Total |
| Lazard US Small Cap Equity Select Portfolio
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|
Lazard
US Small Cap Equity Select 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 The Lazard Funds, Inc. (the “Fund”).
You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table
and the Example below.
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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 $10,000
in the Portfolio for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The Example also
assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same, giving effect
to the expense limitation agreement in year one only. Although your actual costs may be higher or lower, based on these assumptions your
costs would be:
|
Expense Example - Lazard US Small Cap Equity Select Portfolio - USD ($)
|
Institutional |
Open |
R6 |
| 1 Year |
$ 102
|
$ 127
|
$ 97
|
| 3 Years |
372
|
464
|
363
|
| 5 Years |
662
|
825
|
649
|
| 10 Years |
$ 1,489
|
$ 1,840
|
$ 1,464
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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 and may result in higher taxes when Portfolio shares are held in a taxable account. 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 53%
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 small cap US companies. The Investment Manager considers
“small cap companies” to be those companies that, at the time of initial purchase by the Portfolio, have market capitalizations
within the range of companies included in the Russell 2000® Index
(ranging from approximately $16.6 million to $59.1 billion as of March 31, 2024).
Under normal circumstances,
the Portfolio invests at least 80% of its assets in equity securities of small cap US companies. The Investment Manager focuses on relative
value in seeking to construct a diversified portfolio of investments for the Portfolio that maintains sector and industry balance, using
investment opportunities identified through bottom-up fundamental research conducted by the Investment Manager’s small cap and global
research analysts.
The Portfolio may invest
up to 20% of its assets in the securities of larger or smaller US or non-US companies.
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| Principal
Investment Risks
|
Risk Table - Lazard US Small Cap Equity Select Portfolio
|
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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| 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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| 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. In addition, 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. Emerging market countries can generally have economic
structures that are less diverse and mature, and political systems that are less stable, than those of developed countries.
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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 US Small Cap Equity Select 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 Institutional Shares has varied from year to year over the past 10 calendar
years. Effective September 1, 2023, certain changes were made to the Portfolio’s principal investments strategies, including removing
mid-capitalization companies from its policy with respect to the investment of 80% of its assets. The Portfolio’s performance information
prior to September 1, 2023 relates only to the Portfolio’s prior principal investment strategies. Updated performance information
is available at www.lazardassetmanagement.com
or by calling (800)
823-6300. The
Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the
future.
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| Year-by-Year
Total Returns for Institutional Shares As
of 12/31
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|
| |
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|
Best
Quarter: |
|
2020,
Q4 |
23.67% |
|
|
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|
Worst
Quarter: |
|
2020,
Q1 |
-31.16% |
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| Average
Annual Total Returns
(for
the periods ended December 31, 2023)
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|
After-tax
returns are shown only for Institutional Shares. After-tax returns of the Portfolio’s other share classes will vary.
After-tax
returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local
taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The
after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or
individual retirement accounts.
Effective as of September
1, 2023, the Russell 2000 Index replaced the Russell 2500 Index as the Portfolio’s primary index. The Investment Manager
believes that the new index provides a more appropriate comparison of Portfolio performance than the prior index.
Effective as of May 1,
2024, the Russell 3000 Index replaced the Russell 2000 Index as the Portfolio’s broad-based securities market index. The Russell
3000 Index was selected in connection with certain regulatory requirements to provide a broad measure of market performance.
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