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Does Style Matter in Emerging Markets?

The emerging market equity universe has become bigger, broader, and deeper. Over the last five years, clear style distinctions among investment managers have emerged; these style groups have generated differentiated patterns of performance—patterns that, in some cases, are negatively correlated.
 
In our view, this differentiation presents an opportunity to blend style exposures, smooth portfolio volatility, achieve higher risk-adjusted returns, and better determine asset class entry and exit points.
 
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Legal Entity: Lazard Asset Management Limited ("LAML") is authorised and regulated by the Financial Services Authority ("FSA") (FSA Register number 121839). Lazard Fund Managers Limited is authorised and regulated by the FSA and is a member of the Investment Managers Association (IMA) (FSA Register number 122190).

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Except where expressly otherwise stated, this site is issued and approved in the UK by LAML, 50 Stratton Street, London, W1J 8LL; authorised and regulated by the FSA.

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Governing Law: This site is hosted in the United Kingdom and compiled in order to comply with the laws of England and Wales. All visits to and the contents of, this site are subject to and governed by the laws of England and Wales. If any dispute arises from your use of this site or any of the information on it, you agree to submit to the non-exclusive jurisdiction of the High Court of Justice in England and Wales.

Risk warnings: Performance quoted herein is based on historical figures. Past performance is not a guarantee of future returns. Fluctuations in the rates of exchange between the currency in which shares are denominated and the currency of investment may have the effect of causing the value of an investment to diminish or increase. The value of investments and the income from them can fall as well as rise and you may not get back the amount originally invested. Prospective investors should be aware in particular of the risks of investing in investments in small and emerging markets which can be more volatile and less marketable than those in more developed markets.

Accuracy of information: LAML uses all reasonable skill and care in compiling the information available on this site. However, errors or omissions may occur which are outside LAML's reasonable control, for example, unauthorised access, or malfunctions in data transmission. This site is accurate only on the date that information is provided by LAML via this service. The relevant date of any particular information is the date printed on the page on which the information appears . LAML advises that you confirm the accuracy of any information with LAML, before you seek to rely on it.

Liability for Contents: LAML maintains this site for the convenience of its users. The contents of this site are based upon sources of information believed by LAML to be reliable but no warranty or representation, express or implied, is given as to their accuracy or completeness. Neither LAML nor any of its principals or affiliate companies nor any of their directors or employees accept any responsibility for, or guarantee the accuracy, validity, timeliness, completeness or suitability of, any of the information or data made available to you on this site. No liability is accepted for any loss, either direct or indirect, incidental or consequential, arising out of the information on this site not being true and accurate, except to the extent caused by the wilful default or gross negligence of LAML or to the extent that such liability arises under the Financial Services and Markets Act 2000. Please note that LAML may update or alter the information on the site at any time without giving notice of the alterations.

Links to third party websites: This site may provide links to third party websites over which LAML has no control.

A link to a service or a site outside of this site is not an endorsement of the service or the site, its contents or its sponsoring organisation. LAML and its subsidiaries, affiliates, principals and employees take no responsibility for screening or reviewing any of the foregoing and accepts no responsibility for the contents of any such third party websites. The information provided in these areas has been prepared by independent providers who are not affiliated with LAML. LAML has not reviewed this information and cannot guarantee its accuracy. It is provided here as a service to site visitors. There are inherent risks in the use of any software and information found in the Internet and you acknowledge that you understand these risks before using the service. You are reminded that, when you enter other websites of firms which are not regulated by the FSA, via the use of links, you will not benefit from the regulatory protections afforded to you in using this site.

