# HISTORICAL PERFORMANCES
Cumulative (2)
Month	YTD	1 year	3 years	5 years	Inception*
Composite index (1)	1.2%	1.2%	6.3%	16.0%	20.1%	28.8%
*Inception le 31/12/2014
- 20% MSCI World All Countries NR € + 80% ICEBofAML Euro Broad Market Index NR € since 04/01/2018 before20% MSCI World All Countries NR € + 80% ICEBofAML Euro Government Index NR € since 12/01/2017 before 20% MSCI World AC ND € + 80% EuroMts Global
- The performance quoted represents past performance. Past performance does not guarantee future results.

| Calendar performance (2) | 2020 | 2019 | 2018 | 2017 | 2016 |  |
| --- | --- | --- | --- | --- | --- | --- |
| Lazard Patrimoine - PC share | 3.1% | 8.6% | -2.8% | 6.6% | 2.1% |
| Composite index (1) | 4.8% | 10.4% | 0.0% | 2.1% | 4.8% |
| Annual performance (2) | 30/06/21 | 30/06/20 | 30/06/19 | 30/06/18 | 30/06/17 |
| Lazard Patrimoine - PC share | 14.7% | -1.5% | 3.0% | 1.7% | 13.3% |
| Composite index (1) | 6.3% | 2.4% | 6.6% | 3.1% | 0.5% |
| Annualized performance (2) | 3 years | 5 years |  | RISK RATIOS ** | 1 year |  | 3 years |
| Lazard Patrimoine - PC share | 5.2% | 6.1% |  | Volatility |  |  |  |
| Composite index (1) | 5.2% | 3.7% |  | Lazard Patrimoine - PC share | 5.5% |  | 6.8% |
|  | Composite index (1) | 3.3% |  | 5.4% |
| Tracking error | 4.8% |  | 4.7% |
| Information ratio | 1.67 |  | -0.01 |
| Ratio de sharpe | 2.72 |  | 0.82 |
| VaR 99% - 1 mois |  | 7.46% |  |

| Lazard Patrimoine SRI |  | June 2021 |  |
| --- | --- | --- | --- |
|  |  |  |  |
| BREAKDOWN AND EXPOSURE BY CLASS OF ASSETS Indice : 20% MSCI World All Countries NR € + 80% ICEBofAML Euro Broad Market NR € |
| Equities |  |  | Bonds |  |  |
| Max exposure = 40% / min exposure = 0% |  |  | Max modified duration = +8 / Min modified duration = -5 |  |
|  | Fund | Index |  | Fund | Index |
| Net exposure : | 30.9% | 20.0% | Global Modified duration: | -1.1 | 6.0 |
|  |  |  |  |  |  |
| Equity geographical exposure |  |  | Modified duration - Geographical breakdown |  |
|  | Fund | Index |  | Fund | Index |
| Actions Europe | 10.6% | 3.3% | Eurozone | 2.0 | 6.0 |
| Actions Emergentes | 5.6% | 2.6% | USA | -3.1 | 0.0 |
| Actions US | 12.1% | 11.7% | Bonds - Investment breakdown |  |  |
| Actions Japon | 2.6% | 1.2% | Government bonds |  | 19.4% |
| Actions Autres | 0.1% | 1.2% | Corporate Bonds |  | 44.1% |
|  |  |  | - Corporate Investment Grade |  | 12.1% |
| Main equity holdings |  |  | - Corporate High Yield |  | 4.5% |
| LVMH (LOUIS VUITTON - MOET HENNESSY) | 0.92% |  | - Financials Senior |  | 9.6% |
| ASML HOLDING NV | 0.86% |  | - Financials Subordinated |  | 18.0% |
| ALPHABET- A | 0.67% |  | As percent of total net assets |  |  |
| MICROSOFT CORP | 0.61% |  | Bonds bucket information |  |  |
| BANK OF AMERICA CORP | 0.59% |  | Spread duration |  | 5.7 |
| As percent of total net assets |  |  | Credit spread (bps) |  | 119 |
|  |  |  | Average maturity (years) |  | 7.6 |
| Currency exposure |  |  | Yield (%) |  | 1.0 |
|  | Fund | Index | As percent of the bonds bucket |  |  |
| USD | 8.2% | 11.9% |  |  |  |
| JPY | 2.8% | 1.2% | Others |  |  |
| SEK | 4.9% | 0.2% | Protection CDS |  | -6.6% |
| Devises émergentes | 5.5% | 1.7% | As percent of total net assets |  |  |
| GBP | 0.6% | 0.7% |  |  |  |
| As percent of total net assets |  |  |  |  |  |
| CONTACTS & ADDITIONAL INFORMATION |  |  |  |  |  |
|  |  | Additional information & data : | Publication of NAVs & prospectus : |
| Subscription / redemption |  | Commercial service |  |  |
| CACEIS BANK / LFG 01.57.78.14.14 |  | 01.44.13.01.79 | www.lazardfreresgestion.fr |
| 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 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. |
| Lazard Frères Gestion SAS 25 rue de courcelles - 75008 Paris with a capital of € 14,487,500, registered at the Paris RCS under the number SIRET 352 213 599. Portfolio Management Company approved by “the Autorité des Marchés Financiers” under number GP 04 000068 www.lazardfreresgestion.fr |

