Lazard's Stock Falls Amid Slower M&A Activity
In its Q2 2026 investor letter, Cambiar SMID Fund highlighted Lazard (LAZ) as a significant holding that underperformed due to slower merger and acquisition activity. The firm noted that the Financials sector accounted for about 21% of portfolio capital but trailed broader indices during the quarter. Lazard's stock closed at $36.61 on September 16, 2026, down 14.40% over the past month and 36.02% year-to-date. The decline was attributed to a slowdown in M&A activity as well as weaker performance from its asset management segment. Despite these challenges, Cambiar SMID Fund acknowledged Lazard's strong fundamentals and potential for recovery if market conditions improve.
Tickers: $LAZ
Topics: Cambiar SMID Fund Lazard (LAZ) M&A activity slowdown portfolio performance