Economic franchises are businesses that are resilient to political and economic shocks. They are typically the dominant player in their market segment, and they benefit from scale, strong brands, network effects, intellectual property, and high switching costs. True franchises comprise less than 2% of the global stock market universe. Matthew Landy, Portfolio Manager/Analyst on the Lazard Global Equity Franchise team, explains how franchises can offer investors distinctive benefits today in an uncertain market environment.


In this report:

• The role franchises can play in portfolios


• How we identify and rank economic franchises


• The importance of value