Lazard International Equity Select Portfolio Q1 2025 Commentary

2025-05-23 10:45:00 ET

Summary

• During the first quarter, the Lazard International Equity Select Portfolio rose 4.5%, lagging the MSCI All Country World ex-US Index which rose 5.2%.
• When looking at the two fundamental factors we evaluate for each company, financial productivity and valuation, the Lazard International Equity Select with Emerging Markets Portfolio is more biased toward quality and higher financial productivity.
• We believe heightened geopolitical uncertainty is likely to persist, and may result in slower investment and consumption.

Market Overview

• Driven by Europe, and helped by stronger currencies, International equities rose strongly
• International outperformed the US by the largest quarterly amount in more than two decades
• European defense spending and potential German fiscal spending are significant and contributed to strong European returns
• Tariff concerns are contributing to higher inflation expectations
• Amidst higher rates, Value significantly outperformed as banks extended their run within financials, followed by other outperforming sectors like energy and Utilities Quality significantly lagged the market during the last two quarters

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