Lazard World Trust Fund Edison issues review on Lazard World Trust Fund
15 June 2018 - 9:53PM
RNS Non-Regulatory
TIDMWTR
Lazard World Trust Fund
15 June 2018
London, UK, 15 June 2018
Edison issues review on Lazard World Trust Fund (WTR)
Lazard World Trust Fund (WTR) is differentiated from the
majority of peers by its focus on discounted assets. Its portfolio
is a blend of closed-end funds, investment trusts and holding
companies that trade at a discount to the value of their assets,
and in particular those where the underlying assets are also
undervalued. Manager Kun Deng and his Discounted Assets team at
Lazard Asset Management are focused on opportunities wherever they
arise, with a longstanding bias to Asian and emerging markets. A
key part of the WTR strategy is to engage with the underlying
holdings to help unlock value through initiatives such as higher
dividend policies, and in the spirit of 'practising what they
preach', the fund has announced a new 6% annual distribution, paid
quarterly, which will make it one of the highest-yielding
equity-focused investment companies.
At 13 June 2018, WTR's shares traded at a 3.3% discount to
cum-income NAV. This was narrower than both short- and long-term
average discounts (7.8% over one year and c 11.5% over three, five
and 10 years) and has the potential to narrow further with the
introduction of the new 6% distribution policy. Applying the
current WTR discount to the underlying portfolio discount of 24.8%
at 30 April gives a 'double discount' of 27.3%, meaning each GBP1
invested buys exposure to GBP1.38 of assets.
Click here to view the full report.
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