Source - RNS
RNS Number : 3491K
Lazard World Trust Fund
20 September 2016
 

Lazard World Trust Fund (previously known as 'The World Trust Fund')

Fact Sheet - 31st 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 1st, 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

 

 

Performance

 

 

MTD

 

 

YTD

 

 

1-Year

 

 

3-Year

 

 

5-Year

 

 

10-Year

Annualized since 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 31, 2016

Weight %

Discount %

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 

 


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