In their latest report, Lazard Asset Management covers the newly outlined U.S.–EU trade accord, which is expected to drive higher U.S. inflation, slower EU growth, and lower corporate profit margins on both sides. The analysis also reflects on the Federal Reserve’s decision to hold rates steady, maintaining the view that no cuts are likely this year despite market expectations. Additionally, China’s weaker-than-expected PMI data signals continued strain ahead, as rising U.S. tariffs weigh on demand.
Lazard Asset Management serves as the Portfolio Manager of the Caldwell-Lazard CorePlus Infrastructure Fund.
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The information contained herein is intended to provide you with general information related to investment alternatives and strategies and is not intended to be comprehensive investment advice applicable to the circumstances of a specific investor. Commentary and portfolio characteristics are the opinion of the Portfolio Manager based on market conditions as of August 2025. References or inferences to returns do not take into account any management fees, transaction costs, commissions, custodial fees, taxes or other costs that apply when purchasing securities. We strongly recommend consulting with a professional advisor prior to making investment decisions.