The company, responsible for $148 billion in assets under management globally, has a fittingly global portfolio, the filing shows. Four of the ADRs are the telecommunications majors in China, Phillipines, Russia, and Latin America respectively. No US-based telecommunications players were in the top 15 investments although?there was?a $52.921 million investment in AT&T (T).
Interstingly the number-one ADR holding?was in Vale (VALE), the giant mining/metal company in Brazil. Other basic material investments included over $30 million in bonds and ADRs for Mexico's Cemex.
Lazard's Top 5 ADR Holdings
Vale
Holdings: $948.878 million
Philippine Long Distance Telephone Company (PHI)
Holdings: $791.345 million
China Mobile (CHL)
Holdings: $684.059 million
Mobile Telesystems OJSC?(MBT)
Holdings: $676.716 million
America Movile (AMX)
Holdings: $560.501 million
For analysis of how other fund managers are investing, see 9 Top Tech Picks (Via Cavalry Asset Management) and 6 Precious Picks (Via Sprott Asset Management.
No positions in stocks mentioned.
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