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| Lazard Retirement International Strategic Equity Portfolio
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| Lazard
Retirement International Strategic Equity 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 $10,000 in the Portfolio for the time periods indicated and then hold or redeem all of
your shares at the end of those periods. The Example also assumes that your investment has a 5% return
each year and that the Portfolio’s operating expenses remain the same. The Example does not reflect
fees and expenses imposed by the Participating Insurance Companies under the Policies; if they were reflected,
the figures in the Example would be higher. Although your actual costs may be higher or lower, based
on these assumptions your costs would be:
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Expense Example - Lazard Retirement International Strategic Equity Portfolio - USD ($)
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Service |
Investor |
| 1 Year |
$ 118
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$ 93
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| 3 Years |
$ 368
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$ 290
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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 non-US companies whose
principal activities are located in countries represented by the MSCI EAFE Index that Lazard Asset Management
LLC (the “Investment Manager”) believes are undervalued based on their earnings, cash flow
or asset values. The Portfolio also may invest up to 15% of its assets in securities of companies whose
principal business activities are located
in emerging market countries, although 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. The countries represented by the MSCI EAFE Index currently
include: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel,
Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and
the United Kingdom. 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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| Principal Investment Risks
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Risk Table - Lazard Retirement International Strategic Equity 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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| 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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| 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
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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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