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Fixed Income Platform
Credit Capabilities

Fixed Income Strategies Investment Process Investment Resources ESG Integration

For professional investors only
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Éléonore Bunel
Head of Fixed Income

"Capturing investment opportunities through market cycles is critical to long-term outperformance. In this regard, we are convinced that flexibility and active management, both in terms of bond selection and credit/interest risk management, are the key performance drivers for reaching clients’ objectives and for generating outperformance over the different market cycles."

Investment Focus

Hybrid bonds: a booming market
document
Focus on Euro High Yield Default Rates
document
Absolute return bond strategies
document
Focus on the AT1 Market - Part 1
document
Focus on the AT1 Market - Part 2
document

Live from the Fixed Income Floor


Weekly update Document Download the document

Monthly newsletter Document Download the document

Fixed Income Strategies

Lazard Unconstrained Aggregate Debt Global Multi Credit Document Fact Card

Lazard Subordinated Financial Debt – Blend Subordinated
and Hybrid Financial Debt
Document Fact Card

Lazard Subordinated Financial Debt - Hybrid Contingent Subordinated
and Hybrid Financial Debt
Document Fact Card

Lazard High Yield Corporate Debt Euro Corporate High Yield Document Fact Card

Investment Process

Based on our in-house macroeconomic outlook, the Fixed Income team has designed an investment process common to all credit strategies to:

Our MVST process (Macro | Valuation | Sentiment | Technicals) allows us to define a directional approach in terms of credit and interest rate risk for all portfolios, taking into account asset class, country and sector exposure.

Investment Resources

The Lazard Frères Gestion Fixed Income Investment Team counts with 9 Portfolio Managers/Analysts, 1 Money Market Fund Manager and an ESG specialist, covering Corporate and Financial Credit. They leverage on Lazard’s 70+ global strong fixed income investment professionals (covering Sovereigns, Corporate, HY and Emerging Debt segments).

Key Figures

6.8 Bn
Assets Under Management as of March 31, 2021

17 years
average experience in the industry

+500 issuers
covered by the Fixed Income Team

Lazard Frères Gestion Fixed Income Investment Team

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Éléonore Bunel
Head of Fixed Income
Fund Manager/Analyst

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François Lavier, CFA
Fund Manager/Analyst
Financial Subordinated

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Alexis Lautrette
Fund Manager/Analyst
Financial Subordinated

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Sergio Gallo
Fund Manager/Analyst
Financial Subordinated

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Alexia Latorre, CFA
Fund Manager/Analyst
High Yield

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Andreea Grecu
Fund Manager/Analyst
High Yield

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Camille Suh
Fund Manager/Analyst
High Yield

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Benjamin Le Roux
Fund Manager/Analyst
Aggregate

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Frédéric Penel
Fund Manager/Analyst
Aggregate

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Jean-Philippe Quiterio
Fund Manager
Money Market

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Adrien Lalanne
Fund Manager
Assistant

Our team is traditionally stable, we are unable to guarantee the presence of the managers listed above during the life of the product.

ESG Integration

Fixed Income Portfolio Managers/Analysts participate actively in Lazard Frères Gestion’s proprietary ESG analysis process and integrate ESG criteria across all strategies. They make sure that fixed income portfolios include the most advanced issuers in terms of ESG practices and commitments, while ensuring that the spread remains attractive from a credit risk perspective.

To that end, the Fixed Income investment process excludes issuers considered as laggards in terms of ESG and limits exposure to average ESG performers. Moreover, SRI funds follow the strict requirements of the French SRI certification label. The team also initiates extensive dialogue and engages actively to promote the implementation of good ESG practices among issuers.

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Axel Berrebi
ESG
Specialist

Disclaimer

This is a financial promotion and is not intended to constitute investment advice.
Past performance is not a reliable indicator of future results. The value of investments and the income from them can fall as well as rise and you may not get back the amount you invested. Any yield quoted is gross and is not guaranteed. It is subject to fees, taxation and charges within the portfolio and the investor will receive less than the gross yield. There can be no assurance that the portfolio's objectives or performance target will be achieved. Any views expressed herein are subject to change.
The returns from your investment may be affected by changes in the exchange rate between the portfolio's base currency, the currency of the portfolio's investments, your share class and your home currency.
The information provided herein should not be considered a recommendation or solicitation to purchase, retain or sell any particular security. It should also not be assumed that any investment in these securities was or will be profitable.
The contents of this document are confidential and should not be disclosed other than to the person or persons for whom it is intended.

FOR FINANCIAL PROFESSIONAL USE ONLY.
Smaller companies: Securities of smaller companies may be less liquid, and exhibit more volatile returns, than the securities of larger companies.

Emerging and developing markets: Emerging and developing markets can face significant political, economic or structural challenges. The portfolio may experience delays in buying, selling and claiming ownership of investments and there is an increased risk that the portfolio may not get back the money invested.

Fixed income: Yields from bonds reflect in part the risk rating of the bond issuer. Investment in lower rated bonds increases the risk of default on repayment and the risk to capital of the portfolio. High yielding assets may carry a greater risk of capital values falling or have limited prospects of capital growth or recovery. Investment in high yield securities involves a high degree of risk to both capital and income. Yields from bonds reflect in part the risk rating of the bond issuer. Investment in lower rated bonds increases the risk of default on repayment and the risk to capital of the portfolio.

