Lazard Asset Management Launches U.S. Convertibles Fund

Press releases — New York, Asset Management

January 12, 2023


NEW YORK, January 12, 2023 – Lazard Asset Management today announced the launch of the Lazard U.S. Convertibles Portfolio.


The Fund will primarily consist of U.S. convertible securities, with some exposure to equity as a result of bond conversions. Up to 20% of the portfolio can be invested in securities that are not required to be convertible securities, or economically tied to the U.S. The Fund is benchmarked against the ICE BofA All U.S. Convertibles Index (VXA0).

"Recently, there has been a significant evolution in the convertibles asset class and current structural dynamics suggest that investors should consider U.S. convertibles, especially given high volatility in markets and slowing economic growth," said Arnaud Brillois, Managing Director, Portfolio Manager/Analyst at Lazard Asset Management. "Over the past few years, there has been strong pressure on U.S. equities, particularly in growth-type sectors. With valuations having meaningfully cheapened but uncertainty still quite high, U.S. convertibles offer the potential to participate in rebounds in the equity market, with defense to the downside, thanks to their bond component.”

The Fund will be managed by the same team of portfolio managers and analysts that run $6.5 billion* in assets across Lazard's Global Convertibles Strategies. The investment team employs a fundamental, bottom-up approach that uses rigorous qualitative and quantitative analysis to drive security selection, complemented by a top-down process that guides tactical positioning.

The Fund is initially registered for sale in the U.S.

*As of September 30, 2022


About Lazard

Founded in 1848, Lazard is one of the world's preeminent financial advisory and asset management firms, with operations in North and South America, Europe, the Middle East, Asia, and Australia. Lazard provides advice on mergers and acquisitions, capital markets and capital solutions, restructuring and liability management, geopolitics, and other strategic matters, as well as asset management and investment solutions to institutions, corporations, governments, partnerships, family offices, and high net worth individuals. For more information, please visit www.lazard.com.

Media Contact

Zoe Butt

+44 7463 978 444

zoe.butt@lazard.com

MEDIA CONTACT

Judi Frost Mackey

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judi.mackey@lazard.com


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