Vault-13

LAZARD LTD LAZ

SHS A · Common Stock · CUSIP G54050102

210 institutional holders +1 vs Q4 2022
73,461,46473.5m shares reported held*
$2.4bnreported value*
22 new 73 added 73 reduced 19 sold out net bought ≈ $295.7m (+9.0m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($6.8m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $33.10. Options: 9 managers hold calls ($9.6m notional), 8 hold puts ($9.0m).

Trends to Q1 2023

Institutional holders

Managers reporting a position, each quarter

0100200300Q3 22: 216Q4 22: 209Q1 23: 210210Q3 22Q4 22Q1 23
Numbers
QuarterHolders
Q3 2022216
Q4 2022209
Q1 2023210

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
2000200Q4 22: 86 bought or addedQ4 22: 110 cut or sold outQ4 22Q1 23: 95 bought or addedQ1 23: 92 cut or sold outQ1 23
Numbers
QuarterBought or addedCut or sold out
Q4 202286110
Q1 20239592

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$10m$20m$30mQ3 22 calls: $19.2mQ3 22 puts: $8.3mQ3 22P/C 0.43Q4 22 calls: $8.3mQ4 22 puts: $20.9mQ4 22P/C 2.51Q1 23 calls: $9.6mQ1 23 puts: $9.0mQ1 23P/C 0.93
Numbers
QuarterCallsPutsP/C
Q3 2022$19.2m$8.3m0.43
Q4 2022$8.3m$20.9m2.51
Q1 2023$9.6m$9.0m0.93

Biggest buyers

FMR LLC Added +9,414,369+9.4m
Brandywine Global Investment Management, LLC Added +396,360+396.4k
Invenomic Capital Management LP New +339,048+339.0k
STRS OHIO Added +337,795+337.8k
VICTORY CAPITAL MANAGEMENT INC Added +297,808+297.8k
JPMORGAN CHASE & CO Added +228,826+228.8k
MACKENZIE FINANCIAL CORP New +211,300+211.3k
CITADEL ADVISORS LLC Added +183,499+183.5k
VANGUARD GROUP INC Added +156,483+156.5k
STATE STREET CORP Added +137,734+137.7k

Biggest sellers

MORGAN STANLEY Reduced -489,381-489.4k
ARIEL INVESTMENTS, LLC Reduced -327,435-327.4k
LSV ASSET MANAGEMENT Reduced -279,798-279.8k
SOUTHEASTERN ASSET MANAGEMENT INC/TN/ Reduced -271,943-271.9k
TWO SIGMA INVESTMENTS, LP Reduced -232,443-232.4k
BANK OF NOVA SCOTIA Sold out -189,800-189.8k
Invesco Ltd. Reduced -151,909-151.9k
CHARLES SCHWAB INVESTMENT MANAGEMENT INC Reduced -136,343-136.3k
Fisher Asset Management, LLC Reduced -128,297-128.3k
Epoch Investment Partners, Inc. Reduced -127,557-127.6k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $3.5m105.1k shares
CITADEL ADVISORS LLC Reduced $3.4m102.2k shares
GROUP ONE TRADING LLC Reduced $834.4k25.2k shares
JANE STREET GROUP, LLC Reduced $652.3k19.7k shares
IMC-Chicago, LLC New $562.9k17.0k shares
Walleye Trading LLC Added $360.9k10.9k shares
SIMPLEX TRADING, LLC Added $251.0k7.6k shares
PEAK6 Investments LLC Reduced $106.0k3.2k shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $4.3m131.2k shares
JANE STREET GROUP, LLC Added $2.1m64.3k shares
CITADEL ADVISORS LLC Reduced $2.0m60.6k shares
SIMPLEX TRADING, LLC Reduced $188.0k5.7k shares
PEAK6 Investments LLC Reduced $132.4k4.0k shares
GROUP ONE TRADING LLC New $106.0k3.2k shares
Walleye Trading LLC Reduced $79.5k2.4k shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Insider purchases and sales in Q1 2023

Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.

