Lazard Real Assets Open Shares
RALOX
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- Lazard Real Assets Portfolio Open Shares (RALOX) is an open-end mutual fund managed by Lazard Asset Management LLC that seeks long-term capital appreciation by investing at least 80% of its assets in real assets and pricing opportunities, including instruments providing exposure to such investments; real estate securities, such as equity REITs and real estate operating companies; utilities; infrastructure-related companies; commodities via exchange-traded funds like iShares Gold Trust and iShares Silver Trust; natural resources companies; and Treasury money market funds. The portfolio emphasizes sectors including real estate (approximately 31%), utilities (12%), industrials (6%), energy (5%), and basic materials, with geographic diversification across the United States (36% of assets), Eurozone, Canada, Japan, and the United Kingdom. Launched on January 9, 2017, the fund is domiciled in the United States, available primarily to U.S. investors, and managed by a team including Stephen Marra (since 2016), Kim Tilley (since 2020), Dan McGoey (since 2022), and David Alcaly (since 2024). Lazard Asset Management, part of Lazard Inc. founded in 1848 and headquartered in New York, oversees the fund with total net assets of approximately $5.34 million USD and a net expense ratio of 1.09%. Recent portfolio adjustments reflect ongoing active management, including increased allocations to commodities and real estate amid market shifts, with top holdings as of recent data comprising State Street Institutional Treasury Plus Money Market Fund (17-21%), iShares Gold Trust (3-4%), Prologis Inc., SBA Communications Corp., and American Tower Corp.; turnover stands at 31-182%. While the broader Lazard organization pursued strategic moves such as the May 2024 acquisition of Collective Energy GmbH by its Sustainable Private Infrastructure strategy and an April 2024 partnership with Elaia Partners for technology investments, no specific acquisitions, funding rounds, or major reorganizations directly impact RALOX in the last 1-2 years.