Financial advisory and asset manager Lazard Ltd. (LAZ, Financial) also weighed on relative performance in the period due to net outflows and market depreciation. Cyclical upside to merger and acquisition activity has become more difficult to gauge as the outlook for deal activity has been in a state of flux since Russia invaded Ukraine. Uncertainty is especially heightened in Europe where LAZ is overweight relative to other asset managers. Aside from geopolitical concerns and volatile global markets, we believe LAZ’s business fundamentals remain strong and the stock price currently represents a healthy discount to our private market value estimate.
From John Rogers (Trades, Portfolio)' Ariel Fund first-quarter 2022 commentary.