Officers and directors buying vs selling

Number of people, by quarter (10% owners not included)

BuyingSelling
101Q2 21: 0 buyingQ2 21: 0 sellingQ3 21: 0 buyingQ3 21: 0 sellingQ3 21Q4 21: 0 buyingQ4 21: 1 sellingQ1 22: 0 buyingQ1 22: 0 sellingQ1 22Q2 22: 0 buyingQ2 22: 1 sellingQ3 22: 0 buyingQ3 22: 0 sellingQ3 22Q4 22: 0 buyingQ4 22: 1 sellingQ1 23: 0 buyingQ1 23: 0 sellingQ1 23
Numbers
QuarterBuyingBoughtSellingSoldSold under a plan
Q2 20210—0——
Q3 20210—0——
Q4 20210—1$1.2m—
Q1 20220—0——
Q2 20220—1$2.5m—
Q3 20220—0——
Q4 20220—1$1.8m—
Q1 20230—0——

None reported in Q1 2023.

Holders, Q1 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 FMR LLC 0.03% of their portfolio BOSTON, MA 18,530,34018.5m $613.5m $613.5m 0.03% Added +9.4m +9,414,369
2 VANGUARD GROUP INC 0.01% of their portfolio Valley Forge, PA 10,375,47710.4m $343.5m $343.5m 0.01% Added +156.5k +156,483
3 ARIEL INVESTMENTS, LLC 2.35% of their portfolio CHICAGO, IL 7,378,7477.4m $244.3m $244.3m 2.35% Reduced -327.4k -327,435
4 BlackRock Inc. 0.00% of their portfolio New York, NY 4,821,0304.8m $159.6m $159.6m 0.00% Reduced -72.7k -72,651
5 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.03% of their portfolio SAN FRANCISCO, CA 2,636,9412.6m $87.3m $87.3m 0.03% Reduced -136.3k -136,343
6 SOUTHEASTERN ASSET MANAGEMENT INC/TN/ 2.55% of their portfolio MEMPHIS, TN 2,281,1952.3m $75.5m $75.5m 2.55% Reduced -271.9k -271,943
7 Epoch Investment Partners, Inc. 0.44% of their portfolio New York, NY 2,238,6052.2m $74.1m $74.1m 0.44% Reduced -127.6k -127,557
8 Fisher Asset Management, LLC 0.04% of their portfolio PLANO, TX 2,098,7982.1m $69.5m $69.5m 0.04% Reduced -128.3k -128,297
9 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 2,037,3012.0m $67.5m $67.5m 0.00% Added +137.7k +137,734
10 GEODE CAPITAL MANAGEMENT, LLC 0.01% of their portfolio BOSTON, MA 1,829,9561.8m $60.6m $60.6m 0.01% Reduced -31.9k -31,940
11 LSV ASSET MANAGEMENT 0.08% of their portfolio CHICAGO, IL 1,107,3071.1m $36.7m $36.7m 0.08% Reduced -279.8k -279,798
12 RWC Asset Management LLP 1.07% of their portfolio LONDON, X0 1,052,9341.1m $34.9m $34.9m 1.07% Reduced -43.0k -42,970
13 DIMENSIONAL FUND ADVISORS LP 0.01% of their portfolio AUSTIN, TX 922,576922.6k $30.5m $30.5m 0.01% Reduced -79.3k -79,277
14 NORGES BANK 0.01% of their portfolio OSLO, Q8 841,956842.0k $27.9m $27.9m 0.01% Unchanged
15 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 719,574719.6k $23.8m $23.8m 0.00% Reduced -489.4k -489,381
16 FIRST TRUST ADVISORS LP 0.02% of their portfolio Wheaton, IL 652,609652.6k $21.6m $21.6m 0.02% Reduced -26.7k -26,726
17 Brandywine Global Investment Management, LLC 0.09% of their portfolio PHILADELPHIA, PA 645,494645.5k $21.4m $21.4m 0.09% Added +396.4k +396,360
18 THIRD AVENUE MANAGEMENT LLC 3.10% of their portfolio NEW YORK, NY 547,950548.0k $18.1m $18.1m 3.10% Added +91.7k +91,664
19 ROYCE & ASSOCIATES LP 0.18% of their portfolio New York, NY 544,259544.3k $18.0m $18.0m 0.18% Added +19.2k +19,200
20 JENNISON ASSOCIATES LLC 0.02% of their portfolio NEW YORK, NY 508,563508.6k $16.8m $16.8m 0.02% Reduced -74.7k -74,666
