Summary

• In the first quarter, the Lazard US Short Duration Fixed Income Fund rose 0.43%, outperforming the 0.29% gain of its benchmark, the ICE Bank of America 1-3 Year US Treasury Index.
• During the first quarter, Lazard Asset Management was generally targeting a barbelled concentration in the 6-month and 3-year areas of the interest rate curve.
• The future path of US interest rates grew more uncertain as the economic fallout from the war in Iran emerged as a major factor in deliberations by the Federal Reserve.
• Total issuance for investment-grade and high yield corporates rose about 15.6%, totaling approximately $775.2 billion, with mega deals like Amazon and Salesforce borrowing in the quarter.
• Lazard Asset Management views the primary risk to credit markets as a spread-widening event stemming from an unexpected macroeconomic shock or AI related operational execution risk.

Portfolio Review

In the first quarter, the Lazard US Short Duration Fixed Income Fund rose 0.43% (Institutional shares, net of fees), outperforming the 0.29% gain of its benchmark, the ICE Bank of America 1-3 Year US Treasury Index, by 14 basis points (bps). (Portfolio return was

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