y5425 LZEMEID ID 0.80

A Dist EUR Hedged IE00BYZW6V13 LZEMHDE ID 0.80

A Dist GBP IE00BYZJR313 N/A 0.80

K Acc EUR IE00BYZ9ZY88 LZEMIAK ID 0.38

K Acc GBP IE00BDD1PH23 LESGIAK ID 0.38

K Dist EUR IE00BYZ9ZZ95 LZEMIDK ID 0.38

Emerging Markets Debt BlendInception 1 November 2010

A Acc CHF Hedged IE00BQR9ZD94 LZEMBCH ID 0.80

A Acc EUR Hedged IE00B423BD43 LEMBEIA ID 0.80

A Acc GBP IE00BCBJGK19 LEMBSTA ID 0.80

A Acc GBP Hedged IE00B4QGK986 LEMBGIA ID 0.80

A Acc USD IE00B4NF7429 LEMBUIA ID 0.80

A Dist CHF Hedged IE00BQR9ZF19 LZEMCHI ID 0.80

A Dist EUR Hedged IE00BQR9ZG26 LEMEHID ID 0.80

A Dist GBP IE00BCBJGL26 LEMBSTI ID 0.80

A Dist GBP Hedged IE00B513RD46 LEMBGID ID 0.80

A Dist USD IE00B4VPLY21 LEMBUID ID 0.80

B Acc CHF Hedged IE00BF7TX058 N/A 1.50

B Acc EUR Hedged IE00BF2X9J35 LEMBAEH ID 1.50

B Acc USD IE00BDJ0BS65 LAZEMBA ID 1.50

B Dist CHF Hedged IE00BF7TWX19 N/A 1.50

BP Acc EUR Hedged IE00BF7TWY26 N/A 1.75

BP Acc USD IE00BF7TWL96 N/A 1.75

BP Dist EUR Hedged IE00BF7TWZ33 N/A 1.75

K Acc EUR IE00BJ8RGY11 LZEMBKA ID 0.40

K Dist EUR IE00BR17KG41 LZEMKEI ID 0.40

Q Dist USD IE00BVFNK003 LZEMUQD ID 0.80

Emerging Markets Total Return Debt*Inception 1 November 2010

A Acc CHF Hedged IE00BJ8RGW96 LZEMCHA ID 0.75

A Acc EUR Hedged IE00B417CY52 LZEMTEH ID 0.75

A Acc GBP Hedged IE00B40NP344 LZTSHIA ID 0.75

A Acc JPY Hedged IE00B4P2RB87 LZEMYHI ID 0.75

A Acc USD IE00B4PRR915 LZEMTIA ID 0.75

A Dist CHF Hedged IE00BRJL3693 LTRCHID ID 0.75

A Dist EUR Hedged IE00B4PHC298 LZEMLHI ID 0.75

A Dist GBP Hedged IE00B3ZNXZ09 N/A 0.75

A Dist JPY Hedged IE00B4V4Q113 N/A 0.75

A Dist USD IE00B4K74519 LZEMTID ID 0.75

B Acc CHF Hedged IE00BRJL3701 LEMCHRA ID 1.25

B Acc EUR Hedged IE00B42H2Q61 LZEMHRA ID 1.25

B Acc GBP Hedged IE00B45W5W54 LZEMBHA ID 1.25

B Acc USD IE00B42CK898 LZEMURA ID 1.25

B Dist CHF Hedged IE00BRJL3818 LEMCHRD ID 1.25

B Dist EUR Hedged IE00B4086476 LZEEHRD ID 1.25

B Dist GBP Hedged IE00B4KK3Z39 N/A 1.25

B Dist USD IE00B3ZTQK41 LZEMURD ID 1.25

BP Acc EUR Hedged IE00BF33KZ59 LEBPAEH ID 1.50

BP Acc USD IE00BF33L070 N/A 1.50

C Acc EUR Hedged IE00BD1K6J05 LEMCAEH ID 0.70

C Acc USD IE00BF7M1S83 LEMTCAU ID 0.70







D Acc EUR Hedged IE00B4M4VK44 LZEMBAE ID 1.75

D Acc USD IE00B6TC8Q04 LZEMBAU ID 1.75

D Dist EUR Hedged IE00B4P2Z363 LZEMBDE ID 1.75

D Dist USD IE00B7D1NZ42 LZEMBIU ID 1.75

European High YieldNot yet seeded

EA Acc EUR IE00BYVZTF94 N/A 0.35EA Dist EUR IE00BYVZTG02 N/A 0.35