21 TODD ASSET MANAGEMENT LLC 0.39% of their portfolio Louisville, KY 485,930485.9k $16.1m $16.1m 0.39% Added +2.1k +2,100
22 TWO SIGMA ADVISERS, LP 0.04% of their portfolio NEW YORK, NY 473,100473.1k $15.7m $15.7m 0.04% Reduced -70.5k -70,500
23 STRS OHIO 0.02% of their portfolio COLUMBUS, OH 447,795447.8k $14.8m $14.8m 0.02% Added +337.8k +337,795
24 Qube Research & Technologies Ltd 0.08% of their portfolio LONDON, X0 436,920436.9k $14.5m $14.5m 0.08% Added +55.4k +55,402
25 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 391,024391.0k $12.9m $12.9m 0.00% Reduced -3.3k -3,255
26 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 363,054363.1k $12.0m $12.0m 0.00% Added +228.8k +228,826
27 FEDERATED HERMES, INC. 0.03% of their portfolio PITTSBURGH, PA 362,261362.3k $12.0m $12.0m 0.03% Added +2.6k +2,551
28 Invenomic Capital Management LP 0.64% of their portfolio BOSTON, MA 339,048339.0k $11.2m $11.2m 0.64% New
29 TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY 0.11% of their portfolio FRANKFORT, KY 337,910337.9k $11.2m $11.2m 0.11% Added +2.1k +2,100
30 VICTORY CAPITAL MANAGEMENT INC 0.01% of their portfolio San Antonio, TX 310,094310.1k $10.3m $10.3m 0.01% Added +297.8k +297,808
31 PANAGORA ASSET MANAGEMENT INC 0.06% of their portfolio BOSTON, MA 306,269306.3k $10.1m $10.1m 0.06% Added +44.8k +44,776
32 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 250,558250.6k $8.3m $8.3m 0.00% Reduced -27.6k -27,622
33 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 228,531228.5k $7.6m $7.6m 0.00% Reduced -151.9k -151,909
34 TWO SIGMA INVESTMENTS, LP 0.02% of their portfolio NEW YORK, NY 227,730227.7k $7.5m $7.5m 0.02% Reduced -232.4k -232,443
35 Nuveen Asset Management, LLC 0.00% of their portfolio CHICAGO, IL 225,089225.1k $7.5m $7.5m 0.00% Reduced -18.2k -18,242
36 BARCLAYS PLC 0.01% of their portfolio LONDON, X0 221,957222.0k $7.3m $7.3m 0.01% Reduced -63.9k -63,917
37 MACKENZIE FINANCIAL CORP 0.01% of their portfolio TORONTO ONTARIO, A6 211,300211.3k $7.0m $7.0m 0.01% New
38 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 209,294209.3k $6.9m $6.9m 0.00% Added +90.0k +90,002
39 PRINCIPAL FINANCIAL GROUP INC 0.00% of their portfolio DES MOINES, IA 201,177201.2k $6.7m $6.7m 0.00% Added +1.1k +1,142
40 CITADEL ADVISORS LLC 0.01% of their portfolio MIAMI, FL 198,847198.8k $6.6m $6.6m 0.01% Added +183.5k +183,499
41 Hosking Partners LLP 0.29% of their portfolio LONDON, X0 189,435189.4k $6.3m $6.3m 0.29% Reduced -102.4k -102,389
42 California Public Employees Retirement System 0.01% of their portfolio Sacramento, CA 181,155181.2k $6.0m $6.0m 0.01% Reduced -47.0k -47,023
43 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.01% of their portfolio BALA CYNWYD, PA 170,525170.5k $5.6m $5.6m 0.01% Added +90.8k +90,809
44 Foundry Partners, LLC 0.34% of their portfolio MINNEAPOLIS, MN 164,321164.3k $5.4m $5.4m 0.34% Added +8.6k +8,596
45 Swedbank AB 0.01% of their portfolio STOCKHOLM, V7 160,800160.8k $5.3m $5.3m 0.01% Unchanged
46 PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio BALTIMORE, MD 152,590152.6k $5.1m $5.1m 0.00% Reduced -17.1k -17,088
