Vault-13

LAZARD LTD LAZ

SHS A · Common Stock · CUSIP G54050102

198 institutional holders -12 vs Q1 2023
66,245,98866.2m shares reported held*
$2.1bnreported value*
18 new 69 added 69 reduced 32 sold out net sold ≈ $233.8m (-7.4m 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 ($7.0m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $31.91. Options: 10 managers hold calls ($8.0m notional), 7 hold puts ($3.2m).

Trends to Q2 2023

Institutional holders

Managers reporting a position, each quarter

0100200300Q3 22: 216Q4 22: 209Q1 23: 210Q2 23: 198198Q3 22Q4 22Q1 23Q2 23
Numbers
QuarterHolders
Q3 2022216
Q4 2022209
Q1 2023210
Q2 2023198

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 23Q2 23: 87 bought or addedQ2 23: 101 cut or sold outQ2 23
Numbers
QuarterBought or addedCut or sold out
Q4 202286110
Q1 20239592
Q2 202387101

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 0.93Q2 23 calls: $8.0mQ2 23 puts: $3.2mQ2 23P/C 0.40
Numbers
QuarterCallsPutsP/C
Q3 2022$19.2m$8.3m0.43
Q4 2022$8.3m$20.9m2.51
Q1 2023$9.6m$9.0m0.93
Q2 2023$8.0m$3.2m0.40

Biggest buyers

MORGAN STANLEY Added +3,588,255+3.6m
SG Americas Securities, LLC Added +592,448+592.4k
Alyeska Investment Group, L.P. New +571,409+571.4k
DEUTSCHE BANK AG\ Added +528,947+528.9k
UBS Group AG Added +475,366+475.4k
CITIGROUP INC Added +473,258+473.3k
Invenomic Capital Management LP Added +329,631+329.6k
Phase 2 Partners, LLC New +308,813+308.8k
NORGES BANK Added +247,323+247.3k
Weiss Multi-Strategy Advisers LLC New +215,000+215.0k

Biggest sellers

FMR LLC Reduced -9,402,853-9.4m
RWC Asset Management LLP Reduced -845,399-845.4k
LSV ASSET MANAGEMENT Reduced -710,162-710.2k
Brandywine Global Investment Management, LLC Sold out -645,494-645.5k
SOUTHEASTERN ASSET MANAGEMENT INC/TN/ Reduced -524,667-524.7k
TODD ASSET MANAGEMENT LLC Reduced -399,230-399.2k
STRS OHIO Reduced -394,795-394.8k
PANAGORA ASSET MANAGEMENT INC Reduced -284,014-284.0k
TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY Reduced -251,210-251.2k
FIRST TRUST ADVISORS LP Reduced -251,191-251.2k

Biggest calls

CITADEL ADVISORS LLC Added $4.3m133.3k shares
JANE STREET GROUP, LLC Added $828.8k25.9k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $748.8k23.4k shares
GROUP ONE TRADING LLC Reduced $691.2k21.6k shares
WOLVERINE TRADING, LLC New $463.5k14.7k shares
IMC-Chicago, LLC Reduced $435.2k13.6k shares
PEAK6 Investments LLC Added $246.4k7.7k shares
Walleye Trading LLC Reduced $214.4k6.7k shares
SIMPLEX TRADING, LLC Reduced $144.0k4.5k shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $1.8m55.4k shares
CITADEL ADVISORS LLC Reduced $1.0m32.3k shares
WOLVERINE TRADING, LLC New $211.3k6.7k shares
GROUP ONE TRADING LLC Reduced $80.0k2.5k shares
Walleye Trading LLC Reduced $60.8k1.9k shares
SIMPLEX TRADING, LLC Reduced $38.0k1.2k 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 Q2 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
101Q3 21: 0 buyingQ3 21: 0 sellingQ4 21: 0 buyingQ4 21: 1 sellingQ4 21Q1 22: 0 buyingQ1 22: 0 sellingQ2 22: 0 buyingQ2 22: 1 sellingQ2 22Q3 22: 0 buyingQ3 22: 0 sellingQ4 22: 0 buyingQ4 22: 1 sellingQ4 22Q1 23: 0 buyingQ1 23: 0 sellingQ2 23: 0 buyingQ2 23: 0 sellingQ2 23
Numbers
QuarterBuyingBoughtSellingSoldSold under a plan
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——
Q2 20230—0——

None reported in Q2 2023.

