The World Trust Fund seeks to achieve capital appreciation through investments in undervalued assets with a tangible discount on a global basis. Historically the Fund has invested in country funds, closed end funds, investment trusts, holding companies and other similar investments that Lazard believes are undervalued and are trading at a tangible discount. Since 2001 and subsequent Board approval, the Fund has also hedged a portion of the underlying market exposure.
The Fund’s investment process begins with seeking and validating value, and ends with identifying catalysts for capturing that value, while closely monitoring and controlling risk. We seek to take advantage of two levels of discounts:
1. The underlying companies, sectors and countries we are invested in
2. The discount to net asset value on the entity that holds these securities.
The Investment Team actively seeks to eliminate or reduce these discounts by promoting corporate restructuring. The goal is to gain absolute and relative return from the investments.
The Fund seeks capital appreciation through investments in a global portfolio of undervalued securities trading at significant discounts to net asset values.
MSCI World Index (Net)