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NOTICE: PLEASE READ THESE TERMS AND CONDITIONS CAREFULLY. BY ACCESSING THIS SITE AND ANY PAGES THEREOF, YOU AGREE TO BE BOUND BY THE TERMS AND CONDITIONS BELOW. IF YOU DO NOT AGREE TO THE TERMS AND CONDITIONS BELOW, DO NOT ACCESS THIS SITE OR ANY PAGES THEREOF. WHEN YOU HAVE READ THE FOLLOWING INFORMATION, PLEASE SELECT `I AGREE'  TO ACKNOWLEDGE THAT YOU HAVE READ AND UNDERSTOOD THE INFORMATION AND TO CONTINUE TO THE WEBSITE MENU. IF YOU DO NOT WISH TO PROCEED, PLEASE CLICK ON 'I DISAGREE' AND THIS WILL RETURN YOU TO THE HOMEPAGE.

Client Classification and Restrictions on Information: This site is intended for the use of professional investors in the UK only and may not be distributed to, entered by, or relied upon by persons of any other description. The areas of this site that are reserved for professional investors, journalists and similar persons must not be accessed by private investors. LAML will not be liable for any damages or loss suffered by private investors accessing these areas.

UK only: The material on this site is directed only at persons in the United Kingdom ("UK"). It is not an invitation or offer to buy or sell, or the solicitation or any offer to buy or sell, securities in any jurisdiction other than the UK. Persons resident in jurisdictions other than the UK should consult their professional advisers as to whether they require any governmental or other consents in order to invest in the products described on this site. References in this site to specific securities should not be taken as a recommendation to buy or sell those securities, but is included for the purposes of illustration and/or information only.

Legal Entity: Lazard Asset Management Limited ("LAML") is authorised and regulated by the Financial Services Authority ("FSA") (FSA Register number 121839). Lazard Fund Managers Limited is authorised and regulated by the FSA and is a member of the Investment Managers Association (IMA) (FSA Register number 122190).

Site: For the purposes of this Legal Notice, any reference to the 'site' is a reference to all pages containing a direct link to this Legal Notice which are accessible through selection of the UK link from the LazardNet.com global home page (and excludes any other areas accessible through the LazardNet.com global home page and any third party's site prepared by independent providers who are not affiliated with LAML where a link is provided on this site only as a service to site visitors).

Except where expressly otherwise stated, this site is issued and approved in the UK by LAML, 50 Stratton Street, London, W1J 8LL; authorised and regulated by the FSA.

Other jurisdictions: Information relating to a variety of investments is contained in this site which are located in various jurisdictions. The information contained in (or accessed from) this site is therefore subject to the different laws and regulations that apply in those jurisdictions. None of the information published or made available via this site is intended to be published or made available in any jurisdiction where to do so would result in the breach of any applicable law or regulation in that jurisdiction.

This site is not directed at you if we are prohibited by any law of any jurisdiction from making the information on this site available to you. You should satisfy yourself before accessing the site that we would be allowed to advertise investments and investment services to you under the laws and regulations of your jurisdiction.

For the avoidance of doubt, this site is NOT intended for distribution to or use by citizens or residents of the United States of America. No investment may be offered or sold to citizens or residents of the United States of America nor in any other country, state or jurisdiction where it would be unlawful to offer, solicit an offer or sell such investments. This restriction also applies to residents of the United States of America who may view or access this site whilst travelling or living outside of their normal jurisdiction.

Governing Law: This site is hosted in the United Kingdom and compiled in order to comply with the laws of England and Wales. All visits to and the contents of, this site are subject to and governed by the laws of England and Wales. If any dispute arises from your use of this site or any of the information on it, you agree to submit to the non-exclusive jurisdiction of the High Court of Justice in England and Wales.

Risk warnings: Performance quoted herein is based on historical figures. Past performance should not be taken as a guide to future returns. Fluctuations in the rates of exchange between the currency in which shares are denominated and the currency of investment may have the effect of causing the value of an investment to diminish or increase. The value of investments and the income from them can fall as well as rise and you may not get back the amount originally invested. Prospective investors should be aware in particular of the risks of investing in investments in small and emerging markets which can be more volatile and less marketable than those in more developed markets.

