Lazard US Equity Focus Portfolio Q4 2025 Commentary

Lazard Asset Management47 FollowersFollow5ShareSavePlay(5min)CommentsSummaryDuring the quarter, the US Equity Focus Portfolio outperformed its benchmark, the S&P 500 Index (net of fees), as stock selection and sector positioning both contributed to the excess return.Stock selection was strongest in the communication services and information technology sectors.Within sector positioning, the overweight exposure to healthcare and underweight exposure to information technology names proved beneficial, although the underweight exposure to communication services stocks detracted value. TheaDesign/iStock via Getty Images Market Review US equities rose in the fourth quarter, with signs that market leadership was beginning to broaden. Notably, the months-long artificial intelligence (AI)-driven rally appeared to enter a new phase, with investors becoming increasingly cautious about the sustainability ofThis article was written byLazard Asset Management47 FollowersFollowLazard Asset Management delivers world-class investment solutions and long-term value for their clients. When clients partner with Lazard, they gain a trusted advocate committed to championing their success and helping them achieve their unique ambitions. Note: This account is not managed or monitored by Lazard Asset Management, and any messages sent via Seeking Alpha will not receive a response. For inquiries or communication, please use Lazard Asset Management's official channels.