Lazard Global Listed Infrastructure Equity Fund 2Q Commentary 2021

Market Overview World equity markets rose sharply during the second quarter of 2021 on investor condence that the global economic recovery would continue uninterrupted despite emerging ination risks. While COVID-19 risk remained a concern as renewed outbreaks emerged in many parts of the world, the spectre of ination was front and centre in investors’ minds during the period amid supply -chain bottlenecks, a surge in commodity prices, and sharp increases in China’s factory-gate prices in April and May 2021. Investors were increasingly worried that pandemic-driven stimulus measures would result in a signicant rise in global ination, which, in turn, could force key central banks to retreat from their ultra-accommodative monetary policy stances before an economic recovery is fully realized. e current low interest rate environment has also propped up stock markets by driving investors toward risk assets in a bid for higher returns.

Portfolio Review Global toll road and airport owner/operator Ferrovial reported better than expected rst-quarter 2021 results during the period. e results were ahead of consensus expectations at EBITDA and EBIT levels, in spite of an earnings decline from toll roads. Ferrovial’s key asset is its 43.23% stake in Canada’s 407ETR toll road which earlier in the month separately reported revenues down 41% and EBITDA down 45% for Q1 2021; with trac also down 48% from the prior corresponding period. Ferrovial noted that the 407ETR remains impacted by severe restrictions, although the COVID-19 vaccine roll-out in Toronto is gathering momentum. Trac to date on 407ETR has been within our expectations. However, in Texas, US, trac for two of Ferrovial’s three managed lane toll roads, NTE and NTE 35W, was above 2019 levels by March 2021, supported by business re-openings and a rebound in US GDP, which is well ahead of our expectations. ese four toll road assets constitute more than 80% of our value of Ferrovial. National Grid performed strongly as its FY20/21 results showed that the COVID-19 impact on the group was markedly lower than previously guided. e group presented ve-year targets in terms of protability and capital expenditures that conrmed the group’s focus on electricity will generate growth investment opportunities for an extensive period. While we appreciate the strategic merits of the Western Power Distribution (WPD) acquisition, we believe that management overpaid, and this puts signicant pressure to achieve a commensurately disproportionate premium for the disposal of the UK gas transmission assets. Shares in UK water utility company Pennon rebounded as management provided long awaited clarity on the use of the proceeds from the successful disposal of its waste infrastructure unit Viridor, announced in March 2020. We welcomed the fact that the majority of the funds will be returned to shareholders through a special dividend and share buy-back, while we are sceptical of the price Pennon paid for Bristol Water, a modestly performing water company in the vicinity of Pennon’s South West Water territory. Italian toll road operator Atlantia performed poorly as shareholders accepted a below fair value oer for the main asset, Autostrade per l’Italia. While we believe that this transaction will enable the group to move forward and will reduce immediate risk, we view the price accepted as inadequate and voted against the oer. e company has highlighted it will use the substantial cash inow (around EUR8 billion) to reduce debt and pay a special dividend and/or buyback stock and look for reinvestment opportunities. Given the dearth of reinvestment opportunities today, we remain cautious regrading this part of the company’s use of proceeds. Shares of Consolidated Edison, the monopoly provider of electricity and gas to New York City, also fell during the period. e company announced the sale of its Stagecoach Gas pipeline assets as well as an equity raising. Both of these announcements were consistent with prior guidance from management and had no impact on our assessment of intrinsic value.

Outlook Whilst we see some pockets of attractive value opportunities particularly in Europe, the majority of global listed infrastructure stocks are US-listed utilities, which we believe, as a cohort, remain relatively unattractive. Due to the small number of investment opportunities that we believe will produce an absolute positive return, we have strategically increased our cash weighting. is broad view has not changed. We believe a concentration of names and higher cash weighting is the correct positioning in the current environment, and we have added to underperforming positions where our assessment of risk/return trade-o has improved. We caution investors to expect some volatility in the short to medium term. We believe the preferred infrastructure characteristics we Lazard Global Listed Infrastructure Equity Fund

seek for all our investments will continue to serve our investors well over the longer term.

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