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Lazard Emerging Markets aims to achieve long term capital growth by investing in emerging market equities globally. It is managed by James Donald and the Lazard Emerging Markets team, led by Donald since 2001. This fund takes full advantage of the equity team’s experience, which has been managing this strategy for almost twenty years. The team uses a value approach, looking for companies whose growth potential is perceived to be mispriced by the market.
We respect the manager James Donald a lot. He is intelligent, experienced and supported by a stable team. He follows the structured process continuously, but the fund has been performing below the peer group median over all periods within the past three years. While the fund continues to be in the top quartile over 7 and 10 years, persistent deterioration in performance over the past few years is a cause for concern. Consequently, we have lowered the fund’s rating from four stars to a two-star hold. This expresses our concern but does not suggest investors sell the fund at this stage. We will continue to monitor and review the fund, which includes meeting the manager.
We have removed the fund from our top-rated list of funds.
The property market is illiquid and this can, in exceptional circumstances, lead to times in which clients are unable to dispose of part or all of their holding. Property valuations are made by independent agents but are ultimately subjective and a matter of judgement.
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