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LAZ - The Shift From Active To Passive Funds Put Asset Managers On Sale But Be Selective And Patient
Lazard LTD. LTD. Class A
Overview and Thesis
Asset managers have, in general, been beaten down since their peaks in early 2018 and some are trading at decade lows. This is due to poor broader market performance leading to asset outflows. In turn, this has caused assets under management and fees to decrease over time pressuring revenue and earnings. I have written previously about the challenges faced by Waddell & Reed (WDR). But others such as Legg Mason (LM) and Franklin Resources (BEN) have similar challenges. Although they are priced at low price-to-earnings multiples