Scroll up

Absolute Return
Solutions

Flexibility is the key

In the current fixed income landscape yields are once again attractive but uncertainty is high. Investors are therefore looking for alternative investment solutions to traditional fixed income strategies that can take advantage of sharp market fluctuations. “Absolute Return” approaches aim to meet this objective.

With the flexibility to exploit opportunities across all segments of the fixed income universe, these solutions seek to achieve a positive annual performance in excess of money market rates.

This is a marketing communication intended for professional investors. Copies of the full Prospectus, the Key Information Document (PRIIPS KID) for retail and insurance investment products (PRIIPs Regulation) and the latest Reports and Accounts in English and, where applicable, other languages, are available on request from the address below or at www.lazardfreresgestion.fr. Existing and potential investors are invited to read and carefully note the risk warnings in the PRIIPs prospectus and KID. Risk of capital loss. The objective is not a promise of return or performance.
Scroll down
Absolute Return Solutions
Risk scale*
Risk scale

For more information about the fund’s other characteristics and risks, please refer to the prospectus available at the bottom of this page.

A credit-driven asset allocation, flexible across all fixed income segments (financial and non-financial corporate debt, sovereign and inflation-linked bonds, senior and subordinated bonds, high yield and investment grade bonds).

Active, dynamic management of spread and modified duration.

Full use of tactical leeway to benefit from the wide range of investment opportunities offered by the fixed income markets.

Expertise drawing on the whole of Lazard Frères Gestion's fixed income research platform.

Product Story
Download

Documents

DIC PRIIPS
PVC EUR
Download
DIC PRIIPS
RC EUR
Download
PROSPECTUS

Download

Lazard Credit
Opportunities

Risk of capital loss. The objective is not a promise of return or performance.
The investment process detailed in this section refers to the Lazard Credit Opportunities sub-fund of the LAZARD FUNDS SICAV. For more information on our ESG investment policy, please refer to this link: https://www.lazardfreresgestion.fr/EN/ESG-ISR/Notre-approche_147.html#section05. To access the SFDR periodic information document, click here. For pre-contractual information, click here. For further information on the fund's other characteristics and risks, please refer to the prospectus available above or at www.lazardfreresgestion.fr. To consult the SFDR periodic information document and the SFDR pre-contractual information document, please click here: https://www.lazardfreresgestion.fr/EN/Fiche-fonds_93.html?idFond=AOC

< Back

Main risks for investors

Risk of capital loss: There is no guarantee of the Sub-fund's performance or protection of capital. As such, the investor may not get back the full amount of the initial investment during redemption.

Interest rate risk: The risk of a decline in debt instruments as a result of changes in interest rates. This risk is measured by the level of sensitivity. For instance, bond prices tend to move in the opposite direction to interest rates. The net asset value may decline during periods when there is an increase (positive sensitivity) or decrease (negative sensitivity) in interest rates.

Credit risk: The risk of a deterioration in the credit quality of or default by a public or private issuer. The Sub-fund’s exposure to issuers either through direct investment or via other UCI may give rise to a decline in the net asset value. If the Sub-fund is exposed to unrated or speculative/high yield debt, the credit risk is high and may lead to a decline in the Sub-fund’s net asset value.

Foreign exchange risk: The Sub-fund may invest in securities and other UCI that in turn are authorised to acquire instruments denominated in currencies other than the fund's base currency. The value of these instruments may fall if the exchange rates vary, which may lead to a decrease in the Sub-fund’s net asset value. Where units (or shares) denominated in a currency other than the fund's base currency have been hedged, the foreign exchange risk is residual as a result of systematic hedging, potentially leading to a performance gap between the different units (or shares).

Derivative financial instrument risk: The risk arising from the Sub-fund's use of forward financial instruments (derivatives), which may lead to a bigger decrease in the net asset value than on the markets or in the underlying assets in which the Sub-fund has invested.

