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| Lazard Retirement Emerging Markets Equity Portfolio
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| Lazard
Retirement Emerging Markets 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 $10,000 in the Portfolio for the time periods indicated and then hold
or redeem all of your shares at the end of those periods. The Example also assumes that your investment
has a 5% return each year and that the Portfolio’s operating expenses remain the same. The Example
does not reflect fees and expenses imposed by the Participating Insurance Companies under the Policies;
if they were reflected, the figures in the Example would be higher. Although your actual costs may be
higher or lower, based on these assumptions your costs would be:
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Expense Example - Lazard Retirement Emerging Markets Equity Portfolio - USD ($)
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Service |
Investor |
| 1 Year |
$ 145
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$ 119
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| 3 Years |
449
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372
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| 5 Years |
776
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644
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| 10 Years |
$ 1,702
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$ 1,420
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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. During the most recent fiscal year, the
Portfolio’s portfolio turnover rate was 25% 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 non-US companies whose principal activities are located in emerging market countries and that Lazard
Asset Management LLC (the “Investment Manager”) believes are undervalued based on their earnings,
cash flow or asset values. Emerging market countries include all countries represented by the MSCI Emerging
Markets Index, which currently includes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece,
Hungary, India, Indonesia, Korea,
Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand,
Turkey and United Arab Emirates. Under normal circumstances, the Portfolio invests at least
80% of its assets in equity securities of companies whose principal business activities are located in
emerging market countries. In addition to common stocks, such equity securities also may include American
Depositary Receipts (“ADRs”), Global Depositary Receipts and European Depositary Receipts.
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 Emerging Markets 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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| Depositary Receipts Risk |
Depositary Receipts Risk: ADRs and similar depositary receipts typically
will be subject to certain of the risks associated with direct investments in the securities of non-US
companies, because their values depend on the performance of the underlying non-US securities. However,
currency fluctuations will impact investments in depositary receipts differently than direct investments
in non-US dollar-denominated non-US securities, because a depositary receipt will not appreciate in value
solely as a result of appreciation in the currency in which the underlying non-US dollar security is
denominated.
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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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| 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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| 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 companies in the financials sector, and the Portfolio would be expected to be affected by developments
in that sector. Companies in the financials sector can be significantly affected by, among other things:
government regulation; changes in interest rates and/or monetary policy and general economic conditions;
the availability and cost of capital; capital requirements; decreased liquidity in credit markets; and
the rate of defaults on corporate, consumer and government debt.
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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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The accompanying
bar chart and table provide some indication of the risks of investing in Lazard Retirement Emerging Markets
Equity 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. 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.
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| Year-by-Year
Total Returns for Service Shares As of 12/31
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| | | Best Quarter: | 2020, Q4 | 24.22% | | | Worst Quarter: | 2020,
Q1 | -30.50% |
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| Average Annual Total Returns (for
the periods ended December 31, 2023)
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