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Lazard Global Equity Franchise Class C - Income (GBP)

Sell:15,477.39p Buy:15,477.39p Change: 66.44p (0.43%)
Prices as at 4 February 2025
Sell:15,477.39p
Buy:15,477.39p
Change: 66.44p (0.43%)
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
Invest now
Prices as at 4 February 2025
Sell:15,477.39p
Buy:15,477.39p
Change: 66.44p (0.43%)
Prices as at 4 February 2025
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
Invest now
The selling price currently displayed is higher than the buying price. This can occur temporarily for a variety of reasons; shortly before the market opens, after the market closes or because of extraordinary price volatility during the trading day.

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Our view on this Fund

This fund is on the Wealth Shortlist of funds our analysts believe have the potential to outperform their peers over the long term. However, this is not a recommendation to buy.

The fund aims to deliver long-term growth by investing in companies with more predictable earnings and competitive advantages. The managers focus on companies they believe are undervalued – this means their share prices don’t yet reflect their growth potential. This style means the fund could work well alongside a more growth-focused fund or add diversification to a global investment portfolio. Overall, we believe this fund offers something different from other global funds.

The fund is managed by four co-managers. Each manager has over 25 years’ experience in the investment industry. They work as a close-knit team when analysing companies and making decisions. While the managers are based in different locations and time zones, they communicate regularly and have managed the fund this way successfully over many years.

Our view on the sector

It's natural for UK investors to focus on funds investing in their home market. But as the world has become more connected, so has the investment landscape. There are lots of funds investing across the globe, and these can be a great way to diversify an investment portfolio. Funds in the global sector can invest anywhere in the world. But they go about this in different ways. They vary in how much they can invest in certain types of companies, sectors, countries, or regions. Some focus on developed markets or large multinational corporations, while others invest more in higher-risk emerging markets or smaller companies. Some target companies with higher-growth expectations and others search for unloved companies with the potential to recover.

Performance Analysis

The fund has performed better than the average fund in the IA Global sector since the fund was launched in June 2015.

Over the longer term, given the fund’s value-focussed investment style, we expect the fund to do better when value companies are performing well but not as well when growthier companies are in favour. A focus on business quality also means we expect the fund to hold up better than some other funds when markets fall.. As always past performance isn’t a guide to future returns.

All funds have tougher periods as well though, and this fund hasn’t always performed as well as the broader market or average fund in the sector when funds with a growth focus, which tend to invest more in US and technology companies, have done better. It's a similar situation for other funds with a value-focused approach.

This reminds us that different investment styles come in and out of favour. As a result, it's important to maintain a diversified investment portfolio, spread across different geographies and investment styles. Overall, we think the team has the experience, skill, and support to deliver good long-term returns to patient investors, although there are no guarantees.

Investment Philosophy

The managers aim to invest in unloved companies from across the globe, and where the share price doesn’t yet reflect their true value. If they’re right and more investors recognise this potential over time, the share price could rise.

Process and Portfolio Construction

The managers are looking for businesses they believe meet their “franchise” model. These are companies that have strong balance sheets, competitive advantages, and earnings they can more easily forecast.

Potential candidates are analysed by the team to find their true value and enters the teams value rank. This model ranks companies based on their current share prices and against their true value. The managers then pick the best opportunities from this model – the companies at the top of the value rank make up more of the fund, and those at the bottom are smaller.

The fund invests in 25-50 companies and the fund can be invested in just a few sectors and countries. The fund can therefore look and perform very differently to the benchmark (the broader global stock market). Given the focus on finding undervalued opportunities the fund is unlikely to invest as much as the benchmark in areas such as the US and the technology sector. It also invests in smaller companies and emerging markets, which also adds risk.

question mark Manager Track Record Based on HL Quantitative Research

This information is currently unavailable.

Fund Track Record

04/02/20 to 04/02/21 04/02/21 to 04/02/22 04/02/22 to 04/02/23 04/02/23 to 04/02/24 04/02/24 to 04/02/25
Annual return -0.53% 19.00% 18.84% -0.20% 2.92%

Please remember past performance is not a guide to future returns. Where no data is shown, figures are not available. This information is provided to help you choose your own investments, remember they can fall as well as rise in value so you may not get back the original amount invested.

Information about the fund

Fund manager biography

manager photo
Manager Name: Bertrand Cliquet
Manager start date: 29 June 2015
Manager located in: London

Bertrand is a Research Analyst with Lazard Asset Management Limited in London. He has been working in the investment field since 1999. Before joining Lazard, Bertrand worked for Goldman Sachs International as a research analyst. Earlier, he worked in the Mergers and Acquisitions group at Deutsche Bank, focusing on the utility and retail sectors. He also did an internship at Enskilda Securities in Paris, where he worked as an analyst covering the retail sector. Bertrand holds a business degree from HEC in Paris, with a major in Finance. He is fluent in both French and German.

Data policy - All information should be used for indicative purposes only. You should independently check data before making any investment decision. HL cannot guarantee that the data is accurate or complete, and accepts no responsibility for how it may be used. Benchmark data provided subject to this disclaimer.
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
Invest now