Counterparty risk: This type with one or more counterparties potentially exposes the Sub-fund to a risk of insolvency of one or more of these counterparties, which could lead to default on payment and cause a decrease in the Sub-fund’s net asset value.

Liquidity risk: The risk that a financial market cannot absorb transaction volumes due to trading volumes being too low or pressure on the markets. Such a situation may impact the pricing or timing when the Sub-fund liquidates, initiates or modifies positions and thus cause a decline in the Sub-fund’s net asset value.

Risks linked to hybrid or subordinated securities: The sub-fund may be exposed to hybrid or subordinated securities. Hybrid and subordinated debt are subject to specific risks of non-payment of coupons and capital loss in certain circumstances. For non-financial bonds, since hybrid debt securities are “deeply subordinated”, there is a low recovery rate in the event of issuer default.

Risk related to overexposure: The Sub-fund may use forward financial instruments (derivatives) to generate overexposure and thus bring the Sub-fund’s exposure above its net asset value. Depending on the transactions, the impact of a decrease (purchase of exposure) or increase (sale of exposure) in the derivative’s underlying instrument may be amplified and thus amplify any decrease in the Sub-fund’s net asset value.

Equity risk: Share price fluctuations may have a negative impact on the Sub-fund’s net asset value. The Sub-fund’s net asset value may decrease during periods in which the equity markets are falling.

Sustainability risk: Any environmental, social or governance event or situation that, if it occurs, could have an actual or potential negative impact on the value of the investment. Specifically, the negative effects of sustainability risks can affect issuers via a range of mechanisms, including: 1) lower revenues; 2) higher costs; 3) damage or impairment of asset value; 4) higher cost of capital; and 5) fines or regulatory risks. Due to the nature of sustainability risks and specific issues such as climate change, the likelihood of sustainability risks impacting returns on financial products is likely to increase in the longer term.

ESG investment risk and methodological limitations: Extra-financial criteria can be integrated into the investment process using data provided by external providers or directly reported by our analysts, notably in our proprietary ESG analysis grid. Data may be incomplete or inaccurate due to the lack of international standards or systematic verification by external third parties. It can be difficult to compare data because issuers do not necessarily publish the same indicators. The unavailability of data may also force management not to include an issuer in the portfolio. The management company may therefore exclude securities of certain issuers for extra-financial reasons, regardless of market opportunities.

Risk scale*
Risk scale

For more information about the fund’s other characteristics and risks, please refer to the prospectus available at the bottom of this page.

Global exposure focused exclusively on sovereign and quasi-sovereign debt (supranational debt, agencies, and inflation-linked bonds).

Asset allocation and the implementation of interest-rate strategies (curve positioning and country selection) as the main performance drivers.

Significant tactical leeway: emerging countries, high yield segment, currencies.

Rigorous risk monitoring embedded at the heart of portfolio construction.

Product Story
Download

Documents

DIC PRIIPS
PVC EUR
Download
DIC PRIIPS
RC EUR
Download
PROSPECTUS

Download

Lazard Global Green
Bond Opportunities

Risk of capital loss. The objective is not a promise of return or performance.
The investment process detailed in this section refers to the Lazard Global Green Bond Opportunities sub-fund of the LAZARD FUNDS SICAV. For more information on our ESG investment policy, please refer to this link: https://www.lazardfreresgestion.fr/EN/ESG-ISR/Notre-approche_147.html#section05. To access the SFDR periodic information document, click here. For pre-contractual information, click here. For further information on the fund's other characteristics and risks, please refer to the prospectus available above or at www.lazardfreresgestion.fr. To consult the SFDR periodic information document and the SFDR pre-contractual information document, please click here: https://www.lazardfreresgestion.fr/EN/Fiche-fonds_93.html?idFond=GR4

< Back

Main risks for investors

Risk of capital loss: The Fund does not benefit from any guarantee or capital protection. It is therefore possible that the capital initially invested may not be returned in full on redemption.

