LAZARD ASSET MANAGEMENT LLC

CIK: 0001207017SEC EDGAR →

Portfolio Value

$59.0B

Holdings

1,834

As of

Q4 2025

New Positions

178

Closed Positions

670

Portfolio Value History

Top 10 Holdings

Rank	Stock	Shares	Value	% of Portfolio
1	MSFT MICROSOFT CORP	4,922,273	$2.4B	4.03%
2	AAPL APPLE INC	7,365,075	$2.0B	3.39%
3	AMZN AMAZON COM INC	7,239,349	$1.7B	2.83%
4	NVDA NVIDIA CORPORATION	8,384,612	$1.6B	2.65%
5	GOOGL ALPHABET INC	3,519,790	$1.1B	1.86%
6	AMT AMERICAN TOWER CORP NEW	6,084,963	$1.1B	1.81%
7	8CW CROWN CASTLE INC	11,635,117	$1.0B	1.75%
8	PEO EXELON CORP	23,130,053	$1.0B	1.71%
9	TSM TAIWAN SEMICONDUCTOR MFG LTD	3,249,879	$987.0M	1.67%
10	GOOG ALPHABET INC	2,876,014	$902.0M	1.53%

Quarterly Changes

Top Buys

MSFT↑ Increased

$2.4B

AAPL↑ Increased

$2.0B

NVDA↑ Increased

$1.6B

AMT↑ Increased

$1.1B

8CW↑ Increased

$1.0B

Top Sells

AMZN↓ Decreased

$878.7M

GOOGL↓ Decreased

$637.3M

ICE↓ Decreased

$548.9M

AVGO↓ Decreased

$507.7M

AMAT↓ Decreased

$505.4M

New Positions (288)

