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Top 5 ADR Picks (Via Lazard Asset Management)


Vale, America Movile, and China Mobile all make the list.

MINYANVILLE ORIGINAL We were combing through Lazard Asset Management s 13F which details their $41 billion stock and bond portfolio and noticed quite a few ADRs. Of the 15 largest investments in fact, five are ADRs, or American Depository Receipts, which are securities of non-US companies that trade on US markets.

The company, responsible for $148 billion in assets under management globally, has a fittingly global portfolio, the filing shows. Four of the ADRs are the telecommunications majors in China, Phillipines, Russia, and Latin America respectively. No US-based telecommunications players were in the top 15 investments although there was a $52.921 million investment in AT&T (T).

Interstingly the number-one ADR holding was in Vale (VALE), the giant mining/metal company in Brazil. Other basic material investments included over $30 million in bonds and ADRs for Mexico's Cemex.

Lazard's Top 5 ADR Holdings

Holdings: $948.878 million

Philippine Long Distance Telephone Company (PHI)
Holdings: $791.345 million

China Mobile (CHL)
Holdings: $684.059 million

Mobile Telesystems OJSC (MBT)
Holdings: $676.716 million

America Movile (AMX)
Holdings: $560.501 million

For analysis of how other fund managers are investing, see 9 Top Tech Picks (Via Cavalry Asset Management) and 6 Precious Picks (Via Sprott Asset Management.
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