lazard

The changing face of investment over 20 years

The dearth of value opportunities in Western equity markets alongside a host of other issues leaves emerging market equities as the last man standing. Should income seekers change their focus?

Lazard Asset Management's Stephen Russell has pointed to off-benchmark positions as a driver of returns for his EM Core Equity fund as a growing number of global stocks turn to the developing world for revenue growth.

Lack of profitability among EM corporates has dragged the sector down in the last several years, but the poor performance has reached its trough and the only way is up, argues Emma Bullock from Saunderson House.

UK EQUITIES

Equity Income fund managers are yet to warm to the tobacco sector, despite a strong 2014 for stocks driven by M&A and their defensive qualities.

Lazard manager Pat Ryan is optimistic on the prospects for Chinese banks despite a string of well-publicised problems, and has increased exposure to the sector within his Global Equity Income fund.

Alan Custis and Alan Clifford have stuck with insurers amid early signs the sector is rebounding from the sharp falls sparked by Chancellor George Osborne's move to change the pensions landscape.

FUND SELECTION

Lazard Asset Management has renamed its top performing UK income fund, run by Alan Custis and Alan Clifford.