Lazard Asset Management
Summary: Lazard Insights Conference Calls are part of an ongoing series of conference calls discussing timely issues in today's market. The calls are not specific to any Lazard product, and are designed to bring value-added insights to clients and prospects and to promote our intellectual capital. Lazard Insights Conference Calls are part of an ongoing series of conference calls discussing timely issues in today's market. © 2013 Lazard Asset Management LLC
Many emerging market currencies have experienced a dramatic sell-off in recent weeks driven by developed market sovereign debt crises as well as fears of a global economic slowdown. Given this global macro backdrop and market fear and uncertainty, is it time to reassess the fundamental outlook for emerging markets? Please join Ardra Belitz, Managing Director and Portfolio Manager/Analyst on Lazard's Emerging Income team, as she discusses the role policymakers, market sentiment, and fundamentals play in emerging market currency markets and how this may present an opportunity for investors. Featured Speaker: Ardra Belitz Managing Director, Portfolio Manager/Analyst Ardra Belitz is a Managing Director of Lazard Asset Management LLC and a Portfolio Manager/Analyst specializing in emerging markets currency and debt. She has been a member of the Emerging Income management team since 1998. Ardra began working in the investment industry in 1994. Prior to joining Lazard in 1996, she worked at Bankers Trust Company. Ardra has her BA in Economics from Brandeis University, from which she graduated Phi Beta Kappa.
Amid all of the recent market volatility, many key data points that have historically been reliable indicators of economic direction are currently pointing to very different outcomes, ranging from inflation, a slow recovery, a soft patch, or a deep recession. This extremely conflicting data has left many investors wondering which indicators are correct and which way markets are heading. Please join Joe Ramos, Managing Director and Portfolio Manager/Analyst on the U.S. Fixed Income platform, for his thoughts on how investors should interpret these contradictory signals and a discussion on investing within and amid such uncertainty. Featured Speaker: Joe Ramos Managing Director, Portfolio Manager/Analyst Joe Ramos is a Portfolio Manager/Analyst on the U.S. Fixed Income team. He began working in the investment industry in 1978. Prior to joining Lazard in 2006, Joe was the Chief Investment Officer of Ambac Financial Group, Inc., where he was responsible for the oversight and management of Ambac's investment strategies. Previously, Joe was a member at E.H. Capital Group, LLC, a Senior Vice President and Portfolio Manager at Lazard Asset Management, a First Vice President and Senior Portfolio Manager at Lehman Management Co., and a Senior Analyst in the Lehman Brothers Kuhn Loeb Fixed Income Research Department. He has a BS from New York University.
Traditional asset allocation models are being re-evaluated as investors look for a more dynamic approach against the uncertain economic and geopolitical backdrop and ongoing volatility in equity markets. The world is grappling with an era of deleveraging, the spectacular growth of the developing world, and challenges to political and financial institutions at a global, regional, and domestic level. Please join Craig Scholl, CFA, Director, Portfolio Manager/Analyst on Lazard's Quantitative Equity team as he discusses how low volatility equities could form one part of a credible solution. Featured Speaker: Craig Scholl, CFA Director, Portfolio Manager/Analyst Craig Scholl is a Portfolio Manager/Analyst on Lazard's Quantitative Equity team. He began working in the investment field in 1984. Prior to joining Lazard in 2007, Craig was a Principal and a Senior Portfolio Manager in the Global Active Equity group at State Street Global Advisors (SSgA). Previously he was Managing Director of Public Equities for the Virginia Retirement System, where he was responsible for internally and externally managed portfolios. Prior to that, Craig was a pension investment manager for two large corporations. He also worked as a consultant with InterSec Research and a vice president in data analytics at Lynch, Jones & Ryan. Craig has a BS in Finance and Public Communications from Syracuse University. He is a member of the Boston Security Analysts Society.
China's economic transformation has been an engine of growth for the global economy. Many investors want to participate, but others consider China's socio-economic model unsustainable. Please join Kevin Matthews, CFA, Director, Portfolio Manager/Analyst on Lazard's International Equity Select team as he discusses his observations from his recent trip to China. Featured Speaker: Kevin J. Matthews, CFA Director, Portfolio Manager/Analyst Kevin Matthews is a Portfolio Manager/Analyst on the International Equity Select team. Prior to joining the International Equity Select team, he was a Research Analyst with a background in financials, automotive, aerospace, and capital goods sectors. He began working in the investment field in 2001 when he joined Lazard. Kevin has a BA in Politics and Philosophy from St. Chad's College, Durham University.
