Top 5 1st Quarter Trades of LAZARD ASSET MANAGEMENT LLC

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May 15, 2022
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LAZARD ASSET MANAGEMENT LLC recently filed their 13F report for the first quarter of 2022, which ended on 2022-03-31.

The 13F report details which stocks were in a guru’s equity portfolio at the end of the quarter, though investors should note that these filings are limited in scope, containing only a snapshot of long positions in U.S.-listed stocks and American depository receipts as of the quarter’s end. They are not required to include international holdings, short positions or other types of investments. Still, even this limited filing can provide valuable information.

Lazard Asset Management, a private investment manager acting as a subsidiary of its parent company Lazard Freres & Co. LLC, can trace its history back to 1848 when the Lazard brothers launched a general merchandise company called Lazard Freres & Co. The company itself was established in New York as a spin off in 1970. Lazard Asset Management would experience steady growth in its early years, expanding internationally in the 1980s and 1990s. The company would open Lazard Japan Asset Management in Tokyo in 1987, Lazard Asset Management Pacific in Syndney in 1994, and Lazard Asset Management (Canada) in 1996. The company would then combine its UK and US asset management divisions, forming a single entity that could provide a more integrated perspective for its clients. Although its parent company would begin trading publicly in 2005, Lazard Asset Management itself would be an indirect subsidiary of the company and remain private. The company would continue with international expansion in the following years, opening its Hong Kong, Deutschland, and Singapore operating spin off companies in the years 2008, 2011, and 2013, respectively. The company now manages an estimated $180 billion of assets invested in a broad spectrum of assets, which only include the assets that the company itself and further subsidiaries own. Lazard Asset Management values its investment professionals and showcases some of its published investment research on their website. Its investments are mostly focused in emerging market equity, international equity, and global equity, with other notable investment allocations in fixed income, U.S. equity, Asia-Pacific Equity, and European Equity, all in order of decreasing investment asset allocation. Some of its mutual funds include its US Concentrated Portfolio, US Mid Cap Equity Portfolio, International Equity Portfolio, International Strategic Equity Portfolio, Global Total Return & Income Fund, and Retirement Emerging Markets Equity Portfolio, split across its open ended funds, close ended funds, and retirement series funds.

As of the latest 13F report, the guru’s equity portfolio contained 2141 stocks valued at a total of $75,853,000,000. The top holdings were MSFT(4.26%), GOOGL(4.06%), and MDT(3.23%).

According to GuruFocus data, these were LAZARD ASSET MANAGEMENT LLC’s top five trades of the quarter.

Medtronic PLC


LAZARD ASSET MANAGEMENT LLC reduced their investment in NYSE:MDT by 3,308,609 shares. The trade had a 0.41% impact on the equity portfolio. During the quarter, the stock traded for an average price of $105.61.

On 05/15/2022, Medtronic PLC traded for a price of $102.67 per share and a market cap of $137,735,827,000. The stock has returned -15.30% over the past year.

GuruFocus gives the company a financial strength rating of 6 out of 10 and a profitability rating of 8 out of 10.

In terms of valuation, Medtronic PLC has a price-earnings ratio of 28.28, a price-book ratio of 2.62, a EV-to-Ebitda ratio of 17.36 and a price-sales ratio of 4.38.

The price-to-GF Value ratio is 0.88, earning the stock a GF Value rank of 9.

CDW Corp


LAZARD ASSET MANAGEMENT LLC reduced their investment in NAS:CDW by 1,530,981 shares. The trade had a 0.37% impact on the equity portfolio. During the quarter, the stock traded for an average price of $183.1.

On 05/15/2022, CDW Corp traded for a price of $169.34 per share and a market cap of $22,880,496,000. The stock has returned 1.55% over the past year.

GuruFocus gives the company a financial strength rating of 5 out of 10 and a profitability rating of 9 out of 10.

In terms of valuation, CDW Corp has a price-earnings ratio of 23.39, a price-book ratio of 25.61, a price-earnings-to-growth (PEG) ratio of 1.69, a EV-to-Ebitda ratio of 17.19 and a price-sales ratio of 1.07.

The price-to-GF Value ratio is 0.93, earning the stock a GF Value rank of 7.

Alibaba Group Holding Ltd


LAZARD ASSET MANAGEMENT LLC reduced their investment in NYSE:BABA by 2,241,088 shares. The trade had a 0.32% impact on the equity portfolio. During the quarter, the stock traded for an average price of $115.52.

On 05/15/2022, Alibaba Group Holding Ltd traded for a price of $87.99 per share and a market cap of $236,473,125,000. The stock has returned -57.30% over the past year.

GuruFocus gives the company a financial strength rating of 7 out of 10 and a profitability rating of 9 out of 10.

In terms of valuation, Alibaba Group Holding Ltd has a price-earnings ratio of 23.55, a price-book ratio of 1.55, a price-earnings-to-growth (PEG) ratio of 1.07, a EV-to-Ebitda ratio of 10.96 and a price-sales ratio of 1.85.

The price-to-GF Value ratio is 0.24, earning the stock a GF Value rank of 2.

Public Storage


LAZARD ASSET MANAGEMENT LLC reduced their investment in NYSE:PSA by 679,491 shares. The trade had a 0.3% impact on the equity portfolio. During the quarter, the stock traded for an average price of $362.59.

On 05/15/2022, Public Storage traded for a price of $318.53 per share and a market cap of $55,911,233,000. The stock has returned 19.19% over the past year.

GuruFocus gives the company a financial strength rating of 6 out of 10 and a profitability rating of 9 out of 10.

In terms of valuation, Public Storage has a price-earnings ratio of 30.96, a price-book ratio of 10.43, a price-earnings-to-growth (PEG) ratio of 5.73, a EV-to-Ebitda ratio of 22.72 and a price-sales ratio of 15.48.

The price-to-GF Value ratio is 1.04, earning the stock a GF Value rank of 5.

Laboratory Corp of America Holdings


LAZARD ASSET MANAGEMENT LLC reduced their investment in NYSE:LH by 769,545 shares. The trade had a 0.29% impact on the equity portfolio. During the quarter, the stock traded for an average price of $273.64.

On 05/15/2022, Laboratory Corp of America Holdings traded for a price of $244.62 per share and a market cap of $22,676,274,000. The stock has returned -11.55% over the past year.

GuruFocus gives the company a financial strength rating of 6 out of 10 and a profitability rating of 9 out of 10.

In terms of valuation, Laboratory Corp of America Holdings has a price-earnings ratio of 11.23, a price-book ratio of 2.12, a price-earnings-to-growth (PEG) ratio of 0.59, a EV-to-Ebitda ratio of 7.55 and a price-sales ratio of 1.49.

The price-to-GF Value ratio is 0.93, earning the stock a GF Value rank of 7.


Please note, the numbers and facts quoted are as of the writing of this article and may not factor in the latest trading data or company announcements.

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