Global Fixed IncomeInception 20 November 2001

A Acc EUR IE00BGRDW070 N/A 0.75

A Acc EUR Hedged IE00B80Q1D35 LZGFIEH ID 0.75

A Acc USD IE00B405ZR41 LGHQIUA ID 0.75

A Dist USD IE00B3XNPG79 LGHQIUD ID 0.75

B Dist USD IE0030989507 LGAGHQR ID 1.00

BP Acc USD IE00BF5GKH44 LGFBPAU 1.50

BP Dist USD IE00BF5L2R30 LGFBPDU ID 1.50

Sterling High Quality BondInception 11 July 1996

A Dist GBP IE00B04NK044 LGASGHI ID 0.30

B Dist GBP IE0030989614 LGASGHR ID 1.00

European Alternative*Inception 1 October 2015

AP Acc EUR IE00BYQCRW81 LZEAEIA ID 1.25

AP Acc GBP Hedged IE00BD2N6H66 LZGBIAL ID 1.25

AP Acc USD Hedged IE00BDD0N532 LZUHIAL ID 1.25

AP Dist EUR IE00BYZ5DH55 LZEAEID ID 1.25

B Acc EUR IE00BD5VYW86 LEARERA ID 1.75

B Acc GBP IE00BD5VYX93 (none) 1.75

B Acc USD IE00BD5VYY01 (none) 1.75

B Dist EUR IE00BD5VYZ18 LAEABDE ID 1.75

BP Acc EUR IE00BYQCRX98 LZEAERA ID 2.50

BP Dist EUR IE00BYZ5DJ79 LZEAERD ID 2.50

C Acc CHF Hedged IE00BYQCRV74 LZEACIA ID 1.00

C Acc EUR IE00BYP5TS89 LEAREIA ID 1.00

C Acc GBP IE00BYQCRZ13 LZEAGIA ID 1.00

C Acc GBP Hedged IE00BYQCRY06 LZEGHIA ID 1.00

C Acc USD IE00BYP5XK81 LEARUIA ID 1.00

C Acc USD Hedged IE00BYP5WD40 LEARUHA ID 1.00

C Dist EUR IE00BYP5TH74 LEAREID ID 1.00

C Dist GBP IE00BYQCS141 LZEAGID ID 1.00

C Dist GBP Hedged IE00BYQCS034 LZEGHID ID 1.00

C Dist USD IE00BYP5Y273 LEARUID ID 1.00

C Dist USD Hedged IE00BYP5WS92 LEARUHD ID 1.00

EA Acc CHF Hedged IE00BYP5SX67 LEARCEA ID 0.75

EA Acc EUR IE00BYP5V048 LEAREEA ID 0.75

EA Acc GBP IE00BYP5VX70 LEAGAEA ID 0.75

EA Acc GBP Hedged IE00BYP5V261 LEARGEA ID 0.75

EA Acc USD IE00BYP5Y497 LEAUAEA ID 0.75

EA Acc USD Hedged IE00BYP5WX46 LEARUEA ID 0.75

EA Dist CHF Hedged IE00BYP5T554 LEARDEA ID 0.75

EA Dist EUR IE00BYP5TZ56 LEAEDEA ID 0.75

EA Dist GBP IE00BYP5W459 LEAGIEA ID 0.75






EA Dist GBP Hedged IE00BYP5VM65 LEAGDEA ID 0.75

EA Dist USD IE00BYP5Y505 LEAUIEA ID 0.75

EA Dist USD Hedged IE00BYP5X085 LEAUDEA ID 0.75

Rathmore AlternativeInception 1 May 2018

A Acc CHF Hedged IE00BG1V1550 LAZAACH ID 1.50


A Acc EUR Hedged IE00BG1V1C27 LAZAAEH ID 1.50

A Acc GBP Hedged IE00BG1V1B10 LAZAAGH ID 1.50

A Acc USD IE00BG1V1444 LAZAAUH ID 1.50

BP Acc EUR Hedged IE00BFZ4RX34 LAZRBPE ID 1.50

BP Acc USD IE00BFZ4RZ57 LAZRBPU ID 1.50

C Acc EUR Hedged IE00BFZ4RW27 LAZRCEH ID 1.50

C Acc GBP Hedged IE00BGHHDH35 N/A 1.50

C Acc USD IE00BFZ4RY41 LAZRCAU ID 1.50

EA Acc CHF Hedged IE00BG1V1774 LAZEACH ID 0.75

