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Lazard US Systematic Small Cap Equity Portfolio

mutual fund
LUSOX
Payout Change
Pending
Price as of:
$12.13 +0.02 +0.17%
primary theme
U.S. Small-Cap Blend Equity
LUSOX (Mutual Fund)

Lazard US Systematic Small Cap Equity Portfolio

Payout Change
Pending
Price as of:
$12.13 +0.02 +0.17%
primary theme
U.S. Small-Cap Blend Equity
LUSOX (Mutual Fund)

Lazard US Systematic Small Cap Equity Portfolio

Payout Change
Pending
Price as of:
$12.13 +0.02 +0.17%
primary theme
U.S. Small-Cap Blend Equity

Name

As of 11/29/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$12.13

$55.6 M

0.10%

$0.01

4.66%

Vitals

YTD Return

18.9%

1 yr return

27.8%

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$55.6 M

Holdings in Top 10

8.2%

52 WEEK LOW AND HIGH

$12.1
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 4.66%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 22.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$2,500

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 11/29/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$12.13

$55.6 M

0.10%

$0.01

4.66%

LUSOX - Profile

Distributions

  • YTD Total Return 18.9%
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.14%
DIVIDENDS
  • Dividend Yield 0.1%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    Lazard US Systematic Small Cap Equity Portfolio
  • Fund Family Name
    LAZARDFUND
  • Inception Date
    Oct 29, 2021
  • Shares Outstanding
    12744
  • Share Class
    Other
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Oren Shiran

Fund Description

The Portfolio invests primarily in equity securities, principally common stocks, of small capitalization US companies. The Investment Manager considers “small cap companies” to be those companies that, at the time of initial purchase by the Portfolio, have market capitalizations within the range of companies included in the Russell 2000 Index (ranging from approximately $16.6 million to $59.1 billion as of March 31, 2024). The Portfolio typically invests in 300 to 500 companies.

Under normal circumstances, the Portfolio invests at least 80% of its assets in equity securities of small cap US companies. Equity securities also may include depositary receipts, including American Depositary Receipts (“ADRs”), Global Depositary Receipts and European Depositary Receipts. The Portfolio may invest up to 20% of its assets in other securities which need not be equity securities of small cap US companies, including investments in larger US companies and in non-US companies, including securities of emerging markets companies traded on a US exchange.

The Investment Manager will manage the Portfolio using its proprietary investment strategy that creates and applies what the Investment Manager refers to as “Insights” and employs its “Insight-driven” process to identify investments with fundamental traits the Investment Manager believes are undervalued by the market. The Investment Manager’s strategy combines fundamental and quantitative techniques into a fully systematic process—that is, the Investment Manager converts subjective criteria used to evaluate potential investments into quantitative formulas based on, among other things, market observations and testing of resulting hypotheses. The Investment Manager considers an “Insight” to be a fundamental opportunity that the Investment Manager believes can be quantified, validated and implemented systematically by the Investment Manager:

·a fundamental opportunity is a recurring market inefficiency where the Investment Manager believes that investors are not fully incorporating the impact of a company’s changing operating fundamentals and/or attractive valuations;

·the Investment Manager converts its market observation into quantified conditions utilizing proprietary process knowledge and techniques;

·a potential Insight is validated through extensive proprietary testing that includes historical data, minimum targeted return objectives and persistence hurdles;

·through each Insight, a number of securities are identified; and

·the securities selection process is implemented systematically into automated daily operations.

The Investment Manager selects investments for the Portfolio by applying its securities selection process to an investable universe of all publicly-traded equity securities, with a focus on small cap companies. However, Insights, which may change over time, may be related to the broad market or specific to a particular sector or industry. In addition, the selection process described above is not sequential, and certain criteria may be given more importance than others. Target position sizes are determined at the time of investment based on one or more Insights and subsequently monitored on an ongoing basis. To improve tax efficiency, the Portfolio may limit investments that have undesirable tax characteristics and may employ other tax-management techniques, such as adjusting the timing of trades, by relying in part on fundamental research and analytical judgements of the Investment Manager.

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LUSOX - Performance

Return Ranking - Trailing

Period LUSOX Return Category Return Low Category Return High Rank in Category (%)
YTD 18.9% -1.5% 42.7% 60.27%
1 Yr 27.8% 0.0% 55.7% 64.83%
3 Yr N/A* -11.1% 47.5% N/A
5 Yr N/A* -12.2% 35.1% N/A
10 Yr N/A* -2.6% 18.5% N/A

* Annualized

Return Ranking - Calendar

Period LUSOX Return Category Return Low Category Return High Rank in Category (%)
2023 19.4% -19.9% 29.0% 7.44%
2022 -16.9% -59.3% 118.2% 22.84%
2021 N/A -31.6% 39.3% N/A
2020 N/A -51.0% 39.5% N/A
2019 N/A -5.6% 37.8% N/A

Total Return Ranking - Trailing

Period LUSOX Return Category Return Low Category Return High Rank in Category (%)
YTD 18.9% -1.5% 42.7% 60.27%
1 Yr 27.8% 0.0% 55.7% 64.83%
3 Yr N/A* -11.1% 47.5% N/A
5 Yr N/A* -12.2% 35.1% N/A
10 Yr N/A* -2.6% 18.5% N/A

