Westwood International Value
Westwood has engaged Lazard Asset Management as a sub-advisor to the Westwood International Value strategy. Tracing its history back to 1848, Lazard has long maintained a pre-eminent position in the world’s financial marketplace.
The portfolio’s underlying mandate, Lazard International Strategic Equity, is a focused, multi-capitalization strategy that seeks long-term capital appreciation. The strategy opportunistically invests in non-US securities, including emerging markets securities, based on fundamental bottom-up company research.
Buy discipline
Lazard’s buy discipline is based on the search for companies with high or improving returns at attractive valuations. Some of the metrics the portfolio management team considers are:
- Sustainably high or improving financial productivity (high ROE, ROIC)
- Low valuations relative to market levels and peers
- A differentiated view based on Lazard’s proprietary research, which will drive the market to revalue the company
Sell discipline
Upon purchase each security is given a target valuation. Targets are reviewed and re-evaluated on a regular basis and performance is monitored daily. A security may be sold for any of the following reasons:
- Its price rises to a level where it is no longer believed to reflect value (target valuation)
- The underlying investment assumptions are no longer valid
- An alternative investment idea is more compelling
More information
Please contact us to learn more about this and other Westwood portfolios or to set up a meeting with a member of our team.
Subadvisor
