2025-05-23 11:10:00 ET

Summary

• During the first quarter, the Lazard International Quality Growth Portfolio rose 1.9%, lagging the MSCI All Country World ex-US Index and the MSCI All Country World ex-US Growth Index, which rose 5.2% and 2.0%, respectively.
• We expect the Portfolio to perform well in most market environments, driven by the consistency with which Quality has tended to perform as a style over many years.
• 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 equities outperformed equities in the United States by the largest quarterly amount in more than two decades.
• European defense spending and potential German fiscal spending, both significant, contributed to strong European returns.
• Concerns over tariffs contributed 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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