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Lazard International Equity Select ADR – Lazard 4Q17 International Equity Select ADR – SMA Factsheet Performance (%; through 31 December 2017) Annualized 3 Months 1 Year 3 Years 5 Years 10 Years Lazard International Equity Select ADR – SMA (Gross) 4.51 26.42 8.83 8.37 4.02 Lazard International Equity Select ADR – SMA (Net) 3.72 22.62 5.56 5.12 0.89 MSCI EAFE Index 4.23 25.03 7.80 7.90 1.94 Performance is presented gross and net of all fees. Net-of-fee performance has been calculated using a 3.0% fee assumption. Gross-of-fee performance is pre- sented as supplementary information, as performance excludes transaction costs. Please refer to the disclosures for important additional details of this composite. The performance quoted represents past performance. Past performance is not a reliable indicator of future results. Strategy Description Lazard International Equity Select ADR seeks to generate strong relative returns over a full market cycle by investing in companies with strong and/or improving financial productivity at attractive valuations. The strategy typically invests in 40–60 US-listed securities of non-US developed-market companies with a market capitalization generally of $5 billion or greater. The benchmark is the MSCI EAFE Index. Investment Characteristics1,3 Allocations (%)2,3 Lazard Lazard Index Region Lazard Index Underweight/Overweight Number of Securities 51 928 Continental Europe 45.8 45.7 Weighted Average Market Cap ($B) 69.1 65.2 United Kingdom 25.6 17.8 Forward Price/Earnings 17.1 16.1 Japan 18.1 24.0 Forward Return on Equity (%) 15.4 11.1 Asia Pacific ex-Japan 4.3 12.0 Turnover – Trailing 12 Months (%) 21.1 N/A North America 2.8 0.0 Active Share (%) 86.3 N/A Middle East 0.0 0.5 Assets Under Management ($B)* 5.7 N/A Cash & Equivalents 3.3 0.0 * As of 30 September 2017. AUM is indicative of total assets in the -8 -4 0 4 8 International Equity Select strategy and includes International Equity Select and International Equity Select ADR assets. Sector Industrials 23.3 14.6 Financials 14.5 21.2 2,3 Top Ten Holdings (%) Consumer Discretionary 13.8 12.3 Lazard Consumer Staples 11.0 11.2 Prudential (ADR) 3.7 Healthcare 9.9 10.1 Daiwa House (ADR) 3.3 Information Technology 7.7 6.4 SAP (ADR) 3.3 Energy 5.6 5.3 British American Tobacco (ADR) 3.1 Telecom Services 3.4 3.9 Accenture 2.9 Real Estate 3.3 3.6 Royal Dutch Shell (ADR) 2.9 Materials 2.5 8.2 Novartis (ADR) 2.7 Utilities 1.6 3.2 Unilever (ADR) 2.7 Cash & Equivalents 3.3 0.0 Medtronic 2.6 -10 -5 0 5 10 Wolters Kluwer (ADR) 2.5 SF22999 Holdings (%)2,3 Equity 96.7 Ireland 6.9 Singapore 1.8 Cash and Equivalents 3.3 Accenture DBS (ADR) Medtronic Australia 2.5 Spain 1.6 Ryanair (ADR) BHP (ADR) Red Electrica (ADR) Italy 0.0 Belgium 2.1 Sweden 3.5 Anheuser-Busch InBev (ADR) Japan 18.1 Assa Abloy (ADR) Daiwa House Industry (ADR) Nordea (ADR) Canada 2.8 Fanuc (ADR) Canadian National Railway Switzerland 4.8 Kao (ADR) Suncor ABB (ADR) KDDI (ADR) Compagnie Financiere Richemont (ADR) Denmark 2.2 Komatsu (ADR) Novartis (ADR) Carlsberg (ADR) Makita Group (ADR) Ryohin Keikaku (ADR) United Kingdom 25.6 Finland 2.5 SMFG (ADR) Aon Sampo (ADR) Sony (ADR) Ashtead Group (ADR) France 7.6 Tokyo Electron (ADR) British American Tobacco (ADR) Michelin (ADR) Compass (ADR) Netherlands 4.3 Safran (ADR) ConvaTec (ADR) Valeo (ADR) ABN AMRO (ADR) Ferguson (ADR) VINCI (ADR) Royal KPN (ADR) Informa (ADR) Wolters Kluwer (ADR) Germany 7.5 Prudential (ADR) Continental (ADR) Norway 2.8 RELX (ADR) Deutsche Post (ADR) Statoil (ADR) Royal Dutch Shell (ADR) Fresenius (ADR) Telenor (ADR) Shire (ADR) SAP (ADR) Unilever (ADR) Notes 1 Investment characteristics are based upon a portfolio that represents the proposed investment for a fully discretionary account. “Forward” figures represent expected returns. Expected returns do not represent a promise or guarantee of future results and are subject to change. Forward Price/Earnings is defined as Price/Earnings FY1 and Forward Return on Equity as Return on Equity NTM. Source: Lazard, FactSet, MSCI 2 The allocations and specific securities mentioned are based upon a portfolio that represents the proposed investment for a fully discretionary account. Allocations and security selection are subject to change. The securities mentioned are not necessarily held by Lazard for all client portfolios, and their mention should not be considered a recommendation or solicitation to purchase or sell these securities. It should not be assumed that any investment in these securities was, or will prove to be, profitable, or that the investment decisions we make in the future will be profitable or equal to the investment performance of securities referenced herein. There is no assurance that any securities