$149.0M · 1.9M shares

TTE

$133.0M · 2.0M shares

AJG

$53.0M · 206K shares

WDC

$45.0M · 262K shares

DOCN

$37.0M · 815K shares

$23.0M · 361K shares

BTX

$22.0M · 3.4M shares

$19.0M · 202K shares

$19.0M · 338K shares

$17.0M · 48K shares

$15.0M · 23K shares

$13.0M · 668K shares

$12.0M · 778K shares

$12.0M · 157K shares

$11.0M · 1.0M shares

$9.0M · 14K shares

$9.0M · 153K shares

$8.0M · 259K shares

$6.0M · 67K shares

$5.0M · 379K shares

$5.0M · 173K shares

$4.0M · 58K shares

$4.0M · 72K shares

$4.0M · 127K shares

$4.0M · 78K shares

$4.0M · 452K shares

$4.0M · 41K shares

$3.0M · 1.0M shares

$3.0M · 399K shares

$3.0M · 106K shares

$3.0M · 172K shares

$3.0M · 79K shares

$3.0M · 55K shares

$3.0M · 307K shares

$3.0M · 207K shares

$3.0M · 93K shares

$3.0M · 305K shares

$2.0M · 36K shares

$2.0M · 489K shares

$2.0M · 906K shares

$2.0M · 277K shares

$2.0M · 21K shares

$2.0M · 37K shares

$2.0M · 153K shares

$2.0M · 163K shares

$2.0M · 28K shares

QNST

$2.0M · 200K shares

$2.0M · 38K shares

$2.0M · 124K shares

$2.0M · 67K shares

$2.0M · 149K shares

$2.0M · 1.4M shares

$2.0M · 65K shares

$2.0M · 14K shares

$2.0M · 86K shares

$2.0M · 137K shares

$2.0M · 237K shares

$1.0M · 8K shares

$1.0M · 37K shares

$1.0M · 45K shares

$1.0M · 71K shares

$1.0M · 168K shares

$1.0M · 35K shares

$1.0M · 103K shares

$1.0M · 106K shares

$1.0M · 360K shares

$1.0M · 39K shares

$1.0M · 12K shares

$1.0M · 30K shares

$1.0M · 50K shares

$1.0M · 41K shares

$1.0M · 35K shares

$1.0M · 189K shares

$1.0M · 55K shares

$1.0M · 40K shares

$1.0M · 64K shares

$1.0M · 250K shares

$1.0M · 54K shares

$1.0M · 50K shares

OWLT

$1.0M · 84K shares

BKTI

$1.0M · 21K shares

CFR

$1.0M · 13K shares

RAMACO RES INC

$1.0M · 56K shares

$1.0M · 30K shares

$1.0M · 677K shares

$1.0M · 114K shares

$1.0M · 37K shares

$1.0M · 192K shares

$1.0M · 362K shares

$1.0M · 47K shares

$1.0M · 42K shares

$1.0M · 57K shares

$1.0M · 58K shares

$1.0M · 23K shares

$1.0M · 30K shares

$1.0M · 34K shares

$1.0M · 44K shares

$1.0M · 74K shares

$1.0M · 852K shares

$1.0M · 16K shares

$1.0M · 7K shares

$1.0M · 198K shares

$1.0M · 339K shares

$1.0M · 118K shares

$1.0M · 122K shares

$1.0M · 345K shares

$1.0M · 57K shares

$1.0M · 124K shares

$1.0M · 51K shares

$1.0M · 11K shares

$1.0M · 963K shares

$1.0M · 55K shares

$1.0M · 189K shares

$1.0M · 259K shares

$1.0M · 121K shares

$1.0M · 33K shares

$1.0M · 18K shares

$1.0M · 39K shares

$1.0M · 31K shares

$1.0M · 459K shares

$1.0M · 126K shares

$1.0M · 28K shares

$1.0M · 181K shares

$1.0M · 51K shares

$1.0M · 127K shares

$1.0M · 73K shares

$1.0M · 11K shares

$0 · 9.7M shares

$0 · 35K shares

$0 · 369K shares

$0 · 100K shares

