In their latest report, Lazard Asset Management highlights U.S. retail sales fell short of expectations, pointing to continued consumer weakness into 2026 amid soft labor markets and slow wage growth. China’s Purchasing Managers Index (PMI) data slipped into contraction, signaling ongoing sluggishness without meaningful stimulus next year. Looking ahead, the Fed is expected to cut rates by 25 basis points next week, with Job Openings and Labor Turnover Survey data and the Summary of Economic Projections likely to offer further clarity on the 2026 policy outlook.
Lazard Asset Management serves as the Portfolio Manager of the Caldwell-Lazard CorePlus Infrastructure Fund.
Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.
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 December 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.