Derivatives: The portfolio invests in financial derivative instruments ("FDIs"). While the use of FDIs can be beneficial, they also involve risks different from, and in certain cases, greater than, the risks presented by more traditional investments. FDIs may be subject to sudden, unexpected and substantial price movements that are not always predictable. This can increase the volatility of the portfolio’s Net Asset Value. FDIs do not always totally track the value of the securities, rates or indices they are designed to track. The use of FDIs to gain greater exposure to securities, rates or indices than by a direct investment, increases the possibility for profit but also increases the risk of loss. The Fund is also subject to the risk of the insolvency or default of its counterparties to FDI investments. In such events the Fund may have limited recourse against the counterparty and may experiences losses.

Concentrated: In view of the concentrated nature of the portfolio, the level of risk is expected to be higher than for broader based portfolios and the value may be more volatile.

JP Morgan: Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used or distributed without J.P. Morgan’s prior written approval. Copyright 2018, J.P. Morgan Chase & Co. All rights reserved.

This strategy is available by way of either a Fund or a segregated mandate, subject to any local regulatory restrictions or requirements.

United Kingdom, Finland, Ireland, Denmark, Norway and Sweden: The information is approved, on behalf of Lazard Fund Managers (Ireland) Limited, by Lazard Asset Management Limited, 50 Stratton Street, London W1J 8LL. Incorporated in England and Wales, registered number 525667. Lazard Asset Management Limited is authorised and regulated by the Financial Conduct Authority (FCA).

Germany and Austria: Lazard Asset Management (Deutschland) GmbH, Neue Mainzer Strasse 75, 60311 Frankfurt am Main is authorized and regulated in Germany by the BaFin.

Belgium and Luxembourg: This information is provided by the Belgian Branch of Lazard Fund Managers Ireland Limited, at Blue Tower Louise, Avenue Louise 326, Brussels, 1050 Belgium.

France: This information is provided by Lazard Frères Gestion SAS , 25, rue de Courcelles 75 008 Paris.

Italy: This information is provided by the Italian branch of Lazard Asset Management (Deutschland) GmbH. Lazard Asset Management (Deutschland) GmbH Milano Office, Via Dell'Orso 2 - 20121 Milan is authorized and regulated in Germany by the BaFin.

Netherlands: This information is provided by the Dutch Branch of Lazard Fund Managers (Ireland) Limited, which is registered in the Dutch register held with the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten).

Spain and Portugal: This information is provided by the Spanish Branch of Lazard Fund Managers Ireland Limited, at Paseo de la Castellana 140, Piso 10, Letra E, 28046 Madrid and registered with the National Securities Market Commission (Comisión Nacional del Mercado de Valores or CNMV) under registration number 18.

Andorra: For Andorran licensed financial entities only. This information is provided by the Spanish Branch of Lazard Fund Managers Ireland Limited, at Paseo de la Castellana 140, Piso 100, Letra E, 28046 Madrid and registered with the National Securities Market Commission (Comisión Nacional del Mercado de Valores or CNMV) under registration number 18. This information is approved by Lazard Asset Management Limited (LAML). LAML is not regulated or authorised by or registered in the official registers of the Andorran regulator (AFA).

Switzerland: Lazard Asset Management Schweiz AG, Usteristraße 9, CH-8001 Zurich. Authorised and regulated in Switzerland by the FINMA.

Australia: Issued by Lazard Asset Management Pacific Co., ABN 13 064 523 619, AFS License 238432, Level 39 Gateway, 1 Macquarie Place, Sydney NSW 2000, which is licensed by the Australian Securities and Investments Commission to provide financial product advice and certain financial products to wholesale investors only.

Canada: Issued by Lazard Asset Management (Canada) Inc., 30 Rockefeller Plaza, New York, NY 10112 and 130 King Street West, Suite 1800, Toronto, Ontario M5X 1E3, a registered portfolio manager providing services to non-individual permitted clients.

Dubai: Issued and approved by Lazard Gulf Limited, Gate Village 1, Level 2, Dubai International Financial Centre, PO Box 506644, Dubai, United Arab Emirates. Registered in Dubai. International Financial Centre 0467. Authorised and regulated by the Dubai Financial Services Authority to deal with Professional Clients only.

Hong Kong: Issued by Lazard Asset Management (Hong Kong) Limited (AQZ743), One Harbour View Street, Central, Hong Kong. Lazard Asset Management (Hong Kong) Limited is a corporation licensed by the Hong Kong Securities and Futures Commission to conduct Type 1 (dealing in securities) and Type 4 (advising on securities) regulated activities only on behalf of "professional investors” as defined under the Hong Kong Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) and its subsidiary legislation.

Japan: Issued by Lazard Japan Asset Management K.K., ATT Annex 7th Floor, 2-11-7 Akasaka, Minato-ku, Tokyo 107-0052 (please visit japaninfo for additional disclosures required under the Financial Instruments and Exchange Act of Japan).

Korea: Issued by Lazard Korea Asset Management Co. Ltd., 10F Seoul Finance Center, 136 Sejong-daero, Jung-gu, Seoul, 04520. Peoples Republic of China: Issued by Lazard Asset Management. Lazard Asset Management does not carry out business in the P.R.C and is not a licensed investment adviser with the China Securities Regulatory Commission or the China Banking Regulatory Commission. This document is for reference only and for intended recipients only. The information in this document does not constitute any specific investment advice on China capital markets or an offer of securities or investment, tax, legal or other advice or recommendation or, an offer to sell or an invitation to apply for any product or service of Lazard Asset Management.

Singapore: Issued by Lazard Asset Management (Singapore) Pte. Ltd., 1 Raffles Place, #25-01 One Raffles Place Tower 1, Singapore 048616. Company Registration Number 201135005W. Lazard Asset Management (Singapore) Pte. Ltd. provides services only to "institutional investors” or "accredited investors” as defined under the Securities and Futures Act, Chapter 289 of Singapore.

United States: Issued by Lazard Asset Management LLC, 30 Rockefeller Plaza, New York, NY 10112