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Lazard: pension fund's international holdings up sharply but trail benchmark because of quality tilt
Summary
At the Sept. 24 Sarasota City Firefighters' Pension Plan board meeting, Lazard representatives reported strong year-to-date gains in the plan's international equity sleeve but said the manager is trailing its benchmark due to a persistent high-quality investment style and tariff and currency effects.
Michael Powers, a portfolio representative from Lazard, and Frank Spizzato, a Lazard portfolio manager, told the Sarasota City Firefighters' Pension Plan Board of Trustees on Sept. 24 that the plan's international equity allocation has produced strong year-to-date returns but has lagged its benchmark because Lazard maintains a high-quality, lower-risk bias.
The presentation, covering performance through the second quarter and year-to-date figures, said the international sleeve was "close to 20% year to date," a level the presenters described as unusually strong for global equities. Spizzato said the firm's portfolios emphasize "very high quality stocks, very financially productive, low debt, sustainable earnings" and that this quality…
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