Interest rate risk: This is the risk that interest rate instruments will fall as a result of changes in interest rates. This risk is measured by the sensitivity. For example, the price of a bond tends to move in the opposite direction of interest rates. In periods of rising (in case of positive sensitivity) or falling (in case of negative sensitivity) interest rates, the net asset value may fall.

Credit risk: Credit risk corresponds to the deterioration in the credit quality or default of a private or public issuer. Exposure to the issuers in which the Fund is invested, either directly or through other UCIs, may cause the net asset value to fall. In the case of exposure to unrated or speculative/high yield debt, there is a significant credit risk which may cause the net asset value of the Fund to fall.

Currency risk: The Fund may invest in securities and UCIs which are themselves authorised to acquire securities denominated in currencies other than the reference currency. The value of these assets may fall if exchange rates change, which may result in a fall in the net asset value of the Fund. In the case of hedged units (or shares) denominated in a currency other than the reference currency, the currency risk is residual due to systematic hedging, potentially resulting in a difference in performance between the different units (or shares).

Financial derivative risk: This is the risk associated with the use by the Fund of financial futures (derivatives). The use of these financial contracts may lead to a risk of a higher net asset value decrease than that of the markets or underlying assets in which the Fund is invested.

Counterparty risk: This is a risk associated with the use of over-the-counter financial futures instruments. These transactions with one or more counterparties potentially expose the Sub-Fund to the risk of default by one of these counterparties, which may lead to a payment default and a decrease in the net asset value of the Sub-Fund.

Liquidity risk: This is the risk that a financial market, when trading volumes are low or when markets are under stress, may not be able to absorb trading volumes. These market disruptions may affect the pricing or timing of the Fund's ability to liquidate, initiate or modify positions and therefore cause the net asset value of the Fund to fall.

Hybrid or subordinated securities risk: The Fund may have exposure to hybrid or subordinated debt. Hybrid and subordinated debt is subject to specific risks of non-payment of coupons and loss of capital in certain circumstances. For non-financial bonds, hybrid debt is deeply subordinated debt, which implies a low recovery rate in the event of issuer default.

Overexposure risk: The Fund may use financial futures instruments (derivatives) to generate overexposure and thereby increase the Fund's exposure beyond the net assets. Depending on the direction of the transactions, the effect of the fall (in the case of a purchase of exposure) or rise (in the case of a sale of exposure) of the underlying of the derivative may be amplified and thus increase the fall in the net asset value of the Sub-Fund. Due to the hedging strategy implemented, the investor may not benefit from the potential rise in certain markets.

Equity risk: Changes in equity prices may have a negative impact on the net asset value of the Fund. In periods of falling equity markets, the net asset value of the Fund may fall.

Sustainability Risk: Any environmental, social or governance event or situation which, if it occurs, could have an actual or potential negative impact on the value of the investment. Specifically, the negative effects of sustainability risks can affect issuers through a range of mechanisms, including: 1) lower revenues; 2) higher costs; 3) damage or depreciation in asset value; 4) higher cost of capital; and 5) fines or regulatory risks. Due to the nature of sustainability risks and specific issues such as climate change, the likelihood of sustainability risks impacting returns on financial products is likely to increase in the longer term.

ESG investment risk and methodological limitations: Extra-financial criteria may be incorporated into the investment process using data provided by external providers as well as our proprietary ESG analysis grid. Data may be incomplete or inaccurate as there are no universal standards or systematic verification by external parties. It may be difficult to compare data as issuers do not necessarily publish the same indicators. The unavailability of data may also force management to exclude an issuer from the portfolio. Therefore, the manager may exclude securities of certain issuers for non-financial reasons regardless of market opportunities.

Risk scale*
Risk scale

For more information about the fund’s other characteristics and risks, please refer to the prospectus available at the bottom of this page.

A portfolio with at least 90% of Green Bonds issued by public entities, companies and financial institutions.

Flexible investment approach designed to benefit from opportunities offered by the various segments of the “green” bond universe: sovereign debt, investment grade and high yield.