$0 · 5.8M shares

$0 · 32 shares

$0 · 36K shares

$0 · 1.8M shares

$0 · 10K shares

$0 · 1.9M shares

$0 · 708 shares

$0 · 6K shares

$0 · 366 shares

$0 · 9K shares

$0 · 10K shares

$0 · 5K shares

$0 · 2K shares

$0 · 3K shares

$0 · 37.4M shares

$0 · 14K shares

$0 · 25K shares

$0 · 2K shares

$0 · 8K shares

$0 · 201K shares

$0 · 10K shares

$0 · 5K shares

$0 · 13K shares

$0 · 3K shares

$0 · 16K shares

$0 · 2.4M shares

$0 · 46.1M shares

$0 · 11K shares

$0 · 1.8M shares

$0 · 4K shares

$0 · 54K shares

$0 · 851 shares

$0 · 6K shares

$0 · 73K shares

$0 · 6K shares

$0 · 26K shares

$0 · 8.0M shares

$0 · 11.4M shares

$0 · 2K shares

$0 · 34K shares

$0 · 15K shares

$0 · 10.3M shares

$0 · 34.4M shares

$0 · 11K shares

$0 · 14K shares

$0 · 3K shares

$0 · 10K shares

$0 · 80.9M shares

$0 · 10.0M shares

$0 · 12.7M shares

$0 · 6K shares

$0 · 2K shares

$0 · 20.1M shares

$0 · 1.0M shares

$0 · 45K shares

$0 · 2K shares

$0 · 18K shares

$0 · 103.8M shares

$0 · 158 shares

$0 · 15K shares

$0 · 22K shares

$0 · 34K shares

$0 · 137K shares

$0 · 13K shares

$0 · 111K shares

$0 · 34.4M shares

$0 · 4K shares

$0 · 10K shares

$0 · 76K shares

$0 · 370K shares

$0 · 68K shares

$0 · 11K shares

$0 · 6K shares

$0 · 15K shares

$0 · 10K shares

$0 · 219 shares

$0 · 371K shares

$0 · 3.5M shares

$0 · 180K shares

$0 · 8K shares

$0 · 20K shares

$0 · 7K shares

$0 · 4.0M shares

$0 · 32K shares

$0 · 19 shares

$0 · 14K shares

$0 · 2.1M shares

$0 · 8K shares

$0 · 34K shares

$0 · 12K shares

$0 · 3.5M shares

$0 · 2K shares

$0 · 7K shares

$0 · 31K shares

$0 · 3K shares

$0 · 3K shares

$0 · 13.1M shares

$0 · 4K shares

$0 · 38.8M shares

$0 · 5K shares

$0 · 23K shares

$0 · 14K shares

$0 · 6.8M shares

$0 · 12K shares

HPP

$0 · 13K shares

$0 · 8K shares

EQXCN 4.75 10/15/28

$0 · 2.8M shares

$0 · 8K shares

$0 · 101K shares

$0 · 87K shares

$0 · 71K shares

$0 · 1.9M shares

$0 · 27.1M shares

$0 · 429K shares

$0 · 16K shares

$0 · 166K shares

$0 · 16K shares

$0 · 16K shares

$0 · 10K shares

$0 · 18K shares

$0 · 62K shares

$0 · 13K shares

$0 · 7K shares

$0 · 23K shares

$0 · 1K shares

$0 · 6K shares

$0 · 2.5M shares

$0 · 11K shares

$0 · 6K shares

$0 · 20K shares

$0 · 15.5M shares

$0 · 18K shares

$0 · 88K shares

$0 · 912 shares

$0 · 6.5M shares

$0 · 3K shares

$0 · 41.7M shares

$0 · 4.5M shares

$0 · 528 shares

$0 · 15K shares

$0 · 851 shares

$0 · 19K shares

$0 · 10K shares

$0 · 2K shares

$0 · 14K shares

$0 · 159K shares

$0 · 24K shares

$0 · 851 shares

$0 · 70K shares

$0 · 23K shares

$0 · 24K shares

$0 · 19K shares

$0 · 11K shares

$0 · 2K shares

$0 · 63K shares

$0 · 68K shares

$0 · 11K shares

Closed Positions (245)

