Total |
| Lazard Retirement US Small Cap Equity Select Portfolio
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| Lazard
Retirement US Small Cap Equity Select Portfolio
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| Investment Objective
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The Portfolio seeks
long-term capital appreciation.
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| Fees and Expenses
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This table describes
the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio, a series of
Lazard Retirement Series, Inc. (the “Fund”), but does not reflect the fees or charges imposed
by the separate accounts of certain insurance companies (the “Participating Insurance Companies”)
under variable annuity contracts or variable life insurance policies (the “Policies” and
each, a “Policy”). If such fees and charges were reflected, the figures in the table would
be higher.
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| Annual Portfolio Operating Expenses (expenses that you pay each
year as a percentage of the value of your investment)
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| Example
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This
Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing
in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods
indicated and then hold or redeem all of your shares at the end of those periods. The Example also assumes
that your investment has a 5% return each year and that the Portfolio’s operating expenses remain
the same, giving effect to the expense limitation agreement in year one only. The Example does not reflect
fees and expenses imposed by the Participating Insurance Companies under the Policies; if they were reflected,
the figures in the Example would be higher. Although your actual costs may be higher or lower, based
on these assumptions your costs would be:
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Expense Example - Lazard Retirement US Small Cap Equity Select Portfolio - USD ($)
|
Service |
Investor |
| 1 Year |
$ 117
|
$ 102
|
| 3 Years |
414
|
368
|
| 5 Years |
733
|
654
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| 10 Years |
$ 1,637
|
$ 1,468
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| Portfolio
Turnover
|
The Portfolio pays transaction costs, such as commissions, when it buys and sells
securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate
higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses
or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the
Portfolio’s portfolio turnover rate was 63% of the average value of its portfolio.
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| Principal Investment Strategies
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The Portfolio invests primarily in equity
securities, principally common stocks, of small cap US companies. The Investment Manager considers “small
cap companies” to be those companies that, at the time of initial purchase by the Portfolio, have
market capitalizations within the range of companies included in the Russell 2000® Index
(ranging from approximately $16.6 million to $59.1 billion as of March 31, 2024). Under normal circumstances,
the Portfolio invests at least 80% of its assets in equity securities of small cap US companies. The
Investment Manager focuses on relative value in seeking to construct a diversified portfolio of investments
for the Portfolio that maintains sector and industry balance, using investment opportunities identified
through bottom-up fundamental research conducted by the Investment Manager’s small cap and global
research analysts. The Portfolio may invest up to 20% of its assets in the securities of larger or
smaller US or non-US companies.
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| Principal Investment Risks
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Risk Table - Lazard Retirement US Small Cap Equity Select Portfolio
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Risk [Text Block] |
| Risk Lose Money [Member] |
The value of your
investment in the Portfolio will fluctuate, which means you could lose money.
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| Market Risk |
Market Risk:
The Portfolio may incur losses due to declines in one or more markets in which it invests. These declines
may be the result of, among other things, political, regulatory, market, economic or social developments
affecting the relevant market(s). To the extent that such developments impact specific industries, market
sectors, countries or geographic regions, the Portfolio’s investments in such industries, market
sectors, countries and/or geographic regions can be expected to be particularly affected, especially
if such investments are a significant portion of its investment portfolio. In addition, turbulence in
financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively
affect many issuers, which could adversely affect the Portfolio. Global economies and financial markets
are increasingly interconnected, and conditions and events in one country, region or financial market
may adversely impact issuers worldwide. As a result, local, regional or global events such as war or
military conflict, acts of terrorism, the spread of infectious illness or other public health issues,
social unrest, supply chain disruptions, government defaults, government shutdowns, the imposition of
sanctions and other similar measures, recessions or other events could have a significant negative impact
on global economic and market conditions. For example, a public health or other emergency and aggressive
responses taken by many governments or voluntarily imposed by private parties, including closing borders,
restricting travel and imposing prolonged quarantines or similar restrictions, as well as the closure
of, or operational changes to, many retail and other businesses, may have severe negative impacts on
markets worldwide. Additionally, general market conditions may affect the value of a Portfolio’s
securities, including changes in interest rates, currency rates or monetary policies.
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| Issuer Risk |
Issuer Risk:
The value of a security may decline for a number of reasons which directly relate to the issuer, such
as management performance, financial leverage and reduced demand for the issuer’s goods or services,
as well as the historical and prospective earnings of the issuer and the value of its assets or factors
unrelated to the issuer’s value, such as investor perception.
