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Lazard Global Active Funds Plc Lazard Global Active Funds plc Interim Report and Unaudited Financial Statements For the financial period ended 30 September 2017 Contents Directors and Other Information .................................................................................... 4 Investment Managers’ Reports ...................................................................................... 6 Statement of Comprehensive Income ......................................................................... 36 Statement of Financial Position ................................................................................... 42 Statement of Changes in Net Assets attributable to Redeemable Participating Shareholders ........................................................................................... 48 Notes to the Financial Statements ............................................................................... 54 Portfolios of Investments ............................................................................................. 87 Statements of Major Changes in Investments ........................................................... 121 LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global Active Funds plc Financial period ended 30 September 2017 3 Directors and Other Information Registered Office Investment Managers (continued) 6th Floor Lazard Asset Management (Deutschland) GmbH 2 Grand Canal Square Neue Mainzer Strasse 75 Dublin 2 60311 Frankfurt am Main D02 A342 GERMANY IRELAND Registration Number: 247292 Lazard Sterling High Quality Bond Fund Manager Lazard Gulf Limited Dubai International Financial Centre Lazard Fund Managers (Ireland) Limited Gate Village 1 6th Floor Level 2, Office 206 2 Grand Canal Square Dubai Dublin 2 P.O. Box 506644 D02 A342 UNITED ARAB EMIRATES IRELAND Investment Managers Lazard MENA Fund Lazard Asset Management Limited Depositary 50 Stratton Street BNY Mellon Trust Company (Ireland) Limited London W1J 8LL One Dockland Central ENGLAND Guild Street IFSC Lazard UK Omega Equity Fund Dublin 1 Lazard European Equity Fund IRELAND Lazard Pan European Equity Fund Lazard Global Strategic Equity Fund Administrator, Registrar and Transfer Agent BNY Mellon Fund Services (Ireland) Designated Activity Lazard Asset Management LLC Company 30 Rockefeller Plaza One Dockland Central New York NY 10112-6300 Guild Street UNITED STATES OF AMERICA IFSC Lazard US Equity Concentrated Fund Dublin 1 Lazard Pan-European Small Cap Fund IRELAND Lazard Global Managed Volatility Fund Directors Lazard Global Equity Select Fund Michael Allen (British)** Lazard Global Equity Income Fund Gavin Caldwell (Irish)* / ** / ^^ Lazard Thematic Global Ex-Japan Fund * John Donohoe (Irish)*** Lazard Thematic Global Fund Andreas Hübner (German) Lazard Emerging World Fund Daniel Morrissey (Irish)* / ** Lazard Emerging Markets Equity Fund William Smith (British) Lazard Emerging Markets Core Equity Fund Lazard Developing Markets Equity Fund *Independent Directors Lazard Global Fixed Income Fund **Member of the Audit Committee All Directors are Non-Executive Lazard Japan Asset Management K.K. Akasaka Twin Tower Annex (ATT) Promoter Level 7, 2-11-7 Akasaka Lazard Asset Management Limited Minato – Ku 50 Stratton Street Tokyo, 107-0052 London W1J 8LL JAPAN ENGLAND Lazard Japanese Strategic Equity Fund Distributors Lazard Asset Management Limited Lazard Asset Management Pacific Co. 50 Stratton Street Level 39, Gateway Building London W1J 8LL 1 Macquarie Place ENGLAND Sydney NSW 2000 AUSTRALIA *** Effective 5 August 2017, John Donohoe resigned as an Lazard Global Listed Infrastructure Equity Fund Independent Director and member of the Audit Committee. Lazard Global Equity Franchise Fund ^^ Effective 5 August 2017, Gavin Caldwell was appointed as a LAZARD GLOBAL ACTIVE FUNDS PLC *Closed during the financial period ended 30 September 2016. member of the Audit Committee. Lazard Global Active Funds plc Financial period ended 30 September 2017 4 Directors and Other Information (continued) Distributors (continued) Secretary Lazard Asset Management (Deutschland) GmbH Wilton Secretarial Limited Neue Mainzer Strasse 75 6th Floor 60311 Frankfurt am Main 2 Grand Canal Square GERMANY Dublin 2 D02 A342 Lazard Asset Management Schweiz AG IRELAND Usteristrasse 9 CH-8001 Zürich Independent Auditors SWITZERLAND PricewaterhouseCoopers Chartered Accountants and Registered Auditors Lazard Frères Gestion One Spencer Dock 25 rue de Courcelles North Wall Quay 75008 Paris Dublin 1 FRANCE D01 X9R7 Lazard Asset Management (Singapore) Pte. Limited IRELAND 1 Raffles Place Paying Agent in Switzerland #15-02, One Raffles Place Tower 1 NPB Neue Privat Bank AG SINGAPORE 048616 Limmatquai 1/am Bellevue Lazard Asset Management (Hong Kong) Limited P.O. Box Unit 7, Level 20 8050 