LAZARD ASSET MANAGEMENT LLC
Long book
$60.69B
Q1 2026
Positions
1662
Top-10 weight
23%
concentration
Last quarter
+12.5%
SPY +14.8%
Turnover
26%
of book per quarter
Strategy in plain words
auto-generated from filingsLAZARD ASSET MANAGEMENT LLC is a mechanically diversified allocator, running a $60.69B US long book across 1662 positions.
The portfolio is broadly diversified across 1662 positions (top 10 only 23%). The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: APPLE INC, MICROSOFT CORP, NVIDIA CORP, AMAZON.COM INC, AMERICAN TOWER CORP.
Over the last 9 quarters its long book ran on average 1pp per quarter behind the S&P 500, beating the index in 3 of 9 quarters. Its holdings are mechanical (indexing / client flows), so position changes carry no stock-picking signal.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+1.0%
Q2 2024
+5.7%
Q3 2024
-1.0%
Q4 2024
-2.6%
Q1 2025
+8.1%
Q2 2025
+6.7%
Q3 2025
+3.7%
Q4 2025
-2.6%
Q1 2026
+12.5%
Sector allocation
Technology 33%
Industrials 14%
Financials 10%
Healthcare 9%
Services media 7%
Consumer discretionary 7%
Other 6%
Utilities 6%
Long book by quarter
What does LAZARD ASSET own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| AAPL APPLE INC | Technology | 8.2M | $2.09B | 3.4% | +11.7% |
| MSFT MICROSOFT CORP | Technology | 5.3M | $1.96B | 3.2% | +7.6% |
| NVDA NVIDIA CORP | Technology | 10.3M | $1.80B | 3.0% | +22.9% |
| AMZN AMAZON.COM INC | Consumer discretionary | 7.7M | $1.61B | 2.6% | +6.5% |
| EXC EXELON CORP | Utilities | 24.6M | $1.21B | 2.0% | +6.4% |
| GOOGL ALPHABET INC-CL A | Technology | 3.5M | $1.01B | 1.7% | -0.3% |
| GOOG ALPHABET INC-CL C | Technology | 3.4M | $987.1M | 1.6% | +19.7% |
| CNI CANADIAN NATL RAILWAY CO | Industrials | 9.1M | $934.5M | 1.5% | +2.0% |
| AVGO BROADCOM INC | Technology | 2.7M | $842.4M | 1.4% | +12.4% |
| FER FERROVIAL NV | Industrials | 13.0M | $830.4M | 1.4% | -3.8% |
| ED CONSOLIDATED EDISON INC | Utilities | 7.1M | $800.8M | 1.3% | +14.8% |
| CSX CSX CORP | Industrials | 18.3M | $752.6M | 1.2% | -11.3% |
| V VISA INC-CLASS A SHARES | Services media | 2.4M | $729.8M | 1.2% | +2.3% |
| LLY ELI LILLY & CO | Healthcare | 718.1K | $660.5M | 1.1% | +7.2% |
| TMO THERMO FISHER SCIENTIFIC INC | Other | 1.2M | $600.7M | 1.0% | -1.0% |
| ADI ANALOG DEVICES INC | Technology | 1.7M | $543.7M | 0.9% | +6.3% |
| BAC BANK OF AMERICA CORP | Financials | 11.1M | $540.7M | 0.9% | +5.6% |
| PG PROCTER & GAMBLE CO/THE | Other | 3.6M | $516.6M | 0.9% | -0.5% |
| ICE INTERCONTINENTAL EXCHANGE IN | Financials | 3.3M | $514.5M | 0.8% | 0.0% |
| ASML ASML HOLDING NV-NY REG SHS | Industrials | 339.6K | $448.6M | 0.7% | +25.8% |
| AZN ASTRAZENECA PLC | Healthcare | 2.2M | $432.8M | 0.7% | New |
| KLAC KLA CORP | Other | 292.5K | $430.7M | 0.7% | +13.6% |
| SLB SLB LTD | Energy | 7.9M | $403.9M | 0.7% | -12.6% |