* Annualized

Total Return Ranking - Calendar

Period LUSOX Return Category Return Low Category Return High Rank in Category (%)
2023 19.6% -11.7% 31.8% 16.41%
2022 -16.5% -45.2% 123.7% 49.14%
2021 N/A 0.0% 45.6% N/A
2020 N/A -50.5% 46.9% N/A
2019 N/A 2.2% 40.9% N/A

NAV & Total Return History


LUSOX - Holdings

Concentration Analysis

LUSOX Category Low Category High LUSOX % Rank
Net Assets 55.6 M 555 K 145 B 89.18%
Number of Holdings 464 2 2445 29.41%
Net Assets in Top 10 4.56 M 124 K 10.3 B 96.39%
Weighting of Top 10 8.19% 3.1% 100.1% 82.10%

Top 10 Holdings

  1. State Street Institutional Treasury Plus Money Market Fund 1.35%
  2. ADMA Biologics Inc 1.02%
  3. IES Holdings Inc 0.89%
  4. Builders FirstSource Inc 0.83%
  5. Celestica Inc 0.78%
  6. CommScope Holding Co Inc 0.73%
  7. Limbach Holdings Inc 0.71%
  8. Mueller Industries Inc 0.70%
  9. Medpace Holdings Inc 0.66%
  10. BrightView Holdings Inc 0.53%

Asset Allocation

Weighting Return Low Return High LUSOX % Rank
Stocks
98.55% 4.44% 107.74% 52.18%
Cash
1.44% 0.00% 27.11% 54.46%
Other
0.00% -0.07% 49.08% 44.40%
Preferred Stocks
0.00% 0.00% 6.06% 31.31%
Convertible Bonds
0.00% 0.00% 3.17% 31.18%
Bonds
0.00% 0.00% 102.81% 36.43%

Stock Sector Breakdown

Weighting Return Low Return High LUSOX % Rank
Industrials
21.95% 2.46% 37.42% 16.89%
Healthcare
17.13% 0.00% 26.53% 8.45%
Technology
16.97% 0.00% 43.95% 17.66%
Consumer Cyclical
11.14% 0.99% 47.79% 54.89%
Financial Services
7.97% 0.00% 35.52% 96.55%
Basic Materials
5.94% 0.00% 18.66% 23.61%
Consumer Defense
5.71% 0.00% 18.87% 14.78%
Real Estate
5.47% 0.00% 29.43% 69.10%
Communication Services
3.38% 0.00% 14.85% 34.55%
Energy
2.82% 0.00% 37.72% 82.15%
Utilities
1.52% 0.00% 18.58% 72.74%

Stock Geographic Breakdown

Weighting Return Low Return High LUSOX % Rank
US
98.55% 2.58% 107.74% 44.97%
Non US
0.00% 0.00% 97.07% 40.99%

LUSOX - Expenses

Operational Fees

LUSOX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 4.66% 0.01% 38.30% 1.33%
Management Fee 0.70% 0.00% 1.50% 43.81%
12b-1 Fee 0.25% 0.00% 1.00% 41.91%
Administrative Fee N/A 0.01% 0.45% N/A

Sales Fees

LUSOX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 3.50% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

LUSOX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

LUSOX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 22.00% 1.00% 314.00% 16.52%

LUSOX - Distributions

Dividend Yield Analysis

LUSOX Category Low Category High LUSOX % Rank
Dividend Yield 0.10% 0.00% 42.47% 76.09%

Dividend Distribution Analysis

LUSOX Category Low Category High Category Mod
Dividend Distribution Frequency Annual Annual Quarterly Quarterly

Net Income Ratio Analysis

LUSOX Category Low Category High LUSOX % Rank
Net Income Ratio 1.14% -2.40% 2.49% 8.06%

Capital Gain Distribution Analysis

LUSOX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Semi-Annually Annually

Distributions History

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LUSOX - Fund Manager Analysis

Managers

Oren Shiran


Start Date

Tenure

Tenure Rank

Oct 27, 2021

0.59

0.6%

Oren began working in the investment field in 2005. Prior to joining Lazard in 2019, Oren was a co-founder and managing partner with Baylight Capital. Prior to Baylight, Oren was a founding principal and portfolio manager at QM Capital, a firm founded in 2005 that developed quantitative trading strategies. Prior to QM, Oren was a PhD candidate in Computational Mathematics at Stanford University. Oren has a Master’s Degree in Computational Mathematics from Stanford University and a Bachelor’s Degree in Electrical Engineering & Computer Science from University of California, Berkeley.

Stefan Tang


Start Date

Tenure

Tenure Rank

Oct 27, 2021

0.59

0.6%

Stefan T. Tang is a PM/A on the Lazard Systematic Equity team. Stefan began working in the investment field in 2005. Prior to joining Lazard in 2019, Stefan was a co-founder and managing partner with Baylight Capital. Prior to Baylight, Stefan was a founding principal and portfolio manager at QM Capital, a firm founded in 2005 that developed quantitative trading strategies. Prior to QM, Stefan was a PhD candidate in Computational Mathematics at Stanford University. Prior to Stanford, Stefan worked as a software developer in Germany where he developed algorithms for e-procurement applications.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 49.61 7.17 2.58