We believe unconstrained global equity portfolios offer many advantages over the traditional regional approach, most importantly higher levels of alpha, as the broad opportunity set enables one to maximize the potential of stock selection. Therefore, carving out space for a global equity allocation and removing benchmark-imposed constraints on portfolio managers may allow them to enhance returns. Please join Patrick Ryan, CFA, Director, Portfolio Manager/Analyst on Lazard's global equity teams as he addresses how to maximize the potential benefits of unconstrained global portfolios. Featured Speaker: Patrick Ryan, CFA Director, Portfolio Manager/Analyst Patrick Ryan is a Director of Lazard Asset Management and a Portfolio Manager/Analyst on the Global Equity Income and various other global equity teams. Prior to joining Lazard in February 1994, Pat was an equity analyst with Hutson Management. He began working in the investment industry in 1989. Pat has a BS in Industrial Engineering from Columbia University School of Engineering and Applied Science and is a member of the New York Society of Security Analysts (NYSSA).
Since the collapse of the monoline insurance companies during the financial crisis, the municipal securities market has undergone a structural adjustment, as lenders and borrowers have had to re-evaluate previous assumptions about this marketplace. Additionally, the municipal market has been quite volatile as we have now seen 22 consecutive weeks of net outflows. John Senesac, Portfolio Manager/Analyst, will discuss the current landscape of the municipal bond market including current volatility, fund flows, and how headline news provide an opportunity for investors to potentially capitalize on the sound issuers in the market. Featured Speaker: John R. Senesac Jr., CFA Director, Portfolio Manager/Analyst John Senesac is a Portfolio Manager/Analyst on the U.S. Fixed Income team. John primarily focuses on investment opportunities in the U.S. Tax-Exempt, Government and Credit markets. He began working in the investment field in 1992. Prior to joining Lazard in 2000, John was associated with Alliance Capital/Regent Investor Services and Trenwick America Reinsurance Corporation. John has a BS degree from Central Connecticut State University and an AAS from Briarwood College.
The global investment landscape continues to evolve as we move beyond the financial crises and witness the emergence of developing economies. Please join Nicholas Bratt, Managing Director, Portfolio Manager/Analyst as he addresses why we believe this may be an inflection point for investors for the decades ahead. Topics will include: debt overhang, globalization, the growing importance of emerging markets, the changing economic and geopolitical landscape, and why we believe it is truly different this time. Featured Speaker: Nicholas Bratt Managing Director, Portfolio Manager/Analyst Nicholas Bratt is a Portfolio Manager/Analyst on the Global Thematic Equity team. He began working in the investment field in 1973. Prior to joining Lazard in 2003, Nick was a Director of Global Products, Head of International Portfolio Management, Head of the Global Equity Group and Global Chief Investment Officer with Scudder/Deutsche Asset Management. He has an MIA from Columbia University (Fulbright scholarship) and a BA in Politics, Philosophy and Economics from St. John's College, Oxford University. Nick is a Director of the Korea Society and an Advisory Director of La Maison Française, as well as a member of Council on Foreign Relations.
The emerging markets continue to garner headlines as investors increasingly recognize the potential long-term growth trends of the asset class. Additionally, as many of these markets continue to develop, they often represent very different structures and opportunities compared to developed markets. Please join Arif Joshi, Managing Director and Portfolio Manager/Analyst on Lazard's Emerging Market Debt strategies, for his thoughts on how the strengthening and differentiated fundamentals of emerging debt markets create opportunities for investors, and why this may be a long-term secular development as opposed to a short-term tactical opportunity. Featured Speaker: Arif T. Joshi, CFA Managing Director, Portfolio Manager/Analyst Arif Joshi is a Portfolio Manager/Analyst on Lazard’s Emerging Markets Debt team. He began working in the investment field in 1998. Prior to joining Lazard in 2010, Arif was with HSBC Asset Management (formerly Halbis) where he served as Senior Vice President and Portfolio Manager. At HSBC, Arif was responsible for global emerging markets, focusing on corporate and sovereign credit analysis, risk management and quantitative modeling. He began this role at The Atlantic Advisors LLC (acquired by HSBC in 2005). Prior to HSBC, he was an associate at Strategic Management Group where he advised Fortune 500 companies on finance and corporate strategy. Arif has an MBA in Finance from Columbia Business School and a BS in Economics from the Wharton School at the University of Pennsylvania.
