Fact sheet: Lazard European Smaller Companies

Rated Fund Information
Rated Funds Group
?Money Observer has arranged all its Rated Funds into easy to understand Rated Fund Groups, comprising funds and investment trusts.
EUROPEAN EQUITIES
Sector
UT European Smaller Companies
Fund type
OEIC
Primary aim
GROWTH
Why Money Observer Rates Lazard European Smaller Companies

Rated Fund 2015-17. Combines UK and European businesses that display competitive advantages

This fund invests in the smallest 10 per cent of European-listed companies by market capitalisation. It is rather different from many of its peers in that it invests in the UK as well as continental Europe. Its weighting to the UK in 2016 was substantial at over a third of the portfolio.

Managed by Ed Rosenfeld - together with Patricia Biggers, Alan Clifford and Steven Fockens - the investment process is based on the Lazard philosophy of relative value investing.

Their aim is to generate good relative returns across a market cycle by focusing on businesses with 'long-term and sustainable' competitive advantages.

They aim to find quality companies with high or improving returns on capital and high barriers to entry that are attractively priced. They believe this helps to generate consistent results, protecting capital when markets fall and participating in market rallies.

They also adopt a buy-and-hold approach to allow a company to compound on its competitive position. When they sell companies it is because they are either fully valued or have failed to perform as the managers expected.

They are not overly concerned with general economic issues. They prefer to focus on the profits and potential of individual companies.

However, they are adopting a cautious approach due to their concerns that the political and economic uncertainties in Europe as a result of Brexit could have more downside than upside implications, although they point out that this uncertainty can create mispricing opportunities that can be exploited.

3 Year Performance
Fund Performance65.6%
Average of Rated Funds Group64.4%
Sector Performance68.2%
Fund information
Fund name
Lazard European Smaller Companies C Acc
Fund manager company
Lazard Fund Managers
Fund type
OEIC
Fund managers
  • Edward Rosenfeldsince 01/01/2013
Accolades
Highly Commended - Europe
Fund objective
To achieve capital growth by investing in shares of European companies that are at the smaller end of the capitalisation spectrum. These smaller companies are listed on major stock exchanges and can be bought and sold daily.
Benchmark
  • MSCI Europe Small Cap Index
Investment style
Growth
Investment method
Shares
Quick stats
1 Year return
19%
1 Year rank in sector
7/12
Sector
UT European Smaller Companies
Yield
-
Ongoing charge (OCF)
?A fund’s ongoing charges figure (OCF) is similar to the old-style total expense ratio. It reflects the annual charge to investors in the fund, in percentage terms, but does not include extra performance-related fees (where these are levied) or the fund’s trading expenses on its underlying investments.
0.8%
Fund size
£333m (£281m last year)
FE Risk score
?FE Risk Scores measure the riskiness of instruments relative to the FTSE 100 index of shares. Weekly volatility is measured over three years with recent behaviour counting more heavily than earlier behaviour. Cash-type investments will have scores close to zero. Funds will tend to have scores in the 0-150 range. The FTSE 100 is always scored at 100. There is no upper limit.
100
Mid price
653.6
Top in this sector
Fund name1 Year
Janus Henderson ErpSmCs28.9%
Schroder European Smaller Cos26.8%
JPM Europe Smaller Comp24.8%
Threadneedle Eurpn SmCos22.9%
Threadneedle PanEuSmCm21.9%
...more in UT European Smaller Companies

Performance snapshot

Holdings snapshot

  • UK39.3%
    Germany16.4%
    Sweden10.1%
    Others9.2%
    Italy6.1%
  • Industrials24.5%
    Consumer Discretionary17.8%
    Financials10.9%
    Real Estate10.3%
    Health Care9.6%
  • UK Equities39.3%
    German Equities16.4%
    Swedish Equities10.1%
    International Equities9.2%
    Italian Equities6.1%

Fund also available on these pension platforms:

