Lazard Equity Franchise Portfolio Open Shares
LZFOX
NASDAQ- -
USD
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- -
Capital Structure
FRC
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in mil. unless spec.Working Capital
FRC
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in mil. unless spec.Growth Rates
FRC
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in mil. unless spec.Quarterly Revenue
FRC
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.Quarterly Dividends Per Share
FRC
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management
- Address
- 30 Rockefeller Plaza New York NY United States of America 10112
- IPO Date
- Oct 5, 2017
- CIK
- 0000874964
- Website
- lazardassetmanagement.com
- Similar Companies
- Business
- Lazard Equity Franchise Portfolio Open Shares (LZFOX) is an open-end investment company that seeks long-term capital appreciation by investing primarily in equity securities, principally common stocks, of U.S. and non-U.S. companies, including those in emerging markets; it targets companies deemed to possess an "economic franchise," characterized by stable financial returns, strong earnings forecastability, and sustainable competitive advantages. The portfolio employs a value-oriented, mid-cap investment style within the Global Small/Mid Stock category, maintaining a concentrated holdings of 25 to 50 securities across sectors such as consumer cyclical, utilities, technology, consumer defensive, and healthcare; top holdings as of the latest data include Brightstar Lottery PLC (7.31%), Omnicom Group Inc. (7.04%), Nexi SpA (6.29%), Edenred SE (5.09%), and FDJ United (4.95%), with asset allocation featuring 55.28% non-U.S. stocks, 39.86% U.S. stocks, and 4.86% cash. Geographic exposure spans the United States (39.86%), Eurozone (25.78%), United Kingdom (19.97%), Japan (5.28%), Middle East (2.84%), and other regions, serving U.S. investors with a minimum initial investment of $2,500 and an expense ratio of 1.20%. Launched on September 29, 2017, and domiciled in the United States, LZFOX is managed by Lazard Asset Management LLC, a division of Lazard headquartered in New York, with a team comprising John Mulquiney, Warryn Robertson, Bertrand Cliquet, and Matthew Landy, who have overseen the strategy since inception and also manage related offerings like the Lazard Global Listed Infrastructure Equity Portfolio. In recent developments, the portfolio underperformed the MSCI World Index in Q2 2025 amid market momentum favoring growth stocks, though it remained ahead year-to-date by over 500 basis points net of fees; Q1 2025 saw outperformance relative to the benchmark, reflecting resilience in its defensive, franchise-focused approach. The strategy continues to evolve positionally, with ongoing adjustments such as potential additions in undervalued names like European luxury brand Kering and sales of U.S. holdings like Cisco and Kraft Heinz to capitalize on re-ratings and new opportunities. Lazard Asset Management has pursued broader strategic expansions, including the 2023 acquisition of Truvvo Partners to form Lazard Family Office Partners, enhancing capabilities in wealth management and private markets, though this does not directly alter the LZFOX portfolio.