Morningstar Fund Report | 05/04/2025

Lazard Emerging Markets Eq A Dist EUR

Performance History	31/03/2025

Growth of 1,000 (EUR)

	Fund	12.5	-11.3	18.8	15.1	1.8
	+/-Cat	7.4	5.5	12.2	1.8	3.6
	+/-Idx	6.8	1.5	12.3	0.8	3.8


Category: Global Emerging Markets Equity
Benchmarks: Morningstar EM TME NR USD

Key Stats
NAV 04/04/2025		EUR 118.10
Day Change		-3.62%
Morningstar Category™		Global Emerging Markets Equity
ISIN		IE00B77H9381
Fund Size (Mil) 04/04/2025		USD 223.24
Share Class Size (Mil) 04/04/2025		EUR 0.19
Max Initial Charge		3.00%
Ongoing Charge 20/03/2025		1.07%

Morningstar Research

Analyst Report	11/12/2024 Chris Tate, Senior Analyst Morningstar, Inc
The unwavering commitment this resolute team has shown to Lazard Emerging Markets’ relative value approach keeps its Morningstar Analyst Rating of Bronze for the clean share class. Other share classes range from Silver to Neutral, depending on...
Click here to read this analyst report

Morningstar Pillars
People	24
Parent	24
Process	24
Performance
Price

Investment Objective: Lazard Emerging Markets Eq A Dist EUR

The investment objective of the Fund is to achieve long-term capital appreciation through investment in a diversified portfolio of global equities with an emerging markets bias quoted or traded on the Regulated Markets for the Fund. The Fund aims to outperform the MSCI Emerging Markets Index with lower than index levels of volatility. The Fund typically invests in equity securities of companies located in countries included in the MSCI Emerging Markets Index with over $300 million in market cap, and which are of sufficient liquidity, though we generally focus on those names greater than $3 billion. Companies not domiciled in the emerging markets but that derive more than 50% of their net assets and/or sales from emerging-market countries are also included in our initial universe.

Returns

Trailing Returns (EUR)	04/04/2025
YTD	-5.20
3 Years Annualised	4.55
5 Years Annualised	10.92
10 Years Annualised	3.10

12 Month Yield		3.26
Dividend Paying Frequency		Half-yearly

Management

Manager Name Start Date
James Donald 23/03/2007
Monika Shrestha 23/03/2007
Click here to see others
Inception Date 02/03/2012

Benchmarks

Fund Benchmark	Morningstar Benchmark
MSCI EM NR USD	Morningstar EM TME NR USD

Portfolio Profile for Lazard Emerging Markets Eq A Dist EUR	28/02/2025

Morningstar Style Box®

Equity Style

Asset Allocation

	% Long	% Short	% Net Assets
Stocks	97.59	0.00	97.59
Bonds	0.00	0.00	0.00
Cash	2.41	0.00	2.41
Other	0.00	0.00	0.00

Top 5 Regions	%
Asia - Emerging	39.70
Asia - Developed	23.75
Latin America	18.51
Africa	8.73
Europe - Emerging	3.96

Top 5 Sectors		%
	Financial Services	28.50
	Technology	17.93
	Consumer Cyclical	13.29
	Communication Services	10.24
	Consumer Defensive	6.88

Top 5 Holdings	Sector	%
Taiwan Semiconductor Manufacturi...	Technology	4.20
China Construction Bank Corp Cla...	Financial Services	3.44
Alibaba Group Holding Ltd ADR	Consumer Cyclical	2.46
SK Hynix Inc	Technology	2.29
NetEase Inc ADR	Communication Services	2.16

Increase Decrease New since last portfolio
Lazard Emerging Markets Eq A Dist EUR

Growth Of 1000 (EUR)

31/03/2025

	Fund: Lazard Emerging Markets Eq A Dist EUR
	Category: Global Emerging Markets Equity
	Category Index: Morningstar EM TME NR USD

Annual Returns (EUR)						31/03/2025
	2018	2019	2020	2021	2022	2023	2024	31/03
Total Return	-13.79	19.61	-8.56	12.50	-11.25	18.76	15.08	1.76
+/- Category	-1.54	-1.43	-16.53	7.44	5.53	12.16	1.78	3.63
+/- Category Index	-5.31	-1.53	-16.38	6.81	1.53	12.30	0.83	3.83
% Rank in Category	71	65	97	13	14	3	32	6

