Lazard International Equity Select Open Shs
LZESX
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- Lazard International Equity Select Portfolio Open Shares (LZESX) is an open-end mutual fund managed by Lazard Asset Management LLC that seeks long-term capital appreciation by investing primarily in equity securities, including common stocks and American and Global Depositary Receipts, of relatively large non-U.S. companies with market capitalizations generally within the range of the MSCI All Country World Index ex USA; the fund normally invests at least 80% of its assets in such equity securities of companies located in developed markets such as Europe, Japan and the United Kingdom, as well as select emerging markets in Asia and elsewhere, with a portfolio emphasis on large-cap growth and blend styles across sectors including financial services, industrials, technology, consumer cyclical and communication services. The fund offers daily liquidity and is available to U.S. investors through platforms with a minimum initial investment of $2,500 USD, total net assets of approximately $55.22 million USD and a net expense ratio of 1.15%, with no front-end or deferred loads. Launched on May 31, 2001 and domiciled in the United States, LZESX is part of Lazard Asset Management's international equity offerings. Lazard Asset Management LLC, the fund's investment manager and a division of Lazard Inc., was established in 1970 with headquarters in New York, and operates globally with offices across North America, Europe, Asia and Australia, tracing its roots to the Lazard Frères banking firm founded in 1848 in Paris. The portfolio is managed by a team including Michael G. Fry (since 2010), Michael Bennett and Michael Powers (since 2003), James Donald (since 2010), Giles Edwards (since 2019) and Paul Selvey-Clinton (since 2022). In recent developments, Lazard Asset Management formed a strategic partnership with Elaia Partners in April 2024 to launch Lazard Elaia Capital, a Paris-based platform for European technology and deep tech investments from seed to public markets, with Lazard acquiring a minority stake in Elaia and planning an initial fund launch in 2025 pending regulatory approval. This alliance expands Lazard's private market capabilities beyond traditional public equity strategies like LZESX. No fund-specific acquisitions, launches or reorganizations for LZESX have been reported in the last 1-2 years, though the broader firm continues active portfolio management amid market cycles, as evidenced by Q4 2024 performance commentary.