Holders, Q2 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 VANGUARD GROUP INC 0.01% of their portfolio Valley Forge, PA 10,477,33010.5m $335.3m $335.3m 0.01% Added +101.9k +101,853
2 FMR LLC 0.02% of their portfolio BOSTON, MA 9,127,4879.1m $292.1m $292.1m 0.02% Reduced -9.4m -9,402,853
3 ARIEL INVESTMENTS, LLC 2.20% of their portfolio CHICAGO, IL 7,260,6627.3m $232.3m $232.3m 2.20% Reduced -118.1k -118,085
4 BlackRock Inc. 0.00% of their portfolio New York, NY 4,629,2624.6m $148.1m $148.1m 0.00% Reduced -191.8k -191,768
5 MORGAN STANLEY 0.01% of their portfolio NEW YORK, NY 4,307,8294.3m $137.9m $137.9m 0.01% Added +3.6m +3,588,255
6 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.03% of their portfolio SAN FRANCISCO, CA 2,741,4932.7m $87.7m $87.7m 0.03% Added +104.6k +104,552
7 Epoch Investment Partners, Inc. 0.43% of their portfolio New York, NY 2,300,1062.3m $73.6m $73.6m 0.43% Added +61.5k +61,501
8 Fisher Asset Management, LLC 0.04% of their portfolio PLANO, TX 2,108,1812.1m $67.5m $67.5m 0.04% Added +9.4k +9,383
9 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 2,085,1222.1m $66.7m $66.7m 0.00% Added +47.8k +47,821
10 GEODE CAPITAL MANAGEMENT, LLC 0.01% of their portfolio BOSTON, MA 1,767,1481.8m $56.5m $56.5m 0.01% Reduced -62.8k -62,808
11 SOUTHEASTERN ASSET MANAGEMENT INC/TN/ 1.98% of their portfolio MEMPHIS, TN 1,756,5281.8m $56.2m $56.2m 1.98% Reduced -524.7k -524,667
12 NORGES BANK 0.01% of their portfolio OSLO, Q8 1,089,2791.1m $34.9m $34.9m 0.01% Added +247.3k +247,323
13 DIMENSIONAL FUND ADVISORS LP 0.01% of their portfolio AUSTIN, TX 790,712790.7k $25.3m $25.3m 0.01% Reduced -131.9k -131,864
14 SG Americas Securities, LLC 0.19% of their portfolio NEW YORK, NY 681,057681.1k $21.8m $21.8m 0.19% Added +592.4k +592,448
15 Invenomic Capital Management LP 1.19% of their portfolio BOSTON, MA 668,679668.7k $21.4m $21.4m 1.19% Added +329.6k +329,631
16 DEUTSCHE BANK AG\ 0.01% of their portfolio FRANKFURT AM MAIN, 2M 662,972663.0k $21.2m $21.2m 0.01% Added +528.9k +528,947
17 ROYCE & ASSOCIATES LP 0.20% of their portfolio New York, NY 650,339650.3k $20.8m $20.8m 0.20% Added +106.1k +106,080
18 Alyeska Investment Group, L.P. 0.14% of their portfolio CHICAGO, IL 571,409571.4k $18.3m $18.3m 0.14% New
19 UBS Group AG 0.01% of their portfolio ZURICH, V8 552,820552.8k $17.7m $17.7m 0.01% Added +475.4k +475,366
20 THIRD AVENUE MANAGEMENT LLC 2.91% of their portfolio NEW YORK, NY 550,206550.2k $17.6m $17.6m 2.91% Added +2.3k +2,256
21 CITIGROUP INC 0.02% of their portfolio NEW YORK, NY 480,489480.5k $15.4m $15.4m 0.02% Added +473.3k +473,258
22 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 420,189420.2k $13.4m $13.4m 0.00% Added +29.2k +29,165
23 FIRST TRUST ADVISORS LP 0.01% of their portfolio Wheaton, IL 401,418401.4k $12.8m $12.8m 0.01% Reduced -251.2k -251,191
24 JENNISON ASSOCIATES LLC 0.01% of their portfolio NEW YORK, NY 398,621398.6k $12.8m $12.8m 0.01% Reduced -109.9k -109,942
