Investment Research

Academic in nature, our Investment Research showcases the work of Lazard’s thought leaders from around the world.

Investment Research - Six Sins of Smart Beta

Could smart-beta strategies become victims of their own success? (October 2017)

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The Case for Growth

We have long contended that growth is a quality that investors will seek at points in the economic cycle. Incorporating a growth factor in a quantitative process will provide the opportunity to realize a positive return in such periods and will provide a more consistent and diversified pattern of return. Yet developing consistent and effective models for growth has long been a challenge for quantitative investors. This Investment Research paper examines the research project undertaken by the Lazard Quantitative Equity Team with inputs from Lazard’s fundamental analysts to unlock more consistent alpha by developing a superior growth model. (September 2017)

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Revisiting the Drivers of US Consumer Price Inflation

In recent months, both headline and core measures of US consumer price inflation have decelerated. In part, this has reflected transitory effects unrepresented of underlying pricing pressure. In this update, we review trends in inflation, take a bottom-up look at sources of recent weakness, revisit the ambiguities surrounding inflation, and outline key sources of cyclical pressures. (August 2017)

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Inflation: An Australian Equity Perspective

We are at a crossroads for inflation. The deflationary forces of debt overhang and demography are considerable. Yet, against that, we are in the midst of one of the greatest peacetime expansionary monetary policy experiments in history. In this environment, it is extremely challenging to make predictions about the timing of a return to inflation. Yet, we believe equity investors should consider inflation risk within an asset allocation framework. In this Investment Research, the Lazard Australian Equity Team looks at inflation and its implications for portfolio construction (August 2017)

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Data Privacy, Power, and Trust Emerging Risks for Internet Platforms

The data generated by individuals through their digital lives is today concentrated on the leading internet platforms. We believe the risks related to this concentration—and trust—are ESG issues that should be integrated into company analysis. (August 2017)

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