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| Small and Mid Cap Companies Risk |
Small and Mid Cap
Companies Risk: Small and mid cap companies carry additional risks because their earnings tend
to be less predictable, their share prices more volatile and their securities less liquid than larger,
more established companies. The shares of small and mid cap companies tend to trade less frequently than
those of larger companies, which can have an adverse effect on the pricing of these securities and on
the ability to sell these securities when the Investment Manager deems it appropriate.
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| Value Investing Risk |
Value Investing Risk:
Value investments are believed by the Investment Manager to be undervalued, but may not realize their
perceived value for extended periods of time or may never realize their perceived value. These securities
may respond differently to market and other developments than other types of securities.
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| Non-US Securities Risk |
Non-US
Securities Risk: The Portfolio’s performance will be influenced by political, social and
economic factors affecting the non-US countries and companies in which the Portfolio invests. Non-US
securities carry special risks, such as less developed or less efficient trading markets, political instability,
a lack of company information, differing auditing and legal standards, and, potentially, less liquidity.
Non-US securities may be subject to economic sanctions or other similar governmental actions or developments,
which could, among other things, effectively restrict or eliminate the Portfolio’s ability to purchase
or sell certain foreign securities. To the extent the Portfolio holds securities subject to such actions,
the securities may become difficult to value and/or less liquid (or illiquid). In some cases, the securities
may become worthless. In addition, investments denominated in currencies other than US dollars may experience
a decline in value, in US dollar terms, due solely to fluctuations in currency exchange rates. Emerging
market countries can generally have economic structures that are less diverse and mature, and political
systems that are less stable, than those of developed countries.
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| Securities Selection Risk |
Securities Selection
Risk: Securities and other investments selected by the Investment Manager for the Portfolio
may not perform to expectations. This could result in the Portfolio’s underperformance compared
to other funds with similar investment objectives or strategies.
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|
| Performance
Bar Chart and Table
|
The accompanying bar chart and table provide some indication
of the risks of investing in Lazard Retirement US Small Cap Equity Select Portfolio by showing the Portfolio’s
year-by-year performance and its average annual performance compared to that of a broad measure of market
performance. The bar chart shows how the performance of the Portfolio’s Service Shares has varied
from year to year over the past 10 calendar years. Effective September 1, 2023, certain changes were
made to the Portfolio’s principal investments strategies, including removing mid-capitalization
companies from its policy with respect to the investment of 80% of its assets. The Portfolio’s
performance information prior to September 1, 2023 relates only to the Portfolio’s prior principal
investment strategies. Performance information does not reflect the fees or charges imposed by the Participating
Insurance Companies under the Policies, and such fees will have the effect of reducing performance. Updated
performance information is available at www.lazardassetmanagement.com or by calling (800) 823-6300. The
Portfolio’s past performance is not necessarily an indication of how the Portfolio will perform
in the future. As a new share Class, past performance information is not available for Investor
Shares as of the date of this Prospectus. Investor Shares would have had annual returns substantially
similar to those of Service Shares because the shares are invested in the same portfolio of securities,
and the annual returns would differ only to the extent of the different expense ratios of the Classes.
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| Year-by-Year Total Returns for Service Shares As of 12/31
|
|
| | | Best Quarter: | 2020, Q4 | 23.82% | | | Worst Quarter: | 2020,
Q1 | -30.98% |
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| Average Annual Total Returns (for
the periods ended December 31, 2023)
|
Average Annual Total Returns - Lazard Retirement US Small Cap Equity Select Portfolio
|
Label |
1 Year |
5 Years |
10 Years |
Since Inception |
Inception Date |
| Service |
|
10.02%
|
9.10%
|
6.73%
|
7.43%
|
Nov. 04, 1997
|
| Russell 3000 Index |
Russell
3000 Index
|
25.96%
|
15.16%
|
11.48%
|
8.37%
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|
| Russell 2000 Index |
Russell
2000 Index
|
16.93%
|
9.97%
|
7.16%
|
7.40%
|
|
| Russell 2500 Index |
Russell
2500 Index
|
17.42%
|
11.67%
|
8.36%
|
8.74%
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| Russell 2000/2500 Linked Index |
Russell
2000/2500 Linked Index
|
17.74%
|
4.34%
|
11.73%
|
8.39%
|
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