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Rathmore
Rathmore
Strebt attraktive absolute und risikoadjustierte Renditen durch die Kombination aus Convertible Arbitrage-Strategie und Event Driven-Investments an.
Lazard Rathmore
Designed to capitalize on opportunities and uncertainty
An All‑Weather Strategy For Varying Market Cycles
Higher return potential than traditional fixed income
Aims to protect capital during market downturns
Distinct, uncorrelated drivers of returns
Meaningful diversification benefits
Improving Portfolio Outcomes
Rathmore's return profile is driven by unique opportunities that behave differently from traditional asset classes. This differentiated return stream can offset periods of weakness in other holdings. The outcome is a higher risk-adjusted return, allowing investors to achieve more with the same—or even less—overall risk exposure.
As of 28 February 2026.
1 Inception for the Lazard Rathmore strategy is June 1, 2007. Performance is presented net of fees. Please refer to “GIPS® Standards Composite Information” for the most recent final performance and additional information. The performance quoted represents past performance. Past performance is not a reliable indicator of future results.
Source: Lazard, Bloomberg. Stock: S&P 500 Index (SPX), Bond: Bloomberg US Aggregate Bond Index (LBUSTRUU), Convertibles: ICE BofA Global 300 Convertibles (VGO0).
2 Based on daily returns.
How a Hedged Convertible Bond Strategy Works
A hedged convertible bond strategy involves pairing long convertible bond positions with short stock positions in the equity of the same company, creating a hedged pair. The long convertible bond position provides income, via coupon, and pull-to-par. The short stock position allows for the ability to monetize market volatility, thus enhancing return potential, while at the same time reducing credit risk, drawdowns, and the volatility of returns.
Unlocking Alpha Beyond Traditional Asset Class Drivers
We access return opportunities from Special Situations, directly negotiated corporate transactions that help companies manage their capital structures and can provide investors with attractive, above market price exit dynamics.
As market conditions and company needs evolve, so do these opportunities, creating a recurring source of differentiated return potential.
The team’s depth of experience and credit expertise, supported by Lazard’s broader resources, offers a distinctive edge in identifying and acting on these unique events.
A Meaningful Portfolio Diversifier
The strategy’s unique return drivers, particularly its ability to benefit from market volatility and Special Situation‑driven opportunities, tend to be uncorrelated with traditional markets, offering meaningful diversification.
Correlation3
Rolling 1-Year
Since Inception
As of 28 February 2026.
3 Inception for the Lazard Rathmore strategy is June 1, 2007. Performance is presented net of fees. Please refer to “GIPS® Standards Composite Information” for the most recent final performance and additional information. The performance quoted represents past performance. Past performance is not a reliable indicator of future results.
4 Based on daily returns. Annualized volatility since inception for the Lazard Rathmore strategy based on monthly returns is 6.29%, yielding a Sharpe ratio of 0.95. Lazard Rathmore is an absolute return strategy, and as such, is benchmark agnostic. For many years, reference indices for the strategy and its products have included the HFRX Convertible Arbitrage Index (HFRXCA Index), the S&P 500 Index (SPTR Index), the Russell 2000 Index (RU20INTR Index), the Bloomberg US Aggregate Bond Index (LBUSTRUU), the ICE BofA Global 300 Convertible Index (VG00 Index), and the ICE BofA US High Yield Index (H0A0 Index). The indices mentioned above are unmanaged and have no fees. One cannot invest directly in an index.
Source: Lazard, Bloomberg
Investment Solutions
Take The Story With You
A profile of the strategy’s objectives, how it works, and how it has performed over time.
Highly Experienced Team
A team of 12 seasoned investment professionals, including senior portfolio managers with an average of over 30 years of industry experience and three specialists in fundamental credit research, brings exceptional insight and execution capability. This depth of expertise has enabled the team to successfully navigate challenging market environments—including the Global Financial Crisis.