Trailing Returns (EUR)			04/04/2025
	Total Returns	+/- Category	+/- Category Index
1 Day	-3.62	-1.55	-3.60
1 Week	-7.33	-1.05	-3.23
1 Month	-7.25	-0.93	-3.03
3 Months	-5.89	1.60	-0.80
6 Months	-9.98	-0.64	-2.30
YTD	-5.20	1.72	-0.51
1 Year	4.20	4.41	0.17
3 Years Annualised	4.55	5.23	3.85
5 Years Annualised	10.92	3.80	2.49
10 Years Annualised	3.10	0.54	-0.67

Category: Global Emerging Markets Equity
Category Index: Morningstar EM TME NR USD

Quarterly Returns (EUR)				31/03/2025
	Quarter 1	Quarter 2	Quarter 3	Quarter 4
2025	1.76	-	-	-
2024	5.01	6.80	4.26	-1.58
2023	6.63	4.77	1.38	4.86
2022	-2.35	-7.06	-5.11	3.06
2021	9.01	3.90	-2.03	1.39
2020	-29.30	10.48	-1.71	19.10

Morningstar Rating™(Relative to Category)

28/02/2025

	Morningstar Return	Morningstar Risk	Morningstar Rating™
3-Year	High	Average
5-Year	Above Average	Above Average
10-Year	Above Average	Above Average
Overall	Above Average	Above Average

Click here to see our Methodology

Volatility Measurements

31/03/2025


3-Yr Std Dev	12.47 %
3-Yr Mean Return	8.94 %


3-Yr Sharpe Ratio	0.49

Modern Portfolio Statistics	31/03/2025	31/03/2025
	Standard Index	Best Fit Index
	Morningstar EM TME NR USD	Cat 50%JPM EMBI Plus TR&50%MSCI EM NR
3-Yr Beta	0.94	1.14
3-Yr Alpha	5.22	5.16

Investment Style Details

28/02/2025

Morningstar Style Box®

Equity Style

Size		Rel to Cat
Average Mkt Cap (Mil)	USD 22907	-


Market Capitalisation	% of Equity
Giant	39.58
Large	40.21
Medium	19.52
Small	0.69
Micro	0.00

Valuations and Growth Rates	Equity Portfolio	Relative to Category
Price/Prospective Earnings	8.64	0.73
Price/Book	1.28	0.78
Price/Sales	0.86	0.57
Price/Cash Flow	4.45	0.69
Dividend-Yield Factor	4.98	1.56

Long-Term Projected Earnings Growth	7.99	0.76
Historical Earnings Growth	7.06	1.27
Sales Growth	4.32	0.94
Cash-Flow Growth	6.19	1.32
Book-Value Growth	7.33	0.84

Asset Allocation

28/02/2025

	% Long	% Short	% Net Assets
Stocks	97.59	0.00	97.59
Bonds	0.00	0.00	0.00
Cash	2.41	0.00	2.41
Other	0.00	0.00	0.00

World Regions

28/02/2025

	% of Equity	Relative to Category
United States	0.82	0.97
Canada	0.00	0.00
Latin America	18.51	2.02
United Kingdom	1.42	4.68
Eurozone	3.12	2.43
Europe - ex Euro	0.00	0.00
Europe - Emerging	3.96	1.79
Africa	8.73	2.53
Middle East	0.00	0.00
Japan	0.00	0.00
Australasia	0.00	-
Asia - Developed	23.75	0.82
Asia - Emerging	39.70	0.81

Sector Weightings

28/02/2025

	% of Equity	Relative to Category
Basic Materials	5.87	1.36
Consumer Cyclical	13.29	0.90
Financial Services	28.50	1.18
Consumer Defensive	6.88	1.45
Healthcare	4.54	1.30
Utilities	2.71	1.50
Communication Services	10.24	0.99
Energy	5.42	1.73
Industrials	4.60	0.70
Technology	17.93	0.72

