Lazard Insights

Escalating trade conflict could upset the current multilateral global trading system. Reorienting global operations and supply chains could be difficult, disruptive, and costly for many businesses. We believe understanding how a business and its competitors are exposed to this risk is critical to evaluating the potential impact of protectionism on profits.

Featured Speaker

Ron Temple Managing Director, Co-Head of Multi-Asset and Head of US Equity Lazard Asset Management LLC (New York)

Ronald Temple is a Managing Director and Co-Head of Multi-Asset and Head of US Equity, responsible for oversight of the firm's multi-asset and US equity strategies as well as several global equity strategies. He is also a Portfolio Manager/Analyst on various US and global equity teams. He joined Lazard in 2001 with ten years of global experience including fixed-income derivative trading, risk management, corporate finance and corporate strategy in roles at Deutsche Bank AG, Bank of America NT & SA and Fleet Financial Group in London, New York, Singapore, San Francisco, and Boston. Ron has an MPP from Harvard University and graduated magna cum laude with a BA in Economics & Public Policy from Duke University. He is a member of the Council on Foreign Relations, the Economic Club of New York, Duke University’s Graduate School Board of Visitors and the New York Society of Security Analysts (NYSSA). He also served as a trustee of the Link Community School in Newark, New Jersey, from 2006-2014, as a member of the Trinity Board of Visitors at Duke University from 2006-2012 and a member of the Financial Accounting Standards Advisory Council from 2013 to 2015.

Among the most vulnerable and inviting targets in any trade war are commodities—the energy, metal, and foodstuffs on which the world depends. Tariffs on these necessities discourage consumption, inhibit growth, and may well add to the challenges facing the global economy at a time when it must grow faster to escape the burden of debt. We assess the likely duration of the looming trade war, its potential consequences for global economies, and its implications for commodity investors.

Featured Speaker

Terence P. Brennan Director, Portfolio Manager/Analyst Lazard Asset Management LLC (New York)

Terence P. Brennan is a Portfolio Manager/Analyst on the Commodities team. He began working in the investment field in 1990. Prior to joining Lazard in 2016, Terry was Lead Portfolio Manager of the Deutsche Asset Management Global Commodity Strategy. Previously he was an Emerging Markets Analyst for Zurich Scudder and Merrill Lynch Asset Management. Terry has a BA in German from Fordham University.

We assess the global implications of a strong US dollar.

Featured Speakers

Ardra BelitzManaging Director, Portfolio Manager/AnalystLazard Asset Management LLC (New York)

Ardra Belitz is a Managing Director of Lazard Asset Management LLC and a Portfolio Manager/Analyst specializing in emerging markets currency and debt. She has been a member of the Emerging Income management team since 1998. Ardra began working in the investment industry in 1994. Prior to joining Lazard in 1996, she worked at Bankers Trust Company. Ardra has her BA in Economics from Brandeis University, from which she graduated Phi Beta Kappa.

Jared Daniels, CFAManaging Director, Portfolio Manager/AnalystLazard Asset Management LLC (New York)

Jared Daniels is a Portfolio Manager/Analyst on the Global Fixed Income team. He began working in the investment industry in 1997. Prior to joining Lazard in 1998, Jared was with CIBC Oppenheimer Corporation. He has a BS in Public Financial Management with a minor in Economics from Indiana University. Jared is a member of the New York Society of Security Analysts (NYSSA).

As the market environment normalizes, the “easy” returns are likely over, as evidenced by rising volatility. We believe that equity investors who wish to successfully navigate this period of change will need to be more selective about their holdings, as simply tracking the market could deliver a much different experience than that of the past 12–18 months, when equity volatility was at historical lows.

Featured Speaker

Edward KeatingDirector, Client Portfolio ManagerLazard Asset Management LLC (New York)

Edward Keating is a Client Portfolio Manager on the Discounted Assets, Global Listed Infrastructure, and Global Equity Franchise teams. He began working in the investment field in 2001, upon joining Lazard. He has a BA from Iona College.

Demand and supply is rising fast for green bonds as investors increasingly seek to invest responsibly, balancing financial objectives with concern for the environmental and social impact of their investments. In this Insights, we provide more background on these "green" securities including their investment characteristics and the types of projects they fund.

Featured Speaker

Yvette Klevan Managing Director, Portfolio Manager/AnalystLazard Asset Management LLC (New York)   Yvette Klevan is a Portfolio Manager/Analyst on the Global Fixed Income team. She began working in the investment field in 1982. Prior to joining Lazard in 2002, Yvette was a Senior Portfolio Manager with Offitbank. Previously she worked at Bank of America, Chase Manhattan Bank and Aramco Services Company. Yvette has an MBA in Finance and Management Information Systems from the University of Houston and a BBA in Mechanical Engineering Route to Business from the University of Texas. As of February 2018, she serves as a signatory representative to the Fixed Income Advisory Committee for the Principles for Responsible Investment (PRI).

The recent success of smart beta strategies has masked their underlying risks, which could result in sizable and prolonged drawdowns. We highlight some of these flaws and discuss how a multi-factor approach could mitigate these risks.

Featured Speaker

Paul Moghtader, CFA Portfolio Manager/AnalystLazard Asset Management LLC (Boston)

Paul Moghtader is a Managing Director and Portfolio Manager/Analyst, leading Lazard's Equity Advantage team. He began working in the investment field in 1992. Prior to joining Lazard in 2007, Paul was Head of the Global Active Equity Group and a Senior Portfolio Manager at State Street Global Advisors (SSgA). At SSgA Paul was the senior manager responsible for the research and portfolio management of all multi-regional active quantitative equity strategies. Previously, Paul was an analyst at State Street Bank. He began his career at Dain Bosworth as a research assistant. Paul has a Master of Management (MM) from Northwestern University and a BA in Economics from Macalester College.

The global flight to passive has accelerated over the past few years, but in emerging markets demand for actively managed products continues to flourish. We discuss why this is and how the less efficient, more highly dispersed emerging markets accentuates the limitations of a passive approach.

Global growth is in sync and equity markets are at all-time highs. Will this run continue?

The complexion of the MSCI Emerging Markets Index is about to change. MSCI’s announcement that they will include China A-shares means that China, already a large part of the index, will become even more important. How will this impact investors?

Featured Speaker

John Burge Director, Product Manager Lazard Asset Management LLC (New York)   John Burge is a Product Manager on the Emerging Markets team. He began working in the investment field in 1988. Prior to joining Lazard in 2015, John was Senior Vice President and Portfolio Manager with GE Asset Management. He has an MBA in Finance from University of North Carolina at Chapel Hill and a BA in Economics and Spanish from Hampden-Sydney College.

Quantitative managers commonly employ several factors to capture excess returns, but often overlook the growth factor. In this Insights, however, we suggest that an alternative approach to identifying growth stocks can deliver excess returns over the long term.

Featured Speaker

Jason Williams, CFA

Senior Vice President, Portfolio Manager/Analyst