Accuracy of information: LAML uses all reasonable skill and care in compiling the information available on this site. However, errors or omissions may occur which are outside LAML's reasonable control, for example, unauthorised access, or malfunctions in data transmission. This site is accurate only on the date that information is provided by LAML via this service. [The relevant date of any particular information is the date printed on the page on which the information appears. LAML advises that you confirm the accuracy of any information with LAML, before you seek to rely on it.

Liability for Contents: LAML maintains this site for the convenience of its users. The contents of this site are based upon sources of information believed by LAML to be reliable but no warranty or representation, express or implied, is given as to their accuracy or completeness. Neither LAML nor any of its principals or affiliate companies nor any of their directors or employees accept any responsibility for, or guarantee the accuracy, validity, timeliness, completeness or suitability of, any of the information or data made available to you on this site. No liability is accepted for any loss, either direct or indirect, incidental or consequential, arising out of the information on this site not being true and accurate, except to the extent caused by the wilful default or gross negligence of LAML or to the extent that such liability arises under the Financial Services and Markets Act 2000. Please note that LAML may update or alter the information on the site at any time without giving notice of the alterations.

Links to third party websites: This site may provide links to third party websites over which LAML has no control.

A link to a service or a site outside of this site is not an endorsement of the service or the site, its contents or its sponsoring organisation. LAML and its subsidiaries, affiliates, principals and employees take no responsibility for screening or reviewing any of the foregoing and accepts no responsibility for the contents of any such third party websites. The information provided in these areas has been prepared by independent providers who are not affiliated with LAML. LAML has not reviewed this information and cannot guarantee its accuracy. It is provided here as a service to site visitors. There are inherent risks in the use of any software and information found in the Internet and you acknowledge that you understand these risks before using the service. You are reminded that, when you enter other websites of firms which are not regulated by the FSA, via the use of links, you will not benefit from the regulatory protections afforded to you in using this site.

Privacy Statement and Personal Data: All information provided to LAML through this site is used solely by LAML and its subsidiaries, affiliates, principals and employees and is not sold or provided to any other company or person. Personal financial information and information about our clients and investors is regarded as private, and as such is not shared with anyone in any manner, regardless of the method by which we obtained such information.

By providing any personal data through this site you agree that LAML and its subsidiaries, affiliates, principals and employees wherever located throughout the world may use, store or otherwise process such personal data. Such personal data may be processed by LAML and its subsidiaries, affiliates, principals and employees for the purposes of the evaluation of your potential financial needs and/or otherwise marketing financial services and products to you. By providing personal data through this site you agree to the transfer and disclosure of such personal data to LAML and to its subsidiaries, affiliates, principals and employees wherever located throughout the world.

Cookies: We use cookies for collecting user information from the site.

Cookies are messages given to a web browser by a web server. The message is then stored by the browser in a text file called cookie.txt. Each time the browser requests a page from the server, this message is sent back. A cookie's main objective is to identify users and personalise their visit by customising web pages for them. For example, by welcoming them by name the next time they visit the same site. If you do not wish cookies to be used during your visit to this site you should disable them.

Copyright: Any information accessed via this site is confidential and is protected under copyright law. Except as may be expressly authorised, no information or material contained on this site may be reproduced, transmitted, displayed or commercially exploited without the written consent of LAML.

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Termination of Usage: LAML reserves the right to terminate or suspend your access to all or any part of the site, without notice, if LAML, in its sole discretion, believes that your continued use of the site or any of its contents is in violation of any applicable law or is harmful to the interests of LAML or any of its affiliates, subsidiaries, principals or other representatives.
 
