Lazard Emerging Markets Opportunities ETF
EMKT
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- Lazard Emerging Markets Opportunities ETF (EMKT) is an actively managed exchange-traded fund that seeks long-term capital appreciation by investing primarily in equity securities of companies located in emerging market countries, focusing on those demonstrating strong financial productivity through robust earnings, healthy cash flows, or compelling asset values; the fund employs an all-cap, style-flexible approach to identify high-quality companies with enduring competitive advantages, long-term growth potential, and attractive valuations relative to fundamentals, while selectively incorporating mispriced or tactical opportunities for balanced exposure. EMKT benchmarks against the MSCI Emerging Markets Index and maintains a portfolio of approximately 67-75 holdings, with top allocations to sectors including information technology (around 27%), financials (19%), and consumer discretionary (14%), and regional emphasis on South/East Asia (over 74%); key holdings feature leading firms such as Taiwan Semiconductor Manufacturing Company, Tencent Holdings, Alibaba Group, Samsung Electronics, and China Merchants Bank. The fund targets institutional and retail investors seeking exposure to structural growth drivers in emerging markets, including urbanization, rising middle-class consumption, demographic shifts, and policy reforms across countries like China, India, Taiwan, South Korea, Brazil, and others in Latin America, Europe/Middle East/Africa. Launched as an ETF on the New York Stock Exchange (NYSE Arca) on October 26, 2025, following a tax-free reorganization, EMKT traces its performance history to the predecessor Lazard Emerging Markets Core Equity Portfolio (an open-end mutual fund) with an inception date of October 31, 2013; Lazard Asset Management LLC, a subsidiary of Lazard, Inc. (NYSE: LAZ) and headquartered in New York, serves as investment adviser, leveraging over three decades of emerging markets expertise from a team including Managing Directors Rohit Chopra, James Donald, and Thomas Boyle. The fund carries a net expense ratio of 0.74% and, as of late 2025, manages approximately $122-124 million in assets with around 4.9 million shares outstanding. In a significant recent development announced on October 27, 2025, Lazard Asset Management successfully converted the Lazard Emerging Markets Core Equity Portfolio into the EMKT ETF structure, enhancing investor access to its high-conviction active emerging markets strategy through a more streamlined, exchange-traded vehicle amid favorable market conditions including compelling valuations (emerging markets equities at a 40% discount to U.S. equities) and accelerating economic growth in the sector. This conversion represents Lazard's strategic expansion into the active ETF market, building on its established mutual fund platform without noted partnerships, acquisitions, funding rounds, or other major operational shifts in the prior 1-2 years. The move aligns with broader trends in active ETFs and positions EMKT to capitalize on emerging markets' projected outperformance driven by industrialization and global consumption shifts.