Trading disclosure
The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
Learn moreCambiar SMID Fund, managed by Cambiar Investors, published its Q2 2026 investor letter. The letter can be downloaded here. U.S. equity markets rebounded strongly in the second quarter, with the S&P 500 gaining 15.2% and the Russell 2000 rising 21.5%. Growth outperformed value during the quarter, although value remained ahead year-to-date. Small- and mid-cap stocks also rallied, as the Russell 2500 Value Index returned 18.5%. Despite the Cambiar SMID Fund's 14.39% return (both the investor and the institutional class) —its best since Q4 2022—it lagged behind the index. Technology and Industrials were notable contributors during the quarter. Additionally, reviewing the Fund's top five holdings could help identify its best picks for 2026.
In its second-quarter 2026 investor letter, Cambiar SMID Fund highlighted Lazard, Inc. (NYSE:LAZ). Lazard, Inc. (NYSE:LAZ) is a leading financial advisory and asset management firm headquartered in New York, New York. On September 16, 2026, Lazard, Inc. (NYSE:LAZ) closed at $36.61 per share. Over the past month, Lazard, Inc. (NYSE:LAZ) declined 14.40%, and its shares are down 36.02% over the past year. Lazard, Inc. (NYSE:LAZ) has a market capitalization of $3.57 billion, and its stock has traded within a 52-week range of $35.73 and $58.75.
Cambiar SMID Fund stated the following regarding Lazard, Inc. (NYSE:LAZ) in its Q2 2026 investor letter:
"Representing ~21% of total portfolio capital, Financials remains the largest sector allocation in the SMID Fund. Although the portfolio generated an aggregate positive return from the sector for the quarter, our holdings trailed the index. At a company level, drawdowns in Lazard, Inc. (NYSE:LAZ) and Cboe Global Markets weighed on results. The decline in Lazard was due to a slowdown in M&A activity as well as a modest revenue shortfall in their asset management segment. Despite the recent setback, Lazard remains a well-managed business and should be in a good position to participate in a rebounding M&A cycle."
Lazard, Inc. (NYSE:LAZ) is not on our list of the 40 Most Popular Stocks Among Hedge Funds. According to our database, 29 hedge fund portfolios held Lazard, Inc. (NYSE:LAZ) at the end of the second quarter, down from 34 in the previous quarter. While we acknowledge the potential of Lazard, Inc. (NYSE:LAZ) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
Story Continues