Category | Fund Name | Summary | Net Assets ($ M)* | YTD (%) |
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Mixed-Regions | Lazard Developing Markets Equity Portfolio | 93.5 | 2.8 | |
The fund seeks capital appreciation in the long term by investing in companies outside the United States. The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities. Next, the research team focuses on securities of non-US companies whose principal activities are located in emerging market countries (also known as developing markets). Emerging market countries include Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team focuses on sustainable growth and the tradeoff between valuation and growth. Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level. The fund may, during certain periods invest a significant portion of its net assets in a particular market sector and/or a particular country. In addition, the fund may also invest in American Depositary Receipts, Global Depositary Receipts and European Depositary Receipts. |
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Mixed-Regions | Lazard Emerging Markets Core Equity Portfolio | 90.5 | 0 | |
The fund seeks capital appreciation in the long term by investing in companies across any size outside the United States. The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities. Next, the research team focuses on securities of companies that are economically tied to emerging market countries. Emerging market countries include all countries not represented by the MSCI World Index. The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team considers a security’s growth or value potential. Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level. The fund may, during certain periods invest a significant portion of its net assets in a particular market sector and/or a particular country. In addition, the fund has the flexibility to invest in American Depositary Receipts, Global Depositary Receipts and European Depositary Receipts. |
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Mixed-Regions | Lazard Emerging Markets Equity Advantage Portfolio | 80.2 | 0 | |
The fund seeks capital appreciation in the long term by investing in companies across any size outside the United States. The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities. Next, the research team focuses on stocks of emerging markets companies The team selects investments for the portfolio from a broad investment universe of emerging market stocks and depositary receipts, real estate investment trusts, warrants and rights. Then the team relies on an active, quantitative approach that involves initial screening, risk assessment and evaluation of each company relative to its global peers. In addition to a multidimensional assessment of risk, each company is evaluated daily on the basis of four independent measures such as growth, value, sentiment and quality. Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level. The manager invests the fund’s net assets in securities of companies that are economically tied to emerging market countries. The team considers a company to be economically tied to emerging markets countries if the company is organized under the laws of or domiciled in an emerging markets country or maintains its principal place of business in an emerging markets country, or the securities of such company are traded principally in emerging markets countries. The team also considers a company to be economically tied to emerging markets if during the most recent fiscal year of the company, the company derived at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in emerging markets countries or that has at least 50% of its assets in emerging markets countries. The fund may, during certain periods invest a significant portion of its net assets in a particular country. Additionally, the fund may invest in exchange-traded open-end management investment companies, generally those that pursue a passive index-based strategy. |
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Mixed-Regions | Lazard Emerging Markets Equity Portfolio | 2600 | -0.4 | |
The fund seeks capital appreciation in the long term by investing in companies outside the United States. The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities. Next, the research team invests in securities of non-US companies whose principal activities are located in emerging market countries. The team prefers companies that are estimated to trade below their fair values based on their earnings, cash flow or asset values. Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level. The manager invests a significant portion of the fund’s net assets in securities of companies whose principal business activities are located in emerging market countries. Emerging market countries include Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The fund may, during certain periods invest a significant portion of its net assets in a particular market sector. In addition, the fund has the flexibility to invest in American Depositary Receipts, Global Depositary Receipts and European Depositary Receipts. |
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Mixed-Regions | Lazard Emerging Markets Strategic Equity Portfolio | 44.5 | 0 | |
The fund seeks capital appreciation in the long term by investing in companies across any size outside the United States. The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities. Next, the research team invests in securities of non-US companies whose principal activities are located in emerging market countries. The team prefers companies that are estimated to trade below their fair values based on their earnings, cash flow or asset values. Additionally, the team looks for companies with superior and/or improving financial productivity that are trading at attractive valuations. The team also focuses on measures such as a company’s return on invested capital and return on equity as well as valuation relative to history, peer group, country, sector and economic potential. Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level. The manager invests a significant portion of the fund’s net assets in securities of companies whose principal business activities are located in emerging market countries. Emerging market countries include Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The fund may, during certain periods invest a significant portion of its net assets in a particular market sector. In addition, the fund has the flexibility to invest in American Depositary Receipts, Global Depositary Receipts and European Depositary Receipts. |
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Multi-Cap-Core | Lazard Equity Franchise Portfolio | 156.6 | -0.1 | |
The fund seeks total return by investing in companies across any size outside the United States. The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities. Next, the research team invests in securities of US and non-US companies, including those in emerging markets. The team prefers companies that have an economic franchise, meaning companies that have a track record of generating unleveraged returns, at or above their cost of capital, for long periods of time. Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level. In addition, the manager may seek to hedge some or all foreign currency exposure in the fund against movements relative to the US dollar by entering into foreign currency forward contracts. The fund is non-diversified, which means that it may invest a relatively high percentage of its assets in a limited number of issuers, when compared to a diversified fund. |
