TIDMWTR
RNS Number : 3491K
Lazard World Trust Fund
20 September 2016
Lazard World Trust Fund (previously known as 'The World Trust
Fund')
Fact Sheet - 31(st) August 2016
Société d'Investissement à Capital Fixe
Registered office: 49, avenue J.F. Kennedy, L-1855
Luxembourg
Grand Duchy of Luxembourg, R.C.S. Luxembourg No. B 37.154
Commentary
Global equities edged ahead in August, holding on to the gains
made in July, despite signals towards the end of the month that the
United States Federal Reserve may be preparing to raise rates.
Economic data remained broadly steady, seeing no real change in
trend from previous months, other than in the United Kingdom where
the initial impact of the Brexit decision seems far more benign
than feared - though it is too early to say whether this will
remain the case going forward. Despite the signals from the Fed on
future moves in rates, low yields continue to drive capital
allocation with the European Central Banks driving borrowing rates
into negative territory for some European corporates. Driving Fund
returns higher were investments on Tetragon Financial Group
(+8.6%), Naspers Ltd (+4.0%) and Jardine Strategic Holdings (+5.7%)
while investments that detracted from returns included Eurazeo
(-5.1%) and JPMorgan Japanese Investment Trust (-5.3%).
Fund Description
The Fund seeks to achieve long-term capital appreciation by
investing primarily in a diversified portfolio of companies whose
shares trade at a discount to the underlying net asset value. The
Fund may also sell short stock indices, stocks, and shares of
exchange-traded funds or closed-end funds, not exceeding 100% of
the Fund's net assets.
Lazard Asset Management LLC was appointed as Manager of Lazard
World Trust Fund at the inception of the Fund, July 1(st) ,
1991.
Kun Deng is a Managing Director of Lazard Asset Management,
responsible for the firm's Discounted Assets Strategies in global,
international, and emerging markets.
He has been advising Lazard World Trust Fund since 1997. Kun has
the CFA charter.
Lazard Asset Management is known for its global perspective on
investing and years of experience with global, regional and
domestic portfolios. With more than 300+ investment personnel
worldwide, and over US$ 180 billion in assets under management, we
have offices located throughout the world in Bahrain, Boston,
Frankfurt, Hong Kong, London, Madrid, Milan, Montreal, New York,
San Francisco, Seoul, Sydney, Tokyo, Toronto and Zurich.
Performance as of August 31st, 2016
Annualized
since
Performance MTD YTD 1-Year 3-Year 5-Year 10-Year inception**
------------------- ------ ------ --------- --------- --------- ---------- -------------
Lazard World
Trust Fund Price
* (GBP) 4.1% 16.3% 20.6% 11.0% 11.1% 3.6% 6.6%
------------------- ------ ------ --------- --------- --------- ---------- -------------
Lazard World
Trust Fund NAV
(GBP) 2.1% 11.1% 19.8% 10.8% 11.6% 4.0% 7.2%
------------------- ------ ------ --------- --------- --------- ---------- -------------
Lazard World
Trust Fund Price
(US$) 3.3% 3.6% 3.2% 5.0% 6.4% -0.2% 5.6%
------------------- ------ ------ --------- --------- --------- ---------- -------------
Lazard World
Trust Fund NAV
(US$) 0.7% -1.3% 2.0% 4.8% 6.8% 0.2% 6.3%
------------------- ------ ------ --------- --------- --------- ---------- -------------
MSCI All Country
World Index
(US$) 0.3% 6.0% 7.2% 6.7% 8.3% 4.4% 6.4%
------------------- ------ ------ --------- --------- --------- ---------- -------------
MSCI AC World
Ex USA 0.6% 4.5% 2.9% 2.0% 3.3% 2.0% n/a
------------------- ------ ------ --------- --------- --------- ---------- -------------
Source: Lazard Asset Management/MSCI
* As at 01.11.09 the currency in which the shares of the Fund
are traded changed from US$ to GBP. Past performance data up to and
including 31.10.09 has been re-calculated using exchange rates
provided by Bloomberg. Past performance data from 01.11.09 is
calculated using exchange rates provided by State Street Bank. The
Fund's base currency for valuation and performance fee calculation
purposes remains as US$.