Active, dynamic management of spread and modified duration.

Expertise leveraging the entire Lazard Frères Gestion's fixed income research platform.

Product Story
Download

Documents

DIC PRIIPS
PVC H-EUR
Download
DIC PRIIPS
RC H-EUR
Download
PROSPECTUS

Download

Lazard Global Bond
Opportunities

Risk of capital loss. The objective is not a promise of return or performance.
The investment process detailed in this section refers to the Lazard Global Bond Opportunities sub-fund of the LAZARD FUNDS SICAV. For more information on our ESG investment policy, please refer to this link : https://www.lazardfreresgestion.fr/EN/ESG-ISR/Notre-approche_147.html#section05. To access the SFDR periodic information document, click here. For pre-contractual information, click here.For further information on the fund's other characteristics and risks, please refer to the prospectus available above or at www.lazardfreresgestion.fr. To consult the SFDR periodic information document and the SFDR pre-contractual information document, please click here: https://www.lazardfreresgestion.fr/EN/Fiche-fonds_93.html?idFond=BO2

< Back

Main risks for investors

Risk of capital loss: There is no guarantee of the Strategy's performance or protection of capital. As such, the investor may not get back the full amount of the initial investment during redemption.

Interest rate risk: The risk of a decline in debt instruments as a result of changes in interest rates. This risk is measured by the level of sensitivity. For instance, bond prices tend to move in the opposite direction to interest rates. The net asset value may decline during periods when there is an increase (positive sensitivity) or decrease (negative sensitivity) in interest rates.

Credit risk: The risk of a deterioration in the credit quality of or default by a public or private issuer. The Strategy's exposure to issuers either through direct investment or via other UCI may give rise to a decline in the net asset value. If the Strategy is exposed to unrated or speculative/high yield debt, the credit risk is high and may lead to a decline in the Sub-fund’s net asset value.

Foreign exchange risk: The Strategy may invest in securities and other UCI that in turn are authorised to acquire instruments denominated in currencies other than the fund's base currency. The value of these instruments may fall if the exchange rates vary, which may lead to a decrease in the Sub-fund’s net asset value. Where units (or shares) denominated in a currency other than the fund's base currency have been hedged, the foreign exchange risk is residual as a result of systematic hedging, potentially leading to a performance gap between the different units (or shares).

Derivative financial instrument risk: The risk arising from the Strategy's use of forward financial instruments (derivatives), which may lead to a bigger decrease in the net asset value than on the markets or in the underlying assets in which the Sub-fund has invested.

Counterparty risk: This type with one or more counterparties potentially exposes the Strategy to a risk of insolvency of one or more of these counterparties, which could lead to default on payment and cause a decrease in the Strategy's net asset value.

Liquidity risk: The risk that a financial market cannot absorb transaction volumes due to trading volumes being too low or pressure on the markets. Such a situation may impact the pricing or timing when the Sub-fund liquidates, initiates or modifies positions and thus cause a decline in the Strategy's net asset value.

Risk related to overexposure: The Strategy may use forward financial instruments (derivatives) to generate overexposure and thus bring the Strategy's exposure above its net asset value. Depending on the transactions, the impact of a decrease (purchase of exposure) or increase (sale of exposure) in the derivative’s underlying instrument may be amplified and thus amplify any decrease in the Strategy's net asset value.

Sustainability risk: Any environmental, social or governance event or situation that, if it occurs, could have an actual or potential negative impact on the value of the investment. Specifically, the negative effects of sustainability risks can affect issuers via a range of mechanisms, including: 1) lower revenues; 2) higher costs; 3) damage or impairment of asset value; 4) higher cost of capital; and 5) fines or regulatory risks. Due to the nature of sustainability risks and specific issues such as climate change, the likelihood of sustainability risks impacting returns on financial products is likely to increase in the longer term.

Contact us

Lazard Frères Gestion 25 rue de Courcelles, 75008 Paris

This is a financial promotion and is not intended to constitute investment advice.