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Multi-Cap-Core | Lazard Global Equity Select Portfolio | 92.9 | 4 | |
The fund seeks capital appreciation in the long term by investing in companies across any size outside the United States. The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities. Next, the research team invests in companies that demonstrate strong and/or improving financial productivity. The team favors companies that are estimated to trade below their fair values based on their earnings, cash flow or asset values. The research process is driven by fundamental analysis of one stock at a time. Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level. In addition, the manager invests significantly in non-US companies, and will allocate the fund’s net assets among various regions and countries, including the United States (but in no less than three different countries). The fund’s investments in non-US companies may include companies whose principal business activities are located in emerging market countries. Also, the fund is classified as diversified, which means it may invest in a smaller number of issuers than other, more diversified investment portfolios. |
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Infrastructure-NA | Lazard Global Listed Infrastructure Portfolio | 8100 | 0 | |
The fund seeks total return by investing in companies outside the United States. The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities. Next, the research team invests in securities of infrastructure companies and concentrates its investments in industries represented by infrastructure companies. The team favors companies that are estimated to trade below their fair values. In addition, the team prefers securities of infrastructure companies, which consist of utilities, pipelines, toll roads, airports, railroads, ports, telecommunications and other infrastructure companies, with securities listed on a national or other recognized securities exchange. Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level. Also, the manager invests significantly in infrastructure companies organized or located outside the US or doing a substantial amount of business outside the US. The manager allocates the fund’s net assets among various regions and countries, including the United States (but in no less than three different countries). Additionally, the fund has the flexibility to invest in securities of companies with some business activities located in emerging market countries. Also, the fund is classified as diversified, which means it may invest in a smaller number of issuers than other, more diversified investment portfolios. |
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Multi-Cap-Core | Lazard Global Strategic Equity Portfolio | 12.6 | 0 | |
The fund seeks capital appreciation in the long term by investing in companies across any size outside the United States. The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities. Next, the research team invests in companies that are estimated to trade below their fair values based on their earnings, cash flow or asset values. The team favors companies exhibiting sustainably high or improving returns and that are trading at attractive valuations. Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level. The fund may invest in securities of companies whose principal business activities are located in emerging market countries. In addition, the manager invests significantly in non-US companies. The manager allocates the fund’s net assets among various regions and countries, including the United States (but in no less than three different countries). Also, the fund is classified as diversified, which means it may invest in a smaller number of issuers than other, more diversified investment portfolios. |
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Multi-Cap-Core | Lazard International Equity Advantage Portfolio | 2.6 | -1.2 | |
The fund seeks capital appreciation in the long term by investing in companies across any size outside the United States. The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities. Next, the research team focuses on stocks, of US and non-US companies. The research process is driven by fundamental analysis of one stock at a time. The team favors companies that have attractive fundamentals and high-quality financial characteristics. Then the team evaluates each company relative to its global peers and characteristics such as growth, value, sentiment and quality. Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level. The manager typically invests the majority of the fund’s net assets in securities of non-US developed market companies. In selecting securities for the portfolio, the research team focuses on a broad investment universe of non-US stocks and depositary receipts, including American Depositary Receipts, Global Depositary Receipts and European Depositary Receipts, real estate investment trusts, warrants and rights. Also, the fund may invest in exchange-traded open-end management investment companies and similar products, which generally pursue a passive index-based strategy. |
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Large-Cap-Core | Lazard International Equity Select Portfolio | 54.6 | 5.9 | |
The fund seeks capital appreciation in the long term by investing in mega-and large-size companies outside the United States. The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities. Next, the research team focuses on securities of non-US companies. In addition, the team favors established companies in economically developed countries that are estimated to trade below their fair values based on their earnings, cash flow or asset values. Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level. The manager may invest in securities of companies whose principal business activities are located in emerging market countries. |
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Multi-Cap-Value | Lazard International Equity Value Portfolio | 2.7 | 0 | |
The fund seeks capital appreciation in the long term by investing in companies across any size outside the United States. The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities. Next, the research team focuses on securities of non-US companies that are estimated to trade below their fair values but having potential company-specific catalysts to unlock significant value. Then the team divides these catalysts into three categories, such as self-help, positive changes in capital allocation and business simplifications. In the self-help catalyst sleeve, many companies undertake self-directed initiatives intended to drive improvement in fundamentals regardless of macroeconomic conditions. For the positive changes in capital allocation catalyst sleeve, the team seeks to invest in companies undertaking special capital returns, deleveraging programs and/or value-enhancing reinvestment or mergers and acquisitions. In addition, for the business simplifications catalyst sleeve, the team believes simplification of organizational and ownership structures often enables corporate management to increase returns through more effective resource allocation and less operational distraction. As part of the research process, the team looks for companies with improving fundamentals exhibiting an ability to resolve circumstances that may be negatively affecting valuation. Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level. The concentrated portfolio typically holds 20 to 30 securities of non-US companies, including those whose principal business activities are located in emerging market countries. |