Recent Awards
Winner of the Hedge Fund Journal's 2025 UCITS Hedge Award for Convertible Arbitrage
Best Performing Fund in 2024 and over 2, 3, and 5 Years
Lazard Rathmore Alternative Fund
Winner of the Hedge Fund Journal's 2024 UCITS Hedge Award for Convertible Arbitrage
Best Performing Fund in 2023 and over 3 and 5 Years
Lazard Rathmore Alternative Fund
Winner of The Hedge Fund Journal’s 2023 UCITS Hedge Award for Convertible Arbitrage
Best Performing Fund in 2022 and over 3 and 5 Years
Lazard Rathmore Alternative Fund
The HFM US Performance Awards recognize funds that have excelled over the period in review, setting new standards in performance, client service, and innovation across the hedge fund industry. The Awards are open to all US and Canadian hedge fund, fund of funds, and CTA firms. Lazard Asset Management did not pay to be considered for these awards. The shortlist and winners across categories are decided by a panel of industry experts. Any fund satisfying the following criteria is eligible for the With Intelligence HFM US Performance Awards: Base of operations: Funds must have their management/advisory company or team based in the US or Canada. Share class: Funds must submit monthly performance data for their USD share class. If unavailable, EUR share class data will be accepted and converted into USD. Assets under management: Funds submitting for all categories must have a minimum of $25m in AuM. Funds submitting for funds of hedge funds categories must have a minimum of $50m in AuM. Track record: Funds entering must submit a 3-year track record of monthly performance data. Funds entering the long-term performance (5 years) categories must submit a 5-year track record of monthly performance data. Funds entering the Long-term performance (10-years) need to provide that 10-year track record.
Important Information
All information as of 28 February 2026.
Information and opinions presented have been obtained or derived from sources believed by Lazard to be reliable. Lazard makes no representation as to their accuracy or completeness. All opinions expressed herein are as the date of this communication and are subject to change.
The performance quoted represents past performance. Past performance is not a reliable indicator of future results.
No risk management technique or process can guarantee return or eliminate risk in any market environment.
Allocations and security selection are subject to change.
The strategy pursues both convertible arbitrage and special situation investment opportunities. Convertible arbitrage strategies generally involve price spreads between the convertible security and the underlying equity security. The prices of these investments can be volatile, as market movements are difficult to predict. Event-driven investing requires the fund to make predictions about (i) the likelihood that an event will occur and (ii) the impact such event will have on the value of a company's financial instruments. If the event fails to occur or it does not have the effect foreseen, losses can result. The portfolio invests in initial public offerings (‘‘IPOs’’). The effect of IPOs on the portfolio’s performance may be significant at times. You should be aware that the availability of IPOs is dependent upon market conditions, and IPOs may not always be an available source of investment ideas.
Certain information contained herein constitutes “forward-looking statements” which can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “target,” “intent,” “continue,” or “believe,” or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events may differ materially from those reflected or contemplated in such forward-looking statements.
This document reflects the views of Lazard Asset Management LLC, Lazard Frères Gestion or its affiliates ("Lazard") based upon information believed to be reliable as of the publication date. There is no guarantee that any forecast or opinion will be realized. This document is provided by Lazard for informational purposes only. Nothing herein constitutes investment advice or a recommendation relating to any security, commodity, derivative, investment management service, or investment product. Investments in securities, derivatives, and commodities involve risk, will fluctuate in price, and may result in losses. Certain assets held in Lazard’s investment portfolios, in particular alternative investment portfolios, can involve high degrees of risk and volatility when compared to other assets. Similarly, certain assets held in Lazard’s investment portfolios may trade in less liquid or efficient markets, which can affect investment performance. Past performance does not guarantee future results. The views expressed herein are subject to change, and may differ from the views of other Lazard investment professionals.
This document is intended only for persons residing in jurisdictions where its distribution or availability is consistent with local laws and Lazard’s local regulatory authorizations. Please visit www.lazardassetmanagement.com/global-disclosure for the specific Lazard entities that have issued this document and the scope of their authorized activities.