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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The
Portfolio invests primarily in equity securities, including common stocks, of relatively large non-US
companies with market capitalizations in the range of companies included in the MSCI All Country World
Index ex-US (ranging from approximately $543.5 million to $631.3 billion as of March 31, 2024) that Lazard
Asset Management LLC (the “Investment Manager”) believes are undervalued based on their earnings,
cash flow or asset values. In
choosing stocks for the Portfolio, the Investment Manager looks for established companies in economically
developed countries, although the Portfolio may invest in securities of companies whose principal business
activities are located in emerging market countries in an amount up to the current emerging markets component
of the MSCI All Country World Index ex-US plus 15%. The allocation of the Portfolio’s assets to
emerging market countries may vary from time to time. Under normal circumstances, the Portfolio
invests at least 80% of its assets in equity securities. Although the Portfolio is classified as “diversified”
under the Investment Company Act of 1940, as amended, it may invest in a smaller number of issuers than
other, more diversified investment portfolios.
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Risk Table - Lazard Retirement International 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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| 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.
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| Emerging Market Risk |
Emerging Market Risk: Emerging market countries generally have
economic structures that are less diverse and mature, and political systems that are less stable, than
those of developed countries. The economies of countries with emerging markets may be based predominantly
on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and
may suffer from extreme debt burdens or volatile inflation rates. The securities markets of emerging
market countries have historically been extremely volatile and less liquid than more
developed markets. These market conditions may continue or worsen. Investments in these countries may
be subject to political, economic, legal, market and currency risks. Significant devaluation of emerging
market currencies against the US dollar may occur subsequent to acquisition of investments denominated
in emerging market currencies.
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| Foreign Currency Risk |
Foreign Currency Risk: 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. The Portfolio’s investments denominated in such currencies
(particularly currencies of emerging markets countries), as well as any investments in currencies themselves,
could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion
of currencies. Irrespective of any foreign currency exposure hedging, the Portfolio may experience a
decline in the value of its portfolio securities, in US dollar terms, due solely to fluctuations in currency
exchange rates. The Investment Manager does not intend to actively hedge the Portfolio’s foreign
currency exposure.
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| Focused Investing Risk |
Focused Investing 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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| 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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| 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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| 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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