Lazard Global Listed Infrastructure Portfolio Q4 2024 Commentary

2025-03-20 02:55:00 ET

Summary

• Central banks' interest rate policies dominated Q4, with the Fed's cautious stance triggering a US stock sell-off and mixed actions in Europe and the UK.
• The Lazard Global Listed Infrastructure Portfolio outperformed its benchmark, driven by strong performances from companies like Ferrovial and German airport operator Fraport.
• We remain cautious on US utilities but see emerging stock-specific opportunities; European infrastructure offers attractive value despite market volatility.
• A concentrated portfolio with selective stock-picking is essential for favorable risk/return trade-offs; expect short-term volatility but promising long-term returns.

Market Overview

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