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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Lazard World | LSE:WTR | London | Ordinary Share | LU1954556863 | ORD USD0.20 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 302.50 | 295.05 | 309.95 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMWTR
RNS Number : 2385R
Lazard World Trust Fund
07 December 2016
Lazard World Trust Fund (previously known as 'The World Trust Fund')
Fact Sheet - 31(st) October 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 stocks fell modestly in October. Corporate earnings reports, economic data, Brexit progress, the impeding US Presidential election and shifting interest rate expectations failed to inspire notable buying or selling during the month. Early corporate earnings results were middling. In Europe, initial concern that the European Central Bank would begin to taper quantitative easing (QE) in the near future was eased later in the month as the official decision left QE and interest rates unchanged. In the United States, mildly positive economic data and US Federal Reserve comments furthered expectations of a rate increase by the end of the year, albeit with increased appreciation of a gradual pace. Bond yields in the US and Europe rose and expectations for inflation inched higher. Crude oil moved back above $50 per barrel with increased speculation that OPEC could orchestrate a production freeze, but the oil price receded to where it began the month on stockpile readings. Helping Fund returns included investment in Tetragon Financial (+7.7%), First Pacific (+6.5%) and Jardine Strategic (+7.3%) while investments that detracted over the period included Henderson Smaller Companies (-12.2%) and International Biotechnology Trust (-8.3%)
Latest Investment Management Actions
No major changes were made to the portfolio during October.
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.
At a -14.4% traded discount, investors can own the Fund's underlying discounts, which trade at a further -29.1% discount. Combined, the double discount of the Fund is an astonishing -39.3%, which implies that every dollar invested in the Fund actually buys $1.65 worth of assets.
Lazard Asset Management LLC was appointed as Manager of Lazard World Trust Fund at the inception of the Fund, 1 July 1991.
Kun Deng is a Managing Director of Lazard Asset Management, responsible for the firm's Discounted Assets strategies in global, international, and emerging markets.
He has been advising Lazard World Trust Fund since 1997. Kun has the CFA charter.
Lazard Asset Management is known for its global perspective on investing and years of experience with global, regional, and domestic portfolios. With more than 300 investment personnel worldwide, and over US$ 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 October 31st, 2016
Hot Features
Premium
Annualized
since
Performance MTD YTD 1-Year 3-Year 5-Year 10-Year inception**
---------------- ------ ------ --------- --------- --------- ---------- -------------
Lazard World
Trust Fund
Price * (GBP) 4.0% 22.1% 29.1% 11.1% 12.2% 3.7% 6.8%
---------------- ------ ------ --------- --------- --------- ---------- -------------
Lazard World
Trust Fund
NAV (GBP) 5.8% 21.1% 26.1% 12.4% 13.0% 4.5% 7.6%
---------------- ------ ------ --------- --------- --------- ---------- -------------
Lazard World
Trust Fund
Price (US$) -1.8% 1.3% 2.5% 1.5% 6.2% -0.8% 5.4%
---------------- ------ ------ --------- --------- --------- ---------- -------------
Lazard World
Trust Fund
NAV (US$) -0.6% 0.3% -0.3% 2.6% 6.9% -0.0% 6.4%
---------------- ------ ------ --------- --------- --------- ---------- -------------
MSCI AC World
Ex USA -1.4% 4.3% 0.2% -1.5% 3.6% 1.6% n/a
---------------- ------ ------ --------- --------- --------- ---------- -------------
Source: Lazard Asset Management/MSCI
* As at 1 November 2009 the currency in which the shares of the Fund are traded changed from US dollars to pound sterling. Past performance data up to and including 31 October 2009 has been re-calculated using exchange rates provided by Bloomberg. Past performance data from 1 November 2009 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 1 July 2009
The base currency of the Fund is in US dollars 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
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 31 March 2014 and no additional warrant offers have been made since that date.
Net Regional Exposure
Region % ----------------------- ----- Asia (ex-Japan) 39.7 ----------------------- ----- North America 15.8 ----------------------- ----- Japan 11.0 ----------------------- ----- Europe (ex-UK) 10.7 ----------------------- ----- United Kingdom 4.4 ----------------------- ----- Latin America, Africa & Middle East 3.0 ----------------------- ----- Other 2.7 ----------------------- -----
Source: Lazard Asset Management
Top Holdings
Top 10 holdings as October Weight Discount 31, 2016 % % ----------------------------------- ------- --------- Naspers 7.5% -26.2% ----------------------------------- ------- --------- Harbourvest Global Private Equity 6.1% -24.9% ----------------------------------- ------- --------- Fidelity China Special Situations 6.0% -13.3% ----------------------------------- ------- --------- Tetragon Financial 5.2% -43.4% ----------------------------------- ------- --------- First Pacific 5.1% -47.3% ----------------------------------- ------- --------- JPMorgan Japanese 5.0% -13.2% ----------------------------------- ------- --------- JPMorgan Emerging Markets 4.6% -12.6% ----------------------------------- ------- --------- Vinacapital Vietnam Opportunities 4.1% -22.6% ----------------------------------- ------- --------- Investor AB 3.9% -23.3% ----------------------------------- ------- --------- Jardine Strategic 3.8% -32.3% ----------------------------------- ------- ---------
Source: Lazard Asset Management / Morningstar (unless otherwise stated)
Portfolio Composition
Closed-Ended Investment Companies 26.4% ------------------------- ------ Investment Trusts 49.0% ------------------------- ------ Corporate Equities 21.7% ------------------------- ------
Source: Lazard Asset Management
Portfolio Exposure
Long 97.1 ------- ----- Short -9.8 ------- -----
Source: Lazard Asset Management
Fund Data
GBP US$
----------------------- ------ ------
Market Capitalisation 109.9 134.5
----------------------- ------ ------
Total Assets 128.4 157.1
----------------------- ------ ------
Borrowings zero
----------------------- --------------
Fully Diluted Net
Asset Value 3.529 4.319
----------------------- ------ ------
Ordinary Share
Market Price 3.02 3.696
----------------------- ------ ------
Discount/Premium -14.4%
----------------------- --------------
Source: State Street Bank
Company Information as at October 31(st) , 2016
46,635,770 Ordinary shares in issue (including
10,252,277 Treasury shares) = Luxembourg denominator
--------------------------------------------------------
36,383,493 Ordinary shares (excluding 10,252,277
Treasury shares) = FCA denominator
--------------------------------------------------------
Ticker: WTR
------------------ ------------------------------------
ISIN: LU0483266259
------------------ ------------------------------------
Benchmark: MSCI All Countries World
Index ex USA
------------------ ------------------------------------
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.lazardworldtrustfund.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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(END) Dow Jones Newswires
December 07, 2016 10:53 ET (15:53 GMT)
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