Summary

• During the quarter, the Lazard US Small Cap Equity Select Portfolio underperformed its benchmark, the Russell 2000 Index (net of fees), as sector positioning detracted, while stock selection was favorable.
• Stock selection was strongest in the information technology and industrials sectors.
• Within sector positioning, the overweight exposure to industrials and underweight exposure in real estate names proved beneficial, although the overweight exposure to consumer discretionary stocks detracted value.

Market Review

The US small cap equity market rose modestly in the first quarter amid heightened geopolitical risks, a changing outlook for interest rates, and evolving sentiment about artificial intelligence (AI). At the forefront of these developments were

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