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For Financial Advisor Use Only
Financial Advisors
Lazard's Financial Institutions Group focuses exclusively on
the needs of financial professionals. The key initiative for the Financial
Institutions Group is to partner with intermediaries - brokers, financial planners, and insurance representatives - and equip them with
unique investment solutions, quality marketing materials and timely information,
to best assist their sales efforts and fee-based consulting business.
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Does Style Matter in Emerging Markets?
The emerging market equity universe has become bigger, broader, and deeper. Over the last five years, clear style distinctions among investment managers have emerged; these style groups have generated differentiated patterns of performance—patterns that, in some cases, are negatively correlated. In our view, this differentiation presents an opportunity to blend style exposures, smooth portfolio volatility, achieve higher risk-adjusted returns, and better determine asset class entry and exit points. (April 2010)
Emerging Markets: Return Dispersion and Portfolio Concentration
In a one-stock universe, all managers are tied for best (and worst) and skill has no bearing on results: The selection of this universe above all others fully explains the outcome. The relevance of skill rises to prominence only when an investment universe features many dissimilar choices; this dispersion affords active selection more freedom with which to succeed or fail. This investment research paper focuses on measurement and analysis of dispersion in emerging markets, potential benefits of concentration, and implications for portfolio construction. (April 2010)
The Advantages of a Multi-strategy Approach in Emerging Markets
After almost 30 years of significant but non-uniform economic growth, the developing world has grown so disperse that the very term "Emerging Markets" has been criticized as being too broad and obsolete. In our view, it is precisely this heterogeneity that beckons a multi-strategy structure. We believe that a well-considered emerging markets strategy today needs to deploy different portfolio construction methods—indeed, different fields of human expertise—at different times to unlock the latent value in the markets. Bottom-up stock selection versus top-down macro, regional versus global, sovereign versus corporate, growth versus value, debt versus equity... increasingly, every choice changes the pattern of returns and risks an investor faces. A multi-strategy approach provides a two-layered solution: specialized portfolio managers selecting securities and building strategies, and a dedicated team allocating capital to them. (July 2010)
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