This site is issued and approved in the UK by Lazard Asset Management Limited,
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©2010 Lazard LLC
©2010 Lazard Asset Management LLC

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NOTICE: PLEASE READ THESE TERMS AND CONDITIONS CAREFULLY. BY ACCESSING THIS SITE AND ANY PAGES THEREOF, YOU AGREE TO BE BOUND BY THE TERMS AND CONDITIONS BELOW. IF YOU DO NOT AGREE TO THE TERMS AND CONDITIONS BELOW, DO NOT ACCESS THIS SITE OR ANY PAGES THEREOF. WHEN YOU HAVE READ THE FOLLOWING INFORMATION, PLEASE SELECT `I AGREE'  TO ACKNOWLEDGE THAT YOU HAVE READ AND UNDERSTOOD THE INFORMATION AND TO CONTINUE TO THE WEBSITE MENU. IF YOU DO NOT WISH TO PROCEED, PLEASE CLICK ON 'I DISAGREE' AND THIS WILL RETURN YOU TO THE HOMEPAGE.

Client Classification and Restrictions on Information: This site is intended for the use of professional investors in the UK only and may not be distributed to, entered by, or relied upon by persons of any other description. The areas of this site that are reserved for professional investors, journalists and similar persons must not be accessed by private investors. LAML will not be liable for any damages or loss suffered by private investors accessing these areas.

UK only: The material on this site is directed only at persons in the United Kingdom ("UK"). It is not an invitation or offer to buy or sell, or the solicitation or any offer to buy or sell, securities in any jurisdiction other than the UK. Persons resident in jurisdictions other than the UK should consult their professional advisers as to whether they require any governmental or other consents in order to invest in the products described on this site. References in this site to specific securities should not be taken as a recommendation to buy or sell those securities, but is included for the purposes of illustration and/or information only.

Legal Entity: Lazard Asset Management Limited ("LAML") is authorised and regulated by the Financial Services Authority ("FSA") (FSA Register number 121839). Lazard Fund Managers Limited is authorised and regulated by the FSA and is a member of the Investment Managers Association (IMA) (FSA Register number 122190).

Site: For the purposes of this Legal Notice, any reference to the 'site' is a reference to all pages containing a direct link to this Legal Notice which are accessible through selection of the UK link from the LazardNet.com global home page (and excludes any other areas accessible through the LazardNet.com global home page and any third party's site prepared by independent providers who are not affiliated with LAML where a link is provided on this site only as a service to site visitors).

Except where expressly otherwise stated, this site is issued and approved in the UK by LAML, 50 Stratton Street, London, W1J 8LL; authorised and regulated by the FSA.

Other jurisdictions: Information relating to a variety of investments is contained in this site which are located in various jurisdictions. The information contained in (or accessed from) this site is therefore subject to the different laws and regulations that apply in those jurisdictions. None of the information published or made available via this site is intended to be published or made available in any jurisdiction where to do so would result in the breach of any applicable law or regulation in that jurisdiction.

This site is not directed at you if we are prohibited by any law of any jurisdiction from making the information on this site available to you. You should satisfy yourself before accessing the site that we would be allowed to advertise investments and investment services to you under the laws and regulations of your jurisdiction.

For the avoidance of doubt, this site is NOT intended for distribution to or use by citizens or residents of the United States of America. No investment may be offered or sold to citizens or residents of the United States of America nor in any other country, state or jurisdiction where it would be unlawful to offer, solicit an offer or sell such investments. This restriction also applies to residents of the United States of America who may view or access this site whilst travelling or living outside of their normal jurisdiction.

Governing Law: This site is hosted in the United Kingdom and compiled in order to comply with the laws of England and Wales. All visits to and the contents of, this site are subject to and governed by the laws of England and Wales. If any dispute arises from your use of this site or any of the information on it, you agree to submit to the non-exclusive jurisdiction of the High Court of Justice in England and Wales.

Risk warnings: Performance quoted herein is based on historical figures. Past performance should not be taken as a guide to future returns. Fluctuations in the rates of exchange between the currency in which shares are denominated and the currency of investment may have the effect of causing the value of an investment to diminish or increase. The value of investments and the income from them can fall as well as rise and you may not get back the amount originally invested. Prospective investors should be aware in particular of the risks of investing in investments in small and emerging markets which can be more volatile and less marketable than those in more developed markets.

