Lazard Shares Retreat on Weakening M&A Activity

Cambiar SMID Fund, managed by Cambiar Investors, released its Q2 2026 investor letter, available for download here. U.S. equities rebounded in the second quarter, with the S&P 500 rising 15.2% and the Russell 2000 gaining 21.5%. Growth outpaced value during the quarter, though value remained ahead year-to-date. The Russell 2500 Value Index returned 18.5%, while the Cambiar SMID Fund delivered 14.39% across both share classes—its best result since Q4 2022—but still lagged its benchmark. Technology and Industrials were the top contributors, and the fund’s leading positions may indicate its strongest 2026 opportunities.

Lazard, Inc. (NYSE:LAZ), a leading financial advisory and asset management firm based in New York, closed at $36.61 on September 16, 2026. The stock fell 14.40% over the past month and 36.02% over the past year, with a market cap of $3.57 billion and a 52-week range of $35.73 to $58.75.

In its Q2 2026 letter, Cambiar SMID Fund highlighted Lazard:

“Financials remain the largest sector allocation at roughly 21% of portfolio capital. Although the portfolio generated an aggregate positive return from the sector for the quarter, our holdings trailed the index. Drawdowns in Lazard, Inc. (NYSE:LAZ) and Cboe Global Markets weighed on results. The decline in Lazard was driven by a slowdown in M&A activity and a modest revenue shortfall in its asset management segment. Despite the setback, Lazard remains well-managed and should be well positioned to participate in a rebounding M&A cycle.”

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