47 State of Alaska, Department of Revenue 0.06% of their portfolio JUNEAU, AK 149,165149.2k $4.9m $4.9m 0.06% Unchanged
48 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio NEW YORK, NY 143,240143.2k $4.7m $4.7m 0.00% Added +16.1k +16,100
49 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 134,025134.0k $4.4m $4.4m 0.00% Added +76.6k +76,561
50 O'Keefe Stevens Advisory, Inc. 1.98% of their portfolio ROCHESTER, NY 121,340121.3k $4.0m $4.0m 1.98% Added +3.0k +2,951
51 STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.01% of their portfolio TALLAHASSEE, FL 120,342120.3k $4.0m $4.0m 0.01% Unchanged
52 Redwood Grove Capital, LLC 1.87% of their portfolio New York, NY 118,466118.5k $3.9m $3.9m 1.87% Unchanged
53 Miller Value Partners, LLC 0.24% of their portfolio SARASOTA, FL 117,200117.2k $3.9m $3.9m 0.24% Reduced -10.0k -10,000
54 TD Asset Management Inc 0.00% of their portfolio Toronto, A6 114,757114.8k $3.8m $3.8m 0.00% Reduced -10.5k -10,501
55 GLOBEFLEX CAPITAL L P 0.45% of their portfolio SAN DIEGO, CA 110,516110.5k $3.7m $3.7m 0.45% Added +17.2k +17,241
56 Cyndeo Wealth Partners, LLC 0.38% of their portfolio ST. PETERSBURG, FL 105,322105.3k $3.5m $3.5m 0.38% Added +19.7k +19,742
57 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 103,392103.4k $721.3k $721.3k 0.00% Added +72.1k +72,072
58 CRAWFORD INVESTMENT COUNSEL INC 0.07% of their portfolio ATLANTA, GA 98,25998.3k $3.3m $3.3m 0.07% Added +10.0k +10,000
59 RHUMBLINE ADVISERS 0.00% of their portfolio BOSTON, MA 96,55596.6k $3.2m $3.2m 0.00% Reduced -2.2k -2,224
60 PDT Partners, LLC 0.42% of their portfolio New York, NY 94,59894.6k $3.1m $3.1m 0.42% Added +29.3k +29,295
61 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 92,69292.7k $3.1m $3.1m 0.00% Reduced -35.8k -35,768
62 AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio KANSAS CITY, MO 91,04791.0k $3.0m $3.0m 0.00% Added +50.4k +50,442
63 NEW YORK STATE COMMON RETIREMENT FUND 0.00% of their portfolio ALBANY, NY 89,97490.0k $3.0m $3.0m 0.00% Reduced -2.7k -2,707
64 SG Americas Securities, LLC 0.04% of their portfolio NEW YORK, NY 88,60988.6k $2.9m $2.9m 0.04% New
65 Endurance Wealth Management, Inc. 0.40% of their portfolio Providence, RI 85,50085.5k $2.8m $2.8m 0.40% Added +10.3k +10,315
66 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 81,31781.3k $2.7m $2.7m 0.00% Added +11.0k +11,005
67 UBS Group AG 0.00% of their portfolio ZURICH, V8 77,45477.5k $2.6m $2.6m 0.00% Added +12.5k +12,457
68 VOYA INVESTMENT MANAGEMENT LLC 0.00% of their portfolio ATLANTA, GA 74,53474.5k $2.5m $2.5m 0.00% Reduced -1.5k -1,517
69 ING GROEP NV 0.02% of their portfolio AMSTERDAM, P7 68,90068.9k $2.3m $2.3m 0.02% Added +8.3k +8,300
70 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 66,65366.7k $2.2m $2.2m 0.00% Reduced -4.2k -4,168
71 ALPS ADVISORS INC 0.02% of their portfolio Denver, CO 66,32866.3k $2.2m $2.2m 0.02% Added +7.3k +7,302
72 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 65,10265.1k $2.2m $2.2m 0.00% Reduced -4.0k -4,039
73 M&T Bank Corp 0.01% of their portfolio BUFFALO, NY 62,96163.0k $2.1m $2.1m 0.01% Added +6.5k +6,467