25 LSV ASSET MANAGEMENT 0.03% of their portfolio CHICAGO, IL 397,145397.1k $12.7m $12.7m 0.03% Reduced -710.2k -710,162
26 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 370,677370.7k $11.9m $11.9m 0.00% Added +161.4k +161,383
27 FEDERATED HERMES, INC. 0.03% of their portfolio PITTSBURGH, PA 345,144345.1k $11.0m $11.0m 0.03% Reduced -17.1k -17,117
28 VICTORY CAPITAL MANAGEMENT INC 0.01% of their portfolio San Antonio, TX 309,916309.9k $9.9m $9.9m 0.01% Reduced -178 -178
29 Phase 2 Partners, LLC 4.48% of their portfolio San Francisco, CA 308,813308.8k $9.9m $9.9m 4.48% New
30 TWO SIGMA ADVISERS, LP 0.02% of their portfolio NEW YORK, NY 302,100302.1k $9.7m $9.7m 0.02% Reduced -171.0k -171,000
31 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 291,416291.4k $9.3m $9.3m 0.00% Added +62.9k +62,885
32 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 282,058282.1k $9.0m $9.0m 0.00% Added +31.5k +31,500
33 Nuveen Asset Management, LLC 0.00% of their portfolio CHICAGO, IL 248,418248.4k $7.9m $7.9m 0.00% Added +23.3k +23,329
34 BARCLAYS PLC 0.01% of their portfolio LONDON, X0 240,723240.7k $7.7m $7.7m 0.01% Added +18.8k +18,766
35 HSBC HOLDINGS PLC 0.01% of their portfolio LONDON, X0 216,779216.8k $7.0m $7.0m 0.01% Added +208.3k +208,295
36 Weiss Multi-Strategy Advisers LLC 0.15% of their portfolio NEW YORK, NY 215,000215.0k $6.9m $6.9m 0.15% New
37 COMERICA BANK 0.00% of their portfolio DALLAS, TX 214,573214.6k $0 $0 0.00% First filing
38 MACKENZIE FINANCIAL CORP 0.01% of their portfolio TORONTO ONTARIO, A6 214,208214.2k $7.0m $7.0m 0.01% Added +2.9k +2,908
39 RWC Asset Management LLP 0.32% of their portfolio LONDON, X0 207,535207.5k $6.6m $6.6m 0.32% Reduced -845.4k -845,399
40 PRINCIPAL FINANCIAL GROUP INC 0.00% of their portfolio DES MOINES, IA 201,049201.0k $6.4m $6.4m 0.00% Reduced -128 -128
41 BASSWOOD CAPITAL MANAGEMENT, L.L.C. 0.47% of their portfolio NEW YORK, NY 200,403200.4k $6.4m $6.4m 0.47% New
42 Qube Research & Technologies Ltd 0.02% of their portfolio LONDON, X0 200,161200.2k $6.4m $6.4m 0.02% Reduced -236.8k -236,759
43 California Public Employees Retirement System 0.01% of their portfolio Sacramento, CA 184,326184.3k $5.9m $5.9m 0.01% Added +3.2k +3,171
44 Foundry Partners, LLC 0.35% of their portfolio MINNEAPOLIS, MN 178,298178.3k $5.7m $5.7m 0.35% Added +14.0k +13,977
45 CITADEL ADVISORS LLC 0.01% of their portfolio MIAMI, FL 174,024174.0k $5.6m $5.6m 0.01% Reduced -24.8k -24,823
46 Swedbank AB 0.01% of their portfolio STOCKHOLM, V7 160,800160.8k $5.1m $5.1m 0.01% Unchanged
47 PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio BALTIMORE, MD 158,245158.2k $5.1m $5.1m 0.00% Added +5.7k +5,655
48 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 149,193149.2k $4.8m $4.8m 0.00% Reduced -213.9k -213,861
49 State of Alaska, Department of Revenue 0.06% of their portfolio JUNEAU, AK 149,165149.2k $4.8m $4.8m 0.06% Unchanged
