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Lazard Global Active Funds Plc Lazard Global Active Funds plc Interim Report and Unaudited Financial Statements For the period ended 30 September 2014 Contents Directors and Other Information .................................................................................... 4 Investment Managers’ Reports ...................................................................................... 5 Financial Statements C Profit and Loss Account ...................................................................................... 36 L Balance Sheet ..................................................................................................... 44 Statement of Changes in Net Assets attributable to Redeemable Participating Shareholders .................................................................................. 50 Notes to the Financial Statements ............................................................................... 67 Portfolios of Investments ............................................................................................. 80 CTIVE FUNDS P Supplemental Information A L Statements of Major Changes in Investments .................................................. 115 OBA L LAZARD G Lazard Global Active Funds plc Period ended 30 September 2014 3 Directors and Other Information Registered Office Investment Managers (continued) First Floor Lazard Gulf Limited Fitzwilton House Dubai International Financial Centre Wilton Place Level 2, Gate Village 1 Dublin 2 Sheikh Zayed Road Street IRELAND P.O. Box 506644 Manager DUBAI Lazard Fund Managers (Ireland) Limited Lazard MENA Fund (Appointed 1 June 2014) First Floor Custodian Fitzwilton House BNY Mellon Trust Company (Ireland) Limited Wilton Place Guild House Dublin 2 Guild Street IRELAND IFSC Investment Managers Dublin 1 Lazard Asset Management Limited IRELAND 50 Stratton Street Administrator, Registrar and Transfer Agent London W1J 8LL C BNY Mellon Investment Servicing (International) Limited ENGLAND Riverside Two L Lazard UK Equity Fund Sir John Rogerson’s Quay Lazard European Equity Fund Grand Canal Dock Lazard Pan European Equity Fund Dublin 2 Lazard Global Strategic Equity Fund IRELAND Lazard Asset Management LLC Directors 30 Rockefeller Plaza Michael Allen (British) New York NY 10020 Gavin Caldwell (Irish)* UNITED STATES OF AMERICA John Donohoe (Irish)* Lazard Global Managed Volatility Fund Andreas Hübner (German) Lazard Global Equity Select Fund Daniel Morrissey (Irish)* Lazard Global Equity Income Fund William Smith (British) Lazard Global Trend Fund * Independent Directors Lazard Thematic Global Ex-Japan Fund All Directors are Non Executive Lazard Thematic Global Fund Secretary Lazard Emerging World Fund Lazard Emerging Markets Equity Fund Wilton Secretarial Limited Lazard Emerging Markets Core Equity Fund First Floor CTIVE FUNDS P Lazard Developing Markets Equity Fund Fitzwilton House Lazard Global Fixed Income Fund Wilton Place A Dublin 2 Lazard Japan Asset Management K.K. IRELAND L Akasaka Twin Tower Annex (ATT) Independent Auditors Level 7, 2-11-7 Akasaka Minato – Ku PricewaterhouseCoopers Tokyo, 107-0052 Chartered Accountants and Registered Auditors JAPAN One Spencer Dock North Wall Quay OBA Lazard Japanese Equity Fund Dublin 1 L Lazard Japanese Strategic Equity Fund IRELAND Lazard Asset Management Pacific co. Legal Advisers as to Irish Law Level 39, Gateway Building William Fry 1 Macquarie Place Fitzwilton House Sydney NSW 2000 Wilton Place AUSTRALIA Dublin 2 Lazard Global Listed Infrastructure Equity Fund IRELAND Lazard Asset Management (Deutschland) GmbH Legal Advisers as to English Law Alte Mainzer Gasse 37 MacFarlanes LLP 60311 Frankfurt am Main 20 Cursitor Street GERMANY London EC4A 1LT LAZARD G Lazard Sterling High Quality Bond Fund ENGLAND Lazard Global Active Funds plc Period ended 30 September 2014 4 Investment Managers’ Report Lazard UK Equity Fund Over the six month period under review, the Lazard UK Equity Fund (the “sub fund”) returned -2.00% in Sterling terms, against the FTSE All-Share Index of 1.24%.1 Market Review UK equities appreciated during the period under review, as the UK economy continued to show signs of momentum. Second quarter Gross Domestic Product (“GDP”) growth of 0.80% and unemployment reaching a six-year low added to the impression that the UK’s recovery was becoming increasingly self-sustaining. One factor toward the end of the period that many thought could put future growth at risk was September’s Scottish independence referendum. The vote caused some volatility in September 2014 as opinion polls narrowed in the run-up to polling day. Investors’ concerns were then heightened by financial institutions threatening to leave Scotland and uncertainty over Scotland’s European Union (“EU”) membership in the wake of a