LAZARD ASSET MANAGEMENT LAUNCHES
COHERENCE LONG / SHORT CREDIT ALTERNATIVE UCITS FUND
LONDON, November 1, 2021 – Lazard Asset Management (LAM) today announced the extension of its alternative investment platform with the launch of the Lazard Coherence Credit Alternative Fund, a UCITS fund managed according to the Lazard Coherence Long / Short Credit strategy. The Fund invests primarily in investment grade, cross and high yield bonds in Europe and North America.
Managed by Sal Naro, Vincent Mistretta, Michael Cannon and Sanjay Aiyar, the Fund emphasizes constant absolute returns and preservation of capital, while seeking to limit interest rate volatility through hedging and ‘other dynamic risk management.
Launched in 2012, the Coherence Long / Short Credit strategy actively identifies positions based on the philosophy that bond markets are an extension of equity markets, seeking an early-mover advantage by investing before yield spreads and shortfalls. profit-induced price variations. and the dynamics of credit ratings. Since inception *, the Coherence Long / Short Credit strategy has generated an annualized return of approximately 8% net of fees with an achievable Sharpe ratio greater than 1.5, as of September 30, 2021.
“Persistently low interest rates have led to an increase in corporate debt issuance. However, the changing economic environment and the possible withdrawal of central bank stimulus measures could lead to significant credit migration, which would pose problems for investors who have lowered the spectrum of ratings in search of yield. “said Sal Naro, Managing Director and Portfolio Manager in the Lazard Coherence team.” By viewing bonds as an extension of the equity markets, rather than taking a traditional fixed income approach, we seek to identify the migration of sectors and credit spreads early, leading to the potential for higher returns, while seeking to limit tail risk for investors. ”
To assess potential investments, the team begins with a top-down macro view, which identifies relative value opportunities across and within sectors. A proprietary multifactor model is then used to systematically identify potential long-term and short-term opportunities. Additional due diligence by the team can benefit from research from Lazard’s global equity fundamental analysts. Portfolio allocations are grouped according to their expected return drivers (e.g. core participation, event, relative value) and are actively managed based on potential market opportunities and the macroeconomic landscape.
The Fund is accessible to investors in the United Kingdom and Ireland, Germany, Austria, France and Switzerland.
As of September 30, 2021, Lazard’s alternative investment platform managed approximately $ 3.9 billion in client assets.
(* August 1, 2012)
Zoe Butt, +44 20 7448 2802 [email protected]
About Lazard Asset Management (LAM) LLC
An indirect subsidiary of Lazard Ltd (NYSE: LAZ), LAM, the investment manager of the Fund, offers a range of equity, bond and alternative investment products worldwide. As of September 30, 2021, LAM and the Lazard Group affiliated asset management companies managed $ 272.6 billion in client assets. For more information on LAM, please visit www.LazardAssetManagement.com. Follow LAM at @LazardAsset.
This is a financial promotion and is not intended to constitute investment advice.
Lazard Coherence Credit Alternative Fund, is a sub-fund of Lazard Global Investment Funds plc, an investment company with variable capital structured as an umbrella fund with separate liability between the sub-funds constituted as a limited liability company and is authorized and regulated as a UCITS of the Central Bank of Ireland. Copies of the full prospectus, the key investor information document (KIID) and the most recent report and accounts are available in English and, where applicable, other languages, on request at below or at www.lazardassetmanagement.com. Investors and potential investors should read and note the risk warnings in the Prospectus and the relevant KIID.
Past performance is not a reliable indicator of future results. The value of investments and the income from them can go down as well as up and you may not get back the amount you invested. Any return shown is gross and is not guaranteed. It is subject to fees, taxes and charges within the Fund and the investor will receive less than the gross return. There can be no assurance that the Fund’s objectives or performance target will be achieved. All opinions expressed here are subject to change.
Please note that not all share classes are registered for distribution in every jurisdiction. Investment in the portfolio will not be accepted until the appropriate registration has been made in the relevant jurisdiction.
Issued and approved in the UK by Lazard Asset Management Limited, 50 Stratton Street, London W1J
8LL. Incorporated in England and Wales, registered under number 525667. Lazard Asset Management Limited is authorized and regulated by the Financial Conduct Authority.
Lazard Ltd. published this content on November 01, 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on November 01, 2021 10:16:19 AM UTC.