| APH AMPHENOL CORP-CL A | Technology | 3.2M | $401.7M | 0.7% | -15.3% |
| AON AON PLC-CLASS A | Financials | 1.2M | $392.9M | 0.6% | -5.4% |
| MRK MERCK & CO. INC. | Healthcare | 3.3M | $391.5M | 0.6% | -26.2% |
| DHR DANAHER CORP | Technology | 2.0M | $384.7M | 0.6% | -6.6% |
| META META PLATFORMS INC-CLASS A | Technology | 637.0K | $364.4M | 0.6% | +17.2% |
| XOM EXXON MOBIL CORP | Energy | 2.1M | $355.5M | 0.6% | -1.8% |
| AME AMETEK INC | Technology | 1.6M | $346.9M | 0.6% | +4.6% |
| PANW PALO ALTO NETWORKS INC | Technology | 2.1M | $332.4M | 0.5% | +82.8% |
| QCOM QUALCOMM INC | Technology | 2.5M | $327.4M | 0.5% | +11.2% |
| LIN LINDE PLC | Materials | 654.9K | $324.8M | 0.5% | +1.5% |
| WM WASTE MANAGEMENT INC | Utilities | 1.4M | $318.6M | 0.5% | +0.6% |
| JNJ JOHNSON & JOHNSON | Healthcare | 1.3M | $318.5M | 0.5% | +44.0% |
| IQV IQVIA HOLDINGS INC | Healthcare | 1.9M | $317.0M | 0.5% | -2.0% |
| CB CHUBB LTD | Financials | 971.7K | $316.7M | 0.5% | -7.9% |
| KO COCA-COLA CO/THE | Consumer staples | 4.1M | $312.8M | 0.5% | +0.7% |
| BSX BOSTON SCIENTIFIC CORP | Healthcare | 4.9M | $306.3M | 0.5% | +24.8% |
| ISRG INTUITIVE SURGICAL INC | Healthcare | 648.6K | $299.0M | 0.5% | +18.3% |
| ADSK AUTODESK INC | Technology | 1.2M | $299.0M | 0.5% | +11.4% |
| MDT MEDTRONIC PLC | Healthcare | 3.3M | $286.7M | 0.5% | -3.0% |
| ACN ACCENTURE PLC-CL A | Services media | 1.4M | $286.3M | 0.5% | +26.9% |
| MRSH MARSH & MCLENNAN COS | Financials | 1.6M | $281.6M | 0.5% | -5.0% |
| ROK ROCKWELL AUTOMATION INC | Other | 756.5K | $271.5M | 0.4% | -0.5% |
| TT TRANE TECHNOLOGIES PLC | Technology | 648.1K | $270.1M | 0.4% | +11.9% |
| SCHW SCHWAB (CHARLES) CORP | Financials | 2.9M | $269.1M | 0.4% | +9.5% |
| SPGI S&P GLOBAL INC | Services media | 630.6K | $268.2M | 0.4% | +0.2% |
| MU MICRON TECHNOLOGY INC | Technology | 770.2K | $260.2M | 0.4% | -34.5% |
| CDNS CADENCE DESIGN SYS INC | Technology | 896.3K | $249.1M | 0.4% | +5.2% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 2050 | $60.78B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 2068 | $59.02B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 2000 | $74.28B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 3684 | $72.67B | $K fixed canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 3727 | $65.13B | $K fixed canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 3807 | $68.36B | $K fixed canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 3726 | $74.78B | $K fixed canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 3826 | $79.93B | $K fixed canonical | SEC ↗ |
| Q1 2024 | 13F-HR/ARESTATEMENT | Jul 9, 2024 | 3146 | $82.27B | $K fixed canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 14, 2024 | 3122 | $82.4M | SEC ↗ |
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