Lazard Credit Opportunities is a sub-fund of the SICAV Lazard Fund (Société d’investissement à capital variable) authorised and regulated as UCITS by the Autorité des marchés financiers and managed by Lazard Frères Gestion SAS.

Lazard Global Green Bond Opportunities is a sub-fund of the SICAV Lazard Fund (Société d’investissement à capital variable) authorised and regulated as UCITS by the Autorité des marchés financiers and managed by Lazard Frères Gestion SAS.

Lazard Global Bond Opportunities is a sub-fund of the SICAV Lazard Fund (Société d’investissement à capital variable) authorised and regulated as UCITS by the Autorité des marchés financiers and managed by Lazard Frères Gestion SAS.

Copies of the full Prospectus, the Key Information Document (DIC PRIIPS) for retail and insurance investment products (Reglementation PRIIPs) and the latest Reports and Accounts in French and, where applicable, other languages, are available on request from the address below or at www.lazardfreresgestion.fr. Existing and potential investors are asked to read and take note of the risk warnings in the prospectus and DIC. Investment decisions should be based on a review of all fund documentation, and final investment decisions should not be made based solely on this communication. Further information on the sustainability of the fund is available at the above web address. Lazard Fund Managers Limited/Lazard Frères Gestion reserves the right to withdraw this fund from the market at any time without notice.

The funds are actively managed.

Subscriptions should be based on the current prospectus. The returns on your investment may be affected by variations in exchange rates between the Fund's reference currency, the currency of the Fund's investments, your unit class and your home currency. The information provided in this document should not be construed as a recommendation or solicitation to buy, hold or sell any security. Nor should it be assumed that an investment in these securities has been or will be profitable. The tax treatment of each client may vary, and you are advised to consult a professional tax advisor. If you have any queries, please contact the LAM or LFG office in your country. Contact details are given below. The contents of this document are confidential and must be disclosed only to the persons for whom it is intended.

FOR THE EXCLUSIVE USE OF FINANCIAL PROFESSIONALS

Please note that not all share classes are registered for distribution in every jurisdiction. Investment into the portfolio will not be accepted before the appropriate registration is completed in the relevant jurisdiction.

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 for Irish funds is ABN AMRO Bank NV, Belgian Branch, Roderveldlaan 5 bus 4, 2600 Berchem Belgium and for French funds is RBC Investor Services Bank S.A : 14, Porte de France, L-4360 Esch-sur-Alzette– Grand Duché de Luxembourg.

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. This information is provided by Lazard Frères Gestion SAS , 25, rue de Courcelles 75 008 Paris.

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. The Paying Agent for the Irish funds are BNP Paribas Securities Services, Piazza Lina Bo Bardi, 3, 20124 Milano, and Allfunds Bank SA, Milan Branch, Via Santa Margherita 7, 20121, Milano. The Paying Agent for the French funds are Société Générale Securities Services, Via Benigno Crespi, 19, 20159 Milano, and BNP Paribas Securities Services, Piazza Lina Bo Bardi, 3, 20124 Milano.

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 10, 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 is a Foreign Collective Investment Scheme registered with the CNMV.

Switzerland and Liechtenstein: Lazard Asset Management Schweiz AG, Uraniastrasse 12, CH-8001 Zurich. The representative in Switzerland is ACOLIN Fund Services AG, Leutschenbachstrasse 50, CH-8050 Zurich, the Paying Agent is Banque Cantonale de Genève, 17, quai de l’Ile, CH-1204 Geneva. For further information please visit our website, contact the Swiss representative or visit www.fundinfo.com. The paying agent in Liechtenstein is LGT Bank AG, Herrengasse 12, FL-9490 Vaduz. Not all share classes of the respective sub-fund are registered for distribution in Liechtenstein and are aimed exclusively at institutional investors. Subscriptions may only be made on the basis of the current prospectus. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming shares.