Accuracy of information: LAML uses all reasonable skill and care in compiling the information available on this site. However, errors or omissions may occur which are outside LAML's reasonable control, for example, unauthorised access, or malfunctions in data transmission. This site is accurate only on the date that information is provided by LAML via this service. [The relevant date of any particular information is the date printed on the page on which the information appears. LAML advises that you confirm the accuracy of any information with LAML, before you seek to rely on it.

Liability for Contents: LAML maintains this site for the convenience of its users. The contents of this site are based upon sources of information believed by LAML to be reliable but no warranty or representation, express or implied, is given as to their accuracy or completeness. Neither LAML nor any of its principals or affiliate companies nor any of their directors or employees accept any responsibility for, or guarantee the accuracy, validity, timeliness, completeness or suitability of, any of the information or data made available to you on this site. No liability is accepted for any loss, either direct or indirect, incidental or consequential, arising out of the information on this site not being true and accurate, except to the extent caused by the wilful default or gross negligence of LAML or to the extent that such liability arises under the Financial Services and Markets Act 2000. Please note that LAML may update or alter the information on the site at any time without giving notice of the alterations.

Links to third party websites: This site may provide links to third party websites over which LAML has no control.

A link to a service or a site outside of this site is not an endorsement of the service or the site, its contents or its sponsoring organisation. LAML and its subsidiaries, affiliates, principals and employees take no responsibility for screening or reviewing any of the foregoing and accepts no responsibility for the contents of any such third party websites. The information provided in these areas has been prepared by independent providers who are not affiliated with LAML. LAML has not reviewed this information and cannot guarantee its accuracy. It is provided here as a service to site visitors. There are inherent risks in the use of any software and information found in the Internet and you acknowledge that you understand these risks before using the service. You are reminded that, when you enter other websites of firms which are not regulated by the FSA, via the use of links, you will not benefit from the regulatory protections afforded to you in using this site.

Privacy Statement and Personal Data: All information provided to LAML through this site is used solely by LAML and its subsidiaries, affiliates, principals and employees and is not sold or provided to any other company or person. Personal financial information and information about our clients and investors is regarded as private, and as such is not shared with anyone in any manner, regardless of the method by which we obtained such information.

By providing any personal data through this site you agree that LAML and its subsidiaries, affiliates, principals and employees wherever located throughout the world may use, store or otherwise process such personal data. Such personal data may be processed by LAML and its subsidiaries, affiliates, principals and employees for the purposes of the evaluation of your potential financial needs and/or otherwise marketing financial services and products to you. By providing personal data through this site you agree to the transfer and disclosure of such personal data to LAML and to its subsidiaries, affiliates, principals and employees wherever located throughout the world.

Cookies: We use cookies for collecting user information from the site.

Cookies are messages given to a web browser by a web server. The message is then stored by the browser in a text file called cookie.txt. Each time the browser requests a page from the server, this message is sent back. A cookie's main objective is to identify users and personalise their visit by customising web pages for them. For example, by welcoming them by name the next time they visit the same site. If you do not wish cookies to be used during your visit to this site you should disable them.

Copyright: Any information accessed via this site is confidential and is protected under copyright law. Except as may be expressly authorised, no information or material contained on this site may be reproduced, transmitted, displayed or commercially exploited without the written consent of LAML.

Trademarks: This site is owned and operated by LAZARD. LAZARD and all designations which comprise, include, or incorporate the term LAZARD are trademarks and service marks of Lazard LLC.

Termination of Usage: LAML reserves the right to terminate or suspend your access to all or any part of the site, without notice, if LAML, in its sole discretion, believes that your continued use of the site or any of its contents is in violation of any applicable law or is harmful to the interests of LAML or any of its affiliates, subsidiaries, principals or other representatives.
 
This site is issued and approved in the UK by Lazard Asset Management Limited,
authorised and regulated by the Financial Services Authority.
©2010 Lazard LLC
©2010 Lazard Asset Management LLC

Do you agree to the terms and conditions above and confirm that you are a institution investor?

do not accept accept