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The Portfolio invests
primarily in equity securities, principally common stocks, of emerging markets companies. In managing the Portfolio, the Investment Manager
utilizes a quantitatively driven, bottom up stock selection process. The Portfolio management team selects investments for the Portfolio
from a broad investment universe of emerging market stocks and depositary receipts, including American Depositary Receipts (“ADRs”),
Global Depositary Receipts and European Depositary Receipts, real estate investment trusts (“REITs”), warrants and rights.
The active, quantitative approach utilized by the Portfolio management team involves initial screening, risk assessment and evaluation
of each company relative to its global peers. The Investment Manager uses an objective, systematic investment process that blends both
risk and stock ranking assessments designed to capture attractive risk-to-return characteristics. In addition to a multidimensional assessment
of risk, each company is evaluated daily according to four independent measures: growth, value, sentiment and quality. The Portfolio may
invest across the capitalization spectrum.
Under normal circumstances,
the Portfolio invests at least 80% of its assets in equity securities of companies that are economically tied to emerging market countries.
The allocation of the Portfolio’s assets among countries and regions will vary from time to time based on the Investment Manager’s
judgment and its analysis of market conditions. 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 country.
The Portfolio considers
a company to be “economically tied to emerging markets countries” if: (i) the company is organized under the laws of or domiciled
in an emerging markets country or maintains its principal place of business in an emerging markets country; (ii) the securities of such
company are traded principally in emerging markets countries; or (iii) during the most recent fiscal year of the company, the company
derived at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in emerging markets
countries or that has at least 50% of its assets in emerging markets countries. The Portfolio considers emerging markets countries to
be all countries: (i) included in the MSCI Emerging Markets Index; or (ii) not included in the MSCI World Index.
The Portfolio may invest
in exchange-traded open-end management investment companies (“ETFs”), generally those that pursue a passive index-based strategy.
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Risk Table - Lazard Emerging Markets Equity Advantage 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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| Quantitative Model Risk |
Quantitative
Model Risk:
The success of the Portfolio’s investment strategy depends largely upon the effectiveness of the Investment Manager’s quantitative
model. A quantitative model, such as the risk and other models used by the Investment Manager requires adherence to a systematic, disciplined
process. The Investment Manager’s ability to monitor and, if necessary, adjust its quantitative model could be adversely affected
by various factors including incorrect or outdated market and other data inputs. Factors that affect a security’s value can change
over time, and these changes may not be reflected in the quantitative model. In addition, factors used in quantitative analysis and the
weight placed on those factors may not be predictive of a security’s value.
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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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| REIT Risk |
REIT
Risk: REITs
are subject to similar risks as an investment in a realty-related company. Consequently, investments in REITs could lead to investment
results that may be significantly different from investments in the broader securities markets. The risks related to investments in realty-related
companies include, but are not limited to: adverse changes in general economic and local market conditions; adverse developments in employment;
changes in supply or demand for similar or competing properties; unfavorable changes in applicable taxes, governmental regulations and
interest rates; operating or development expenses; and lack of available financing. Due to certain special considerations that apply to
REITs, investments in REITs may carry additional risks not necessarily present in investments in other securities. REIT securities (including
those trading on national exchanges) typically have trading volumes that are less than those of securities of other types of companies,
which may affect the Portfolio’s ability to trade or liquidate those securities. An investment in a REIT may be adversely affected
if the REIT fails to comply with applicable laws and regulations, including failing to quality as a REIT under the Internal Revenue Code
of 1986, as amended. Failure to qualify with any of these requirements could jeopardize a company’s status as a REIT. The Portfolio
generally will have no control over the operations and policies of a REIT, including qualification as a REIT.
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| ETF Risk |
ETF
Risk: Shares
of ETFs may trade at prices that vary from their net asset values, sometimes significantly. The shares of ETFs may trade at prices at,
below or above their net asset value. In addition, the performance of an ETF pursuing a passive index-based strategy may diverge from
the performance of the index. The Portfolio’s investments in ETFs are subject to the risks of the ETFs’ investments, as well
as to the general risks of investing in ETFs. The Portfolio will bear not only the Portfolio’s management fees and operating expenses,
but also the Portfolio’s proportional share of the management fees and operating expenses of the ETFs in which the Portfolio invests.
Although Section 12 of the Investment Company Act of 1940, as amended (the “1940 Act”) limits the amount of the Portfolio’s
assets that may be invested in one or more ETFs, Rule 12d1-4 under the 1940 Act allows the Portfolio to acquire the securities of another
investment company, including ETFs, in excess of the limitations imposed by Section 12 of the 1940 Act, subject to certain limitations
and conditions.
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| Other Equity Securities Risk |
Other
Equity Securities Risk:
Investments in rights and warrants involve certain risks, including the possible lack of a liquid market for resale, price fluctuations
and the failure of the price of the underlying security to reach a level at which the right or warrant can be prudently exercised, in
which case the right or warrant may expire without being exercised and result in a loss of the Portfolio’s entire investment.
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| Country Risk |
Country
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 country, such as China, and the Portfolio would be expected to be affected by political, regulatory, market, economic
and social developments affecting that country. Recent developments in relations between the United States and China have heightened concerns
of increased tariffs and restrictions on trade between the two countries. It is unclear whether further tariffs and sanctions may be imposed
or other escalating actions may be taken in the future, which could negatively affect the Portfolio. Other
risks associated
with investments in China include exposure to currency fluctuations, less liquidity, expropriation, confiscatory taxation, nationalization,
exchange control regulations (including currency blockage), trading halts, limitations on repatriation and differing legal standards.
The Portfolio may obtain
exposure to companies based or operated in China by investing through legal structures known as variable interest entities (“VIEs”).
Instead of directly owning the equity securities of a Chinese company, a VIE enters into service and other contracts with the Chinese
company. Although the VIE has no equity
ownership of the Chinese
company, the contractual arrangements permit the VIE to consolidate the Chinese company into its financial statements. VIE investments
are subject to the risk that any breach of these contractual arrangements will be subject to Chinese law and jurisdiction, that Chinese
law may be interpreted or change in a way that affects the enforceability of the VIE’s arrangements, or that contracts between the
Chinese company and the VIE may otherwise not be enforceable under Chinese law. VIE structures also could face delisting or other ramifications
for failure to meet the requirements of the Securities and Exchange Commission, the Public Company Accounting Oversight Board or other
United States regulators. If these risks materialize, the value of investments in VIEs could be adversely affected and the Portfolios
could incur significant losses with no recourse available.
The Portfolio may invest
in eligible renminbi-denominated class A shares of equity securities that are listed and traded on certain Chinese stock exchanges (“China
A-Shares”) through Hong Kong Stock Connect Program (“Stock Connect”). While Stock Connect is not subject to individual
investment quotas, daily and aggregate investment quotas apply to all Stock Connect participants, which may restrict or preclude the Portfolio’s
ability to invest in China A-Shares (although the Portfolio would be permitted to sell China A-Shares regardless of the quota balance).
Stock Connect is also subject to trading, clearance, settlement and operational risks.
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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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