Zürich One International Finance Centre SWITZERLAND 1 Harbour View Street, Central Authorised Representative in Switzerland HONG KONG ACOLIN Fund Services AG Lazard Fund Manager (Ireland) Limited Sucursal en Espana Affolternstrasse 56 Paseo de la Castellana 140 8050 Zürich 28046 SWITZERLAND Madrid Currency Manager SPAIN The Bank of New York Mellon Legal Advisers as to Irish Law 46 Rue Montoyerstraat William Fry B-1000 Brussels 2 Grand Canal Square BELGIUM Dublin 2 D02 A342 IRELAND Legal Advisers as to English Law MacFarlanes LLP 20 Cursitor Street London EC4A 1LT ENGLAND This Interim Report and Unaudited Financial Statements (the "Reports and Accounts") may be translated into other languages. Any such translation shall only contain the same information and have the same meaning as the English language Report and Accounts. To the extent that there is any inconsistency between the English language Report and Accounts and the Report and Accounts in another language, the English language Report and Accounts will prevail, except to the extent (and only to the extent) that it is required by law of any jurisdiction where the shares are sold, that in an action based upon disclosure in a Report and Accounts in a language other than English, the language of the Report and Accounts on which such action is based shall prevail. Any disputes as to the terms of the Report and Accounts, regardless of the language of the Report and Accounts, shall be governed by and construed in accordance with the laws of Ireland. LAZARD GLOBAL ACTIVE FUNDS PLC Lazard Global Active Funds plc Financial period ended 30 September 2017 5 Investment Managers’ Report Lazard UK Omega Equity Fund Investment Review Over the six-month period ending 30 September 2017, the Lazard UK Omega Equity Fund (the “Fund”) returned 3.39% in Sterling terms, against the FTSE All-Share Index, which returned 3.58%1. Market Review UK equity markets rose over the period, with technology the strongest performing sector. Returns were also buoyed by the recovery in commodity prices, which benefited the basic materials, oil & gas and industrials sectors against the backdrop of continued positive momentum in global growth. Utilities and health care were the two sectors that detracted the most from performance in the benchmark. While there have been some bright spots in UK economic data releases, including record high employment, economic indicators remain mixed overall. The Bank of England (“BoE”) stated that interest rates would likely rise in the coming months to curb inflation, which has continued to overshoot the BoE’s 2.0% target. Sterling was strong over the period versus the US dollar as expectations for a rate rise in the UK increased. Sentiment was also supported as the UK government managed to retain power after the surprise election result in June and as Brexit talks appeared to unfold in a more constructive manner by the end of the period. Portfolio Review What Detracted from Returns: • Stock selection in health care, financials and telecommunications detracted from relative performance. • An overweight position in Spire Healthcare was one of the top detractors from relative performance. The company lowered trading guidance for the remainder of 2017, in anticipation of fewer NHS patient referrals to private hospitals. • UK-listed pharmaceuticals business Shire declined following a profit warning from a competitor as well as a number of operational and strategic concerns. • British American Tobacco was negatively affected by a review from the US Food and Drug Administration regarding nicotine levels in combustible cigarettes. What Contributed to Returns: • Stock selection in consumer services and industrials were the strongest contributors to performance. • An overweight position in travel agent Thomas Cook was the largest contributor to returns. The stock was buoyed by a positive trading update and strong demand for UK package holidays. • An overweight position in online payments services business Worldpay contributed positively to returns. The share price rose significantly following the announcement of a merger between Vantiv and Worldpay at a substantial premium. • An overweight in London Stock Exchange also performed well, following a resilient first quarter update that showed promising growth trends from its subsidiaries. Outlook UK economic indicators paint a mixed picture about the health of the domestic economy. Domestic retail sales figures have shown resilience despite falling real wages and British consumers appear to be holding up well. However, car sales have been steadily declining while activity in the construction sector has softened. Signs of delayed decision-making on large projects in response to Brexit-related uncertainty have also emerged. The uneven economic growth
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