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Lazard Global Equity Franchise
Run by the four-strong team behind the successful Lazard Global Listed Infrastructure fund, this offering looks for companies that have an edge in their respective business sectors. It can invest in any business around the world, but because the managers are looking for industry leaders, there is a natural bias towards larger-sized companies.
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Bertrand Cliquet, Co-Manager Bertrand Cliquet is a Portfolio Manager/Analyst on the Lazard Global Listed Infrastructure and Global Equity Franchise teams. He joined Lazard in 2004 as a European utility analyst and was a founding member of the Lazard Global Listed Infrastructure strategy in 2005. Before Lazard, Bertrand worked as a utility analyst at Goldman Sachs International in London and as a merger and acquisition analyst at Deutsche Bank. He is a CFA® charterholder.
John Mulquiney, Co-Manager John Mulquiney is a Portfolio Manager/Analyst on the Global Listed Infrastructure and Global Equity Franchise teams at Lazard. He has been in the investment field since 1997. Before joining Lazard in August 2005, John worked at Tyndall Australia, covering various sectors, and at Macquarie Bank in the Asset and Infrastructure Group, where he handled transactions and developed valuation models for infrastructure projects. Most recently, he spent four years at Nanyang Ventures, an early expansion venture capital fund. John holds a PhD from the Australian National University, a BA (Hons) from Sydney University, and is a CFA® charterholder.
Matthew Landy, Co-Manager Matthew Landy is a Portfolio Manager/Analyst with Lazard, focusing on the Global Listed Infrastructure and Global Equity Franchise teams. He began his investment career in 1995 and joined Lazard in 2006. Before that, Matt worked in private equity, specializing in early-stage venture capital in Europe and management buy-outs in Australia. He was also an Equity Analyst at Tyndall Investment Management, covering consumer staples, discretionary, and industrial sectors. Matt holds a BCom and a BA from Monash University in Melbourne, Australia.
Warryn Robertson, Co-Manager Warryn Robertson is a Portfolio Manager/Analyst at Lazard Asset Management Pacific Co. in Sydney, working on the Global Listed Infrastructure and Global Equity Franchise teams. He is also a Research Analyst on the Australian Equity team and has been in the investment field since 1992. Before joining Lazard in April 2001, Warryn was an Associate Director at Capital Partners and worked at PricewaterhouseCoopers Corporate Finance. He holds an MBA from Melbourne Business School (University of Melbourne) and a BCom from the University of Canberra.
Bertrand Cliquet, Co-Manager Bertrand Cliquet is a Portfolio Manager/Analyst on the Lazard Global Listed Infrastructure and Global Equity Franchise teams. He joined Lazard in 2004 as a European utility analyst and was a founding member of the Lazard Global Listed Infrastructure strategy in 2005. Before Lazard, Bertrand worked as a utility analyst at Goldman Sachs International in London and as a merger and acquisition analyst at Deutsche Bank. He is a CFA® charterholder.
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John Mulquiney, Co-Manager John Mulquiney is a Portfolio Manager/Analyst on the Global Listed Infrastructure and Global Equity Franchise teams at Lazard. He has been in the investment field since 1997. Before joining Lazard in August 2005, John worked at Tyndall Australia, covering various sectors, and at Macquarie Bank in the Asset and Infrastructure Group, where he handled transactions and developed valuation models for infrastructure projects. Most recently, he spent four years at Nanyang Ventures, an early expansion venture capital fund. John holds a PhD from the Australian National University, a BA (Hons) from Sydney University, and is a CFA® charterholder.
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Matthew Landy, Co-Manager Matthew Landy is a Portfolio Manager/Analyst with Lazard, focusing on the Global Listed Infrastructure and Global Equity Franchise teams. He began his investment career in 1995 and joined Lazard in 2006. Before that, Matt worked in private equity, specializing in early-stage venture capital in Europe and management buy-outs in Australia. He was also an Equity Analyst at Tyndall Investment Management, covering consumer staples, discretionary, and industrial sectors. Matt holds a BCom and a BA from Monash University in Melbourne, Australia.
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Warryn Robertson, Co-Manager Warryn Robertson is a Portfolio Manager/Analyst at Lazard Asset Management Pacific Co. in Sydney, working on the Global Listed Infrastructure and Global Equity Franchise teams. He is also a Research Analyst on the Australian Equity team and has been in the investment field since 1992. Before joining Lazard in April 2001, Warryn was an Associate Director at Capital Partners and worked at PricewaterhouseCoopers Corporate Finance. He holds an MBA from Melbourne Business School (University of Melbourne) and a BCom from the University of Canberra.
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Talking Factsheet
Investment process
Stock selection is based on a four stage process. Step one filters out companies with low revenue visibility. Step two is to search for desirable factors such as natural monopolies, cost leadership, strong brands, intellectual property or high barriers to competition. The team calculates this using a 9-score framework, which looks at concepts such as the product, market and margins. This results in an investable universe of around 250 stocks.
Step three involves fundamental analysis to calculate a company’s intrinsic value, based on the current value of the future cash flows. The team will also meet company management as part of its combined research trips. This allows the managers to rank the stocks based on their potential upside versus the current share price. This then drives which stocks are added to the portfolio and at what weights in the fourth and final step of the process.
The fund will hold between 25-50 stocks based on how many companies exhibit good value opportunities. The managers are unlikely to hold banks, financials or real estate as customers can switch easily and margins are low. They are also unlikely to hold commodity companies due to the lack of forecast-able earnings or big pharmaceuticals as the patent expiry cliff is opaque.
Risk
The portfolio is unconstrained meaning there maybe periods where the fund behaves very differently to the index to which it is measured against. However, due to the types of factors the team is looking for, the fund is likely to hold mostly large and mega-cap companies, which are typically more established and stable than those further down the cap scale. As the managers target forecast-able earnings, it means they also tend to avoid more cyclical stocks. Subsequently, the fund has historically outperformed in falling markets. The systematic process helps limit potential behavioural errors in stock selection.
ESG
ESG - Integrated
This fund has ESG considerations built into multiple parts of the process. This starts with the initial filters, which screen out those firms with sustainability challenges, such as tobacco, energy, and mining firms. The next stage looks at the qualitative risk to potential stocks, where the team looks at specific ESG risks affecting the long-term outlook for a firm. This stage is driven by a 90-score criteria, of which 40 are ESG-based factors. This will be a combination of identifying risks and assessing their materiality. The risks identified here will also affect the team’s determination of valuations for a stock. Therefore, in stage three, the team will amend its modelling depending on the level of ESG risks identified. Not only will those with higher ESG risks have higher valuation requirements, but the team will pay much closer attention to these during the holding period.
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