$SMALLCAP

Lazard's Q4 2025 commentary indicates a continued focus on global small-cap equities, highlighting the resilience of this sector in fluctuating markets. The company notes specific opportunities in emerging markets and sectors affected by recent technological advancements. Investor interest in small-cap stocks is expected to grow as larger companies become increasingly expensive. Additionally, the commentary reinforces the importance of active management in capturing alpha within this space. Overall, Lazard's insights suggest a bullish long-term outlook for small-cap equities fueled by economic recovery.