Lazard Emerging Markets Equity Portfolio
LZOEX
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- Lazard Emerging Markets Equity Portfolio (LZOEX) is an open-end mutual fund managed by Lazard Asset Management LLC that seeks long-term capital appreciation by investing primarily in equity securities, principally common stocks, of non-U.S. companies whose principal activities are located in emerging market countries; the portfolio emphasizes well-run, profitable companies that appear undervalued relative to their fundamental worth, employing a bottom-up research process with a focus on large-cap value stocks across sectors such as financial services, technology, consumer cyclical, communication services, and basic materials. The fund offers multiple share classes including Open Shares (LZOEX), Institutional Shares, and R6 Shares, with a net expense ratio of approximately 1.32% for Open Shares, total net assets of around $3.76 billion, and a minimum initial investment of $2,500; it maintains a low turnover rate of 25-26% and high active share of over 80%, with top holdings typically including companies like Taiwan Semiconductor Manufacturing Co Ltd, China Construction Bank Corp, BB Seguridade Participacoes SA, SK Hynix Inc, and NetEase Inc, representing about 13-25% of assets in the top 10 positions. Geographic exposure spans emerging Asia, developed Asia, Latin America, Africa, and emerging Europe, with cash holdings around 3-4%. Lazard Asset Management LLC, the fund's investment manager and a division of Lazard Ltd (NYSE: LAZ), was established as part of the firm founded in 1848 and headquartered at 30 Rockefeller Plaza in New York, with global operations across North America, Europe, Asia, Australia, and other regions; the firm oversees approximately $226-268 billion in assets under management, including equity, fixed income, and alternative strategies for institutional, corporate, and high-net-worth clients. Recent developments include Lazard Ltd's conversion of its related Lazard Emerging Markets Core Equity Portfolio into the actively managed ETF Lazard Emerging Markets Opportunities Fund (NYSE: EMKT) on October 27, 2025, expanding access to emerging markets strategies; in April 2024, Lazard formed a strategic partnership with Elaia Partners to launch Lazard Elaia Capital, a Paris-based platform for technology and deep tech investments in Europe, with Lazard acquiring a minority stake and an option for full ownership; additionally, in October 2025, Lazard entered a cooperation and sourcing agreement with Arini for EMEA private credit solutions to enhance debt advisory and capital access for clients. The fund itself continues to deliver strong performance, with year-to-date returns around 20-23% as of late 2025, supported by market appreciation amid ongoing net inflows and outflows in Lazard's broader asset management business. Portfolio managers include James Donald (since 2001), Rohit Chopra (since 2007), Monika Shrestha (since 2014), and Ganesh Ramachandran (since 2020).