TTVSY - Lazard Developing Markets Equity Portfolio Q1 2025 Commentary

2025-05-21 08:20:00 ET

Summary

• Equity markets in the developing world, as measured by the MSCI Emerging Markets Index, advanced 2.9% in the first quarter.
• Latin America was the best-performing region in the quarter, surging 12.7%.
• Stock selection in the information technology and communication services sectors boosted relative performance, as did stock selection in India and Korea.
• Stock selection in the industrials and consumer discretionary sectors undercut relative performance, as did stock selection in Taiwan and South Africa.

Market Overview

Equity markets in the developing world, as measured by the MSCI Emerging Markets Index, advanced 2.9% in the first quarter, as speculation about the scope of the impending US tariff policy hung over markets and sparked uncertainty about the global economic outlook. The US unveiled its tariff plans on 2 April. While equity markets in the developing world recorded a gain in the period, those in the developed world retreated, as did the US stock market....

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