Lazard Developing Markets A

Exploiting equity investment opportunities in the developing economies

  • 153.41p
    Price (Inc)

    These are the shares in the fund that pay out an income to clients. The income is made up of the total dividends – the money a company can pay out to its investors – from the companies in the fund.

  • 160.65p
    Price (Acc)

    These are the shares in the fund that don’t pay out an income to clients. Any dividends – the money a company can pay out to its investors – are reinvested into companies in the fund. Despite no income, the shares should be worth more over time. Good incentive, eh?

  • 0.00%

    Initial charge

    Some funds charge you when you first invest, which is aptly known as the initial charge. They’re usually between 3-5% but at Bestinvest, we usually don’t charge you a penny!

  • 1.00%
    Annual management charge

    This is how much the fund management company charges to run the fund. It’s like paying a babysitter, dog sitter or house sitter (that makes well-informed, heavily researched changes to improve your baby/dog/house when needed).

  • 1.30%
    Ongoing charges

    This stands for Ongoing Charges Figure. It’s the cost of running a fund and includes admin fees, manager fees, administration costs, etc.

  • 0.40%
    Yield

    How much the fund is currently paying out in income to investors. It’s NOT to be confused with the overall growth of a fund – a very different thing indeed. It’s also NOT a guarantee of future pay-outs, just a snapshot. This is more what it’s not than what it is…

Prices as at 26 February 2021

Fund summary

Sector Global Emerging Markets
Structure OEIC
Launched September, 2010
Size £48m
Yield 0.40%
Charging basis Income
Dividends paid 30 May, 30 Nov

Charges

Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 1.00%
Ongoing charges figure 1.30%

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Investment process

The Lazard Developing Markets Fund aims to exploit compelling opportunities in undervalued emerging markets growth stocks. The investable universe includes all sufficiently liquid securities, with market capitalisation over US$300 million that are typically domiciled in countries included in the MSCI Emerging Markets Index. Companies that have more than 50% of their net assets or sales from emerging markets countries may also be included.

Manager research

Average monthly relative returns

  • 16/17 0.61%
  • 17/18 -0.08%
  • 18/19 -0.40%
  • 19/20 0.50%
  • 20/21 -0.06%

Bestinvest MRI

  • 3 years 0.01%
  • 5 years 0.11%
  • Career -0.13%
  • 3 years 65.90%
  • 5 years 87.10%
  • Career 46.40%

Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Kevin O’Hare / Peter Gillespie

O’Hare, Director, Portfolio Manager / Analyst joined Lazard (New York) in 2001. Prior to this he worked at Merrill Lynch and Moore Capital Management. He focusses on technology, healthcare, telecoms and consumer discretionary sectors. O’Hare has an MBA in Finance from St. John’s University, a BS in Finance from King’s College and is a CFA charter holder. Gillespie, Director, Portfolio Manager / Analyst joined Lazard (New York) in 2007. Prior to this he worked at Newgate Capital, GE Asset Management, Sintra Capital Corp, and Asia Securities (Taiwan). He focusses on industrials, materials and consumer staples. Gillespie has BA in East Asian studies from Brown University and is a CFA charter holder.

Track record

Kevin O’hare / Peter Gillespie has 10.3 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been -0.13%. During the worst period of relative performance (from November 2010 - February 2015) there was a decline of 28% relative to the index. The worst absolute loss has been 38%.

Periods of worst performance

Absolute -38.00% (December 2010 - September 2015)
Relative -28.00% (November 2010 - February 2015)

About the MRI

Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.

Allocation

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Top 10 holdings

Data accurate as at 31 July 2020

7.7% Tencent Hldgs Limited
6.9% Alibaba Group Hldg Ltd
5.3% Samsung Electronics Co
3% Taiwan Semiconductor Manufacturing
2.2% Netease Inc
2.1% Wuliangye Yibin Co Ltd
2% Mail.ru Group Ltd
2% Wonik Hldgs Co Ltd
2% Ping An Insurance(Gr)Co Of China
1.9% Yandex Nv
Source: Trustnet

Sector breakdown

Information Technology 22.00%
Communications 17.00%
Financials 16.00%
Consumer Discretionary 16.00%
Industrials 10.00%
Materials 5.00%
Energy 5.00%
Money Market 3.00%
Consumer Staples 2.00%
Utilities 2.00%

Key Investor Information - Income

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Key Investor Information - Accumulation

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