Equity Income in a Low-Yield World
Summary: In a low interest rate environment, many investors continue to move away from traditional fixed income toward dividend-paying equities in their quest for yield. However, the focus on safety and the home market bias of many US investors has caused the more defensive area of the global market to become overpriced. Please join Patrick Ryan, Portfolio Manager/Analyst, as he discusses the recent trend in which defensive stocks have outperformed, as well as how cyclical and defensive income stocks tend to trade over the long term. Additionally, Patrick will discuss why an unconstrained approach that looks beyond traditional high-yielding stocks (i.e., large, mature, and defensive companies) can potentially maximize capital appreciation along with income. Featured Speaker: Patrick Ryan, CFA Managing Director, Portfolio Manager/Analyst Patrick Ryan is a Managing Director of Lazard Asset Management and a Portfolio Manager/Analyst on the Global Equity Income and Global Equity Select teams. Prior to joining Lazard in February 1994, Pat was an equity analyst with Hutson Management. He began working in the investment industry in 1989. Pat has a BS in Industrial Engineering from Columbia University School of Engineering and Applied Science.