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Multi-Cap-Growth | Lazard International Quality Growth Portfolio | 111.2 | 0.6 | |
The fund seeks capital appreciation in the long term by investing in companies across any size outside the United States. The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities. Next, the research team focuses on securities of non-US companies, including those from emerging markets. The team focuses on quality growth businesses that can generate, and sustain, high levels of financial productivity such as return on equity, return on capital and cash flow return on investment. In addition, the team also evaluates the competitive advantage of a company in its industry and the sustainability of its competitive advantage. The team also prefers businesses that can grow profits and cash flows by investing back into their business at similarly high rates of financial productivity. Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level. |
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Small-Cap-Core | Lazard International Small Cap Equity Portfolio | 14.7 | 0 | |
The fund seeks capital appreciation in the long term by investing in small-size companies outside the United States. The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities. Next, the research team focuses on securities of non-US companies that are estimated to trade below their fair values based on their earnings, cash flow or asset values. The team utilizes a relative value investment style to identify attractive valued companies with excellent financial productivity. The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team prefers well-managed non-US companies that have the potential for growth. Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level. The manager looks to capitalize on potential price inefficiencies in small cap companies. Additionally, the fund may invest up to 25% of its net assets in securities of companies whose principal business activities are located in emerging market countries. |
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Multi-Cap-Core | Lazard International Strategic Equity Portfolio | 4600 | 2.2 | |
The fund seeks capital appreciation in the long term by investing in companies across any size outside the United States. The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities. Next, the research team focuses on securities of non-US companies that are estimated to trade below their fair values based on their earnings, cash flow or asset values. Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level. The fund also may invest up to 15% of its net assets in securities of companies whose principal business activities are located in emerging market countries. Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level. |
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Large-Cap-Core | Lazard Managed Equity Volatility Portfolio | 28.8 | 0 | |
The fund seeks capital appreciation in the long term by investing in companies across any size outside the United States. The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities. Next, the research team invests in securities of US and non-US companies. The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team focuses on volatility management. In addition, the team reviews financial statements to identify high-quality companies with durable operating performance. Also, the team utilizes a quantitative approach which involves initial screening, risk assessment and evaluation of each company relative to its global peers. Now the team focuses on securities of developed market companies that exhibit attractive risk-to-return characteristics to create a low volatility portfolio In addition, the research team evaluates each company daily on the basis of four independent measures: such as growth, value, sentiment and quality. Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level. The manager seeks to generate attractive risk-adjusted equity returns while lowering portfolio volatility. Additionally, the fund may invest in exchange-traded open-end management investment companies, generally those that pursue a passive index-based strategy. |
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Multi-Cap-Core | Lazard US Equity Concentrated Portfolio | 1200 | 0 | |
The fund seeks capital appreciation in the long term by investing in companies across any size in the United States. The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities. Next the research team relies on quantitative techniques to look for companies with robust organic cash flow, balance sheet strength and operational flexibility. The team employs intensive fundamental analysis to narrow the investable universe to a list of high-conviction names. Then the manager constructs a concentrated portfolio that holds typically 15 to 35 companies that seek to outperform broad-based securities market indices. In addition, the fund has the flexibility to invest a significant portion of its net assets in a particular market sector. The fund is non-diversified and may invest up to 20% of its net assets in securities of non-US companies.
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Large-Cap-Core | Lazard US Equity Select Portfolio | 0 | 0 | |
The fund seeks capital appreciation in the long term by investing in mega-and large-size companies in the United States. The investment process employs intensive fundamental analysis and accounting validation to identify investment opportunities. The research team looks for financially productive companies demonstrating high return on equity, free cash flow, return on assets, and cash flow return on investment characteristics. The fund seeks to outperform the benchmark index over a full market cycle with minimum volatility by investing in companies that compound earnings and capital. The research process also looks to take advantage of valuation anomalies. The portfolio generally holds 35 to 55 stocks of companies. |
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Real Estate-NA | Lazard US Realty Equity Portfolio | 0 | 0 | |
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Mid-Cap-Core | Lazard US Small-Mid Cap Equity Portfolio | 42.7 | 6.2 | |
The fund seeks capital appreciation in the long term by investing in small- and mid-size companies in the United States. The investment process starts with companies in the benchmark index and the research team narrows the list to include companies with strong and/or improving financial strength trading at attractive valuations. Next, the team through bottom-up fundamental research focuses on relative value of companies to their peers to construct a diversified portfolio of attractive securities maintaining sector and industry balance. The fund has the flexibility to invest up to 20% of its assets in the securities of larger or smaller US or non-US companies. |
* Net Assets include for all classes