EA Acc EUR Hedged IE00BG1V1998 LAZEAEH ID 0.75

EA Acc GBP Hedged IE00BG1V1881 N/A 0.75

EA Acc USD IE00BG1V1667 LAZREAU ID 0.75

EA Dist CHF Hedged IE00BF4J6Y34 N/A 0.75

EA Dist EUR Hedged IE00BD9MNP36 LAZEADE ID 0.75

EA Dist GBP Hedged IE00BD9MNR59 LAZEAGH ID 0.75

EA Dist USD IE00BD9MNQ43 LAZEADU ID 0.75

CommoditiesInception 22 July 2018


A Acc EUR Hedged IE00BF5G7L72 COMDOAE ID 0.80

A Acc GBP Hedged IE00BF5G7M89 COMDOAG ID 0.80

A Acc USD IE00BF5G7K65 COMDOAA ID 0.80

A Dist USD IE00BD5JMS41 COMDOAU ID 0.80

BP Acc USD IE00BF0XJF19 COMDOBA ID 1.75

BP Dist USD IE00BF0XJG26 COMDOBU ID 1.75

C Acc GBP IE00BFMSKJ50 COMDOCB ID 0.75

C Acc GBP Hedged IE00BG0CVB51 COMDOCH ID 0.75

C Acc USD IE00BFMSKK65 COMDOCA ID 0.75

C Dist GBP IE00BFMSKL72 COMDOCG ID 0.75

C Dist USD IE00BFMSKM89 COMDOCU ID 0.75

EA Acc EUR Hedged IE00BDD86F84 COMDOEA ID 0.35

EA Acc GBP IE00BFMSKN96 COMDOEB ID 0.35

EA Acc USD IE00BFMSKP11 COMDOES ID 0.35

EA Dist EUR IE00BD6HM217 COMDOAZ ID 0.35

EA Dist GBP IE00BFMSKQ28 COMDOEG ID 0.35

EA Dist USD IE00BFMSKR35 COMDOEU ID 0.35

F Acc GBP IE00BFZNWL37 COMDOFA ID 1.00

F Acc GBP Hedged IE00BFZNWK20 COMDOFC ID 1.00

F Dist GBP IE00BFZNWH90 COMDOFG ID 1.00

F Dist GBP Hedged IE00BFZNWJ15 COMDOFH ID 1.00


Lazard Insights Series

The Lazard Insights is an ongoing series, discussing timely issues in today’s market. They are not specific to any Lazard product or service; rather, they are designed to share value-added insights from Lazard’s thought leaders around the world.

Presentations and corresponding papers available at www.lazardassetmanagement.com/insights

Outlooks & Commentaries

Outlooks provide a forward- looking view, over the short, medium, and/or long term, of asset classes, sectors, regions, or countries from the view of our portfolio managers. Commentaries and Letters from the Manager discuss a strategy-specific performance review and/or thoughts on a sector or region.

Literature & Research

Academic in nature, our Investment Research showcases the work of Lazard’s thought leaders from around the world.

The Investment Focus series highlights specific investment strategies or asset classes, exploring in detail the opportunities and risks presented to investors.

If you would like to explore the latest insights from Lazard’s thought leaders around the world, we encourage you to visit www.lazardassetmanagement.com, where you can find the above resources and more.

