LAZARD ACTIONS EURO
06 / 2021 Unit R/Eurozone equities
Total net assets 161,43M€ Inception date (unit) 30 juin 2009 MORNINGSTAR NAV 1396,41 € ISIN Code FR0010679886 OVERALL Classification SFDR : Article 8 SUSTAINABILITY
Country of registration
MANAGER(S) INVESTMENT POLICY The management objective aims to achieve, based on a minimum investment term of five years, a performance greater than the Euro Stoxx index, net dividends reinvested.
Régis Bégué
FUND MANAGERS COMMENT The market rose very slightly in June, fuelled by an easing in long-term rates and the prospect of excellent half-year earnings releases. The latter are expected to show exceptional growth, in the same vein as that of Q1. Against this backdrop, the fund outperformed by 39bp to +1,37% despite the underperformance of banks, which were impacted by the flattening of the yield curve. Alstom also weighed on performance pending the CMD, which should be an opportunity for management to give indications on cash generation. On the other hand, the fund benefited from the rise of UCB which, as expected, received a favourable opinion from the CHMP for Bimekizumab in the treatment of moderate to severe psoriasis. This is the first indication of a series that should be quite long and promising. Essilor, Merck KgAa, Deutsche Boerse and Michelin also made positive contributions.
RISK SCALE* CHANGE IN NET ASSET VALUE (NAV)
Recommended investment period of 5 years
BENCHMARK INDEX Eurostoxx Net Return EUR
FEATURES
Legal Form FCP Legal Domicile France UCITS Yes AMF Classification Eurozone equities Fund Benchmark index Eligibility to PEA (personal Yes equity savings plan) Past performance is not a guarantee of current or future performance and increases at the end of the recommended investment period. Currency EURO Subscribers concerned Retail HISTORICAL PERFORMANCE Inception date 19/01/2006 Cumulative Annualized Date of share's first NAV 30/06/2009 calculation 1 Month 2021 1 Year 3 Years 5 Years 3 Years 5 Years Lazard Frères Gestion SAS Management company Fund 1,31% 17,62% 29,74% 22,23% 54,38% 6,92% 9,07% Custodian Lazard Frères Banque Benchmark index 0,98% 15,23% 30,59% 27,52% 64,49% 8,44% 10,47% Fund administration CACEIS Fund Admin Difference 0,33% 2,39% -0,84% -5,29% -10,11% -1,52% -1,39% Frequency of NAV calculation Daily Order execution On next NAV for orders placed before 11:00 a.m PERFORMANCE BY CALENDAR YEAR RISK RATIOS** Subscritption terms D (NAV date) + 2 business day Fund Benchmark index Settlement of redemptions D (NAV date) + 2 business day 1 Year 3 Years Share decimalisation Yes 2020 -2,68% 0,25% Volatility 1 share 2019 22,97% 26,11% Minimum investment Fund 16,07% 22,79% Subscription fees 4% max 2018 -15,56% -12,72% Benchmark index 15,03% 22,67% Redemption fees 1% max 2017 12,20% 12,55% Management fees 1,73% 2016 2,05% 4,15% Tracking Error 2,90% 2,70% Performance fees Nil Information ratio -0,29 -0,56 Current expenses 2,10% TRAILING 1Y PERFORMANCE Sharpe ratio 1,96 0,32 *Risk scale : Derived from the historic volatility of the fund over a period of 20215 06 30 29,74% 30,59% years. The management company reserves the right to adjust the level of risk Alpha -1,99 -1,37 calculated according to the specific risk of the fund. This risk scale is supplied as a 2020 06 30 -5,99% -4,51% rough guide and may be modified without advance notice.Risk 1 does not mean a 2019 06 30 0,21% 2,26% Beta 1,05 1,00 risk-free investment. This indicator may change over time. 2018 06 30 -1,03% 3,50% **Ratios calculated on a weekly basis 2017 06 30 27,62% 24,62% LAZARD ACTIONS EURO 06 / 2021 Unit R/Eurozone equities
MAIN HOLDINGS GEOGRAPHICAL BREAKDOWN
Holdings Country Sector Weight Fund Benchmark index
Fund Index
ASML HOLDING N.V. Netherlands Technology 5,9% 4,7%
SAP SE Germany Technology 3,7% 2,5%
LVMH(MOET France Consumer Products & 3,7% 3,4% HENNESSY L. VUITTON) Services SANOFI France Health Care 3,2% 2,0%
DEUTSCHE TELEKOM Germany Telecommunications 2,7% 1,1% AG. (NOMI.) BNP PARIBAS France Banks 2,7% 1,2% SECTOR BREAKDOWN
ALLIANZ SE Germany Insurance 2,6% 1,7% Fund Benchmark index (NOMINATIVE) SAINT-GOBAIN (CIE DE) France Construction & Materials 2,5% 0,6%
ESSILORLUXOTTICA SA France Health Care 2,4% 0,9%
SCHNEIDER ELECTRIC France Industrial Goods & 2,3% 1,5% SE Services Total 31,9% 19,6%
MAIN TRANSACTIONS CAPITALIZATION BREAKDOWN CURRENCY BREAKDOWN
New positions Positions sold Fund Benchmark index Fund Benchmark index
ADIDAS AG (NOMINATIVE)
Positions increased Positions reduced
MUENCHENER ERSTE GROUP BANK AG RUCKVERSICHERUNG AG DEUTSCHE BOERSE AG. APERAM SA
OVER- AND UNDEREXPOSURE TO THE RELATIVE CONTRIBUTORS TO PERFORMANCE BENCHMARK INDEX First positive contributors First negative contributors
Overexposures Underexposures Absolute Relative Absolute Relative perf. contribution perf. contribution 1,9% SAINT-GOBAIN (CIE DE) LINDE -2,5% (bp) (bp) U.C.B. 15,2% 15 EIFFAGE SA (EX-FOUGEROLLE) -5,0% -11 UNILEVER PLC 1,7% DAIMLER AG -1,2% ESSILORLUXOTTICA SA 9,7% 12 ALSTOM -7,4% -11
PUBLICIS GROUPE SA 1,7% AIRBUS SE -1,2% MERCK KGAA 9,6% 12 BNP PARIBAS -5,3% -10 Total 39 Total -32 EIFFAGE SA (EX- 1,7% BASF SE (NOMINATIVE) -1,2% FOUGEROLLE)
CONTACTS AND ADDITIONAL INFORMATION
Subscription/redemption Additional Information & datas: Publications of NAVs: CACEIS Bank / LFB Client servicing 01.57.78.14.14 +33 1 44 13 01 79 www.lazardfreresgestion.fr LAZARD ACTIONS EURO 06 / 2021 Unit R/Eurozone equities
United Kingdom, Finland, Ireland, Denmark, Norway and Sweden: The information is approved, on behalf of Lazard Fund Managers (Ireland) Limited, by Lazard Asset Management Limited, 50 Stratton Street, London W1J 8LL. Incorporated in England and Wales, registered number 525667. Lazard Asset Management Limited is authorised and regulated by the Financial Conduct Authority.