50 O'Keefe Stevens Advisory, Inc. 2.01% of their portfolio ROCHESTER, NY 146,603146.6k $4.7m $4.7m 2.01% Added +25.3k +25,263
51 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% Unchanged
52 RHUMBLINE ADVISERS 0.00% of their portfolio BOSTON, MA 125,448125.4k $4.0m $4.0m 0.00% Added +28.9k +28,893
53 GLOBEFLEX CAPITAL L P 0.45% of their portfolio SAN DIEGO, CA 124,920124.9k $4.0m $4.0m 0.45% Added +14.4k +14,404
54 Redwood Grove Capital, LLC 1.60% of their portfolio New York, NY 118,466118.5k $3.8m $3.8m 1.60% Unchanged
55 STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.01% of their portfolio TALLAHASSEE, FL 116,392116.4k $3.7m $3.7m 0.01% Reduced -4.0k -3,950
56 CRAWFORD INVESTMENT COUNSEL INC 0.08% of their portfolio ATLANTA, GA 115,584115.6k $3.7m $3.7m 0.08% Added +17.3k +17,325
57 NEW YORK STATE COMMON RETIREMENT FUND 0.00% of their portfolio ALBANY, NY 114,165114.2k $3.7m $3.7m 0.00% Added +24.2k +24,191
58 AMICA MUTUAL INSURANCE CO 0.40% of their portfolio PROVIDENCE, RI 109,269109.3k $3.5m $3.5m 0.40% New
59 ING GROEP NV 0.03% of their portfolio AMSTERDAM, P7 108,700108.7k $3.5m $3.5m 0.03% Added +39.8k +39,800
60 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 97,75197.8k $3.1m $3.1m 0.00% Added +40.9k +40,896
61 ALPS ADVISORS INC 0.03% of their portfolio Denver, CO 96,27996.3k $3.1m $3.1m 0.03% Added +30.0k +29,951
62 Endurance Wealth Management, Inc. 0.41% of their portfolio Providence, RI 93,78593.8k $3.0m $3.0m 0.41% Added +8.3k +8,285
63 TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY 0.03% of their portfolio FRANKFORT, KY 86,70086.7k $2.8m $2.8m 0.03% Reduced -251.2k -251,210
64 TODD ASSET MANAGEMENT LLC 0.06% of their portfolio Louisville, KY 86,70086.7k $2.8m $2.8m 0.06% Reduced -399.2k -399,230
65 TD Asset Management Inc 0.00% of their portfolio Toronto, A6 85,95286.0k $2.8m $2.8m 0.00% Reduced -28.8k -28,805
66 NATIONAL BANK OF CANADA /FI/ 0.00% of their portfolio MONTREAL, A8 75,69775.7k $2.5m $2.5m 0.00% Added +71.3k +71,252
67 PDT Partners, LLC 0.33% of their portfolio New York, NY 75,64975.6k $2.4m $2.4m 0.33% Reduced -18.9k -18,949
68 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 68,92468.9k $2.2m $2.2m 0.00% Added +3.8k +3,822
69 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 68,55868.6k $2.2m $2.2m 0.00% Reduced -12.8k -12,759
70 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 62,51162.5k $2.0m $2.0m 0.00% Reduced -4.1k -4,142
71 Moody Aldrich Partners LLC 0.35% of their portfolio MARBLEHEAD, MA 56,26856.3k $1.8m $1.8m 0.35% Unchanged
72 Lesa Sroufe & Co 1.88% of their portfolio SEATTLE, WA 54,98055.0k $1.8m $1.8m 1.88% Reduced -679 -679
73 M&T Bank Corp 0.01% of their portfolio BUFFALO, NY 54,17754.2k $1.7m $1.7m 0.01% Reduced -8.8k -8,784
74 PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO 0.01% of their portfolio COLUMBUS, OH 54,05654.1k $1.7m $1.7m 0.01% Added +2.2k +2,174
75 Illinois Municipal Retirement Fund 0.03% of their portfolio OAK BROOK, IL 53,82653.8k $1.7m $1.7m 0.03% Unchanged
