Lazard AM to launch global commodities fund

The Lazard Global Commodities fund will be managed by the firm's commodities team led by portfolio manager Terence Brennan and supported by managers Michael Bernadiner, Eduardo Gonzalez and client portfolio manager Caroline Abramo. Actively managed, the fund will be benchmarked against the Bloomberg Commodity Total Return index where the team will invest in futures to replicate the index. However, if they feel the index does not offer attractive returns they have the ability to allocate a maximum of 50% to commodity stocks. The strategy currently holds around 77% in commodities, 21% i...