Objectif Small Caps Euro November 2015

November 2015
Objectif Small Caps Euro
NAV €
Net Assets (M €)
A units FR0000174310
684,37
566,58
R units FR0010689141
1317,54
122,43
ISIN code
Euro Equities
Total Net Assets (M €)
689,00
MANAGEMENT
Overall

INVESTMENT POLICY
The objective of the fund is to achieve capital appreciation over the long term by investing in small cap companies in the Eurozone.
The fund has no benchmark but over the recommended investment period the portfolio’s returns can be compared with the Euromoney Smaller Euro index.
FUND MANAGERS' COMMENT - Annabelle VINATIER, Jean-François CARDINET, James OGILVY
In November European equity markets continued on a positive trend. The Eurostoxx gained a further 2,9% while small cap stocks also rose with the Euromoney
Smaller Euroland index adding 2,4%. The SICAV was up 4,3% in November. During the month a number of companies in the portfolio published third quarter
results which were overall positive. Surteco (+29%), Altri (+21%), De' Longhi (+17%) and Washtec (+15%) were the main contributors to performance, boosted
by strong publications. Conversely, negative contributors to performance included Vossloh (-10% despite announcing the long awaited disposal of a part of its
locomotive business), LPKF (-6%), KSB (-6%) and Rosenbauer (-6%). During the month we reduced our weightings on Groupe Crit, Alten and Altri.
PERFORMANCE - A units
HISTORICAL PERFORMANCE
Objectif Small Caps Euro - Unit A
190
180
170
160
150
140
130
120
110
100
90
80
70
30/11/2010
Euromoney Smaller Euro TR
USG People
31/05/2011
30/11/2011
31/05/2012
30/11/2012
31/05/2013
30/11/2013
31/05/2014
30/11/2014
31/05/2015
30/11/2015
Past performance is not a guarantee of current or future performance
PERFORMANCE
RISK SCALE**
Cumulative performance*
Month
YTD
1 year
3 years
5 years
Creation
Objectif Small Caps Euro
4,3%
31,4%
33,7%
92,0%
76,4%
243,3%
Euromoney Smaller Euro TR
2,4%
23,9%
23,2%
83,2%
76,8%
248,2%
1
2
3
4
5
6
7
**Risk scale derived from the volatility of the UCITS over a period of
5 years (see detail on the back)
RISK RATIOS
Creation: 08/05/2003
Annualized performance
1 year
3 years
5 years
Creation
Objectif Small Caps Euro
33,7%
24,3%
12,0%
10,5%
Euromoney Smaller Euro TR
23,2%
22,4%
12,1%
10,7%
1 year
3 years
Volatility
Objectif Small Caps Euro
12,6%
12,8%
Euromoney Smaller Euro TR
14,5%
14,1%
Annual performance
2014
2013
2012
2011
2010
5,6%
6,1%
Objectif Small Caps Euro
1,5%
35,5%
17,1%
-24,0%
34,3%
Information ratio
1,4
0,3
Euromoney Smaller Euro TR
4,4%
34,7%
21,2%
-23,3%
14,1%
Beta
0,8
0,8
* The performance quoted represents past performance. Past performance does not guarantee future results.
Tracking error
Ratios calculated on a weekly basis
LAZARD FRERES GESTION – S.A.S au capital de 14.487.500€ - 352 213 599 RCS Paris
25, rue de Courcelles -75008 PARIS
wwww.lazardfreresgestion.fr
November 2015
Objectif Small Caps Euro
GEOGRAPHICAL ALLOCATION
Objectif Small Caps Euro
SECTOR ALLOCATION
Objectif Small Caps Euro
Euromoney Smaller Euro
Euromoney Smaller Euro
60%
35%
30%
50%
25%
40%
20%
30%
15%
20%
10%
10%
5%
0%
0%
MAIN HOLDINGS
Position
Country
Sector
Cargotec
4,7%
Finland
Industrials
Vossloh
4,3%
Germany
Industrials
De Longhi
4,0%
Italy
Consumer Goods
USG People
3,7%
Netherlands
Industrials
Zumtobel
3,6%
Austria
Industrials
Rosenbauer International
3,4%
Austria
Industrials
Sopra Group
3,4%
France
Technology
Faiveley Transport
3,3%
France
Industrials
Groupe Crit
Van de Velde
3,3%
Belgium
Consumer Goods
Alten
Interpump Group
3,3%
Italy
Industrials
Altri
TOTAL
37,2%
Main holdings
New positions
Positions sold
Positions increased
Positions reduced
FUND DETAILS
ISIN Code
Bloomberg Code
Legal form
UCITS-compliant
AMF classification
Currency
Investment horizon
A units : FR0000174310
R units: FR0010689141
A units: LAZOSCE FP
R units: LAZOSCR FP
SICAV
Yes
Equities of euro zone
countries
Euro
> 5 years
Valuation
Daily
Custodian
Lazard Frères Banque
Management company
Lazard Frères Gestion
Taxation
Inception date
Accumulation and/or distribution
A units : 05/08/2003
R units : 30/06/2009
Management fees
A units : 1,85% inclusive of all taxes of net assets
R units : 2,20% inclusive of all taxes of net assets
Subscription fee
4% max
Redemption fee
1% max
Subscription terms
On next NAV for orders placed before 11 a.m.
Settlement and value date
Subscription D (NAV date ) + 1 business day
Redemption D (NAV date ) + 3 business days
** Risk scale : Derived from the historic volatility of the UCITS over a period of 5 years. The management company reserves the right to adjust the level of risk calculated according to the specific risk of the fund. This risk
scale is supplied as a rough guide and may be modified without advance notice.
Le Revenu
Trophées 2010
des Meilleurs Sicav et Fonds
LAZARD FRERES GESTION
Gamme Actions Euro sur 3 ans
Trophée
Argent
Cat. Établissements Spécialisés
Contacts :
Subscription/Redemption
Laurence Quint
+33 1.44.13.02.88
(fax +33 1.44.13.08.30)
Additional information:
Laura Montesano
+33 1.44.13.01.79
Publication of NAVs :
www.lazardfreresgestion.fr
Gamme Actions & Diversifiés
Catégorie Autres Établissements
Please consider a fund’s investment objectives, risks, charges, and expenses carefully before investing. Read the prospectus or summary prospectus carefully before you invest. The prospectus and DICI contain investment
objectives, risks, charges, expenses, and other information about the Portfolio(s) and The Lazard Frères Gestion Funds that may not be detailed in this document. Distributed by Lazard Frères Gestion.
The prospectus for Switzerland, the KIID, the articles of incorporation, the annual and semi-annual reports, as well as the list of the buying and selling transactions can be obtained free of charge from the representative of the
Sicav in Switzerland, Carnegie Fund Services S.A., 11, rue du Général-Dufour, 1204 Geneva, Switzerland, Tel. +41 22 705 11 77, Fax: + 41 22 705 11 79, www.carnegie-fund-services.ch. The paying agent is Banque Cantonale
de Genève, 17 Quai de l'Ile, 1204 Geneva, Switzerland.
LAZARD FRERES GESTION – S.A.S au capital de 14.487.500€ - 352 213 599 RCS Paris
25, rue de Courcelles -75008 PARIS
wwww.lazardfreresgestion.fr