$203.1M · 3.4M shares

SPY

$74.9M · 112K shares

DOCN

$52.7M · 1.5M shares

HSIC

$30.7M · 462K shares

$28.1M · 139K shares

$27.1M · 225K shares

$25.9M · 107K shares

$24.5M · 34K shares

$19.9M · 406K shares

$17.8M · 549K shares

$12.8M · 172K shares

$11.4M · 617K shares

$10.8M · 236K shares

$10.4M · 89K shares

$9.4M · 509K shares

$9.1M · 54K shares

$8.7M · 48K shares

$8.4M · 156K shares

$6.8M · 1.3M shares

$6.6M · 41K shares

$6.6M · 293K shares

$6.5M · 97K shares

$6.5M · 150K shares

$5.4M · 102K shares

$5.3M · 9K shares

$5.1M · 145K shares

$5.0M · 733K shares

$4.8M · 25K shares

$4.5M · 14K shares

$4.4M · 258K shares

$4.0M · 310K shares

SEE

$3.9M · 111K shares

MGY

$3.9M · 163K shares

$3.9M · 43K shares

$3.8M · 250K shares

$3.6M · 316K shares

$3.6M · 72K shares

$3.4M · 54K shares

$3.4M · 295K shares

$3.3M · 22K shares

$3.3M · 171K shares

$3.2M · 51K shares

$2.9M · 24K shares

$2.9M · 233K shares

$2.7M · 58K shares

$2.6M · 166K shares

$2.5M · 187K shares

$2.5M · 98K shares

$2.5M · 98K shares

$2.5M · 22K shares

$2.4M · 97K shares

$2.4M · 3K shares

$2.3M · 13K shares

$2.2M · 169K shares

$2.2M · 8K shares

$2.2M · 50K shares

$2.1M · 163K shares

$2.1M · 48K shares

$2.0M · 50K shares

$1.9M · 174K shares

$1.8M · 46K shares

$1.8M · 335K shares

$1.8M · 29K shares

$1.8M · 9K shares

$1.8M · 43K shares

$1.8M · 29K shares

$1.8M · 262K shares

$1.7M · 10K shares

$1.7M · 52K shares

$1.7M · 95K shares

$1.7M · 44K shares

$1.6M · 30K shares

$1.6M · 71K shares

$1.6M · 53K shares

$1.6M · 9K shares

$1.6M · 20K shares

$1.6M · 78K shares

$1.6M · 14K shares

$1.6M · 177K shares

$1.6M · 16K shares

$1.5M · 45K shares

$1.5M · 4K shares

$1.5M · 54K shares

$1.4M · 70K shares

$1.4M · 118K shares

$1.4M · 77K shares

$1.4M · 36K shares

$1.4M · 81K shares

$1.4M · 22K shares

$1.4M · 32K shares

$1.4M · 120K shares

$1.4M · 16K shares

$1.4M · 47K shares

$1.3M · 16K shares

$1.3M · 69K shares

$1.3M · 53K shares

$1.3M · 29K shares

$1.2M · 37K shares

$1.2M · 19K shares

$1.2M · 25K shares

$1.1M · 55K shares

$1.1M · 20K shares

$1.1M · 21K shares

$1.1M · 10K shares

$1.0M · 17K shares

$1.0M · 224K shares

$1.0M · 38K shares

$1.0M · 101.5M shares

$984K · 53K shares

$962K · 85.4M shares

$953K · 21K shares

$911K · 10K shares

$888K · 94K shares

$835K · 15K shares

$835K · 50K shares

$829K · 11K shares

$809K · 10K shares

$794K · 209K shares

$793K · 30K shares

$781K · 51K shares

$772K · 26K shares

$750K · 4K shares

$749K · 27K shares

$689K · 25K shares

$688K · 25K shares

$675K · 9K shares

$675K · 14K shares

$641K · 26K shares

$636K · 21K shares

$632K · 9K shares

$621K · 2K shares

$620K · 62.4M shares

$612K · 10K shares

$603K · 8K shares

$584K · 33K shares

$573K · 7K shares

$571K · 32K shares

$560K · 19K shares

$557K · 20K shares

$523K · 6K shares

$503K · 36K shares

$500K · 10K shares

$497K · 70K shares

$487K · 13K shares

$481K · 14K shares

$479K · 5K shares

$477K · 20K shares

$469K · 1K shares

$466K · 200K shares

$451K · 28K shares

$447K · 11K shares

SEALTD 2.375 12/01/25

$440K · 22.2M shares

$434K · 2K shares

$417K · 2K shares

$397K · 3K shares

$392K · 15K shares

$387K · 7K shares

$382K · 31K shares

$374K · 3K shares

$371K · 11K shares

$369K · 48K shares

$366K · 30K shares

$365K · 19K shares

$362K · 13K shares

$351K · 6K shares

$347K · 46K shares

$344K · 9K shares

$330K · 2K shares

$329K · 25.5M shares

$327K · 2K shares

$324K · 31.9M shares

$315K · 29K shares

$306K · 1K shares

$298K · 6K shares

$297K · 6K shares

$295K · 986 shares

$281K · 20.6M shares

$275K · 8K shares

$265K · 2K shares

$263K · 8K shares

$253K · 18K shares

$247K · 16K shares

$241K · 5K shares

$231K · 3K shares

$218K · 1K shares

$217K · 9K shares

$213K · 2K shares

$213K · 2K shares

$205K · 22K shares

$202K · 3K shares

$202K · 1K shares

$200K · 4K shares

$197K · 4K shares

$194K · 33K shares

$193K · 4K shares

$184K · 17.9M shares

$184K · 12K shares

$183K · 20K shares

$174K · 63K shares

$158K · 17K shares

$156K · 15K shares

$155K · 38K shares

$153K · 25K shares

$132K · 14.1M shares

$131K · 10K shares

$124K · 12.3M shares

$120K · 12K shares

$112K · 5K shares

$112K · 8.9M shares

$111K · 15K shares

$106K · 15K shares

$104K · 4K shares

$100K · 17K shares

$94K · 54K shares

$88K · 11K shares

$88K · 9.0M shares

$87K · 16K shares

$77K · 13K shares

$75K · 10K shares

$75K · 1K shares

$72K · 17K shares

$65K · 4.7M shares

$60K · 3.8M shares

$57K · 6.0M shares

$56K · 4.8M shares

$56K · 4.1M shares

$54K · 4.4M shares

$49K · 5.0M shares

$43K · 3.3M shares

$43K · 4.4M shares

$42K · 814 shares

$40K · 4.1M shares

$26K · 2.6M shares

$23K · 12K shares

$23K · 681 shares

$23K · 2.5M shares

$16K · 94 shares

$16K · 980K shares

$14K · 559 shares

$12K · 1.1M shares

$9K · 905K shares

$9K · 50 shares

$7K · 428K shares

$3K · 61 shares

$1K · 33K shares

Sector Breakdown

Sector	# Holdings	Value	%
Technology	300	$18.0B	31.0%
Financial Services	319	$8.0B	13.8%
Industrials	204	$6.3B	10.8%
Healthcare	202	$6.3B	10.8%
Consumer Cyclical	159	$4.4B	7.6%
Communication Services	56	$3.5B	6.1%
Unknown	290	$3.4B	5.9%
Energy	80	$2.3B	4.0%
Consumer Defensive	72	$2.0B	3.4%
Real Estate	73	$1.5B	2.5%
Basic Materials	59	$1.5B	2.5%
Utilities	40	$953.0M	1.6%