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.
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
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- The underlying investment assumptions are no longer valid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
Please contact us to learn more about this and other Westwood portfolios or to set up a meeting with a member of our team.