Lazard US High Yield Portfolio Q4 2025 Commentary

Lazard Asset Management47 FollowersFollow5ShareSavePlay(8min)CommentsSummaryIn the fourth quarter, the Lazard US High Yield Portfolio appreciated 1.95% (Institutional shares), outperforming the 1.35% return of its benchmark, the ICE BofA US High Yield Index.Overweight exposure to the media and energy sectors helped performance, while underweight exposure to the insurance and financial services sectors hurt relative performance in the period.Individual positions such as LifePoint Health 5.375% due 01/15/2029 (1.57% weighting) rallied on solid operating cost improvement.We expect renewed domestic price pressures to emerge in the coming quarters as the tariff regime filters through supply chains and is ultimately passed on to consumers.We believe it is prudent to maintain a disciplined investment approach while preserving the flexibility to adjust portfolio positioning as conditions evolve. Tippapatt/iStock via Getty Images Market Review The ICE BofA US High Yield Index rose 1.35% in the fourth quarter, with the option-adjusted spread (OAS) widening 1 basis point (bps), finishing the period at 281 bps. For the quarter, the ICE BofA BB US High Yield Index returnedThis 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.