referenced herein are currently held in the portfolio or that securities sold have not been repurchased. The securities mentioned may not represent the entire portfolio. Source: Lazard, FactSet, MSCI 3 This information is for illustrative purposes only and is supplemental to the “GIPS® Composite Information.” GIPS Composite Information returns for Lazard mutual funds included in this composite are net of all fees. The composite and Composite Name Lazard International Equity Select ADR – SMA benchmark returns are reported net of foreign withholding taxes on dividends, interest and capital Index MSCI EAFE Index gains. The composite returns presented represent past performance and is not a reliable indica- Reporting Date 30 September 2017 tor of future results, which may vary. Lazard’s International Equity Select ADR - SMA product Composite Inception Date 1 January 1994 invests in a relatively small number of securities. Should any individual security held in this port- Reporting Currency US Dollar folio decline in value or underperform relative to the market, it may have a greater impact on the account’s performance than if the account held a larger number of securities. An account invested Composite Description using this strategy may experience more volatility. As of January 1, 2007, this composite was The composite returns represent the total returns of all fully discretionary separately managed renamed International Equity Select ADR - SMA from International Equity Select SMA. account (SMA) portfolios with an International Equity Select ADR - SMA investment mandate and Fee Schedule a minimum of $25,000 in assets under management. Performance presented prior to January 1, The maximum fee for Lazard’s International Equity Select ADR - SMA strategy is 3.00%. All- 2006, represents the historical track record of Lazard’s existing International Equity Select GIPS inclusive SMA fee schedules for each plan sponsor vary and are available through the plan compliant composite. This prior performance is considered supplemental for this separately sponsor. A complete list and description of all Lazard composites is available upon request. managed account composite and also excludes accounts that Lazard historically considered to be non-discretionary. Historical and prospective net of fee composite performance returns are Benchmark Information calculated using a 3.0% total fee assumption and is presented before taxes. Actual SMA com- The MSCI Europe, Australasia, Far East Index (EAFE) is an arithmetic, market value-weighted posite results from January 1, 2006 and forward contain all accounts with bundled fees. Gross of average return net of dividends taxation which is derived from over 900 securities listed on the fee results from January 1, 2006 and forward are presented supplemental to compliant net of fee stock exchanges of countries in Europe, Australasia and the Far East. results, as no trading costs are included. Lazard’s International Equity Select ADR – SMA strategy seeks to generate strong relative returns over a market cycle by investing in companies with strong GIPS Compliance and Verification Status and/or improving financial productivity at attractive valuations. The strategy typically invests in secu- Lazard Asset Management claims compliance with the Global Investment Performance Standards rities of non-US companies with a market capitalization generally of $5 billion or greater. There is no (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Lazard emerging markets exposure. The product may invest in issuers’ US denominated equity securities Asset Management has been independently verified for the period of January 1, 1993 through and ordinary shares, but only if these issuers have US denominated equity securities. December 31, 2016. The verification reports are available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS Calculation of Performance Returns standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate The International Equity Select ADR - SMA composite includes accounts that invest in US and present performance in compliance with the GIPS standards. Verification does not ensure the denominated equity securities of non-US companies. Previously, the International Equity Select accuracy of any specific composite presentation. Lazard Asset Management is the “Firm” to which ADR - SMA composite included accounts that invested in issuers’ ordinary shares, without regard the GIPS Standards apply (Frankfurt office included in Firm definition as of January 1, 2003). GIPS to whether these issuers have US denominated securities. Composite dispersion and standard is a registered trademark of CFA Institute. CFA Institute has not been involved in the
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