TIDMWTR
RNS Number : 4708D
Lazard World Trust Fund
09 October 2018
Lazard World Trust Fund (previously known as 'The World Trust
Fund')
Fact Sheet - 31(st) August 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.
As announced on April 27(th) the Fund has revised its Dividend
Policy, effective for future fiscal years commencing 1(st) April
2018. Under the new Dividend Policy it is the Fund's intention to
pay a total annual dividend equivalent to 6% of NAV, calculated at
the start of each financial year, a total payable in equal
quarterly instalments.
For fiscal year ending 31(st) March 2019 under the new Dividend
Policy 5.835p will be paid in August, November, February and May,
and result in a total dividend for the year of 23.34p.
Fund Data
Net Asset Value GBP3.72
Share Price GBP3.85
----------
Discount -3.4%
----------
Total Assets GBP123.6m
----------
Gearing Nil
----------
Yield 6.0%
----------
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$294 billion in assets under
management, it has offices located throughout the world in Bahrain,
Boston, Frankfurt, Hong Kong, London, Madrid, Milan, Montreal, New
York, San Francisco, Seoul, Sydney, Tokyo, Toronto, and Zurich.
Lazard Asset Management LLC was appointed as Manager of Lazard
World Trust Fund at the inception of the Fund, 1 July 1991.
Top Holdings
Top 10 holdings as 31th August, 2018 Weight % Discount
%
Fidelity China Special Situations 6.5 -12.3
--------- ---------
JPMorgan Japan Smaller Companies 6.0 -11.4
--------- ---------
Naspers Ltd 5.8 -31.6
--------- ---------
Investor AB 5.8 -26.2
--------- ---------
VinaCapital Vietnam Opportunity 5.6 -19.0
--------- ---------
JPMorgan Emerging Markets 5.5 -13.1
--------- ---------
JPMorgan Japanese 5.2 -10.9
--------- ---------
Morgan Stanley China A Share 5.0 -14.8
--------- ---------
Fondul Proprietatea 5.0 -32.3
--------- ---------
Wendel 4.3 -24.0
--------- ---------
Net Regional Exposure
Region %
Asia (ex-Japan) 38.8
-----
North America 9.5
-----
Japan 14.2
-----
Europe (ex-UK) 21.4
-----
United Kingdom 8.3
-----
Latin America, Africa & Middle East 3.3
-----
Other 4.5
-----
Source: Lazard Asset Management
Performance as of August 31st, 2018
Annualized
since
Performance MTD YTD 1-Year 3-Year 5-Year 10-Year inception**
Lazard World Trust
Fund Price * (GBP) -1.5% 0.6% 4.6% 18.9% 13.8% 7.8% 7.4%
------ ------ --------- --------- --------- ---------- -------------
Lazard World Trust
Fund NAV (GBP) -0.8% -2.0% 0.1% 15.2% 11.6% 6.9% 7.7%
------ ------ --------- --------- --------- ---------- -------------
MSCI AC World Ex USA -1.2% 0.4% 2.3% 14.3% 9.2% 7.0% n/a
------ ------ --------- --------- --------- ---------- -------------
Source: Lazard Asset Management/MSCI
* As at 1 November 2009 the currency in which the shares of the
Fund are traded changed from US dollars (US$) 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 declined in August as investors remained
concerned about global trade disputes and emerging market
currencies. Italy's heavy debt load and the populist rhetoric of
its new coalition government, along with uncertainty about Brexit,
weighed on European markets. Stocks were also hurt by the continued
fall in the currencies of vulnerable emerging markets such as
Turkey, Brazil and South Africa. Oil and commodity prices fell
during the month reflecting uncertainty over the global economy.
The Funds returns were helped by investments in VinaCapital Vietnam
Opportunity Fund (+6.3%), Investor AB (+4.5%) and Softbank Group
(+13.3%) while investments in Naspers (-9.7%) and Fidelity china
special Situations (-6.3%) dragged on performance.
The Lazard World Trust Fund price, as traded on the London Stock
Exchange, is currently at a discount of -3.4% to the Fund's net
asset value per share. The Fund's underlying investments were
priced at an average discount of -25.7% to their net asset value.
Adding the two discounts together, the Fund is currently trading at
an effective discount of -28.2%, which implies that every pound
invested in the Fund buys GBP1.39 worth of assets.
Long Portfolio Composition
Closed-Ended Investment Companies 26.3%
Investment Trusts 49.0%
------
Corporate Equities 24.7%
------
Source: Lazard Asset Management
Portfolio Exposure
Long 100.0 %
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)* 22.80 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 16.20 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 August 31st 2018
46,635,763 Ordinary shares in issue (including 14,542,277
Treasury shares) = Luxembourg denominator
32,093,493 Ordinary shares (excluding 14,542,277 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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
DOCLLFFEIILAIIT
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