|  |
| --- |
| Lazard Patrimoine |
| United Kingdom, Finland, Ireland, Denmark, Norway and Sweden: The information is approved, on behalf of Lazard Fund Managers (Ireland) Limited, by Lazard Asset Management Limited, 50 Stratton Street, London W1J 8LL. Incorporated in England and Wales, registered number 525667. Lazard Asset Management Limited is authorised and regulated by the Financial Conduct Authority. Germany and Austria: Lazard Asset Management (Deutschland) GmbH, Neue Mainzer Strasse 75, 60311 Frankfurt am Main is authorized and regulated in Germany by the BaFin. The Paying Agent in Germany is Landesbank Baden- Württemberg, Am Hauptbahnhof 2, 70173 Stuttgart, the Paying Agent in Austria is UniCredit Bank Austria AG, Rothschildplatz 1, 1020 Vienna. Belgium and Luxembourg: This information is provided by the Belgian Branch of Lazard Fund Managers Ireland Limited, at Blue Tower Louise, Avenue Louise 326, Brussels, 1050 Belgium. The Paying Agent and the Representative in Belgium for the registration and the receipt of requests for issuance or repurchase of units or for switching sub-funds is Societe Generale Private Banking NV, Kortrijksesteenweg 302, 9000 Gent, Belgium. France: Any person requiring information in relation to the Fund mentioned in this document is required to consult the KIID which is available on request from Lazard Frères Gestion SAS. The information contained in this document has not been independently verified or audited by the statutory auditors of the UCITS(s) concerned Italy: This information is provided by the Italian branch of Lazard Asset Management (Deutschland) GmbH. Lazard Asset Management (Deutschland) GmbH Milano Office, Via Dell'Orso 2 - 20121 Milan is authorized and regulated in Germany by the BaFin. Not all share classes of the relevant sub-fund are registered for marketing in Italy and target institutional investors only. Subscriptions may only be based on the current prospectus. Netherlands: This information is provided by the Dutch Branch of Lazard Fund Managers (Ireland) Limited, which is registered in the Dutch register held with the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten). Spain and Portugal: This information is provided by the Spanish Branch of Lazard Fund Managers Ireland Limited, at Paseo de la Castellana 140, Piso 100, Letra E, 28046 Madrid and registered with the National Securities Market Commission (Comisión Nacional del Mercado de Valores or CNMV) under registration number 18. The [Fund Name] is a Foreign Collective Investment Scheme registered with the CNMV under registration number 18. Andorra: For Andorran licensed financial entities only. This information is provided by the Spanish Branch of Lazard Fund Managers Ireland Limited, at Paseo de la Castellana 140, Piso 100, Letra E, 28046 Madrid and registered with the National Securities Market Commission (Comisión Nacional del Mercado de Valores or CNMV) under registration number 18. This information is approved by Lazard Asset Management Limited (LAML). LAML and the Fund are not regulated or authorised by or registered in the official registers of the Andorran regulator (AFA) and thus the Shares of the Fund may not be offered or sold in Andorra through active marketing activities. Any orders transmitted by an Andorran licensed financial entity for the acquisition of Shares of the Fund and/or any marketing materials related to the Fund are provided in response to an unsolicited approach from the investor. Switzerland: The domicile of the Fund is Ireland and/or France, the representative in Switzerland is ACOLIN Fund Services AG, Leutschenbachstrasse 50, CH-8050 Zurich, whilst the paying agent is Banque Cantonale de Genève, 17, quai de l’Ile, CH-1204 Genva. Information is available from our website, the Swiss Representative or from www.fundinfo.com. The Prospectus, the Articles of Association (SICAV) or the Fund Regulations (FCP), the Key Investor Information Document (KIID) as well as the semi-annual and annual reports may be obtained free of charge at the registered office of the Swiss Representative. The performance data do not take account of the commissions and costs incurred on the issue and redemption of units. The current document is intended for information purposes only and shall not to be used as an offer to buy and/or sell shares. |

