Lazard World Trust Fund (previously known as 'The World Trust Fund')
Fact Sheet - 31st July 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 rose in July, as investors decided the Brexit vote result would help keep interest
rates extraordinarily low, while having little material impact on global economic growth. A steady US dollar and low yields is
pushing money into emerging markets (EM) debt, which alongside China's continuing property and infrastructure rebound, is helping
EM equities and many commodities. United States economic data was broadly steady while not being seen as strong enough to induce
monetary tightening in the US. Helping Fund performance included investments in JPMorgan European Smaller Companies Trust
(+10.9%), International Biotechnology Trust (+15.1%) and Eurazeo (+7.6%) while investments that detracted from performance
included Haci Omer Sabanci (-9%) and Macau property Opportunities Fund (-5.4%).
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 July 31st, 2016
|
Performance
|
MTD
|
YTD
|
1-Year
|
3-Year
|
5-Year
|
10-Year
|
Annualized since inception**
|
|
|
|
|
|
|
|
|
|
|
Lazard World Trust Fund Price * (GBP)
|
4.2%
|
11.7%
|
9.6%
|
9.2%
|
8.4%
|
3.1%
|
6.5%
|
|
Lazard World Trust Fund NAV (GBP)
|
5.2%
|
8.8%
|
9.6%
|
9.2%
|
9.2%
|
3.9%
|
7.2%
|
|
Lazard World Trust Fund Price (US$)
|
3.6%
|
0.3%
|
-7.1%
|
4.2%
|
3.9%
|
-0.4%
|
5.5%
|
|
Lazard World Trust Fund NAV (US$)
|
4.4%
|
-2.0%
|
-6.8%
|
4.5%
|
4.7%
|
0.4%
|
6.3%
|
|
MSCI All Country World Index (US$)
|
4.3%
|
5.6%
|
-0.4%
|
5.9%
|
6.6%
|
4.6%
|
6.4%
|
|
MSCI AC World Ex USA
|
5.0%
|
3.9%
|
-5.5%
|
1.4%
|
1.4%
|
2.3%
|
n/a
|
Source: Lazard Asset Management/MSCI
* As at 01.11.09 the currency in which the shares of the Fund are traded changed from US$ 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
|
20.2%
|
|
Asia (ex-Japan)
|
29.9%
|
|
Europe (ex-UK)
|
22.5%
|
|
United Kingdom
|
7.6%
|
|
Japan
|
10.2%
|
|
Other
|
1.2%
|
|
Latin America, Africa & Middle East
|
2.8%
|
Source: Lazard Asset Management
Top Holdings
|
Top 10 holdings as July 31, 2016
|
Weight %
|
Discount %
|
|
Naspers
|
6.4%
|
-23.3%
|
|
Eurazeo
|
5.7%
|
-15.4%
|
|
General American Investors
|
5.6%
|
-17.6%
|
|
JPMorgan European Smaller Companies
|
5.0%
|
-12.9%
|
|
First Pacific
|
4.7%
|
-52.5%
|
|
JPMorgan Japanese
|
4.6%
|
-12.4%
|
|
Investor AB
|
4.4%
|
-26.8%
|
|
Adams Diversified
|
4.4%
|
-16.0%
|
|
Harbourvest Global Private Equity
|
4.3%
|
-29.1%
|
|
Tetragon Financial
|
4.2%
|
-50.1%
|
Source: Lazard Asset Management / Morningstar (unless otherwise
stated)
Portfolio Composition
|
Closed-Ended Investment Companies
|
35.6%
|
|
Investment Trusts
|
37.1%
|
|
Corporate Equities
|
21.7%
|
Source: Lazard Asset Management
Portfolio Exposure
Source: Lazard Asset Management
Fund Data
|
|
GBP
|
US$
|
|
Market Capitalisation
|
113.8 m
|
150.6 m
|
|
Total Assets
|
131.0 m
|
173.4 m
|
|
Borrowings
|
0%
|
|
Fully Diluted Net Asset Value
|
3.242
|
4.290
|
|
Ordinary Share Market Price
|
2.815
|
3.726
|
|
Discount/Premium
|
-13.2%
|
Source: State Street Bank
Company Information as at July 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