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund-5.2%-0.2%1.6%19%65.6%126.9%
Sector-3.4%2.5%3%20.3%68.2%104.1%
Rank within sector12 / 1212 / 128 / 127 / 128 / 114 / 11
Quartile4th4th3rd3rd3rd2nd
Calendar performance
 YTD - 20182017201620152014
Fund-3.2%28.5%11%27.7%5.8%
Sector-0%25.8%16.6%20.2%-1.7%
Rank within sector12 / 125 / 1210 / 122 / 111 / 11
Quartile4th2nd4th1st1st
Risk statistics
Alpha
?Alpha is a measure of a fund's over- or under-performance by comparison to its benchmark. If the Alpha is 5, the fund has outperformed its benchmark by 5%; so the greater the Alpha, the greater the outperformance.
1.94
Beta
?Beta estimates a fund's volatility by comparison to that of its benchmark. A fund with a beta close to 1 means that the fund will move generally in line with the benchmark. Higher than 1 and the fund is more volatile than the benchmark and vice versa.
0.98
Sharpe
?This commonly-used measure calculates the level of return over and above the return of a notional risk-free investment, such as cash. The difference in returns is then divided by the fund's volatility. The resulting ratio is an indication of the amount of excess return generated per unit of risk.
1.65
Volatility
?Volatility (or standard deviation), when applied to an investment fund, expresses its risk. It shows how widely a range of returns varied from the fund's average return over a particular period. For example, if a fund had an average return of 5%, and its volatility was 15, this would mean that the range of its returns over the period had swung between +20% and -10%.
10.41
Tracking error
?This measures the standard deviation of a fund's excess returns over the returns of an index or benchmark portfolio. As such, it can be an indication of 'riskiness' in the manager's investment style. A Tracking Error below 2 suggests a passive approach. At 3 and above the the manager will be deploying a more active investment style.
3.7
Information ratio
?This is a useful risk-adjusted measure of actively managed fund performance. It is calculated by deducting the returns of the fund's benchmark from the fund's overall returns, then dividing the result by its tracking error. The higher the Information Ratio the better. It is generally considered that a figure of 0.5 reflects a good performance, 0.75 very good, and 1.00 outstanding.
0.38
R-Squared
?An indication of how closely correlated a fund is to an index or a benchmark. Values for R-Squared range between 0 and 1, with 0 indicating no correlation at all and 1 showing a perfect match. Values upwards of 0.7 suggest that the fund's behaviour is increasingly linked to its benchmark.
0.87
Price movement
52 week high690.8
52 week low544.4
Current bid price-
Current offer price-
Current mid price653.6
Region
1UK39.3%
2Germany16.4%
3Sweden10.1%
4Others9.2%
5Italy6.1%
6Ireland3.8%
7Netherlands3.8%
8France3.1%
9Money Market3%
Industry sector
1Industrials24.5%
2Consumer Discretionary17.8%
3Financials10.9%
4Real Estate10.3%
5Health Care9.6%
6Information Technology8%
7Materials7.6%
8Consumer Staples4.3%
9Money Market3%
Asset type
1UK Equities39.3%
2German Equities16.4%
3Swedish Equities10.1%
4International Equities9.2%
5Italian Equities6.1%
6Dutch Equities3.8%
7Irish Equities3.8%
8French Equities3.1%
9Money Market3%
Individual holdings
1DALATA HOTEL GROUP PLC2.3%
2KINEPOLIS GROUP2.2%
3AROUNDTOWN PROPERTY HLDGS2.1%
4RIGHTMOVE PLC2%
5RPC GROUP PLC2%
6ROYAL UNIBREW A/S1.9%
7COMPUGROUP MEDICAL SE1.8%
8AALBERTS INDUSTRIES1.7%
9BURFORD CAPITAL LTD1.7%
Management
Fund manager group
Lazard Fund Managers
Fund manager company
Lazard Fund Managers
Fund type
OEIC
Fund objective
To achieve capital growth by investing in shares of European companies that are at the smaller end of the capitalisation spectrum. These smaller companies are listed on major stock exchanges and can be bought and sold daily.
Benchmark
  • MSCI Europe Small Cap Index
Investment style
Growth
Investment method
Shares
Fund managers
NameSinceBiography
Edward Rosenfeld01/01/2013Edward Rosenfeld is a Portfolio Manager/Analyst on the Global, International, and European Small Cap Equity teams. He began working in the investment industry in 1996. Prior to joining Lazard in 2001, Edward was an analyst with J.P. Morgan. He has an MBA from the University of Chicago and a BA from Columbia College.
Compliance
IA Recognised, UCITS IV Compliant
Domicile
No data available.
Fund for sale in
United Kingdom
Lazard European Smaller Companies A Acc
Initial charge3%
Annual charge1%
Min single investment£1,000
Min regular saving£500
Available in ISAYes
Ongoing charge (OCF)1.04%
Total expense ratio (TER)1.03%
Bid price-
Offer price-
Mid price675.7
CurrencyGBX
Price updated15/02/2018
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeL604
Lazard European Smaller Companies B Acc
Initial charge3%
Annual charge1.5%
Min single investment£1,000
Min regular saving£500
Available in ISAYes
Ongoing charge (OCF)1.56%
Total expense ratio (TER)1.61%
Bid price-
Offer price-
Mid price629.2
CurrencyGBX
Price updated15/02/2018
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeA6G9
Lazard European Smaller Companies C Acc
Initial charge3%
Annual charge0.75%
Min single investment£500,000
Min regular saving£500
Available in ISANo
Ongoing charge (OCF)0.8%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price653.6
CurrencyGBX
Price updated15/02/2018
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeGW3D
Data provided by

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