Lazard Q1 2026: Adding Across Tech and Infrastructure

Lazard Asset Management reported a $60.78B U.S. equity book for the quarter ended March 31, 2026 (Form 13F-HR, accession 0001207017-26-000036, filed 2026-05-15), up about 3% from the prior quarter — and the increase was earned by buying, not just by the market. Across nearly all of its largest positions, Lazard added shares: Apple, Microsoft, Amazon, and most notably Nvidia (NVDA), where the firm lifted its share count by 23%. This was an accumulation quarter for a diversified global manager.

What stands out beyond the megacap adds is where else Lazard put money to work: infrastructure. The firm increased American Tower (AMT) by 20% and Crown Castle (CCI) by 16% — two cell-tower REITs — alongside a utility position in Exelon (EXC). The pattern is a manager broadening exposure across both growth technology and rate-sensitive real-asset names rather than concentrating a single bet.

For 13F readers, the signal is breadth: Lazard re-risked across its book in Q1 2026, and the direction was decidedly toward adding.

A broadly diversified book

Lazard runs one of the more diversified large 13F portfolios, with its ten largest holdings accounting for only about 23.8% of the book and the remaining 76% spread across a long tail of names. Apple (AAPL) is the top position at 3.56%, followed by Microsoft (MSFT) at 3.34%, Nvidia at 3.06%, Amazon (AMZN) at 2.73%, and American Tower at 2.15%.

The light concentration at the top is itself informative: where a high-conviction fund places 10% in one name, Lazard keeps even its largest position below 4%. That makes the quarter's broad-based buying — rather than any single position — the real story.

The buying, quantified

The position changes show a clear accumulation tilt. Nvidia led with a 23% share increase, followed by American Tower (+20%), Alphabet's GOOG shares (+20%), Crown Castle (+16%), Apple (+12%), Microsoft (+8%), Amazon (+7%), and Exelon (+6%). Among the top names, only Taiwan Semiconductor (TSM) was trimmed, down 9%.

Adding to both Nvidia and cell-tower REITs in the same quarter is a notably barbelled move: exposure to the AI hardware cycle on one end and to steady, rate-sensitive infrastructure cash flows on the other. It reflects a manager hedging its growth additions with real-asset income rather than going all-in on a single theme.

What it means for 13F readers

Lazard's Q1 2026 filing reads as constructive and broad. The firm leaned into equities across its book, raised its AI exposure through Nvidia, and simultaneously built out infrastructure positions — the actions of a diversified manager adding risk in measured, spread-out fashion. The names to watch next quarter are whether the Nvidia and tower-REIT adds continue or reverse. Follow the firm's quarter-over-quarter holdings on the Lazard Asset Management filer page.

FAQ

What is Lazard Asset Management?

Lazard Asset Management is the global investment arm of Lazard, running diversified equity strategies. It reported a $60.78B U.S. equity 13F book for the quarter ended March 31, 2026.

What did Lazard buy in Q1 2026?

Lazard added across most of its largest positions, raising Nvidia by 23%, American Tower by 20%, Crown Castle by 16%, and Apple by 12% in share terms — a broad accumulation quarter.

What are Lazard's largest holdings?

Its five largest positions are Apple (3.56%), Microsoft (3.34%), Nvidia (3.06%), Amazon (2.73%), and American Tower (2.15%) — a lightly concentrated, diversified book.

How concentrated is Lazard's portfolio?

Lazard is highly diversified: its ten largest positions are only about 23.8% of the book, with roughly 76% spread across a long tail of holdings.