Top 5 ADR Picks (Via Lazard Asset Management) | Stocks ...

MINYANVILLE ORIGINAL We were combing through Lazard Asset Management s?13F which details their $41 billion stock and bond portfolio and noticed quite a few ADRs. Of the 15 largest investments in fact, five are ADRs, or American Depository Receipts, which are?securities of non-US companies that trade on US markets.

The company, responsible for $148 billion in assets under management globally, has a fittingly global portfolio, the filing shows. Four of the ADRs are the telecommunications majors in China, Phillipines, Russia, and Latin America respectively. No US-based telecommunications players were in the top 15 investments although?there was?a $52.921 million investment in AT&T (T).

Interstingly the number-one ADR holding?was in Vale (VALE), the giant mining/metal company in Brazil. Other basic material investments included over $30 million in bonds and ADRs for Mexico's Cemex.

Lazard's Top 5 ADR Holdings

Vale
Holdings: $948.878 million

Philippine Long Distance Telephone Company (PHI)
Holdings: $791.345 million

China Mobile (CHL)
Holdings: $684.059 million

Mobile Telesystems OJSC?(MBT)
Holdings: $676.716 million

America Movile (AMX)
Holdings: $560.501 million

For analysis of how other fund managers are investing, see 9 Top Tech Picks (Via Cavalry Asset Management) and 6 Precious Picks (Via Sprott Asset Management.

No positions in stocks mentioned.

Source: http://www.minyanville.com/trading-and-investing/stocks/articles/Philippine-Long-Distance-Telephone-Company-Lazard/8/13/2012/id/43134

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