| This document is provided for the information of unitholders or shareholders in accordance with applicable regulations and does not constitute investment advice, an invitation or an offer to subscribe for financial instruments. Investors who are considering subscribing must first carefully read the prospectus. |
| --- |
| Lazard Frères Gestion SAS, 25 rue de courcelles - 75008 Paris with a capital of € 14,487,500, registered at the Paris RCS under the number SIRET 352 213 599. Portfolio Management Company approved by “the Autorité des Marchés Financiers” under number GP 04 000068." wwww.lazardfreresgestion.fr |

Translation (ENFR, 2021-07-01):
# Indicateurs de performance ESG
Source : Lazard Frères Gestion, Vigeo-Eiris.
*Indice de référence de la poche actions : 100% MSCI World All Countries. Indice de référence de la poche obligataire : 90% ER00-10% HEAE. Indices exprimés en euro, dividendes ou coupons nets réinvestis.
Empreinte Carbone
Tonnes CO2eq. / M€ investis
200
160
Empreinte Carbone
Tonnes CO2eq. / M€ de CA
200
184
Principales contributions à l’empreinte carbone du fonds
150
100
50
0
106
31.12.20	31.03.21
Fonds
Fonds (hors Green Bonds) **Indice de référence
150
100
| Entreprises | Poids* |
| --- | --- |
| Enel Spa | 16% |
| Engie SA | 9% |
| Linde plc | 9% |
| EDP - Energias de Portugal, S.A | 6% |
| Eni | 5% |
| Naturgy Finance | 5% |

31.12.20	31.03.21
Fonds
Fonds (hors Green Bonds)
**Indice de référence
Taux de couverture du fonds : 87%.
Taux de couverture du fonds : 87%.
*dans l'empreinte carbone, par M€ de CA.
% de signataires du Pacte Mondial des Nations Unies
0.7135
Note Gestion des controverses en matière de ressources humaines
% d’administrateurs indépendants au Conseil
0.376
0.397
0.17
70%
65%
60%
55%
	0.687 
Fonds	**Indice de référence
Fonds	**Indice de référence
50%
31.12.20	31.03.21
Fonds
**Indice de référence
Source : Rapport annuel des sociétés.
Source : Vigeo-Eiris.
**20% MSCI World All Countries+ 80% Ice BofAML Euro Broad Market
Source : Proxinvest /ECGS.
	www.lazardfreresgestion.fr