Logo de Lazard Frères Gestion
  Twitter LinkedIn

Fixed Income Platform
Credit Capabilities

Fixed Income Strategies Investment Process Investment Resources ESG Integration

For professional investors only
Photo

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

Lazard Credit Opportunities – Fund Update Document Download the document

Fixed Income Strategies


Lazard Credit Opportunities Global Multi Credit SFDR:
Art. 8
Document Fact Card Document Fund review

Lazard Credit Fi SRILabel ISR Subordinated
and Hybrid Financial Debt
SFDR:
Art. 8
Document Fact Card Document Fund review

Lazard Capital Fi SRILabel ISR Subordinated
and Hybrid Financial Debt
SFDR:
Art. 8
Document Fact Card Document Fund review

Lazard Euro Corp High Yield Euro Corporate High Yield SFDR:
Art. 8
Document Fact Card Document Fund review

Short Duration High Yield
Debt Strategy
Euro Short Duration High Yield Document Fact Card Document Fund review

SFDR: Sustainable Finance Disclosure Regulation.

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

Photo

Éléonore Bunel
Head of Fixed Income
Fund Manager/Analyst

Photo

François Lavier, CFA
Fund Manager/Analyst
Financial Subordinated

Photo

Alexis Lautrette
Fund Manager/Analyst
Financial Subordinated

Photo

Sergio Gallo
Fund Manager/Analyst
Financial Subordinated

Photo

Alexia Latorre, CFA
Fund Manager/Analyst
High Yield

Photo

Andreea Grecu
Fund Manager/Analyst
High Yield

Photo

Camille Suh
Fund Manager/Analyst
High Yield

Photo

Benjamin Le Roux
Fund Manager/Analyst
Aggregate

Photo

Frédéric Penel
Fund Manager/Analyst
Aggregate

Photo

Jean-Philippe Quiterio
Fund Manager
Money Market

Photo

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.

Photo

Axel Berrebi
ESG
Specialist

Disclaimer

Landing page intended for professional investors. This is a financial promotion and is not intended to constitute investment advice. Landing page intended for financial professional only located in the following countries: Italy, Luxembourg, Spain and Switzerland.

The funds are exposed to the following risks: capital loss, interest rate, credit, linked to contigent or subordinated securities, exchange rate, liquidity, equity, counterparty, risks associated with investment in the futures markets.

Lazard Credit Opportunities is a French open-ended investment company with variable capital (Société d’investissement à capital variable) authorised and regulated as UCITS by the Autorité des marchés financiers and managed by Lazard Frères Gestion SAS. Lazard Credit Fi SRI, Lazard Capital Fi SRI, Lazard Euro Corp High Yield are French mutual funds (Fonds commun de placement), authorised and regulated as UCITS by the Autorité des marchés financiers and managed by Lazard Frères Gestion SAS.

Copies of the full Prospectus, the relevant Key Investor Information Document (KIID) and the most recent Report and Accounts are available in English, and other languages where appropriate, on request from the address below or at www.lazardfreresgestion.fr. Investors and potential investors should read and note the risk warnings in the Prospectus and relevant KIID.

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 (particularly where presented gross of fees and taxes, which is specifically relevant for retail clients with Belgian residence) and charges within the Fund and the investor will receive less than the gross yield. There can be no assurance that the Fund'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 Fund's base currency, the currency of the Fund'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 tax treatment of each client will vary and you should seek professional tax advice. For any complaints, please contact the representative of the LFM, LAM, or LFG office for your country. The contents of this document are confidential and should not be disclosed other than to the person or persons for whom it is intended.

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.

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.

Please note that not all share classes are registered for distribution in every jurisdiction. Investment into the portfolio will not be accepted before the appropriate registration is completed in the relevant jurisdiction.

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. Not all share classes of the relevant sub-fund are registered for marketing in Italy and target institutional investors only. Subscriptions may only be based on the current prospectus.The Paying Agent for the Irish funds are BNP Paribas Securities Services, Piazza Lina Bo Bardi, 3, 20124 Milano, and Allfunds Bank SA, Milan Branch, Via Santa Margherita 7, 20121, Milano. The Paying Agent for the French funds are Société Générale Securities Services, Via Benigno Crespi, 19, 20159 Milano, and BNP Paribas Securities Services, Piazza Lina Bo Bardi, 3, 20124 Milano.

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. The Paying Agent and the Representative in Belgium for the registration and the receipt of requests for issuance or repurchase of units or for switching sub-funds is RBC Investor Services Bank S.A : 14, Porte de France, L-4360 Esch-sur-Alzette- Grand Duché de Luxembourg.

Spain: 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.

Switzerland: The domicile of the Fund is Ireland and/or France, the representative in Switzerland is ACOLIN Fund Services AG, Leutschenbachstrasse 50, CH-8050 Zurich, whilst the paying agent is Banque Cantonale de Genève, 17, quai de l’Ile, CH-1204 Genva. Information is available from our website, the Swiss Representative or from www.fundinfo.com. The Prospectus, the Articles of Association (SICAV) or the Fund Regulations (FCP), the Key Investor Information Document (KIID) as well as the semi-annual and annual reports may be obtained free of charge at the registered office of the Swiss Representative. The performance data do not take account of the commissions and costs incurred on the issue and redemption of units. The current document is intended for information purposes only and shall not to be used as an offer to buy and/or sell shares.