|
This general information is provided by and used with the permission of this manager. It may not contain information about the Pacific Select Fund portfolios or Lazard Retirement Series, Inc. portfolio managed by this manager. Pacific Select Fund portfolios are available only through Pacific Life's and its affiliates' variable products. The Lazard Retirement Series, Inc. portfolio is listed below and is available through Pacific Life's variable life insurance products. Lazard's Retirment Series, Inc. is not affiliated with Pacific Life.
|
|
Lazard Asset Management LLC is a subsidiary of Lazard Freres & Co., LLC, a pre-eminent global investment bank with over 150 years of experience. The New York based asset management division manages investments for corporations, endowments, public and private pension funds, individuals, and mutual funds.
Investment Philosophy
Lazard's investment philosophy centers around four principles:
- Pick securities not markets: Smart investors use what they know rather than what they can only guess about. Lazard evaluates companies one by one and allocates capital to those found most attractive.
- Don't overpay: The most common investment mistake is to follow the crowd in and out of investment trends, overpaying for securities. Lazard is not swayed by popular sentiment and analyzes security valuations on strong fundamentals and the potential for enhanced returns.
- Manage risk: Lazard considers risk management to be a critical component of portfolio construction and makes a practice of understanding the cumulative risk resulting from individual investment decisions.
- Stick to the discipline: Consistency is the hallmark of Lazard's discipline. Lazard does not stray from its mandate to obtain short-term results even if that mandate is out of favor at a given time. Lazard is focused on achieving long-term, consistent results.
Investment Process
Lazard follows a systematic process to search for undervalued opportunities within each asset class:
- A global database screening identifies companies with low valuations, yet which exhibit high financial productivity.
- In an intensive accounting validation process, Lazard's analysts examine balance sheets and financial data to determine a company's true value.
- A fundamental analysis is conducted to ensure the sustainability of returns and to identify a catalyst for price revaluation. Periodic visits with companies and local presence are key to this step in the process.
- Portfolio construction is decided by the managers/analysts of the investment team, whose goal is a portfolio that offers high expected returns at an acceptable level of risk.
Attributes
- 15 offices and affiliates worldwide
- Lazard and its affiliates provide investment management services to client discretionary accounts with assets totaling approximately
$127 billion
Portfolios Managed
Pacific Select Fund
Lazard Retirement Series, Inc.
Data as of December 31, 2007.
Although some portfolios may have names or investment objectives that resemble retail mutual funds managed by the portfolio manager, these portfolios will not have the same underlying holdings or performance as the retail mutual funds.
You should carefully consider a variable life insurance product’s risks, charges, limitations and expenses, as well as the risks, charges, expenses and investment objectives of the underlying investment options. The accompanying product and underlying fund prospectuses contain this and other information about Pacific Life. Read them carefully before investing or sending money.
Pacific Life Insurance Company is licensed to issue individual life insurance and annuity products in all states except New York. Product availability and features may vary by state.
CWEB-L-26E
|