Last year proved to be a good one for investors, and bullish sentiment has grown as we enter the 2011. A wide range of variables and risks do remain: QE2, European government bond risk, changing policy dynamics, inflation, and other variables will shape our thinking and the market environment into the coming year. Please join David Cleary, Managing Director and Portfolio Manager/Analyst, for his thoughts on how these issues will impact the global markets throughout the year and a discussion on the potential investment opportunities they create. Featured Speaker: David Cleary, CFA Managing Director, Portfolio Manager/Analyst David Cleary is a Managing Director of Lazard Asset Management LLC. David provides oversight and management to Lazard's U.S.-based fixed income and asset allocation platform. Additionally he is directly responsible for the management of the Lazard Capital Allocator Series ("LCAS"). LCAS is a global tactical asset allocation investment product. David works on asset allocation modeling and total portfolio risk management. He also sits on the Lazard Investment Council. Previously, he spent nine years as a Fixed Income Senior Portfolio Manager at Lazard with a focus on risk control, sector allocation and total portfolio management. David began working in the investment field in 1987. Prior to joining Lazard in 1994, David worked as a Portfolio Manager with Union Bank of Switzerland and an Assistant Treasurer with IBJ Schroeder, both primarily in fixed income asset management. He has a BS from Cornell University. David is a member of the New York Society of Security Analysts (NYSSA).
As we look forward to 2011, opportunities and questions abound. Actions by central banks, uncertainty about sovereign creditworthiness, and the looming imposition of new global financial regulations all add to the challenge of investing successfully. We believe these new challenges, however, create new opportunities for investors who are prepared for a range of scenarios. Please join Ron Temple, Managing Director and Portfolio Manager/Analyst, as he discusses the potential implications of policy decisions and provides his outlook for the year ahead. Featured Speaker: Ronald Temple, CFA Managing Director, Portfolio Manager/Analyst Ronald Temple is a Portfolio Manager/Analyst on various U.S. equity teams, as well as the Global Equity Select team. He is also Co-Director of Research and has primary research coverage of the financials sector. Ron has been a leading authority on the mortgage and credit crisis. He joined Lazard in 2001 with ten years of global experience including fixed income derivative trading, risk management, corporate finance and corporate strategy in roles at Deutsche Bank AG, Bank of America NT & SA and Fleet Financial Group in London, New York, Singapore, San Francisco and Boston. Ron has an MPP from Harvard University and graduate magna cum laude with a BA in Economics & Public Policy from Duke University. Ron serves as a trustee of the Link Community School in Newark, New Jersey and is a member of the Trinity Board of Visitors at Duke University.
Following a period of dramatic volatility in oil prices, the current outlook is uncertain. In addition, the relationship between the price of oil and the price of natural gas in the United States has materially diverged—following an extended period when the two commodities moved more or less in tandem—due to a dramatic increase in U.S. gas production from shale gas plays. Please join Peter for a discussion on the shifting fundamentals of the oil and gas industry and how the recent trends may offer potential opportunities to investors. Featured Speaker: Peter Hunsberger Managing Director Research Analyst Peter Hunsberger is a Research Analyst covering the power sector. He began working in the investment field in 1989. Prior to joining Lazard in 1991, Peter served as Director of Research with John S. Herold, Inc. and was also previously with Hunt Oil Company. He has an MBA from Houston Baptist University and a BA from Middlebury College.