** Inception date 01.07.91
The base currency of the Fund is US$ and the GBP quoted figure
is a sterling rate equivalent.
Lazard World Trust Fund Annual NAV Performance (%)
2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004
--------------- ----- ----- ----- ----- ------ ----- ----- ------ ----- ----- ----- -----
Lazard World
Trust Fund
NAV (Net)* 0.7 3.5 18.9 19.4 -12.8 17.0 48.2 -61.9 7.6 20.2 28.7 25.6
--------------- ----- ----- ----- ----- ------ ----- ----- ------ ----- ----- ----- -----
MSCI AC World
Index -2.4 4.2 22.8 16.1 -7.4 12.7 34.6 -42.2 11.7 21.0 10.8 15.2
--------------- ----- ----- ----- ----- ------ ----- ----- ------ ----- ----- ----- -----
MSCI AC World
Ex USA Index -5.7 -3.9 15.3 16.8 -13.7 11.2 41.5 -45.5 16.7 26.7 16.6 20.9
--------------- ----- ----- ----- ----- ------ ----- ----- ------ ----- ----- ----- -----
Source: Lazard Asset Management/FactSet
* The pre-2015 values relate to the fully Diluted NAV. The final
subscription date for the exercise of warrants was March 31st, 2014
and no additional warrant offers have been made since that
date.
Net Regional Exposure
Country %
----------------------- ------
North America 12.5%
----------------------- ------
Asia (ex-Japan) 34.5%
----------------------- ------
Europe (ex-UK) 17.8%
----------------------- ------
United Kingdom 5.7%
----------------------- ------
Japan 10.3%
----------------------- ------
Other 0.4%
----------------------- ------
Latin America, Africa
& Middle East 2.8%
----------------------- ------
Source: Lazard Asset Management
Top Holdings
Top 10 holdings as August Weight Discount
31, 2016 % %
--------------------------------- ------- ---------
Naspers 6.7% -24.6%
--------------------------------- ------- ---------
JPMorgan European Smaller
Companies 5.0% -13.4%
--------------------------------- ------- ---------
First Pacific 4.6% -51.8%
--------------------------------- ------- ---------
Tetragon Financial 4.6% -46.0%
--------------------------------- ------- ---------
Eurazeo 4.5% -19.1%
--------------------------------- ------- ---------
JPMorgan Japanese 4.5% -10.1%
--------------------------------- ------- ---------
Adams Diversified 4.5% -15.8%
--------------------------------- ------- ---------
Harbourvest Global Private
Equity 4.3% -29.8%
--------------------------------- ------- ---------
JPMorgan Emerging Markets 4.2% -10.8%
--------------------------------- ------- ---------
VinaCapital Vietnam Opportunity 3.7% -26.7%
--------------------------------- ------- ---------
Source: Lazard Asset Management / Morningstar (unless otherwise
stated)
Portfolio Composition
Closed-Ended Investment
Companies 29.7%
------------------------- ------
Investment Trusts 43.5%
------------------------- ------
Corporate Equities 21.0%
------------------------- ------
Source: Lazard Asset Management
Portfolio Exposure
Long 94.2%
------- -------
Short -10.2%
------- -------
Source: Lazard Asset Management
Fund Data
GBP US$
----------------------- --------- --------
Market Capitalisation 116.3 m 152.7 m
----------------------- --------- --------
Total Assets 130.8 m 171.8 m
----------------------- --------- --------
Borrowings 0%
----------------------- -------------------
Fully Diluted Net
Asset Value 3.236 4.250
----------------------- --------- --------
Ordinary Share
Market Price 2.878 3.779
----------------------- --------- --------
Discount/Premium -11.1%
----------------------- -------------------
Source: State Street Bank
Company Information as at August 31st, 2016
50,678,372 Ordinary shares in issue (including
10,252,277 Treasury shares) = Luxembourg denominator
--------------------------------------------------------
40,426,095 Ordinary shares (excluding 10,252,277
Treasury shares) = FCA denominator
--------------------------------------------------------
Ticker: WTR
------------------ ------------------------------------
ISIN: LU0483266259
------------------ ------------------------------------
Benchmark: MSCI All Countries World
Index
------------------ ------------------------------------
Contact Details
Fund Manager: Lazard Asset Management
LLC
30 Rockefeller Plaza
New York
NY 10112
USA
Telephone: +1212 632
6000
------------------- -----------------------------------
Company Secretary: Capita Company Secretarial
Services Limited
Telephone: +44 1392 412122
------------------- -----------------------------------
Registered Office: Société d'Investissement
à Capital Fixe
49, avenue J.F. Kennedy,
L-1855 Luxembourg
Grand Duchy of Luxembourg,
R.C.S. Luxembourg No.
