Lazard launches Ucits version of long/short US fund

Lazard launches Ucits version of long/short US fund

Lazard Asset Management has launched a long/short fund, focusing predominantly on US stocks, with the ability to invest across the market cap spectrum.

The Lazard US Fundamental Alternative fund, to be run in New York by portfolio managers Dmitri Batsev and Jerry Liu, will take long and short positions based on factors including valuation and company fundamentals.

The Ucits vehicle is based on the existing Lazard Fundamental Long/Short fund, which the company said has produced annualised returns of 11.3 per cent over the past three years, with two thirds of the volatility of the S&P 500 index and just 8 per cent of the downside.

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Mr Liu said: “Expanding the US opportunity set to both longs and shorts allows us to create a differentiated portfolio of investments, seeking to provide investors with strong down-market protection, up-market participation, and lower volatility than the overall market.”