Following massive dislocations in global capital markets—from the panic of 2008, to the recovery of 2009—it seems clear that asset allocation decision-making has become far more complex than it was in prior years. Please join David Cleary, Managing Director and Portfolio Manager/Analyst, for a discussion on the changing landscape of global asset allocation, the importance of granular and tactical implementation of investment ideas, and potential opportunities to add value away from the typical asset allocation framework. Featured Speaker: David Cleary, CFA Managing Director, Portfolio Manager/Analyst David Cleary is a Managing Director of Lazard Asset Management LLC. David provides oversight and management to Lazard’s U.S.-based fixed income and asset allocation platform. Additionally, he is directly responsible for the management of the Lazard Capital Allocator Series (LCAS). LCAS is a global tactical asset allocation investment product, which implements portfolio themes primarily through index and index-like investment vehicles. David works on asset allocation modeling and total portfolio risk management and sits on the LCAS Advisory Board as well as the Lazard Investment Council. Previously, he spent nine years as a Fixed Income Senior Portfolio Manager at Lazard with a focus on risk control, sector allocation, and total portfolio management. David began working in the investment field in 1987. Prior to joining Lazard in 1994, David worked as a Portfolio Manager with Union Bank of Switzerland and an Assistant Treasurer with IBJ Schroeder, both primarily in fixed income asset management. He has a BS from Cornell University. David is a member of the New York Society of Security Analysts (NYSSA) as well as the CFA Institute.
Investors continue to focus on opportunities within emerging markets. Many market participants and commentators consider this asset class in broad and homogeneous terms, while, in our view, it offers numerous and diverse opportunities, above and beyond the most well-known or popular strategies. Please join Peter Gillespie, Director and Portfolio Manager/Analyst, to discuss the complexity of the emerging markets equity asset class, highlighting some potentially attractive investment themes, and discussing how to implement these ideas in a portfolio. Featured Speaker: Peter Gillespie, CFA Director, Portfolio Manager/Analyst Peter Gillespie is a Director and Portfolio Manager/Analyst on the Developing Markets Equity team, focusing on the industrials, materials, and consumer staples sectors. He began working in the investment field in 1992. Prior to joining Lazard in 2007, Peter was a portfolio manager at Newgate Capital, LLP, where he co-managed the Asian portion of an emerging markets equity fund. Previously, Peter was a portfolio manager at GE Asset Management, specializing in emerging markets equities. Prior to GE, Peter was an analyst at Sintra Capital Corp., performing analysis for an emerging markets equity fund. Peter started his career at Asia Securities (Taiwan) Inc. as an analyst, producing sell-side research. Peter has a BA in East Asian Studies from Brown University.
Due to the attractive return profile of the small- and mid-cap equity space, many investors are considering the merits and limitations of investing in the SMID universe. Please join Dan Breslin, Director and Portfolio Manager/Analyst at Lazard, as he explores the potential benefits of a broad-based asset allocation solution in this space, the importance of being flexible and opportunistic across both style and market cap, and the advantages offered by a small-mid approach versus a small-cap strategy. Featured Speaker: Daniel Breslin Director, Portfolio Manager/Analyst Daniel Breslin is a Portfolio Manager/Analyst on the U.S. Small-Mid Cap Equity team, focusing on the financials, utilities, health care and interest rate sensitive industries. He began working in the investment field in 1992. Prior to joining Lazard in 2002, Daniel was with Guardian Life and New York Life. He has an MBA from Pace University and a BA from Rutgers University.
The historic outcome of Japan's recent elections has prompted many market participants to assert, once again, that now is the right time to invest in Japan. What has really changed, or not changed, with these elections? What lies ahead for the world's second-largest economy, and how can investors position their portfolios to benefit over time? Does timing the entry into the Japanese market really make sense? Please join Tim Griffen, Director and Portfolio Manager/Analyst, for a discussion on why Japan continues to be a market where active, fundamental managers can generate alpha by identifying the winners and avoiding the losers. Featured Speaker: Timothy S. Griffen, Director, Portfolio Manager/Analyst Mr. Timothy Griffen is the Representative Director and Chief Investment Officer at Lazard Japan Asset Management K.K. and leads the Japanese Equity team in Tokyo. He began working in the investment field in 1986. Prior to joining Lazard in 2005, Mr. Griffen held several positions at Deutsche Trust Bank and Scudder Investments Japan, most recently as Chief Investment Officer. Previously, he was a Partner and Regional Specialist at Draycott Partners. He has a BA in Business/East Asian Studies from Wittenberg University, and received an Advance Japanese Language Degree from Waseda University. He also has an MBA in International Finance from the University of South Carolina. Mr. Griffen speaks fluent Japanese.