LAZARD ASSET MANAGEMENT LLC

Lazard Asset Management held $60.8B across 2,050 positions, with a top of book that blends megacaps (Apple 3.4%, Microsoft 3.2%, NVIDIA 3.0%, Amazon) with an unusual infrastructure-and-utility tilt — American Tower (2.1%), Exelon (2.0%) and Crown Castle (1.8%) all rank in the top eight. The Q1 activity reinforced that defensive-yield theme: the firm added NVIDIA (+$234M), Exelon (+$199M), American Tower (+$196M) and Consolidated Edison (+$188M), while trimming Microsoft (-$421M), Thermo Fisher, Danaher, IQVIA and Amphenol. New positions leaned international and resource — Petrobras, ASML, AstraZeneca, Vale and ExxonMobil. Assets rose from $59.0B to $60.8B.