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The Portfolio invests
primarily in equity securities, principally common stocks, of infrastructure companies and concentrates its investments in industries
represented by infrastructure companies. Lazard Asset Management LLC (the “Investment Manager”) focuses on companies with
a minimum market capitalization of $250 million that own physical infrastructure and which the Investment Manager believes are undervalued.
Under normal circumstances,
the Portfolio invests at least 80% of its assets in equity securities of infrastructure companies, which consist of utilities, pipelines,
toll roads, airports, railroads, ports, telecommunications and other infrastructure companies, with securities listed on a national or
other recognized securities exchange.
Under normal market conditions,
the Portfolio invests significantly (at least 40%—unless market conditions are not deemed favorable by the Investment Manager, in
which case the Portfolio would invest at least 30%) in infrastructure companies organized or located outside the US or doing a substantial
amount of business outside the US. The Investment Manager allocates the Portfolio’s assets among various regions and countries,
including the United States (but in no less than three different countries). The Portfolio may invest in equity securities of companies
with some business activities located in emerging market countries.
The Investment Manager
generally seeks to substantially hedge foreign currency exposure in the Portfolio against movements relative to the US dollar by entering
into foreign currency forward contracts, although the Portfolio’s total foreign currency exposure may not be fully hedged at all
times.
As part of its investment
strategy, the Portfolio may use repurchase agreements or money market mutual funds to maximize the value of its assets held in cash.
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 Global Listed Infrastructure 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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| Infrastructure Companies Risk |
Infrastructure
Companies Risk:
Securities and instruments of infrastructure companies, which consist of utilities, pipelines, toll roads, airports, railroads, ports,
telecommunications and other infrastructure companies, are more susceptible to adverse economic or regulatory occurrences affecting their
industries. Infrastructure companies may be subject to a variety of factors that may adversely affect their business or operations, including
high
interest costs in connection
with capital construction programs, high leverage, costs associated with environmental and other regulations, the effects of economic
slowdown, surplus capacity, increased competition from other providers of services, uncertainties concerning the availability of fuel
at reasonable prices, the effects of energy conservation policies and other factors. Infrastructure companies also may be affected by
or subject to, among other factors, regulation by various government authorities, including rate regulation, and service interruption
due to environmental, operational or other mishaps.
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| Repurchase Agreements Risk |
Repurchase
Agreements Risk:
The Portfolio may enter into certain types of repurchase agreements or purchase and sale contracts. Under a repurchase agreement, the
seller agrees to repurchase a security (typically a security issued or guaranteed by the U.S. Government) at a mutually agreed upon time
and price. This insulates the Portfolio from changes in the market value of the security during the period. A purchase and sale contract
is similar to a repurchase agreement, but purchase and sale contracts provide that the purchaser receives any interest on the security
paid during the period. If the seller fails to repurchase the security in either situation and the market value declines, the Portfolio
may lose money.
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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.
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| Forward Currency Contracts and Currency Hedging Risk |
Forward
Currency Contracts and Currency Hedging Risk:
Forward currency contracts, including those entered into for hedging purposes (i.e.,
seeking to protect Portfolio investments), may increase volatility, reduce returns, limit gains or magnify losses, perhaps substantially,
particularly since forward currency contracts, like most derivative instruments, have a leverage component that provides investment exposure
in excess of the amount invested. Forward currency contracts are subject to the risks of the creditworthiness of and default by the counterparty
and consequently may lose all or a portion of their value due solely to the creditworthiness of or default by the counterparty. Forward
currency contracts also may be illiquid. Changes in liquidity may result in significant, rapid and unpredictable changes in the value
of such contracts. Forward currency contracts are subject to many of the risks of, and can be highly sensitive to changes in the value
of, the related currencies. As such, a small investment could have a potentially large impact on the Portfolio’s performance. Forward
currency contracts incur costs,
which reduce returns,
and costs of engaging in such transactions may outweigh any gains or any losses averted from hedging activities. Successful use of forward
currency contracts, whether for hedging or for other investment purposes, is subject to the Investment Manager’s ability to accurately
predict movements in currency exchange rates and, for hedging transactions, there may be imperfect correlations between movements in exchange
rates that could cause the Portfolio to incur significant losses. Use of forward currency contracts, even if entered into for hedging
purposes, may cause the Portfolio to experience losses greater than if the Portfolio had not engaged in such transactions.
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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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| 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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| 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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