Lazard International Strategic Equity Portfolio Q2 2025 Commentary

2025-08-10 23:30:00 ET

Market Overview

• International equity markets rose significantly during the second quarter, adding to the YTD lead vs. the US
• International corporate profit growth remained resilient amid a volatile geopolitical environment
• International currencies remained strong as the US Dollar experienced its worst first half of the year since 1973
• Quality continues to lag the market by historic amounts, a function of higher exposure to US revenue
• The risk-on environment saw Small Caps outperform Large, and Growth outperform Value, with rates relatively stable

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