76 STRS OHIO 0.01% of their portfolio COLUMBUS, OH 53,00053.0k $1.7m $1.7m 0.01% Reduced -394.8k -394,795
77 Treasurer of the State of North Carolina 0.01% of their portfolio RALEIGH, NC 51,94251.9k $1.7m $1.7m 0.01% Added +11.6k +11,628
78 Secure Asset Management, LLC 0.50% of their portfolio Troy, MI 51,40051.4k $1.6m $1.6m 0.50% Added +4.8k +4,768
79 First Washington CORP 0.70% of their portfolio SEATTLE, WA 50,00050.0k $1.6m $1.6m 0.70% Unchanged
80 Paulson Wealth Management Inc. 0.53% of their portfolio West Palm Beach, FL 48,76248.8k $1.6m $1.6m 0.53% Unchanged
81 ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio NASHVILLE, TN 48,51548.5k $1.6m $1.6m 0.00% Added +9.1k +9,118
82 Walleye Trading LLC 0.08% of their portfolio NEW YORK, NY 46,64346.6k $1.5m $1.5m 0.08% New
83 AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio KANSAS CITY, MO 46,53146.5k $1.5m $1.5m 0.00% Reduced -44.5k -44,516
84 JTC Employer Solutions Trustee Ltd 0.14% of their portfolio ST HELIER, Y9 45,00045.0k $1.4m $1.4m 0.14% Unchanged
85 Janney Montgomery Scott LLC 0.00% of their portfolio PHILADELPHIA, PA 42,59142.6k $1.4m $1.4m 0.00% Added +4.5k +4,519
86 HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC 0.00% of their portfolio Los Angeles, CA 42,00042.0k $1.3m $1.3m 0.00% Unchanged
87 HighTower Advisors, LLC 0.00% of their portfolio CHICAGO, IL 41,12941.1k $1.3m $1.3m 0.00% Reduced -42 -42
88 Hosking Partners LLP 0.05% of their portfolio LONDON, X0 40,28940.3k $1.3m $1.3m 0.05% Reduced -149.1k -149,146
89 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 40,02640.0k $1.3m $1.3m 0.00% Reduced -17.3k -17,344
90 CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio WEST SACRAMENTO, CA 37,66237.7k $1.2m $1.2m 0.00% Added +5.7k +5,726
91 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 34,50434.5k $1.1m $1.1m 0.00% Reduced -136.0k -136,021
92 Mitsubishi UFJ Trust & Banking Corp 0.00% of their portfolio TOKYO, M0 33,68233.7k $1.1m $1.1m 0.00% Added +2.7k +2,691
93 Argent Trust Co 0.05% of their portfolio NASHVILLE, TN 30,72930.7k $983.3k $983.3k 0.05% Added +2.1k +2,109
94 First National Trust Co 0.04% of their portfolio Johnstown, PA 28,68428.7k $917.9k $917.9k 0.04% Unchanged
95 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 27,21127.2k $870.8k $870.8k 0.00% Reduced -2.6k -2,612
96 North Star Investment Management Corp. 0.07% of their portfolio CHICAGO, IL 26,31826.3k $842.2k $842.2k 0.07% Reduced -1 -1
97 Corient Private Wealth LP 0.00% of their portfolio MIAMI, FL 25,42925.4k $813.7k $813.7k 0.00% Added +254 +254
98 SEI INVESTMENTS CO 0.00% of their portfolio OAKS, PA 25,08525.1k $802.7k $802.7k 0.00% Added +875 +875
99 Jackson Hole Capital Partners, LLC 0.22% of their portfolio TULSA, OK 24,84524.8k $795.0k $795.0k 0.22% Reduced -1.1k -1,052
100 STIFEL FINANCIAL CORP 0.00% of their portfolio ST. LOUIS, MO 24,02524.0k $768.8k $768.8k 0.00% Reduced -1.7k -1,663