Top 10 Holdings

28/02/2025

	Portfolio
Total Number of Equity Holdings	79
Total Number of Bond Holdings	0
Assets in Top 10 Holdings	24.96

Name	Sector	Country	% of Assets
Taiwan Semiconductor Manufacturing Co...		Taiwan	4.20
China Construction Bank Corp Class H		China	3.44
Alibaba Group Holding Ltd ADR		China	2.46
SK Hynix Inc		Korea, Republic Of	2.29
NetEase Inc ADR		China	2.16
BB Seguridade Participacoes SA		Brazil	2.16
ASE Technology Holding Co Ltd		Taiwan	2.15
MediaTek Inc		Taiwan	2.13
OTP Bank PLC		Hungary	2.01
Indus Towers Ltd Ordinary Shares		India	1.96

Increase Decrease New since last portfolio
Category: Global Emerging Markets Equity

Management

Name of Company	Lazard Fund Managers (Ireland) Ltd
Phone	+44 (0)353 534 9888
Website	www.lazardnet.com
Address	IDA Business Park
	- -
	Ireland

Domicile	Ireland
Legal Structure	Open Ended Investment Company
UCITS	Yes
Inception Date	02/03/2012

Fund Advisor(s)
Lazard Asset Management LLC

Fund Manager	James Donald
Manager Start Date	23/03/2007
Career Start Year	1983

Education

1993, University of Western Ontario, B.A.



Biography
James Donald is a Managing Director and Head of Emerging Markets and Portfolio Manager/Analyst on the Emerging Markets Equity team. He is also a member of the International Equity Select with Emerging Markets team. Since joining Lazard in 1996, James has been instrumental in developing and coordinating the emerging markets activities at Lazard. He began working in the investment field in 1983. Prior to joining Lazard, James was a Portfolio Manager with Mercury Asset Management. He has a BA (Hons) in history from the University of Western Ontario. James is a CFA® charterholder.

Fund Manager	Monika Shrestha
Manager Start Date	23/03/2007
Career Start Year	1997

Education

University of Pennsylvania, B.S.

Harvard University, M.B.A.



Biography
Monika Shrestha is a Portfolio Manager/Analyst on the Emerging Markets Equity team, responsible for research coverage of companies in the financials sector. She began working in the investment field in 1997. Prior to joining Lazard in 2003, Monika was a principal at Waterview Advisors and a Corporate Finance Analyst with Salomon Smith Barney. She has an MBA from Harvard Business School, a BSE in Computer Science and Engineering and a BS in Economics (with a concentration in Finance) from the University of Pennsylvania.

Fund Manager	Rohit Chopra
Manager Start Date	23/03/2007
Career Start Year	1996

Education

1999, New York University (Stern), B.S.



Biography
Rohit Chopra is a Portfolio Manager/Analyst on the Emerging Markets Equity team, focusing on consumer and telecommunications research and analysis. He began working in the investment field in 1996. Prior to joining the Firm in 1999, Rohit was with Financial Resources Group, Deutsche Bank and Morgan Stanley. He has a BS in Finance and Information Systems from New York University and also studied at the London School of Economics and Political Science. Rohit has been accepted as a Young Global Leader (YGL) in 2016 by the World Economic Forum, which engages the top political, business.

Fund Manager	Ganesh Ramachandran
Manager Start Date	01/07/2020
Career Start Year	1997

Education

University of Rochester, M.B.A.

Indian Institute of Technology, B.S.



Biography
Ganesh Ramachandran is a Managing Director and Portfolio Manager/Analyst specializing in emerging markets currency and debt. Ganesh has been a member of the Emerging Income management team since early 2001. He began working in the investment field in 1997 when he joined the Firm. Ganesh has his MBA from the University of Rochester, Simon School of Business and a BS in Chemical Engineering from the Indian Institute of Technology at Madras.

Fees and Expenses

Sales Charges (Maximum)
Max Initial Charge	3.00%
Deferred Load	n/a
Switching Fee	-

Annual Charges
Annual Management Charge	1.00%
Ongoing Charge	1.07%

Purchase Details

Minimum Investments
Initial	-
Additional	-
Savings	-