B 37.154
------------------- -----------------------------------
Directors: Philip McLoughlin (Chairman)
Duncan Budge
James Cave
Howard Myles
Tony Morrongiello
------------------- -----------------------------------
The Fund has recently launched a new website on which further
copies of the Factsheet are available at:
www.theworldtrustfund.com
NMPI Status
The Company currently conducts its affairs so that its
securities can be recommended by IFAs to ordinary retail investors
in accordance with the FCA's rules in relation to non-mainstream
investment products and intends to continue to do so for the
foreseeable future. The securities are excluded from the FCA's
restrictions which apply to non-mainstream investment products
because they are shares in an investment trust.
Important Information
This is a financial promotion and is not intended to be
investment advice.
Securities identified in this document are not necessarily held
by Lazard Asset Management for all client portfolios, and should
not be considered as a recommendation or solicitation to purchase,
sell or hold these securities. It should also not be assumed that
any investment in these securities was, or will be, profitable.
Information and opinions contained within this document are
derived from sources believed by Lazard to be reliable. Lazard
makes no representation as to their accuracy or completeness. All
opinions are as at the date of this document and are subject to
change without notice.
Lazard World Trust Fund is an investment company incorporated in
Luxembourg, whose shares are listed and traded on the London Stock
Exchange.
Past performance is not a reliable indicator of future results.
The value of investments and the income from them may go down as
well as up and investors may not get back the amount originally
invested.
Investors are reminded that although the shares of the Fund are
listed in GB sterling, the base currency of the Fund is US dollars.
Therefore, in addition to the fluctuations in the rate of exchange
between the currency in which shares are denominated (US$) and the
base currencies of the underlying investments that may affect the
value of your investment both positively and negatively, changes in
rates of exchange between the Fund's base currency and the currency
in which it is listed (GBP) may also have the effect of causing the
value of your investment to fluctuate.
Certain information included herein is derived by Lazard in part
from an MSCI index or indices (the "Index Data"). However, MSCI has
not reviewed this product or report, and does not endorse or
express any opinion regarding this product or report or any
analysis or other information contained herein or the author or
source of any such information or analysis. MSCI makes no express
or implied warranties or representations and shall have no
liability whatsoever with respect to any Index Data or data derived
therefrom. The MSCI Index Data may not be further redistributed or
used as a basis for other indices or any securities or financial
products.
There is no assurance that Lazard World Trust Fund's objectives
or performance targets will be achieved.
This financial promotion is issued and approved by:
Lazard Asset Management Limited, 50 Stratton Street, London W1J
8LL
Lazard Asset Management Limited is incorporated in England and
Wales with registered number 525667. It is authorised and regulated
by the Financial Conduct Authority
Listing Category: Premium - Equity Closed-ended Investment
Fund
This information is provided by RNS
The company news service from the London Stock Exchange
END
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