Germany and Austria: Lazard Asset Management (Deutschland) GmbH, Neue Mainzer Strasse 75, 60311 Frankfurt am Main is authorized and regulated in Germany by the BaFin. The Paying Agent in Germany is Landesbank Baden- Württemberg, Am Hauptbahnhof 2, 70173 Stuttgart, the Paying Agent in Austria is UniCredit Bank Austria AG, Rothschildplatz 1, 1020 Vienna.
Belgium and Luxembourg: This information is provided by the Belgian Branch of Lazard Fund Managers Ireland Limited, at Blue Tower Louise, Avenue Louise 326, Brussels, 1050 Belgium. The Paying Agent and the Representative in Belgium for the registration and the receipt of requests for issuance or repurchase of units or for switching sub-funds is Societe Generale Private Banking NV, Kortrijksesteenweg 302, 9000 Gent, Belgium.
France: Any person requiring information in relation to the Fund mentioned in this document is required to consult the KIID which is available on request from Lazard Frères Gestion SAS. The information contained in this document has not been independently verified or audited by the statutory auditors of the UCITS(s) concerned
Italy: This information is provided by the Italian branch of Lazard Asset Management (Deutschland) GmbH. Lazard Asset Management (Deutschland) GmbH Milano Office, Via Dell'Orso 2 - 20121 Milan is authorized and regulated in Germany by the BaFin. Not all share classes of the relevant sub-fund are registered for marketing in Italy and target institutional investors only. Subscriptions may only be based on the current prospectus.
Netherlands: This information is provided by the Dutch Branch of Lazard Fund Managers (Ireland) Limited, which is registered in the Dutch register held with the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten).
Spain and Portugal: This information is provided by the Spanish Branch of Lazard Fund Managers Ireland Limited, at Paseo de la Castellana 140, Piso 100, Letra E, 28046 Madrid and registered with the National Securities Market Commission (Comisión Nacional del Mercado de Valores or CNMV) under registration number 18. The [Fund Name] is a Foreign Collective Investment Scheme registered with the CNMV under registration number 18.
Andorra: For Andorran licensed financial entities only. This information is provided by the Spanish Branch of Lazard Fund Managers Ireland Limited, at Paseo de la Castellana 140, Piso 100, Letra E, 28046 Madrid and registered with the National Securities Market Commission (Comisión Nacional del Mercado de Valores or CNMV) under registration number 18. This information is approved by Lazard Asset Management Limited (LAML). LAML and the Fund are not regulated or authorised by or registered in the official registers of the Andorran regulator (AFA) and thus the Shares of the Fund may not be offered or sold in Andorra through active marketing activities. Any orders transmitted by an Andorran licensed financial entity for the acquisition of Shares of the Fund and/or any marketing materials related to the Fund are provided in response to an unsolicited approach from the investor.
Switzerland: The domicile of the Fund is Ireland and/or France, the representative in Switzerland is ACOLIN Fund Services AG, Leutschenbachstrasse 50, CH-8050 Zurich, whilst the paying agent is Banque Cantonale de Genève, 17, quai de l'Ile, CH-1204 Genva. Information is available from our website, the Swiss Representative or from www.fundinfo.com. The Prospectus, the Articles of Association (SICAV) or the Fund Regulations (FCP), the Key Investor Information Document (KIID) as well as the semi-annual and annual reports may be obtained free of charge at the registered office of the Swiss Representative. The performance data do not take account of the commissions and costs incurred on the issue and redemption of units. The current document is intended for information purposes only and shall not to be used as an offer to buy and/or sell shares. This promotional document is provided for the information of unitholders or shareholders in accordance with applicable regulations and does not constitute investment advice, an invitation or an offer to subscribe for financial instruments Investors who are considering subscribing must first carefully read the prospectus.
LAZARD FRÈRES GESTION SAS au capital de 14 487 500 € – 352 213 599 RCS Paris – 25 rue de Courcelles 75008 Paris www.lazardfreresgestion.fr