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Performance

As at 30/11/08

Fund Information
 
Objective‡  
To achieve long-term capital growth by investing in companies located in, or doing significant business in, emerging market countries.
 
Benchmark  
MSCI Emerging Markets Index
 
Fund Managers  
James Donald and team
 
Sedol Code  
0846958 (Retail)
0846710 (Institutional)
 
Launch Date  
26 May 1997
 
Fund Size  
£248.32m
 
Retail Share Class (£2,000 min)  
NAV 119.6p
Current Yield 2.06%
Initial Charge 3.75%
Annual Management Charge 1.50%
 
Institutional Share Class (£200,000 min)  
NAV 119.0p
Current Yield 2.72%
Initial Charge Nil
Annual Management Charge 1.00%
 
Income Distribution Dates  
31 May, 30 November

† With effect from 1 October 2006
 
 
Technical Statistics*
 
Alpha (% p.a.)1.83

“Alpha” represents the return of a portfolio that is attributable to the manager’s investment decisions.

Beta0.93

“Beta” measures a fund’s sensitivity to movements in the overall market.

Tracking Error (% p.a.)6.91

“Tracking error” measures the volatility of the difference between a portfolio’s performance and the benchmark.

Information Ratio0.27

“Information ratio” represents the value added of the manager (excess return) divided by the tracking error.

Sharpe Ratio-0.22

“Sharpe ratio” measures return in excess of the risk free rate for every unit of risk taken.

*Technical Statistics calculated three years to 30/11/08. Tracking error shown is calculated using
NAV data priced at midday and Index data priced at the close of day.

Past performance should not be taken as guide to future returns.

Source: Lazard Asset Management Ltd and Lipper Hindsight. Portfolio information as at 30/11/08.

This is a financial promotion and is not intended to constitute investment advice.

The Lazard Emerging Markets Fund is a sub-fund of Lazard Investment Funds, a UK-authorised Open Ended Investment Company (“OEIC”) and UCITS.

Investors are reminded that the value of shares and the income from them can fall as well as rise due to stock market and currency movements. When you sell your investment you may get back less than you originally invested. Fluctuations in the rate of exchange between the currency in which shares are denominated and currency of investment may have the effect of causing the value of investment to diminish or increase.

Investments in emerging markets carry an above-average degree of risk due to the undeveloped nature of the securities markets in those countries. Investors should consider carefully whether or not investment in emerging markets stocks is suitable for them and, if so, how substantial a part of their portfolio such investments should be.

The information provided should not be considered as a recommendation or solicitation to purchase, sell or hold these securities. It should also not be assumed that any investment in these securities was or will be, profitable.

The Authorised Corporate Director of the fund is Lazard Fund Managers Limited, which is authorised and regulated by the Financial Services Authority (“FSA”) and is a member of IMA.

This financial promotion is issued and approved by Lazard Asset Management Limited, 50 Stratton Street, London W1J 8LL.

Lazard Asset Management Limited is incorporated in England and Wales with registered number 525667. It is authorised and regulated by the Financial Services Authority.

 
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