Lazard Real Assets Portfolio Q4 2024 Commentary

2025-03-21 07:30:00 ET

Summary

• Global equity markets fell moderately in Q4 amid geopolitical and interest-rate policy uncertainty, with mixed central bank actions across major economies.
• Lazard Real Assets Portfolio underperformed, with commodities leading gains, while infrastructure and real estate sectors faced significant declines due to higher interest rates.
• Entering 2025, the global economy shows resilience and progressive disinflation, but uncertainty remains with potential disruptive policy changes from the Trump administration.
• Maintaining cautious optimism, the portfolio aims to minimize policy change risk while tactically countering speculative market reactions.

Market Overview

Global equity markets fell moderately in the fourth quarter amid geopolitical and interest-rate policy uncertainty....

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