Lazard Emerging Markets Core Equity Portfolio Q1 2025 Commentary

2025-05-21 08:30:00 ET

Summary

• Equity markets in the developing world, as measured by the MSCI Emerging Markets Index, advanced 2.9% in the first quarter.
• In the first quarter, the Emerging Markets Core Equity Portfolio rose in absolute terms but underperformed its benchmark, the MSCI Emerging Markets.
• Stock selection in the industrials and communication services sectors boost relative performance, as did stock selection in China and Brazil.
• Stock selection in the materials and energy sectors undercut relative performance, as did stock selection in South Africa and the United Arab Emirates.

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 global economic outlook. The US unveiled its tariff plans on 2 April. While equity markets in the developing world recorded a gain in the period, those in the developed world retreated, as did the US stock market....

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