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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 : 7429G
Lazard World Trust Fund
05 March 2018
Lazard World Trust Fund (previously known as 'The World Trust Fund')
Fact Sheet - 31(st) January 2018
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
Investment Objective
Lazard World Trust Fund (the 'Fund') seeks to achieve long-term capital appreciation by investing primarily in companies whose shares trade at a discount to their underlying Net Asset Value. The Fund measures its performance principally against the MSCI All Countries World (ex US) Index, although Lazard Asset Management LLC (the 'Manager') seeks to achieve the highest possible risk-adjusted returns. The allocation of the Fund's assets will normally diverge substantially from the Index.
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.
The Fund pays dividends twice a year that together amount to a total annual dividend equivalent to 3.5% of Net Asset Value at the start of each financial year.
The Interim dividend for financial year ending 2018, of approximately 6.5p, is scheduled to be paid in January 2018 with a similar amount to be paid in September 2018, subject to shareholder approval.
Fund Data
Net Asset Value GBP4.151 ----------------- --------- Share Price GBP3.900 ----------------- --------- Discount -6.0% ----------------- --------- Total Assets GBP151m ----------------- --------- Gearing Nil ----------------- --------- Yield 3.3% ----------------- ---------
Source: State Street Bank
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 approximately US$294 billion in assets under management, it has 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.
Lazard Asset Management LLC was appointed as Manager of Lazard World Trust Fund at the inception of the Fund, 1 July 1991.
Top Holdings
Top 10 holdings as 31(st) January Weight % Discount 2018 % ----------------------------------- --------- --------- Fidelity China Special Situations 6.7 -11.1 ----------------------------------- --------- --------- Altaba 6.4 -27.4 ----------------------------------- --------- --------- JPMorgan Japanese 5.5 -4.5 ----------------------------------- --------- --------- JPMorgan Japan Smaller Companies 5.1 -10.3 ----------------------------------- --------- --------- VinaCapital Vietnam Opportunity 4.9 -17.3 ----------------------------------- --------- --------- JPMorgan Emerging Markets 4.8 -10.1 ----------------------------------- --------- --------- Morgan Stanley China A Share 4.7 -13.4 ----------------------------------- --------- --------- Eurazeo 4.1 +7.2 ----------------------------------- --------- --------- Naspers Ltd 4.1 -37.5 ----------------------------------- --------- --------- Wendel 4.1 -17.9 ----------------------------------- --------- ---------
Net Regional Exposure
Region % ------------------------------------- ----- Asia (ex-Japan) 41.9 ------------------------------------- ----- North America 8.4 ------------------------------------- ----- Japan 13.7 ------------------------------------- ----- Europe (ex-UK) 19.8 ------------------------------------- ----- United Kingdom 8.1 ------------------------------------- ----- Latin America, Africa & Middle East 3.7 ------------------------------------- ----- Other 3.4 ------------------------------------- -----
Source: Lazard Asset Management
Performance as of 31(st) January 2018
Hot Features
Premium
Annualized
since
Performance MTD YTD 1-Year 3-Year 5-Year 10-Year inception**
---------------------- ------ ------ --------- --------- --------- ---------- -------------
Lazard World Trust
Fund Price * (GBP) 2.4% 2.4% 31.8% 18.1% 14.6% 7.2% 5.6%
---------------------- ------ ------ --------- --------- --------- ---------- -------------
Lazard World Trust
Fund NAV (GBP) 2.5% 2.5% 20.7% 15.1% 13.5% 6.7% 8.0%
---------------------- ------ ------ --------- --------- --------- ---------- -------------
MSCI AC World Ex USA 0.4% 0.4% 14.7% 11.9% 9.5% 7.0% 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 (US$) to UK Sterling (GBP). 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 1991
Manager's Comment
International equities started the year very strongly in January. Growth indicators remained broadly positive, which along with the impact of US tax cuts, supported market profit forecasts. Meanwhile, bond yields remain at historically low levels. This combination saw money continuing to flow into equities globally. Driving the Fund returns higher were investments in Fidelity China Special Situations (+8.7), VinaCapital Vietnam Opportunity Fund (+9.7%) and Altaba (+8.8%) while detracting from returns were Jardine Strategic (-4.8%) and Naspers (-2.8%).
The Lazard World Trust Fund price, as traded on the London Stock Exchange, is currently at a discount of -6.0% to the Fund's net asset value per share. The Fund's underlying investments were priced at an average discount of -21.9% to their net asset value. Adding the two discounts together, the Fund is currently trading at an effective discount of -26.6%, which implies that every pound invested in the Fund buys GBP1.36 worth of assets.
Long Portfolio Composition
Closed-Ended Investment Companies 23.7% ----------------------------------- ------ Investment Trusts 46.8% ----------------------------------- ------ Corporate Equities 28.5% ----------------------------------- ------
Source: Lazard Asset Management
Portfolio Exposure
Long 99.0 % ------- ------- Short 0.0% ------- -------
Source: Lazard Asset Management
Lazard World Trust Fund Annual NAV Performance (%)
2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004
---------------- ---- ----- ----- ------ ------ ------ ------- ------ ------ -------- ------ ----- ------ ------
Lazard World
Trust Fund
(Fully-Diluted
NAV) (GBP)* 22.8 17.75 6.64 10.08 16.67 14.15 -12.18 20.74 31.95 -47.021 5.79 5.39 43.91 17.08
---------------- ---- ----- ----- ------ ------ ------ ------- ------ ------ -------- ------ ----- ------ ------
MSCI AC
World Ex
USA Index 16.2 24.64 -0.2 2.11 13.15 11.7 -13.07 14.65 25.94 -24.58 14.69 11.1 30.42 12.74
---------------- ---- ----- ----- ------ ------ ------ ------- ------ ------ -------- ------ ----- ------ ------
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.
Company Information as at 31(st) January 2018
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: Link Company Matters
Telephone: +44 207 954 9599
------------------- -----------------------------------
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
------------------- -----------------------------------
Company Broker: Cenkos Securities plc
Contact: Andrew Worne
Telephone: +44 (20) 7397 1912
------------------- -----------------------------------
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 UK Sterling (GBP), 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
March 05, 2018 11:12 ET (16:12 GMT)
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