Lazard (LAZ) Slid on Slower M&A Activity

The Cambiar SMID Fund, managed by Cambiar Investors, reported its Q2 2026 investor letter, revealing Lazard, Inc. (NYSE:LAZ) was mentioned as a notable holding. Lazard, Inc., a leading financial advisory and asset management firm based in New York, experienced a 14.40% decline in its stock price from $36.61 per share on September 16, 2026, marking a 36.02% year-over-year drop.

The company has a market capitalization of $3.57 billion and has been fluctuating between $35.73 and $58.75 over the past 52 weeks. In the Q2 2026 investor letter, Cambiar SMID Fund stated that Lazard represented approximately 21% of the fund's total capital. Despite generating a positive return from the Financials sector, Lazard and Cboe Global Markets' performance lagged behind the index.

The company's recent decline was attributed to a slowdown in M&A activity and a slight revenue shortfall in their asset management segment. However, Cambiar SMID Fund still believes Lazard is a well-managed business and could benefit from an upcoming rebound in M&A. Lazard is not among the top 40 most popular stocks among hedge funds, with only 29 portfolios holding the stock as of the second quarter.