Yes vote. However, a relief rally followed the wider-than-expected winning margin of the No vote. The small gains made by the UK market during the past six months obscured the volatility caused by geopolitical pressures in the form of increasing tensions between Ukraine and Russia, and the rise of Islamic State (“ISIS”) in Iraq and Syria. Increasingly poor macro data in C the euro zone also held back equity prices and led to talk of further Quantitative Easing (“QE”) by the European Central Bank (“ECB”). L Portfolio Review During the six month period under review, the sub fund underperformed the FTSE All-Share Index. The industrials sector was a major drag on relative performance during the period, with outsourcing services company Serco Group Plc among our poorest individual holdings. The company’s share price suffered following poor first-half results during August 2014. Speciality materials manufacturer Low & Bonar Plc was another major detractor in the sector following a profit warning. The worst performing stock in the portfolio was technology company WANdisco Plc, which underperformed as a result of slower- than-expected progress in the company’s trial with British Gas. Conversely, also in consumer services, International Consolidated Airlines Group SA and Thomas Cook Group Plc detracted from performance due to capacity concerns and lack of pricing power across Europe respectively. Stock selection in health care was positive, benefitting from the performance of Shire, the sub fund’s strongest contributor to returns. Takeover activity by AbbVie benefitted the company’s share price throughout the period. AstraZeneca was also among our strongest performing positions. CTIVE FUNDS P Stock selection in consumer services was additive to returns, in large part as a result of not holding Tesco. In addition to the overstating of first-half results, a series of profit warnings, beginning in January 2012, have brought on a substantial cut in the interim dividend, A and the grocery giant’s share price has halved since May 2013. Holding global catering and support services business Compass also added value after the company reported positive half-year results. L Lastly, mining company Glencore Xstrata Plc was among the best performing stocks in the portfolio. OBA L LAZARD G Lazard Global Active Funds plc Period ended 30 September 2014 5 Investment Managers’ Report (continued) Lazard UK Equity Fund (continued) Outlook The UK equity market finds itself at something of a crossroads following subdued performance over the summer. We believe equity performance during the last quarter of 2014 will in part depend on what the ECB does to stimulate growth in the UK’s largest trading partner, Europe. However, we believe the appetite for risk remains, with UK growth gaining momentum, and the possibility of a weakening pound aiding upcoming earnings. All data contained herein are sourced by Lazard Asset Management Limited unless otherwise noted as at 30 September 2014. 1 Source: Morningstar Direct, Cumulative Growth, Bid Price to Bid Price, Gross Income Reinvested, Net of Fees, in Sterling terms to 30 September 2014. Fund Manager: Lloyd Whitworth and team. Figures refer to past performance and past performance is not a reliable indicator of future results. Lazard Asset Management Limited September 2014 C L CTIVE FUNDS P A L OBA L LAZARD G Lazard Global Active Funds plc Period ended 30 September 2014 6 Investment Managers’ Report (continued) Lazard Japanese Equity Fund Over the six month period under review, the Lazard Japanese Equity Fund (the “sub fund”) returned 5.77% in Japanese Yen terms, against the Topix TR Index of 11.27%.1 Market Review Following evidence that the consumption tax impact would be limited, the market managed to stage a rally on a positive outlook for corporate profits. Despite the strong rise in the market overall, pro-cyclical companies in the financial services and basic industry sectors failed to keep up. Defensive stocks were notable out performers as government pension shifts toward smart beta managers led to a technical shift in sector preference, despite already stretched valuations. Sectors that performed strongly during the six month period included construction, machinery and chemicals. Sectors that underperformed during the period included pulp & paper, marine transportation and securities. Portfolio Review C During the six month period under review, the sub fund underperformed Topix TR index, primarily due to weak performance in electric appliances, metal products and securities. L Private equity company Jafco Co Ltd was sold down on concerns the domestic Initial Public Offering (“IPO”) environment was facing some headwinds. Building materials producer LIXIL Group was sold as investors worried about a shortfall in
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