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| Lazard Retirement US Equity Concentrated Portfolio
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| Lazard Retirement US Equity Concentrated 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., 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 $10,000 in the Portfolio for the time periods indicated and then hold or redeem all of
your shares at the end of those periods. The Example also assumes that your investment has a 5% return
each year and that the Portfolio’s operating expenses remain the same. The Example does not reflect
fees and expenses imposed by the Participating Insurance Companies under the Policies; if they were reflected,
the figures in the Example would be higher. Although your actual costs may be higher or lower, based
on these assumptions your costs would be:
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Expense Example - Lazard Retirement US Equity Concentrated Portfolio - USD ($)
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Service |
Investor |
| 1 Year |
$ 110
|
$ 85
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| 3 Years |
$ 343
|
$ 265
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| Portfolio Turnover
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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. Because the Portfolio had not commenced investment operations prior to the date of this
Prospectus, no portfolio turnover information is presented.
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| Principal Investment Strategies
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The
Portfolio invests primarily in equity securities, principally common stocks, of US companies of any market
capitalization. The Portfolio has a concentrated portfolio of investments, typically investing in 15
to 35 companies with market capitalizations generally greater than $350 million. The Portfolio seeks
to outperform broad-based securities market indices, such as the S&P 500®
Index, the Russell 1000® Index and the
Russell 3000® Index. The philosophy of Lazard Asset
Management LLC (the “Investment Manager”) employed for the Portfolio is based on value
creation through its process of bottom-up stock selection, and the Investment Manager implements a disciplined
portfolio construction process. The Investment Manager’s fundamental research seeks to identify
investments typically featuring robust organic cash flow, balance sheet strength and operational flexibility. Under
normal circumstances, the Portfolio invests at least 80% of its assets in equity securities of US companies.
The Portfolio may invest up to 20% of its assets in securities of non-US companies. The Portfolio is
classified as “non-diversified” under the Investment Company Act of 1940, as amended, 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. In addition, implementation of the Portfolio’s investment strategy
may, during certain periods, result in the investment of a significant portion of the Portfolio’s
assets in a particular market sector.
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| Principal Investment Risks
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Risk Table - Lazard Retirement US Equity Concentrated 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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| 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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| 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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| Large Cap Companies Risk |
Large
Cap Companies Risk: Investments in large cap companies may underperform other segments of the market
when such other segments are in favor or because such companies may be less responsive to competitive
challenges
and opportunities and may be unable to attain high growth rates during periods of economic expansion.
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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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| Risk Nondiversified Status [Member] |
Non-Diversification
Risk: The Portfolio’s net asset value may be more vulnerable to changes in the
market value of a single issuer or group of issuers and may be relatively more susceptible to adverse
effects from any single corporate, industry, economic, market, political or regulatory occurrence than
if the Portfolio’s investments consisted of securities issued by a larger number of issuers.
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| Sector Risk |
Sector
Risk: Implementation of the Portfolio’s investment strategy may, during certain
periods, result in the investment of a significant portion of the Portfolio’s assets in a particular
market sector, such as information technology companies, and the Portfolio would be expected to be affected
by developments in that sector. Information technology companies generally operate in intensely competitive
markets on a worldwide basis. Also, because technological development in many areas increases at a rapid
rate, these companies often produce products with very short life cycles and face the risk of product
obsolescence.
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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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| Concentration Risk |
Concentration
Risk: The Portfolio’s ability to concentrate its investments may be limited by
applicable requirements of the Internal Revenue Code of 1986, as amended, for qualification as a regulated
investment company.
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| Performance Bar Chart and Table
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Because the Portfolio
had not commenced investment operations prior to the date of this Prospectus, no performance returns
are presented. Annual performance returns provide some indication of the risks of investing in the Portfolio
by showing changes in performance from year to year. Comparison of Portfolio performance to an appropriate
index indicates how the Portfolio’s average annual returns compare with those of a broad measure
of market performance. After the Portfolio commences investment operations, performance information will
be 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.
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