During the quarter, the Lazard Emerging Markets Equity Advantage Portfolio outperformed its benchmark, the MSCI Emerging Markets Index, as stock selection and sector positioning both contributed to the excess return.
Value measures were favorable in every month and the largest source of excess return, while growth measures were weak, underperforming in each month for the Portfolio.
Latin American markets were among the primary beneficiaries of the global disruption, rising 14.6% during the quarter as the oil- and commodity-heavy exchanges rallied.
Delta Electronics continued its strong momentum in the first quarter, rising another 40% as it positioned itself as the leading supplier of liquid-to-liquid cooling distribution units.
Beyond immediate geopolitical developments, productivity gains associated with artificial intelligence continue to support the medium-term earnings outlook, with the potential to stimulate broader consumer demand outside the United States.
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Executive Summary
During the quarter, the Emerging Markets Equity Advantage Portfolio outperformed its benchmark, the MSCI Emerging Markets Index (net of fees), as stock selection and sector positioning both contributed to the excess return.