MF24763

Important InformationPublished on 22 October 2015. Updated and Republished on 8 April 2019All sources are Lazard Asset Management unless otherwise noted.“FTSE” is a trademark of the London Stock Exchange Plc and The Financial Times Limited and is used by FTSE International Limited (“FTSE”) under licence. Lazard Asset Management Limited is licensed by FTSE to redistribute the FTSE World-Europe ex UK Index and FTSE All-Share Index. All rights in and to the FTSE World-Europe ex UK Index and FTSE All-Share Index vest in FTSE and/or its licensors. All information is provided for reference only. Neither FTSE nor its licensors shall be responsible for any error or omission in the FTSE World-Europe ex UK Index and FTSE All-Share Index.Certain information included herein is derived by Lazard in part from an MSCI index or indices (the “Index Data”). 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The value of investments and the income from them can fall as well as rise and you may not get back the amount you invested. Fluctuations in the rate of exchange between the Fund’s base currency, the currency of the Fund’s investments, your share class and the currency of the country in which you live may have the effect of causing the value of your investment to diminish or increase. There can be no assurance that the Fund’s objectives or performance target will be achieved. Any views expressed herein are subject to change. Certain securities and derivatives in Lazard’s investment strategies, and alternative strategies in particular, can include high degrees of risk and volatility, when compared to other securities or strategies. Similarly, certain securities in Lazard’s investment portfolios may trade in less liquid or efficient markets, which can affect investment performance.Lazard Global Active Funds plc is an open-ended investment company with variable capital structured as umbrella funds with segregated liability between sub-funds incorporated with limited liability and is authorised and regulated as UCITS by the Central Bank of Ireland. Lazard Global Active Funds are recognised by the Financial Conduct Authority under section 264 of the Financial Services & Markets Act 2000 (“FSMA”) and therefore regulates the marketing of the funds within the UK. The Central Bank of Ireland regulates all other aspects of the funds operations. There will be no right to cancel any agreement under the FCA cancellation rules. Compensation under the Financial Services Compensation Scheme will not be available. Copies of the full Prospectus, the relevant Key Investor Information Document(KIID) and the most recent Report and Accounts are available in English, and other languages where appropriate, on request from the address below or at www.lazardassetmanagement.co.uk. Investors and potential investors should read and note the risk warnings in the prospectus and relevant KIID. Lazard Global Investment Funds plc is an open-ended investment company with variable capital structured as umbrella funds with segregated liability between sub-funds incorporated with limited liability and is authorised and regulated as UCITS by the Central Bank of Ireland. Lazard Global Investment Funds PLC is rec-ognised by the Financial Conduct Authority under section 264 of the Financial Services & Markets Act 2000 (“FSMA”) and therefore regulates the marketing of the funds within the UK. The Central Bank of Ireland regulates all other aspects of the fund’s operations. 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This document is issued by Lazard Asset Management (Hong Kong) Limited (AQZ743), Unit 7, Level 20, One International Finance Centre, 1 Harbour View Street, Central, Hong Kong. Lazard Asset Management (Hong Kong) Limited is a corporation licensed by the Hong Kong Securities and Futures Commission to conduct Type 1 (dealing in securities) and Type 4 (advising on securities) regulated activities. This document is only provided for “professional investors” as defined under the Hong Kong Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) and its subsidiary legislation. None of the products listed in this document are authorized for sale in Hong Kong nor they are available for retail investors in Hong Kong. Any offering of interests in any of the products in this document will only be made to professional investors. This document is provided on a confidential basis solely for the information of those persons to whom it is given, and may not be redistributed or other-wise made available to any other person in whole or in part, without the prior written consent of Lazard Asset Management (Hong Kong) Limited. This presentation does not constitute an offer to sell and/or a solicitation of an offer to buy any securities/funds registered in Thailand. Neither Lazard Asset Management LLC nor any of its affiliates are a registered asset management company regulated by the Securities and Exchange Commission of Thailand (SEC) nor engaged in managing mutual funds or private funds in Thailand or securities brokerage, securities dealing, investment advisory services or securities under-writing. None of the funds referred to herein have been registered with or approved by the SEC or any other authority in Thailand. This presentation is not an advertisement and is not intended for public use or distribution. You are not authorised to give this presentation (whether in whole or part) to any other person. By using the information contained herein you are representing and warranting that you are an “institutional investor” under the Notification of the SEC Notification No. KorNor. 22/2544 as amended by the SEC Notification No. KorNor. 28/2552. Pursuant to Notification of the Securities and Exchange Commission No. KorNor. 22/2544 as amended by the Notification of the Securities and Exchange Commission No. KorNor. 13/2553 (re: Determination of Advising to the Public Which Is Not Deemed as Undertaking Securities Business in the Category of Investment Advisory Services (No.6)), the worst-case scenario in respect of an investment in the funds mentioned herein is the loss of all amounts invested.Issued by Lazard Asset Management (Singapore) Pte. Ltd., 1 Raffles Place, #15-02 One Raffles Place Tower 1, Singapore 048616. Company Registration Number 201135005W. This document is for “institutional investors” as defined under the Securities and Futures Act, Chapter 289 of Singapore only and may not be dis-tributed to any other person. This document does not constitute an offer or sale, solicitation or invitation for subscription or purchase, of interests or securities of any of the collective invest-ment schemes referred to herein.Issued and approved in the United Kingdom by Lazard Asset Management Limited, who are authorised and regulated by the Financial Conduct Authority, 50 Stratton Street, London W1J 8LL. Incorporated in England and Wales, registered number 525667.lazardassetmanagement.com

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