Lazard International Equity Portfolio Q4 2024 Commentary

2025-03-20 05:15:00 ET

Summary

• During the fourth quarter, the Lazard International Equity Portfolio fell 8.6% (net of fees), modestly lagging the MSCI EAFE Index which fell 8.1%.
• Throughout the year, the international equity market was driven more by fundamentals and less by extremes than it was during the COVID pandemic period of 2020-2023.
• Since the election of Donald Trump, while policy uncertainty remains high, much has already been priced into international markets.

Market Overview

• International markets fell slightly in the quarter in local terms
• But significant currency headwinds drove US dollar ( USDOLLAR , DXY ) EAFE returns down about 8%
• Driven by a weaker Yen, Japan outperformed by 4.5% (in USD) for both the quarter and year
• Semiconductors were among the worst performers while banks were among the top performers for both the quarter and year
• Momentum outperformed in both the quarter and the year and was driven predominantly by low quality in Japan

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