30th Jul 2018 12:45
LONDON (Alliance News) - Lazard World Trust Fund said Monday it has outperformed its benchmark in its most recent financial year driven by gains on Asia-focused investments.
As at March 31, the end of its financial year, Lazard's net asset value per share was USD5.45, a total return of 21% for the period. This exceeded the 16.5% return set by its MSCI All Country World Index benchmark.
Lazard paid a total per share dividend of 12.985 pence for its year, a 27% increase from the 10.20p the year before.
The investment company said for financial 2019 it has implemented a new dividend policy. The policy will result in a total dividend payment of 23.34p per share, 78% ahead of its previous year.
The company's total annual income was USD6.9 million from USD4.1 million the year before but its net realised gain dropped to USD8.2 million from USD15.7 million due to a reduction in securities gains.
Two of Lazard's top five returns contributors were Japan-focused, with another two either entirely or significantly focused on Chinese investments.
"Going forward, we believe the global investment environment will be more volatile. While economic issues persist...We are likely to experience market corrections that may be significant, but we continue to remain cautiously optimistic," said Lazard Portfolio Manager Kun Deng.
"The fund remains invested in attractively placed companies focused on compelling areas of global equity markets," Deng added.
Shares in Lazard were untraded at 380.00 pence on Monday.
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