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• Lazard Frères Gestion manages €8,3 billion in equities through open-ended and dedicated investment funds, representing over half of our assets under management as of 31 December 2020.
• The equity team comprises 12 fund managers/analysts covering a wide range of small, mid and large caps around the world.
• Our investment philosophy is based on a rigorous company selection drawing on a fundamental approach. We select companies with robust balance sheets, sound economic performance profiles and value creating potential over the long term.

We offer three types of strategy:

• Lazard Frères Gestion manages €6.3 billion in fixed-income and monetary products through open-ended and dedicated investment funds, representing over one quarter of all assets under management as of 31 December 2020.
• Eleonaure Bunel is the Head of Fixed Income team composed of eight portfolio managers.

• The investment process draws on a fundamental macro-economic top-down approach — economic cycle analysis and its impacts on the public and corporate debt markets — , and on a bottom-up approach to assess and select issuers, as well as sovereign, corporate and financial issues.
• Lazard Frères Gestion has developed a highly specific expertise in the financial debt segment since 2004, accessible through a range of open-ended funds:

• We also offer a range of funds invested in emerging debt and managed by Lazard Asset Management:

  Lazard Emerging Markets Bond Fund

  Lazard Emerging Markets Local Debt Fund

  Lazard Emerging Markets Debt Blend Fund

  Lazard Emerging Markets Debt Unrestricted Blend Fund

  Lazard Emerging Markets total Return Debt Fund

• Lazard has developed a specific expertise in convertible bonds for over 30 years through open-ended and dedicated investment funds. Total assets under management stood at €6.6 billion as of 31 December 2020.
• Delegated to Lazard Asset Management, the convertible bond branch comprises 4 analysts - managers and 1 Trade Execution analyst covering a number of geographical areas. The team works closely with Lazard Frères Gestion's equity and credit analysts in Paris, benefitting from their skills and use of our in-house proprietary models.
• Our investment management style is characterised by its thoroughness. This allows us to calibrate the major characteristics and performance sources among convertible bonds, such as stock picking, credit risk, volatility, or interest rate sensitivity. Our investment management process draws on both a bottom-up approach to select convertible bonds and a top-down approach applied to a tactical allocation strategy.
• We construct our portfolio to benefit the most from the diversified profiles and existing asymmetry within this asset class. When stock markets rise, convertible bonds do too, but during downward trends, convertible bonds fall more gradually.
• We offer a range of European and international convertible funds with forex-hedged units:

• Diversified investment management and asset allocation advisory services represented almost 24% of assets managed on behalf of our institutional and private clients on 31 December 2020.
  Diversified investments are managed by two portfolio managers and three strategists-economists within a single dedicated independent equity and fixed-income investment management team. The team benefits from the group’s expertise in terms of specialist investment strategy and research.
• Economic analysis, particularly cycle analysis, is at the core of our process. We apply a fundamental approach over a medium- to long-term view. Our investment choices reflect the positioning within the cycle and our appreciation of the valuation of the asset class.
  We establish a core 6-12 month macroeconomic and financial scenario, reviewed as the economic environment changes in the main geographical areas or in the asset classes.
  We carry out a dual analysis, integrating our medium-term macroeconomic scenario and a short-term tactical approach, to define the optimum allocation that reflects our core convictions. Portfolio management is then delegated to the specialist teams.
  

• For investors seeking protection against sharp market fluctuations, we also propose a range of UCITS offering a “balanced” investment management process, i.e, both fundamental and systematic. This includes our economic cycle analysis — our medium-term performance driver, while seeking to protect the portfolio against irrational market events through the use of dynamic and systematic hedging strategies.

• Lastly, we also provide a wealth-management range dedicated to private clients:

Alternative Investments And Flexible Systematic Funds

• Our investment strategy is based on delivering absolute performance. Lazard Frères Gestion has developed a quantitative and systematic model with two objectives: rapidly detect signs of shifts in market trends, to enable portfolio allocation to be dynamically adjusted, and limit false trend indicators.
• Our investment support selection is based on a multi-criteria process developed in-house by a team of three professionals.
• Our approach draws on the skills of a dedicated team of two experienced fund managers/analysts and on the synergies generated by the fund selection expertise within the Lazard Group.

• We also market a Long/Short equity fund managed by Lazard Asset Management:

Structured Products

• Lazard Frères Gestion offers its clients a privileged access to structured products. We provide bespoke products adapted to our clients' risk profiles and objectives, coherent with our economic and financial outlook.
• We independently select the best counterparty in order to access the most compelling investment supports under optimum conditions.

Notre conviction

• La performance économique de l'entreprise n'est durable que s’il y a prise en compte de certains facteurs extra-financiers.
• La valorisation du "capital humain" et la prévention de l'ensemble des risques environnementaux sont une assurance de la pérennité de la performance économique.

Notre gestion ISR

• Notre gestion ISR associe depuis plus de 15 ans une approche extra-financière réalisée en partenariat avec Vigeo à une analyse financière réalisée en interne par Lazard Frères Gestion. Le groupe Vigeo dispose d’une longue expérience, de moyens humains et techniques importants dans le domaine de l’analyse ISR (60 analystes sectoriels) qui nourrissent un processus de notation indépendant, transparent et continu.
• Cette expertise est appliquée à la gestion actions principalement au travers de notre Sicav Objectif Investissement Responsable créée en 2001. Lazard Frères Gestion figure dans la liste des signataires du code de transparence AFG-FIR pour le fonds ISR Objectif Investissement Responsable. La SICAV a par ailleurs obtenu le label ISR Novethic en 2011, 2012 et 2013, 2014, 2015
• L’analyse extra-financière est réalisée en partenariat avec Vigeo et privilégie l'approche "Best In Class", c’est à dire une sélection ESG (critères Environnementaux, Sociaux et de Gouvernance d’une entreprise) consistant à privilégier les émetteurs les mieux notés au sein de leur secteur d’activité.
• Nous accordons une prépondérance aux critères ressources humaines et environnement.

Notre engagement ISR

• Depuis le 9 février 2015, Lazard Frères Gestion est signataire du PRI et s’engage à respecter les 6 principes pour l’Investissement Responsable des Nations Unies. Nous réaffirmons ainsi notre volonté de prendre en compte les questions environnementales, sociales et de gouvernance dans ses processus d'analyse et de décision en matière d'investissement. Nous souhaitons contribuer, aux côtés des autres signataires au développement d'un système financier mondial plus durable. http://www.unpri.org/