74 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 57,37057.4k $1.9m $1.9m 0.00% Reduced -3.6k -3,608
75 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 56,85556.9k $1.9m $1.9m 0.00% Added +20.0k +19,957
76 Moody Aldrich Partners LLC 0.38% of their portfolio MARBLEHEAD, MA 56,26856.3k $1.9m $1.9m 0.38% Unchanged
77 Lesa Sroufe & Co 1.86% of their portfolio SEATTLE, WA 55,65955.7k $1.8m $1.8m 1.86% Added +1.3k +1,279
78 Illinois Municipal Retirement Fund 0.04% of their portfolio OAK BROOK, IL 53,82653.8k $1.8m $1.8m 0.04% Unchanged
79 PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO 0.01% of their portfolio COLUMBUS, OH 51,88251.9k $1.7m $1.7m 0.01% Added +7.2k +7,208
80 First Washington CORP 0.82% of their portfolio SEATTLE, WA 50,00050.0k $1.7m $1.7m 0.82% Reduced -127.3k -127,321
81 TRUIST FINANCIAL CORP 0.00% of their portfolio CHARLOTTE, NC 48,77148.8k $1.6m $1.6m 0.00% Added +27.0k +26,970
82 Paulson Wealth Management Inc. 0.72% of their portfolio West Palm Beach, FL 48,76248.8k $1.6m $1.6m 0.72% Unchanged
83 MACQUARIE GROUP LTD 0.00% of their portfolio Sydney, NSW 2000, C3 47,91047.9k $1.6m $1.6m 0.00% Reduced -330 -330
84 Secure Asset Management, LLC 0.52% of their portfolio Troy, MI 46,63246.6k $1.5m $1.5m 0.52% Added +2.2k +2,214
85 HBK INVESTMENTS L P 0.06% of their portfolio DALLAS, TX 46,19646.2k $1.5m $1.5m 0.06% New
86 Legal & General Group Plc 0.00% of their portfolio London, X0 45,87545.9k $1.5m $1.5m 0.00% Added +276 +276
87 JTC Employer Solutions Trustee Ltd 0.16% of their portfolio ST HELIER, Y9 45,00045.0k $1.5m $1.5m 0.16% Unchanged
88 HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC 0.01% of their portfolio Los Angeles, CA 42,00042.0k $1.4m $1.4m 0.01% Unchanged
89 HighTower Advisors, LLC 0.00% of their portfolio CHICAGO, IL 41,17141.2k $1.4m $1.4m 0.00% Reduced -6.2k -6,228
90 BlueCrest Capital Management Ltd 0.14% of their portfolio ST HELIER, Y9 40,64140.6k $1.3m $1.3m 0.14% New
91 Treasurer of the State of North Carolina 0.01% of their portfolio RALEIGH, NC 40,31440.3k $1.3m $1.3m 0.01% Added +4.4k +4,380
92 ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio NASHVILLE, TN 39,39739.4k $1.3m $1.3m 0.00% Reduced -14.1k -14,087
93 Janney Montgomery Scott LLC 0.01% of their portfolio PHILADELPHIA, PA 38,07238.1k $1.3m $1.3m 0.01% Reduced -1.0k -1,034
94 Convergence Investment Partners, LLC 0.71% of their portfolio Palm Beach Gardens, FL 36,30336.3k $1.2m $1.2m 0.71% Added +759 +759
95 CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio WEST SACRAMENTO, CA 31,93631.9k $1.1m $1.1m 0.00% Reduced -2.3k -2,322
96 Mitsubishi UFJ Trust & Banking Corp 0.00% of their portfolio TOKYO, M0 30,99131.0k $1.0m $1.0m 0.00% Added +10.2k +10,156
97 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 29,82329.8k $987.5k $987.5k 0.00% Reduced -551 -551
98 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 29,20129.2k $966.8k $966.8k 0.00% Added +15.8k +15,832
99 First National Trust Co 0.05% of their portfolio Johnstown, PA 28,68428.7k $949.7k $949.7k 0.05% Unchanged
100 Argent Trust Co 0.06% of their portfolio NASHVILLE, TN 28,62028.6k $947.6k $947.6k 0.06% Added +6.2k +6,212