Lazard Emerging Markets Equity Portfolio Q1 2025 Commentary

Summary

• In the first quarter, the Emerging Markets Equity Portfolio rose in absolute terms and outperformed its benchmark, the MSCI Emerging Markets Index.
• Stock selection in the industrials and financials sectors boosted relative performance, as did stock selection in Brazil and Thailand.
• Stock selection in the communication services and health care sectors undercut relative performance, as did stock selection in South Africa and China.

We Are

Market Overview

Equity markets in the developing world, as measured by the MSCI Emerging Markets Index, advanced 2.9% in the first quarter, as speculation about the scope of the impending US tariff policy hung over markets and sparked uncertainty about the